Partnership Marketing is mostly based on finding the right fit as a matter of a business partner. But have you thought about your existing target audience? What will they think of your potential brand association? Will they be pleased to see you next to any other brand?
It is essential to decide which potential business partner is the right fit for your brand and also may be appealing to your target customer. Here are the 10 factors by which you can determine how you can separate the perfect business partner from the “maybes”.
How can you see whether a partner is a right fit for your brand?
#1 Identifying the target audience
Most successful partnerships come out of the same technique of targeting in marketing. When two brands have a similar target audience and common customer profiles across segments, fruitful collaboration can be achieved. Remember the EasyJet and Booking.com example? They do have very similar audiences: the traveler.
#2 Brand Recognition & Reputation
Have by your side a business partner that is easily recognizable! When associating with that kind of magnitude, your brand will benefit afterward. Having a high net promoter score with both customers and employees and with a trustworthy reputation is a key factor.
#3 Business Partner’s location
A business partner’s location is a consideration if you want to work with someone local to you. However, if you register on our partnership marketing platform, with our ever-improving communication technologies this may not be an issue. You can start working with whoever you’d find as fit for your brand, whether is based in the same country as your brand is or is based elsewhere.
#4 Besides the target audience, you should match the markets
It is best to run with a business partner whose strongest markets match your own. If your brand is mostly present in Holland and Germany then teaming up with one that is big in Asia may not make much sense, unless of course, you plan to enter the Asian market. Choose wisely who you decide to team up with and make sure it makes sense for the target customer.
#5 Have your business partner match your own resources
Wouldn’t it be nice to have a potential business partner as strong as your brand is? The technical resources and personnel that a partner has should be similar to that of your brand. By that, you make sure that the outcomes will be the ones you predict.
#6 Check your business partner’s background
Maybe your potential business partner isn’t at his first partnership deal. Check out his background and if a brand has proven multiple partnership successes, then a collaboration with his brand would be in fact a great move. You wouldn’t want an inexperienced business partner.
#7 Choosing the right business partner based on potential mutual growth
Helping the underdog may portray you as a hero, but if it doesn’t prove out to be profitable what’s your next move? When choosing the right business partner, look out for brands that you can potentially jump on the bandwagon with. Are they profitable and is their market share increasing? Are they dominating against competitors? That should be your cue in searching for the right fit.
#8 Depending on your goals, the company size of your next business partner may count
Small brands with a strong reputation as niche and technical brands might be the best fit over a larger establishment. While a larger brand is far more recognizable and might have a greater impact.
#9 Choose the business partner depending on the available assets
What marketing assets would benefit your brand? Choose the right business partner by the marketing assets they can offer you. Do you find your business partner’s marketing assets available appealing? Will they reach your customers? What a business partner can offer you is a big decision maker when choosing the right partner.
#10 Price Offered
If the business partners are paying you, then choose the one who’s offering the highest price! And, most of all, you should not base your decisions on just one of these factors, each of the above should be considered to ensure you make the right decision for your brand.
Are you still undecided on how to choose your business partner? After using the Partner Map and considering the 10 factors mentioned above, at the end of the process, you will have chosen the ‘Right-fit’ business partner.
Aren’t you yet on our partnership marketing platform? Register now for free and discover potential business partners that your target audience will be comfortable with, engage and purchase from!
Let’s see an audience Similarity from GQ Magazine and Wilkinson Sword
GQ is an international lifestyle magazine that focuses on men’s fashion and culture. On the other hand, Wilkinson Sword started as a sword, motorcycle, and gardening tools brand, now more widely known for razor blades.
GQ dedicated a section of their website for Wilkinson Sword, including reviews, shaving guides, and competitions. Together, they are an example of how important it is to have similar target audiences.
Both customers have similar traits of age, gender, disposable income, and lifestyle. That is why the two are long-standing partners, working together predominantly in Content Partnership Marketing.
Are you up to find your own business partner? Our platform has at its core: the target audience criteria! Register for free now and start your partnership marketing strategy today!