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Imagine increasing your business’s reach, entering new geographic and product markets, and growing revenue—all without considerable investments. That’s the power of partner marketing. However, in spite of considerable potential, nearly 40% of companies still don’t have a comprehensive partner marketing strategy to get it. And that might be a problem that prevents your business from the desired goals.
In this article, we’ll explore examples of successful partnership alliances and strategies to make your partner marketing effective for your business.
Partner marketing is a collaboration between two or more companies to achieve mutually beneficial goals. Marketing partnerships usually focus on brand exposure, lead generation, or revenue growth. Instead of relying solely on in-house marketing efforts, partner marketing leverages each partner's strengths and audience reach.
With partner marketing, businesses can create joint campaigns, share resources, or exchange services to enhance customer value. It allows the reduction of costs for each partner and benefits from the other's strengths, industry opportunities, and audience reach.
Partner marketing offers a unique opportunity for brands to collaborate, combining their expertise and resources to achieve mutual goals. This approach provides several compelling advantages:
There are various types of marketing partnerships, each catering to different business objectives. Some of the most common types include:
By exploring these types of partnerships, businesses can identify the most effective way to build connections, grow their reach, and, ultimately, increase revenue.
To understand the power of partner marketing, take a look at a few well-known examples of successful collaborations:
HubSpot x Canva: The businesses launched an integration allowing HubSpot users to design directly within their marketing platform. This simplified content creation for marketers and enriched companies' audiences with the partners.
Glovo & Mastercard: The Glovo & Mastercard partnership features campaigns where users who pay with Mastercard through Glovo receive special perks and participate in car giveaways. By the way, Promodo supported the whole giveaway campaign, from developing a creative Idea to giving away a car.
Red Bull & GoPro: Both brands focus on adventure and action, so their marketing partnership was a natural fit. Together, they have co-created content that showcases GoPro's cameras while promoting Red Bull's events, enhancing exposure for both brands.
Even though partnering with another company may have some risks and challenges, it’s critical for businesses to consider essential elements that influence the success of partner marketing. At Promodo, we focus on the following principles to succeed in our partnership collaborations.
Read more about Promodo's Partnership Programs. 👇
Partner marketing can be the moving power that takes your business to the next level. By collaborating with Promodo, you can access digital marketing expertise and unique partnership opportunities that align with your goals and capabilities. For personalized strategies on partner marketing and driving digital growth, connect with the team at Promodo. We are more than sure that we’ll be able to strengthen our companies with results-driven partnerships!
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