Why partnerships are a valuable ingredient in the marketing mix
- 15 July, 2021 16:45
Partnership is a well-established marketing strategy for increasing reach and conversion, helping brands both expand reach and drive conversion. But as new research shows, the potential of partnership can be enhanced further through investing in latest-generation partnership management platforms.
A new report from IDG Research and Partnerize has found strong support for partnership as a marketing strategy. More than half of the marketers surveyed reported that partnership represented a significant portion of their strategy, with 16% stating they relied on partnerships more than any other marketing channel.
However, the report also found that overcoming issues encountered in legacy partnership programs could further boost its uptake, especially if marketers were able to address lingering concerns regarding brand integrity and transparency.
The benefits of partnership
The report found that partnership could help marketers meet the dual goals of generating brand awareness amongst new customers and driving sales conversion.
When asked their primary reason for using partnership, respondents said they were most likely to invest in partnership because it was a cost-effective means of driving brand reach (32.0%) or because it offered a valuable method of acquiring new customers (30.0%).
A further 14% also noted that partnership delivered a higher return on investment than competing digital channels, while 12% also noted that partnership was an effective mechanism for increasing average order value.
This wide spread of results points to a set of strong benefits for marketers from partnership.
Future opportunities
With 56% of respondents indicating they will increase their use of partnership over the next 12 months, and 16% stating they will at least maintain current usage, the future for partnership in the marketing mix appears strong.
However, respondents also reported several issues which, should they be overcome, could further boost their use of partnership, especially as 12% reported they were interested in increasing their use of partnership but needed more support.
The key issues nominated were the need to better maintain brand integrity and safeguard against fraud, improve transparency regarding audience quality, and improve their view of campaign performance. Respondents also noted the perceived difficulty in finding and recruiting a diverse array of partner types.
These responses are no doubt based on experience, but possibly represent historical issues with older partnership management programs which often utilised manual processes. By working with the latest generation of partnership management platforms many of these issues can be quickly eliminated, bringing greater transparency and data-driven performance metrics while automating much of the process of finding and onboarding new and diverse partners.
Conclusion
Overall, the research shows a positive attitude towards marketing partnership and a strong potential to increase its contribution within the marketing mix.
Partnerize offers marketers a set of tools and services that can help marketers significantly improve the performance of their partnership programs, delivering clear metrics regarding partner and campaign performance, and helping marketers know their brands and communications are reaching the right audiences in the right places. Partnerize’s data-driven insights can also ensure that partners are adequately compensated for their role in driving revenue, regardless of whether they have played a part in acquisition or conversion, or both.
Partnerize also offers a comprehensive suite of tools to help marketers more easily find suitable partners to meet their audience acquisition goals, and then automates the process of recruiting partners and properly equipping them with the right communications and offers.
By utilising Partnerize, marketers can not only enhance their existing partnership activity, but also expand it with minimal additional effort, while also ensuring they maintain full oversight of partner and campaign performance.
As a means of both driving awareness and sales, partnership is a proven strategy. And thanks to Partnerize, it has never been easier for marketers to ensure they are maximising the return from their partnership activity.
