The 5 Minute Quick Start Guide to Creating Successful Marketing Collaborations.
Where two or more brands collaborate via strategic marketing campaigns to promote their products or services to their respective audiences to achieve their marketing objectives.
Out of the six objectives most marketing campaigns focus on aquistion. Aquistition meaning the aquiring of new customers, is a fundamental marketing objective for most businesses.
The second most popular objective is to encourage your existing customers to spend more. This is otherwise known as increasing their basket size.
Differing to the last objective, where the aim was to increase the customer's spend per purchase, the aim here is to increase how often a customer spends with you. Both objectives aim to increase the customers lifetime value.
When we see the logos of Coca Cola, Apple or Vodafone, we know right away who they are and what they do. The more recognisable a brand, the better chance they have at being remembered and then purchased.
Over time a customer's lifecycle will inevitably deplete. There are a whole host of factors in this, but they mainly depend on the type of product.
Brands can decide to sell advertising space to partners on their own website, product or within their stores. Those that do, find it advantageous in terms of revenue earned.
These are the most common forms of Marketing Collaborations practiced today. While one model might be suitable for one company it may not necessarily fit into the scope for another.
Brands may decide to use one or to use many, or combine several to form a hybrid. The 10 types are not fixed, they are fluid and interchangable depending on the partnership in question.
Once you know what objectives you are aiming for, the next step is to determine where you will be promoting a partner to your customers. These promotional areas are called assets.
An asset is anywhere that a primary brand will provide exposure for a secondary one, otherwise known as inventory. Online it can also be referred to as Owned Media, the content or properties of your site that you own.
Fundamental to Marketing Collaborations is finding the right partner. This takes an in-depth look into the types of partners, and how to locate, manage and get the best out of them.
A partner is any company that is willing to promote your product or services to their target audience, and therefore work with you on marketing collaborations.
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FORGING A STRONG RELATIONSHIP
Once a decision has been made on which partners you are going to work with, you now want to establish strong relationships with each.
One of the main aspects to forging a strong partnership is to have a solid relationship with your Marketing Collaboration counterpart.
CREATING AN OFFER
One of the first strategic decisions is whether you are running a collaboration that includes an offer to customers.
Most collaborations include some type of offer; however, a partnership can exist without any, such as promoting a partner's new product feature or event.
PRE-LAUNCH PREPARATION & TESTING
Everything we have discussed so far has prepared us for setting up the campaign, now we move on to pre-launch and pressing the go-live button.
One of the main considerations prior to launch is testing.
DID THE CAMPAIGN ACHIEVE ITS OBJECTIVE?
Ultimately a partnership campaign will be judged on answering one main question; did it fulfil its objectives?
This quick start guide has taken you through, step by step, how to run partnerships and create campaigns.
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