Strategic Partnerships – When do you need it and when is it good for you?

Sunday, 2 November 2014  |  Posted in: Articles  |  2min read

How do you know what’s best for me?

Until you know me, you will not know what I like, what I don’t, what I need, where I’m going or where I need to be.

Strategic Partnerships are fundamental to businesses needing to remain relevant and competitive in an ever changing and expanding environment. Aligning your business with a strong market leader is like finding the right partner in life. There will be some dating, perhaps a few hick-ups, but as time goes on, the synergy will be evident and the marriage will take place.

Brand marketing partnerships bring together companies and their brands. Each having its own brand equity and distribution strength. When carried out at a strategic level, these partnerships that combine marketing efforts will deliver to their full potential, and are more than just product promotions.

 

How do you identify a Strategic Partner that is right for you?

Select a partner that is relevant and complimentary to your business and target market. There needs to be a synergy and equilibrium between the two brands that consumers identify with. To be a successful relationship, each party must enjoy equal status, the brand values must match and the new offering needs to be easily understood by the consumer.

This partnership is intended to affect the product or service adding value and additional benefits to the consumer. The outcome of the partner marketing is to give the consumer justification to purchase or engage by creating a perceived increased value. The further impact of this kind of marketing can open up other channels of distribution and create greater ‘visual’ shelf space. From further exposure comes equity/strength in each partners brand highlighting the key benefits of this type of collaboration.

 

Benefits of creating strategic partnerships in brand marketing:

  • Extends a business’s target audience
  • Explore new marketing strategies, such as social media, print, radio or television advertising, product placement, in-store merchandising, distribution, direct selling and public
  • Share marketing resources and expenses
  • Boost marketing exposure
  • Extends product or service offering

Like any worthwhile relationship it takes a genuine desire from both parties to commit to this level of strategic partnering, however the long term value and the brand equity created can be greatly rewarding for everyone involved, especially the consumer.

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