5. Keep a partner
Once you start working together, it’s important to
- Set clear expectations, especially around dates
- Communicate clearly and often
- Have regular check-ins
- Be transparent about what’s working and what’s not, and open to jointly finding solutions
- Treat them as you want to be treated
- Build connections and a relationship
- Reward partners in line with your agreement and on time
- Provide any support they need, and access to shared resources and materials
- Update them about changes or developments, like new strategies, assets, etc.
Sealing the deal
Partnership marketing is a great way to build your brand and reach new markets. By pooling ideas, skills, and resources, brands can grow their reputation and reach more effectively than flying solo. Set clear goals, establish your strategy, choose the right partnership type and find partners that are an ideal match for you.
But you also need a solid tech stack that facilitates collaboration and engagement. And with Livestorm, you can engage new audiences worldwide through high-quality, on-brand virtual events. Whether you're hosting a 3000 people event or just a small webinar, Livestorm is the perfect platform for you and your partners to create impactful experiences that drive conversations and results.
Frequently asked questions about partnership marketing
Are partnerships part of marketing?
Partnerships are a type of event strategy where two or more companies or organizations come together to achieve a common goal, like increasing brand awareness, generating leads, or boosting sales. Partnerships can take many forms, such as co-branding, affiliate marketing, product placement, sponsorship, and licensing.
Why does partnership marketing pay off?
Partnership marketing pays off because it allows two companies to pool resources, skills, and ideas to extend their reach and open new markets. It can help companies mitigate risks and increase their resilience in the face of market challenges.
How do you promote a partnership?
You can promote a partnership through social media blasts, building follow-links on relevant blog posts, or email swaps promoting your respective products. Other methods include co-hosting events, or jointly publishing and promoting resources.
How to find marketing partnership opportunities?
You can find partnership marketing opportunities by looking for a partner whose audience overlaps with yours but whose products don’t directly compete. You can find them by networking at industry events and conferences, using social media platforms and online partnering platforms, and implementing referral marketing.
How do you establish a marketing partnership?
You can establish a marketing partnership by seeking the right partner to help achieve your goals, and who is aligned with your strategy and values. Then, establish your shared vision, divide responsibilities, and draw up an agreement.
What is an example of partner marketing?
Some examples of partner marketing include:
- Co-hosted events
- Affiliate marketing
- Distribution partnerships
- Joint products
- Licensing partnerships
- Product placement
- Content marketing
What type of marketing are partnerships?
Partnerships are collaborative marketing strategies between two or more companies to promote and sell their products or services together. They create joint marketing campaigns, share resources, and customers, and often cross-promote each other's products or services.
What is the difference between partnerships and sponsorship?
The difference between partnerships and sponsorship is that in a partnership, companies work together to achieve a common goal like the promotion and sale of each other's products or services. Sponsorship, on the other hand, is a form of advertising where a company provides financial support to an event in exchange for public exposure or recognition. While partnerships are often long-term, sponsorships can be a one-time or short-term commitment.