In today's competitive world of advertising, using the power of partnership brand marketing to achieve market exposure and utilize new distribution channels is not just smart, but also an essential marketing tactic for businesses who want to remain competitive in today's constantly changing marketplace. As corporate and marketing budgets are always an issue, partnership brand marketing programs provide a way to boost your brand, acquire new consumers and reach new market segments.
Partnership brand marketing brings two companies and brands together, each with its own brand equity, and its own distribution strength. Whether it’s teaming a fast food restaurant with a movie, pairing cereal with toys, or aligning a car manufacturer with a theme park to capture the family segment, partnership brand marketing creates strategic alliances for companies that reach areas in which they may not normally compete.
True partnership brand marketing programs are more than just promotions. When carried out at a strategic level, partnership marketing can be expansive and deliver its maximum potential. Strategies can involve all elements of the marketing mix and have an impact on a brand’s overall marketing message, its advertising programs, as well as product packaging and merchandising. Partnership marketing programs can also create joint sales and distribution opportunities, broader in-store merchandising, more compelling packaging and marketing material and overall offer stronger value to the consumer.
Creating strong, relevant and effective partnership brand marketing programs can be a cornerstone of every brand’s marketing plan. For example:
- Partnership marketing can affect the actual product, increasing the overall value and providing stronger benefits to consumers.
- Partnership marketing adds value to the overall price element by delivering a higher level of perceived value and providing consumers more reasons to purchase.
- Partnership marketing impacts the location and distribution element, as it can open up new places to sell product and gain shelf space.
- Partnership marketing delivers increased marketing exposure and shares in the equity/strength of each partner's brand.
What are the key benefits to Partnership Marketing?
Benefits of creating partnership brand marketing programs include:
- Broadens the reach of a brand’s target audience.
- Increases marketing exposure.
- Extends its marketing budget.
- Broadens the scope and purpose of marketing strategy, allowing a brand to market in a variety of new ways.
- Saves money.
- Help in gaining new consumers in new market segments.
Elements of a brand’s marketing plan, such as promotions, advertising, product, in-store merchandising, distribution, direct, online and public relations can be added to ensure that partnership brand marketing programs become more expansive. Program overlays can even include cross-company functions, including human resources and special events. By leveraging possible program overlays, companies can deliver special incentives and employee benefits with the partner company and create special product-launch events.
Why Partnership Branding Makes Sense
By bringing two or more companies together to create value, we not only enhance the consumer buying process, but we also enhance the benefits of the partnering brands as well. For a true strategic partnership brand marketing program to work, both brands must complement each other and deliver similar consumer profiles.
Even more importantly, the partnership must sit within the lifestyle and user experience of the consumer. To create such a program, brands must have a sound strategy and planning. There needs to be a clear understanding of what each brandcould bring to the partnership.
In today’s economic climate, cost reduction strategies can breed opportunities. Leveraging two strategic partners’ assets can drive growth cost-effectively. By enhancing value, partnership brand marketing programs generate revenue growth for both partners, open new channels of distribution, share both partners’ budgets cost-efficiently, and create more integration.