Marketing Partnerships

Partnerships can help your company in many ways. From a sheer budgetary perspective, you will stretch your budget by running on the coat tails of other partners. Or you can look at it another way, you can cut costs by sharing in expenses. Either way, you’ll get more for less, which is exactly what most companies are asking their marketing team to do.

In addition, the long term gain over strong partnerships is invaluable. Imagine your company tied to Coke, if you are a retailer, or imagine your company tied to Wal-Mart or Costco, if you are a product. Volume, consistent profit, and credibility all mixed in one.

So how do you set up partnerships? It’s easier to explain than to execute, but possible for every size business, and businesses from every industry. If you know your target customer, then what you need to do is find other companies who are trying to reach the same customers.

Ideas are the quickest turn on to get a partner. So be prepared with a few before you make the approach. You can ask for a person in charge of partnerships, and if there isn’t such a person, than simply approach the marketing department.

Sometimes the partnership can be space within the store to see how your product moves. Or it could be on a limited basis in a promotion. Maybe the retailer will take on one of your lines and then grow your brand in the store over time. All of these steps take months to complete. Network your way in to your targets and off you go. Good luck, the possibilities are endless!

What are your challenges when it comes to developing marketing partnerships? I look forward to hearing your comments. Until next time...