A WIN WIN SITUATION
Partnership marketing is a mutually beneficial relationship between a brand and another ‘partner’ that helps both parties to meet their objectives. The ‘partner’ can be another brand, a publisher, partner network or specialised agency, these are defined below. These partnerships are a creative, transparent, and relational way to reach new communities of potential customers.
An ideal partnership introduces one brand to another brand’s customers, mutually benefiting both brands through revenue growth and increased brand awareness. Partner brands can benefit from increased traction with new customers, leveraging the trust their partner has built with those customers or members over time.
BENEFITS OF PARTNERSHIPS
In addition to increased revenue at a healthy ROAS, partnership marketing has several other important benefits, including:
- Increased brand awareness. Partnerships with highly influential publishers and brands allow companies to strengthen awareness and equity for their brand.
- Improved customer retention. Partnerships allow you to reach your customers more frequently, stay top-of-mind, and encourage repeat purchases.
- Higher market share. Unique partnerships provide brands with first-mover advantages, enabling capture of market share faster. Partnerships often drive highly relevant, high-intent visitors who have a greater likelihood of converting compared to other channels.
To sum it all up: Partnerships are a win-win situation. If you have the right mix of partnerships in place; both customers and your brands benefit .This is why partnerships are an essential element of marketing success.
6 KEY PLAYERS AND THEIR ROLES
The key players in the partner marketing ecosystem are as follows
Also known as the advertiser, marketer, seller, or merchant. Their goal is to identify relevant traffic sources that will result in successful leads, sales or traffic of your product/service.
Customer / Members
Customers or members are the buyers or audience and can be referred to as visitors, traffic or consumers. These consumers are the customers who will either purchase, sign up for your service or be the traffic on-site.
The partner’s space is continuously growing. These partners will have their own websites, mobile apps, and other mediums that supply ad space. Partners help generate revenue by pushing a brand’s offer to their audience. Partners are compensated based on the results they deliver; often, this is a percentage of the sales or conversions they bring in. Partners are known in the industry by many names; affiliates, affiliate marketers, and publishers (although these days, almost anyone can be a partner).
Partner / Affiliate networks are a relationship liaison; they act as an intermediary to recruit and onboard partners to the program. The partner network typically specialises in managing both brands and partners. Networks offer a wide array of services and can help brands set up tracking and also support both partners and brands to be on top of any changes in tracking.
Affiliate Networks have a diverse offering when it comes to managing partners, including partner onboarding, managing commission structure, maintaining policy guidelines, offer management, tracking, reporting, and payments.
Mobile Measurement Partner (MMP)
For partners that drive traffic through mobile apps and the app stores, brands use mobile measurement partners to track installs and events in-app. These partners are essential for mobile campaigns, as normal client-side tracking methods (including pixels and cookies) do not work in app environments. To measure events in these environments, MMPs employ specialized attribution methods and technology including software development kits (SDKs), which brands implement within their apps. MMPs are also explicitly capable of attributing app installs and post-app-install events to partners.
Specialised Program Manager / Agency
Agencies act as an agent for the brand, making decisions on which partners to target and recruit and managing the business relationship. Whether a network or a partner marketing platform is used, some choose to work with an outsourced program manager or agency to manage relationships and grow the program on their behalf.
Get in touch with GrowthOps Digital today to learn more Partnership Marketing and all things digital!
By Umair Usama, Partnership and Affiliates Manager at GrowthOps Digital
GrowthOps Digital is a full-service digital agency that offers end to end digital marketing services such as Google Ads, Social Media, Affiliate and Partnership Marketing, and more. Speak to us about your growth needs today.