If your clients are looking for a good way to increase sales, they might want to check out marketing partnerships. In the digital era, technology has changed the way traditional partnerships work. Instead of relying on local retailers, for example, vendors are reaching out to affiliates. New research suggests successful partnerships are a must for businesses that want to grow revenue.
Earlier this year, Forrester conducted a partnership study for Impact. The 450+ decision makers who participated in the study indicated their partnership use as follows:
- Strategic partnerships 45%
- Traditional affiliates 41%
- Media houses 38%
- Influencers 38%
- Retailers/resellers/VARs 38%
- Dealers/agents 35%
- Services/MSPs/integrators 35%
- Nontraditional affiliates/ambassadors 32%
The goals of partnerships are all about increasing revenue and brand awareness. How well are marketers succeeding at selling more and attracting additional customers? Over half of the participants in the Forrester study say about 20% of their revenue comes from successful partnerships.
The work to develop and maintain a successful partnership doesn’t happen in a vacuum. Specific phases in the lifecycle of a partnership range from planning to marketing to analyzing. If one of your restaurant clients wants to partner with a theater company, you can facilitate the arrangement through your marketing services expertise. Offer to help set up the promotion, develop a plan for cost-shared advertising in your media formats and then summarize the ROI.
Working with influencers could be another successful partnership strategy for your clients. They may not understand how to set up the details of influencer marketing, though. Sell your client on a proposal to arrange a partnership with a local influencer and measure the results of success. Your clients will be impressed when they see the impact on their bottom line.
To help your clients understand which consumers to target and how to advertise to them, check out the AudienceSCAN profiles available at AdMall from SalesFuel. These profiles contain the data you need to sell more to your clients.