Doing market research on your own is possible buy why not have a partner? The fall season is Market Research Conference season, offering many opportunities to discover new concepts and meet new people and increase your understanding of the field. Through the years, I’ve been to many conferences. I’ve observed that at every conference, there’s an oral presentation that addresses the subject of “partnering with research suppliers”.
Each time, excellent presenters (both client-side and marketing-research-company side) lay out the case for how to partner, the importance of partnering, and the advantages of these partnerships.
Access audiences of other people
One of the biggest advantages of marketing through partnerships is having access to the customers of a different brand. By partnering with a different brand, you are effectively borrowing the majority or even all of their customers for the promotion.
If you work with a business that already has the market you wish to target, it’s more affordable and simpler to gain access to this audience since they already have the audience. It saves you the hassle of building the site from scratch with traditional methods which can take a lot of time.
Higher rates of conversion
The traffic generated by a partnership marketing campaign is likely to be from a relevant market that is much more inclined to make a purchase.
If you launch an advertisement at the right moment, you could get a strong sense of buyer intent. One great example is when you’re offered the chance to purchase travel insurance, or rent cars when you book flights. It’s obvious when you think about it, but If you can connect to a partner’s buyer flow , you will usually reach out to a potential customer at the right time to purchase your product.
It’s more cost-effective than other types of marketing
There are numerous reasons why partnerships are extremely cost-effective.
If you join two or more brands together, you gain access to the pool of talent that is shared, reducing the cost of outsourcing services. One company might have its own designer in-house, while another could bring video editing expertise to the table.
Good partners can also provide an entire new set of thoughts and ideas that could add real value to your marketing initiatives.
A few examples of how a great brand collaboration can result in significant savings in costs are:
- Local hairdresser and cake-maker, and nail salon are collaborating for an advertisement in a wedding magazine paying for the services three ways.
- A law firm along with an accounting firm set their own event to explain the new tax law to local businesses. They share the cost of event’s venue and promote the event on their respective email lists as well as social media accounts for no cost.
- Partnership marketing is especially efficient when you’re trying to enter the market for the first time. When you enter an unfamiliar market, it takes an enormous amount to increase your brand’s reputation at the beginning. If you work with a company that is already respected in the market, you can take advantage of their reputation and increase their authority.
You can clearly see, there are many ways partnership marketing can aid your business expand. There is no need to chase all these benefits in each campaign , and not every campaign should be an elaborate arrangement. Sometimes, you may partner in order to produce an article and cross-promote it. So do not forget to contact us