Ways to promote innovation and collaboration
Now comes the fun part, creating the environment for innovation. But how? Often as partner marketers, we provide a set of branded materials, and possibly a handbook on how partners can sell our products and services to their audience. This isn’t bad, but it’s merely the starting point for creating something great. Business partnerships aren’t a “set it and forget it” type of relationship, they open up the doorways for communication, and be receptive to new ideas for marketing campaigns, explore suggestions, and be willing to try new things. Yes, it means a little more work than a prescriptive set of co-branded materials, but this is how cool things are created.
A few things to get you started:
- Be selective in adding partners: Recruit partners who align with your organization’s vision and goals, and are invested in working with your organization. A core group of really engaged partners who are excited about your products or services, and willing to offer co-marketing funds is better than a multitude of partners looking for a quick commission. Engaged partners bring more energy to the marketing process, opening the doors to communication and collaboration.
According to the Havard Business Review, “94% of tech industry executives consider innovation partnerships a necessary strategy.”
- Set some ground rules: Make sure all parties know what is and what isn’t allowed creatively. To ensure quality and consistency, provide the materials needed to ensure standards are followed, such as brand books, approval processes and more. With the proper boundaries, collaboration will flow more smoothly.
- Be ready to meet halfway: Change is hard, but staying the same is worse. New partners will bring new and different marketing campaign ideas to the table. Remember, they are looking at your products and services from the lens of their audience. Be open to these new ideas, and ready to adapt to new marketing trends and preferences.
- Gather data and refine: Use data tools to review the results of your campaigns. You can measure the success with a strategic approach to setting KPIs, leveraging analytics tools, tracking conversions, and interpreting data. Not only is data helpful for determining your next campaign, but using shared KPIs or adding goals that support your partner’s success is a great avenue for building trust.
- And always celebrate: Whether the win is big or small, or even if it’s a blunder, make sure to celebrate with your partners. Acknowledging the work that has been done, the time it took and the outcome shows you are invested. You are not only boosting morale but increasing your partners’ loyalty by showing them that you care.
Setting the groundwork and investing the time and effort into your partnerships will increase sales, drive brand awareness and ultimately lead to more partnerships.
As a bonus, your current partners will be more apt to stay for the long term, and their word of mouth will help you grow your overall program.
Experts agree that partnerships bring innovation
Working with partners brings different insights and perspectives that can lead to new ideas and innovative ways to sell your products and services. Our friends over at Mediatool articulate it best:
“The merger of diverse creative perspectives from different businesses often results in groundbreaking and engaging marketing campaigns, setting the partnership apart from competitors.
This collaboration can lead to the discovery of unique marketing channels and methods, as each partner may bring different approaches and tools to the table. The fusion of these diverse marketing practices not only enhances the creativity of the campaigns but also allows for a more comprehensive and multifaceted approach to reaching and engaging target audiences.”
Opening up the flow of ideas, not only creates more long-term relationships with your partners, but it also brings new concepts to the table that you and your team would have possibly never explored.
Get a partner who knows partners
Taking your partnerships from basic to amazing doesn’t mean you need to start from scratch. You already have a foundation, you just need a little help to make it great. It may be as simple as adjusting your playbooks or creating more dynamic co-branded collateral that inspires.
The first best step is to review your current program and the corresponding data. Do some competitor research and learn what they are doing with their partners. Now that you have all the goods, look at everything from a more strategic marketing lens and make adjustments.
At Content Matterz, we love working with partner marketers and helping them take their programs to the next level. Reach out today to get started!