Collaborating with other brands and companies can be a powerful way to increase your marketing awareness. You might choose to partner with an individual business or work with channel partners. Working with an individual business is like an exchange, where both parties benefit from the value of the other. Channel partnerships are typically between a manufacturer and vendor, where the manufacturer contributes products for the vendor to sell and the vendor markets and sells to the end customers.
Business partners offer benefits ranging from increased visibility to a more efficient budget. While you can imagine how these partnerships are valuable, what are the concrete benefits of forming a business partnership?
Increase Market Awareness
Collaborating with another brand helps more people notice your product or service. Increased visibility can mean a.) new consumers seeing your brand for the first time or b.) consumers aware of your brand or existing customers being reminded of your product or service. Since people need to come into contact with a brand multiple times before buying (experts disagree on the exact number), both are win-win situations for you.
Expand Your Reach and Extend Your Budget
One reason a business partnership increases market awareness is that it extends your reach. Working alone, you have a limited audience. However, if you collaborate with another business or better yet multiple channels, and your reach will multiply. When working with a single business partner, you will most likely target a company whose target audience is similar to yours. This business partner can allow you to reach new segments or outliers of your existing target markets.
On the other hand, most channel partners will have much larger target audiences than your own. Instead of marketing your product alone, partnering with vendors gets your product in front of more eyes.
While you continue to market your services to your own audience, business or channel partners do the same. Regardless of whether customers continue to buy your product through your partner or go to you, you will increase your market awareness, with no additional cost or effort required from you.
More Creative Input
While this final point mostly applies to single business partnerships, there are possible applications for channel partnerships too. After working in one team for a while, it can be difficult to come up with fresh, new ideas. Collaborating with another brand's marketing team creates a situation where you can learn from one another and try new approaches.
The marketing strategies you try still need to resonate with your target market, but a little change can surprise and grab your audience's attention in ways that your existing marketing plan may not.
It is not likely that you will work closely with channel partners to market your product. Nevertheless, channel partners can display and market your product in different ways and some may achieve better results than others. If one channel partner is outperforming the others, you may wish to learn from their approach to find out what best resonates with customers.
Take Action with Business and Channel Partners
With all the benefits business and channel partners can offer, it is a worthwhile marketing strategy. Business partners can boost marketing awareness for businesses in just about any stage. Younger brands can use a partnership to increase awareness and grow their customer base quickly. Established companies can generate excitement with partnership-based promotions and reach a new market through channel partners.
Achieving strong market awareness is already a challenge. You should not have to worry about the extras. Contact our experts to learn how you can keep your business running smoothly while focusing on showing the world what you do best.