We understand that many people are confused over partnership marketing, yet we have all been subjected to it. For example the last time you booked a flight you were no doubt offered additional products such as car hire. This is a perfect example of successful partnership marketing, the linking of two or more well established brands / product sets to create a combined return that is greater than if they operated in isolation.
In order to survive and grow in this current economic climate and to achieve demanding targets, every sector at some point looks towards additional products to complement their core product set. If you are not offering related products, you can bet your competitors are.
why storm marketing for your partner marketing?
There are three areas to Partnership Marketing. Firstly you need to identify related products. As an example let's say you are an online mobile phone retailer, there is little point in offering travel insurance. There is, however, a requirement for mobile insurance. Our experience at Storm Marketing of operating within multiple business sectors gives us the edge when identifying affinity products to potentially engage new customers and gain maximum value from your existing base business.
Secondly, once products have been identified the next step is to select a partner. This is a complicated process as not only do you want the best possible commercial terms, but you also need a partner that will offer a comparable customer experience. Don't forget, if the customer has a bad experience with one of your partners, it ultimately reflects badly on you. Taking our previous example, imagine you sell a mobile phone and insurance to a customer. The customer subsequently loses their handset and calls the insurer to claim, only to find they aren't entitled to a replacement due to terms they weren't informed of at the outset. The end result is a bad experience for the customer and little chance of repeat business for you.
Finally, ongoing measurement. One thing which needs to be monitored is any downturn in conversion of your sales. Using our mobile phone example, there's little point increasing margin by 5% if your conversion drops by 10%.
At Storm we know from experience that Partnership Marketing can be a complex, time consuming process without the right help. We really do have many years experience in this field and we can give you with all the support you need to profitability grow your business.
