Global cross-channel retail sales are expected to rise to $26.3 trillion in 2019. With the rise of digital players like Amazon and Alibaba, there has been an enormous shift in shopper behavior. However, retailers are also struggling to stay competitive in the fast-changing, digital-first world.
While the marketing strategies emphasize on brand loyalty and repeat purchases, businesses need to expand, for the business to stay viable. However, the cost of new customers through traditional marketing channels is steep. Smart partnerships can help here.
In a recent survey of 1,200 senior brand leaders, 54% agree that partnerships drive over 20% of total company revenue.
Some strategies to make the most of the customer acquisition, partners, and affiliate relationships are:
Know the Audience
Before collaborating with other companies and brands, it is crucial to have an understanding of the audience and the targets. Experts believe that if the brand is trying to drive high-value customers, it must seek out partners that have access to those customers. Partner’s brand values must align with your brand as that helps in finding new customers.
Know the Value Proposition
When it comes to the selection of a partner, it has all right to be meticulous, as not all partners can be appropriate for all the objectives of a business. Similarly, not all consumers are right for the brand. It does not make much sense to spend resources and time targeting the individuals who do not align with the brand’s value proposition.
However, it also makes sense to think of how a partner can stretch the existing targeting parameters. A partner that attracts different demography but has aligned interests can be a great potential to test.
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Align with Keywords
It is critical to focus on the brand’s search marketing strategy and keep updated on the popular pages and products and the keywords that drive the most significant volume of conversions. This analysis helps in targeting complementary websites and apps that are likely to deliver new customers.
Seek Out Valuable Content Partners
One of the most commonly overlooked components of a good partnership strategy is the right content value that partners can bring to your top-of-funnel marketing. Relationship with partners can be immensely useful to identify brands and websites with strong content that can help grow brand awareness. In this regard, influencers and publishers who produce content that echoes with the target audience can deliver high value to the customer acquisition efforts.
The best partnerships are not the ones that happen overnight. Partnerships continue to build on the first successes and soon become increasingly profitable for both the parties over time.