With B2B marketplace continuing to get more complex and competitive, brands need to identify approaches to cut through the noise, stand out and that will help them to grow their business. One of the ways for them to effectively execute it is via brand partnership management that can help organizations to deliver on these fronts.
Today’s brands have focused their efforts on programmatically-driven, algorithm-led advertising, becoming the dominant promotional channel. However, the rise of this programmatic also erodes trust. A lack of creativity, continuous changes around privacy along with rising prices and declining effectiveness are undermining the customers in today’s channel. While using the latest technology stack is important for developing strong brand recognition in B2B, it means little if the brand is not seen as trustworthy. This has resulted in brands reassessing their approach towards marketing. They understand that having a partner ecosystem in place is essential to build trust in the marketplace, traction as well as differentiate their offering.
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While having partnerships is not a novel concept, they enable brands to effectively address two key focus areas, such as providing a feasible option for a digital advertising environment in crisis as well as offering an approach that drives revenue growth. They helped to address the issue of trust by bringing authenticity and advocacy that are the strongest pillars for relationships in the B2B marketplace.
At the same time, the nature of partnerships is also witnessing a significant transformation. There are a number of options for brands to usher in a new era of partnerships, from commerce content for educating the target audience about the product of the brand to ambassadors, opinion leaders whose personal and professional experience can influence the buying decision of the customers. Thus, by expanding their approach and strengthening relationships that include the new partnership opportunities, brands can increase market penetration, expand business opportunities as well as maintain a competitive advantage in the marketplace.
Effective ways to successfully manage brand partnerships
Collaborating and engaging with partners is not without its challenges. Finding and recruiting new types of partners to support the business objectives, when and how to onboard them, track their performance, incentivize them while supporting them moving forward is crucial are some of the challenges that organizations often find difficult to address. It also means that these complexities make low-tech manual approaches to partnerships impossible. Hence, to successfully manage, build and scale a complex revenue-generating partnership program, brands in today’s ecosystem brands should opt for automation technologies.
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The partnerships between two different entities should allow them to launch their programs and campaigns while streamlining workflows across the partnership types.
With automation, brands can effectively streamline their processes, automate day-to-day tasks while removing the burden of managing partnerships. This will allow brands to partner with a diverse range of partners that they may never have considered before as well as expand into new markets and territories quickly and effectively.
For today’s brands, it is time to rethink and recognize the role of modern partnerships. By leveraging the full potential of partnerships, brands can reestablish trust, grow and potentially thrive. They can harness the power of new technologies as well as small, midsize or large organizations to reap the benefits quickly and easily.
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