The Benefits Of Partnership Publicity Done Right
A business partnership is like a marriage in which both parties agree to be better off together than alone. A successful partnership in marriage, however, is measured in happiness and love. When it comes to the business world, a successful partnership is all about financial, cultural, and influential profits.
Therefore, entrepreneurs need to do their homework before they settle for a partnership. The right business partner is a business that delivers the experience and expertise you need to grow while sharing a similar vision. An effective partnership doesn’t just support growth and vision but also delivers a boost in creativity, financial stability, and reliability. A partner is someone you can count on no matter what.
That being said, however, there is no benefit in finding the right partner if you don’t brag about it. Partnership publicity can drive brands further and establish the new business association.
Growing your audience
It makes sense that by bringing two complementary but different companies together, you end up reaching out to a much broader audience group. As such, if you are going to start the partnership with a bang, the priority is to announce it to your respective audiences. A shared announcement can be a great publicity investment, especially if you take the time to schedule and script an engaging speech. A business podcast can be a great platform to target all customers and introduce the shared project as a partnership. Similarly, you can also work with video production agencies to kill two birds with one stone. A video can be an effective way to introduce not only the partnership but also give a face and a personality to both brands.
Cross-sell products and services
Partners need to have complementary products and services to make the arrangement work. While it’s not uncommon to create a brand new product or service to launch the partnership, it doesn’t exclude existing products from cross-selling practices. While cross-selling is a more common approach in mergers, it can still be a profitable strategy between partners. Admittedly, one partner doesn’t directly benefit from a transaction on the other business’s website. However, in the long term, if both partners agree to push cross-selling opportunities, both can benefit from mutually supporting each other.
Reaching out to new markets
There’s a strong argument for reaching out to new markets in a partnership. The phenomenon is true at many levels. Firstly, each business can leverage its partner’s target audience to find new customers and leads. They can increase brand awareness across a market they didn’t access before. Because they benefit from the branded support of a partner, who is known and respected in the specific niche, they can establish their brand quickly and successfully.
Secondly, partnerships tend to launch new products, which can target a completely new market. As businesses combine resources, they can share financial and creative assets to position the shared product or service. It’s a matter of multiplying resources to conquer all the challenges of a new market.
There’s a lot to be said about partnership publicity. The more brands let it be known that they work together, the smoother it is to make the partnership work. From leveraging each other’s audience groups to boosting profits while cutting costs and efforts, partners who are vocal about their business association are more likely to benefit from it.