More and more brands are looking to grow their business online. According to HubSpot Blogs research, 62% of executives think that building a digital business is an important priority, and 59% are planning to increase their digital fund allocations as a result.
One of the primary ways that businesses can engage with potential customers and grow their audiences is through marketing and advertising on social media platforms. In line with this trend, more and more brands are looking to form strategic partnerships with influential individuals or companies to gain access to top tier networks and grow their business.
Traditional marketing models, such as advertising on television or in print media, are being used less and less, and social media platforms, such as Facebook and Instagram, are seeing an increase in revenue thanks to brand partnerships.
If you’re interested in exploring the lucrative world of brand partnership marketing and how to get started, then you’ve come to the right place. In this article, we’ll cover everything from the basics of the model to some of the most common pitfalls that entrepreneurs and marketers alike often fall into.
What is Brand Partnership Marketing?
Brand partnership marketing, or BBPM for short, is a type of marketing that involves partnering with prominent brands to promote your product or service. The goal is to gain credibility with your target audience as a thought leader in your industry, and in turn, gain access to a larger audience than you would normally get individually.
By partnering with brands, you are essentially getting the benefit of their marketing budget, which can be significant. According to a study from HubSpot Blogs, the average marketing budget for a business is only 2.3% of its annual revenue. Partnering with a prominent brand can give your business the boost needed to grow.
Why Should You Partnership With A Brand?
There are many benefits to partnering with a brand, but here are a few of the main reasons why you should consider doing so.
- Credibility With Your Target Audience: Being associated with a well-known brand improves your credibility with your target audience. When a brand partners with a company or individual, that brand becomes the company’s or individual’s go-to source for the given product or service, and the audience has a reason to believe that the brand’s endorsement means something. The fact that an award-winning brand is endorsing your product or service helps establish your business as the expert in your industry.
- Growth Through Amplification: If someone reads an article about your business on the Huffington Post, and then subsequently decides to visit your website or otherwise opts to become a customer, that is an amplification of your message and a form of paid marketing that is largely dependent on algorithms and machine learning.
- Visibility In All The Right Places: If a brand promotes your product or service in a prominent place on social media, that is often shared by people in your target audience, that is often shared by people in your target audience, that is often shared by people in your target audience, then that is often shared by people in your target audience, that is often shared by people in your target audience, that is often shared by people in your target audience, that is often shared by people in your target audience, then you can be sure that they will eventually come across your content.
- Established Trust: When people see an established brand promoting your product or service, that is often considered a sign of quality. While this may not seem like a benefit at first blush, established brands often have credibility issues due to their size and power, and when they partner with a newcomer, that newcomer often benefits from the brand’s credibility, thus establishing itself as an expert in the industry.
- Attracts High-Quality Audiences: If you are interesting in attracting a highly-qualified audience, then partnering with a brand is a great way to do so. Individuals and businesses that are already interested in your product or service will be more inclined to become engaged with your content, thus expanding your reach and potential for sales.
- Bridges The Gap Between The Digital And Offline Worlds: If your business is primarily in the digital sphere, partnering with a brand can help bridge the gap between the online and offline worlds. If someone decides to visit a brick-and-mortar store after reading an article about your product on the web, that is an example of something that can only happen because there was some initial engagement online, which established a connection and credibility between the two worlds.
- Machine-Learning Optimization: Since brands partner with experts and companies to improve their own products, your content will be improved upon through machine learning and optimization, leading to greater engagement, higher-quality content, and improved results from your marketing and advertising efforts.
- Creates Momentum: Since brands enjoy getting attention for the work that they do, partnering with a brand can help establish your business as a brand in your industry and get the ball rolling on your journey to success.
How Does Brand Partnership Marketing Work?
To fully understand how brand partnership marketing works, one must first understand how traditional marketing and advertising functions. The process starts with a product or service being identified that fits well within a brand’s profile and goals. Once a brand agrees to partner with your business, they will provide you with qualified leads, and you must follow up with engaged customers and potential users who are open to hearing more about your product or service.
Brands often partner with a company or individual that is in the midst of launching a new product or service or is looking to gain credibility, so these individuals or companies need to have a strong marketing and advertising budget. As a partner, the brand will provide you with funds to market your product or service and help get the word out about your business.
The Role Of Online Platforms In Brand Partnership Marketing
Since the rise of the internet, brands have sought to harness the potential of online platforms to their advantage. While social media platforms, such as Facebook and Twitter, were initially created to give individuals a voice and allow them to have conversations with brands, companies, and each other, they are now being used by brands for various purposes, including marketing.
If you’re looking to engage with customers on social media and expand your reach, partnering with a brand is a great way to do so. According to HubSpot Blogs research, 70% of businesses have used a brand on social media to generate leads, and 55% use brands on social media to expand their business.
To best reach your target audience, you should consider using the right platforms based on your niche. If you offer financial services, then you should use financial institutions’ social media platforms to market your business. If you sell clothing, then you should use brands that are associated with style and fashion to gain credibility and exposure.
Aside from partnering with a brand to gain credibility, customers, and sales, you can also use social media platforms to: