Drive sales, increase the lifetime value of your customers, and provide a better user experience.
Establish mutual specific, measurable, attainable, realistic, and timely (SMART) goals and define key strategic and financial metrics that you can use to measure the success of the partnership.
If yours is a small business, the goal could be brand awareness. But as you scale, your partner marketing opportunities might grow into shared lead generation and revenue streams.
Strategic KPIs mitigate potential risk and ensure the partnership is productive and beneficial. For example, you can run a partnership satisfaction survey to check in and assess your partner to improve working relationships, maintain goal alignment and help both teams collect feedback on the relationship.
Financial KPIs give insight into the financial success of your partnership. For example, you can measure ROI to assess the effectiveness of partner investment, using measurements like:
- Click-through rate - the ratio of clicks to impression.
- Cost per lead - how cost-effective a marketing campaign is when it comes to generating new leads.
- Conversion rates - the number of times a site link has led to purchase compared to the number of times the link was clicked.
- Lifetime Value - approximate average revenue generated from a customer throughout their lifespan.
- Customer lifetime value to cost of customer acquisition - the ratio measures the relationship between the lifetime value and the cost of acquiring that customer.
Engage in guest blogging to boost SEO rankings, enhance credibility, increase web traffic, and add value to your customers and prospects.
Write on their site to get more prospects to whom you’re introduced as an expert. Take advantage of each other’s audiences to expand brand reach and educate potential customers with high-quality, fresh, and informative content. Guest blogging also allows you to:
- Boost referral traffic back to your site.
- Establish yourself as an authority figure within your market.
- Build relationships with other thought leaders in your industry.
- Expose your brand to a whole new audience of prospects.
Co-branding allows you to combine your expertise or products to create an even more valuable offer or product. It highlights and reflects both your assets and strengthens your position in the market.
For example, when Nike and Apple introduced the Apple Watch Nike+. Red Bull and GoPro also partnered in an event called Stratos in which Felix Baumgartner, an Australian skydiver, leaped from a helium balloon 24 miles above the earth.
Target the same audience with co-market campaigns to reinforce partner relationships and build credibility in the market.
Leverage each other’s database to market events and increase attendance and engagement rates. A joint event facilitates natural interaction with mutual users, introduces you to prospects, and highlights your partnerships.
The co-marketing content — template, webinar, or eBook — sits behind a lead generation form to record contact information. The objective is for both partners to share downloads from the offer and get two times the leads they usually would.
For example, HubSpot partnered with Google to create an ebook, How to Run a Marketing Campaign with G Suite. The offer states that HubSpot is approved to share information with the partner after a user downloads the ebook.
Provide customers with value at each stage to achieve greater levels of spend, engagement, and long-term loyalty. Offer content or personalized recommendations during customer lifecycle marketing to promote your partnership.
For example, integrate customized recommendations into the welcome series, with:
- Trigger - prospect creates an account or signs up for a newsletter.
- Message - introduction to the brand through webinars, short videos, or text.
- Channel - in-app push notifications, Facebook Messenger, and email.
Or integrate personalized upsells and cross-sells:
- Trigger - date and time since last purchase.
- Message - complimentary offers customized to last purchase.
- Channel - push notification, FB Messenger, email, social retargeting.
Use partner management software like PartnerStack to understand which leads you can attribute to which partner, especially if you’re providing some monetary incentive.
Use tracking URLs with custom UTM parameters to track contacts coming from your partner. The parameters can also show you the channels where the partner referrals are coming from and co-marketing initiatives they’re converting to. Software like PartnerStack automatically generates custom tracking URLs, so you do not have to set the URLs yourself.