A smart collaboration of two or more organizations with the intent to develop a mid-term or long-term marketing program designed to meet each of their respective business goals.
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How Strategic Partnership Brand Marketing Can Boost Business
Partnership brand marketing brings two companies and brands together—each with its own brand equity and its own distribution strength. Whether teaming a fast food restaurant with a movie, pairing cereal with toys, or aligning a car manufacturer with a theme park to capture the family segment, partnership brand marketing creates strategic alliances for companies that reach areas in which they may not normally compete—providing more marketing exposure and ultimately gaining new customers.
True partnership brand marketing programs are more than just promotions. When carried out at a strategic level, partnership marketing can be expansive and deliver its full potential. Strategies can involve all elements of the marketing mix and thus have an impact on a company's overall marketing message, its advertising programs, as well as product packaging and merchandising. Partnership marketing programs can also create joint sales and distribution opportunities, broader in-store merchandising, more compelling packaging and marketing material and overall offer stronger value to the consumer.
What are the key benefits to Partnership Marketing?
Benefits of creating partnership brand marketing programs include:
Broadens the reach of a company's target audience
Increases marketing exposure
Extends its marketing budget
Broadens the scope and purpose of marketing strategy, allowing a company to market in a variety of new ways
Help in gaining new customers in new market segments
Elements of a company's marketing plan, such as promotions, advertising, product, in-store merchandising, distribution, direct, online and public relations can be added to ensure that partnership brand marketing programs become more expansive. Program overlays can include cross-company functions, including corporate/general management, human resources and special events. By leveraging possible program overlays, companies can deliver special incentives and employee benefits with the partner company and create special product-launch events.
Article Source: http://empiread.com/how-strategic-partnership-brand-marketing-can-boost-business/ also thanks to the author Leeanne Rambin