Partnering is a well-established marketing strategy to increase reach and conversion, helping brands both extend reach and drive conversion. But as new research shows, the potential of partnership can be further enhanced by investing in next-generation partnership management platforms.
A new report from IDG Research and Partnerize found strong support for the partnership as a marketing strategy. More than half of marketers surveyed said partnering is an important part of their strategy, with 16% saying they rely more on partnerships than any other marketing channel.
However, the report also found that overcoming issues in legacy partner programs could further boost its adoption, especially if marketers are able to address lingering concerns about brand integrity and transparency.
The advantages of partnership
The report found that the partnership could help marketers achieve the dual goals of generating brand awareness with new customers and driving sales conversion.
When asked what their main reason for using the partnership was, respondents said they were more likely to invest in a partnership because it was a cost-effective way to increase brand reach (32.0%) or because it offered a valuable method for acquiring new customers (30.0%). .
A further 14% also noted that the partnership offered a higher ROI than competing digital channels, while 12% also noted that the partnership was an effective mechanism to increase average order value.
This wide dissemination of the results indicates a set of important benefits for the traders of the partnership.
Future opportunities
With 56% of respondents stating that they will increase their use of the partnership over the next 12 months, and 16% saying they will at least maintain current use, the future of partnership in the marketing mix looks solid.
However, respondents also reported several issues that, if overcome, could further boost their use of the partnership, especially as 12% said they were interested in increasing their use of the partnership but needed to. more support.
The main issues named were the need to better maintain brand integrity and guard against fraud, improve transparency regarding audience quality, and improve their view of campaign performance. Respondents also noted the perceived difficulty in finding and recruiting a wide range of types of partners.
These answers are undoubtedly based on experience, but perhaps represent historical problems with old partnership management programs which often used manual processes. By working with the latest generation of partnership management platforms, many of these issues can be quickly eliminated, bringing greater transparency and data-driven performance metrics while automating much of the research process and integration of new and diverse partners.
Conclusion
Overall, research shows a positive attitude towards the marketing partnership and a strong potential to increase its contribution within the marketing mix.
Partnerize offers marketers a set of tools and services that can help marketers dramatically improve the performance of their partner programs, by providing clear metrics regarding partner and campaign performance, and by helping marketers. marketers know that their brands and communications are reaching the right audiences in the right places. Partnerize’s data-driven insights can also ensure that partners are properly compensated for their role in generating revenue, whether they played a role in the acquisition or the conversion, or both.
Partnerize also offers a comprehensive suite of tools to help marketers more easily find suitable partners to meet their audience acquisition goals, then automates the partner recruitment process and properly equips them with communications and offers. appropriate.
By using Partnerize, marketers can not only improve their existing partnering business, but also expand it with minimal additional effort, while ensuring that they maintain full monitoring of partner and campaign performance.
As a vehicle for both awareness raising and sales, partnering is a proven strategy. And thanks to Partnerize, it has never been easier for marketers to ensure that they are maximizing the ROI of their partnering business.
Discover partnership trends and insights in this research report from Partnerize, CMO Australia and the IDG research team.