More and more brands are becoming keen on teaming up with their peers, led by the belief that partnership marketing can boost their income, marketing communications agency Mediator has found.
The agency has released a whitepaper that looks into current marketing trends and the role partnership marketing plays in brands’ marketing strategies. The findings were presented at a recent event that featured speakers from digital communications company,O2, music company ATC Management, and media agency the7stars.
The report suggests that over four out of five brands like the idea of partnering with complementary businesses and are confident these partnerships can produce a high return on investment (ROI). Some 86% of brands say these partnerships are quite effective and 66% said that partnership marketing is a golden opportunity to boost brand awareness, tap new audiences, prop up brand equity, and enter new markets, The Drum reports.
Partnership marketing is most valued for its power to tap into consumers’ passions and establish an emotional connection with today’s consumer. A clear majority of brands (88%) are now confident that partnership marketing boosts exposure across both brands’ channels and 83% believe it can increase brand audience. Many also share the opinion that experiences created through marketing partnerships are more powerful, owing to the higher engagement level and integration within consumers’ lives. This allows people to interact with the brand at a level that brings value to the overall experience, making it much more real and personal, and making the campaign feel tangible, authentic, and genuine.
Tell us about your brand’s most successful partnership marketing project in the Comments section.