Partnership marketing is something that almost every single business can do (and do well) regardless of its budget. Partnership marketing is not about creating a legal arrangement with another person or business. Rather, partnership marketing involves collaborating with another business or influencer, so that you both get an opportunity to reach the other audience in some way. Many times, teaming up with a partner can get you the same reach that would have cost a lot more through traditional advertising methods.
For partnership marketing to be effective, you need to be thoughtful about the type of partners you pursue. You’re not looking to collaborate with any business. There are several types of businesses that could be worthwhile collaborators, such as businesses that share the same target market but have different offerings, businesses that are local to you and could potentially draw foot traffic, competitive businesses in different locations, or competitor businesses in the same location that are able to refer overflow customers or have a unique point of differentiation from your business.
Every business invests in marketing to its audience in some way. As you know from your own business, a lot of hard work goes into building a client base, nurturing leads and retaining customers. If a business is isolated and it is marketing and functioning in a silo, the only benefit to be gained comes from reaching an audience with its own voice. If two businesses partner together, however, they stand to gain exponentially without spending much more time or money on marketing by gaining exposure to each other’s audiences.
Some of the methods that you can consider include social media shares, verbal testimonials, newsletter mentions or guest blog posts on each other’s sites.