The quest for the perfect (business) partner [Part 2]   

Bonjour, Hello,

Welcome back to Marketing Made Simple!

Last week, we started talking about partnerships and collaboration. We figured out the “what.” Today, we’re going to get practical with the “how-to“. 

TLDR (key takeaways)

• Choose partners who align with your brand’s values. Do your homework to find your dream collaboration.
• Consider how your partner’s audience aligns with your target audience and what value you offer each other.
• Building relationships with potential partners is the first step in collaboration.
• When the collaboration begins, hit the “project management” mode.
• Reflection question: What core values do you want to share with your potential partner?

Summary from last week’s edition – Read here Part 1

• Collaboration is a powerful strategy for enhancing visibility and reaching new audiences. 
• It can take various forms, from simple cross-promotions to co-creating offers and running joint marketing campaigns. 
• The cost of collaboration varies, with options like barter deals, product seeding, and paid influencer campaigns.

How to find the right collaboration partner

Collaborating with the right partner is all about syncing values, reaching both audiences, and creating something great together. It’s a bit like crafting a delicious recipe. You need the right ingredients to make it work.

Start by seeking those who share your brand’s core values. Also conduct thorough research: delve into their social media presence to understand how they engage with their audience and scrutinize their website to grasp their positioning.

Finding the perfect partner is no walk in the park. Here’s a tip: create your list of ‘must-haves’ and ‘deal-breakers.’ It’s like dating for brands – you want the perfect match.

Now, consider their audience. How does it align with your target audience? Are they quite similar? Are you tapping into their larger community, or are they introducing a whole new crowd to the party?

You also must have a clear objective for this collaboration, and you must be able to articulate it to your potential partner.Decide how much time, effort, and money you’re willing to invest and pinpoint the right time to initiate the collaboration.

Collaborating with influencers?

If you want to collaborate with influencers on a paid campaign, it’s crucial to have a detailed brief outlining your marketing goals and expectations. Cost is definitely a factor to consider – generally, the larger the influencer’s audience, the more expensive the collaboration. However, remember that consistency is key. For the same budget, I’d recommend working with a micro-influencer who can post multiple times about your offer, rather than a macro-influencer who might only post once and potentially get lost in their followers’ feeds.

To kickstart this process, you can begin with product seeding. If an influencer genuinely likes your product and creates content that aligns with your brand, you can consider moving forward with a paid contract.

How to get started?

Once you have a list of potential partners, the initial step is to build a relationship. Take the time to get to know them and have discussions about your business visions and values. One option is to start with something that feels easy (cross-promotion?) and works well for both sides.

Once there is a mutual agreement to collaborate, it’s time to hit the “project management” mode. It’s crucial to designate specific tasks to each team member to ensure accountability and boost productivity. This means figuring out who’s doing what and setting some clear deadlines.

Keep things friendly but organized! Having a systematic approach for monitoring and evaluating the collaboration’s success is essential. This should include regular check-ins to help you stay on the right track and make any needed adjustments along the way.

Reflection questions of the week

• What benefits will this collaboration bring to both audiences?
• What are your ‘must-haves’ and ‘deal-breakers’ when searching for the perfect brand partnership, and how do these criteria affect your choice?

That’s a wrap for today! Got queries or thoughts? Reach me at hello@jconsulting.solutions.