Once you’ve made your choice, the final step is to pitch. Rank them by how well they can help you meet your primary goal as well as the degree to which you can deliver value to them. Select Your Partner and Craft Your PitchHaving mapped out your goals, you can now create your ideal universe of partnerships.Make sure to define the goals that best fits your company’s unique needs. To achieve that specific goal, you might overlook shared weakness with your partner. For example, you may care most about creating an extensive email list and be less concerned about other marketing channels. That’s because marketing goals can take many forms and because sometimes you don’t need a brand that fills in every gap. While knowing your own weaknesses is an important step toward establishing your partnership marketing goals, it’s only the start. Be thorough in your assessment, because you need to understand what you can offer a partner as well as what you hope to get from the arrangement. Start by diagramming your relative strengths and weaknesses, effectively plotting them so you understand the characteristics you are looking for in a partner. If you’re a young brand seeking to trade on your brand image to broaden your reach, the following steps will help you form partnerships with established brands.īefore you go scouting for partners, you need to understand your own assets and gaps. Target’s willingness to try something new is laudable, and by all accounts, the partnership has been a great success for both parties. Quip pays Target for every subscription it sources, ensuring that Target still participates in the upside from its lead generation activities. It’s not just Quip: The big box store sells products from 12 different startups in an effort to keep up its youthful brand image. Incumbent brands can be seen as outdated - a perception Target counteracts by partnering with a younger, lesser-known brand that provides a fresh type of product. Target also comes out ahead by partnering with Quip. In addition, Target’s name lends credibility to a young brand in a noisy, saturated market. All Target stores as well as sell Quip’s starter kits, but consumers sign up for a subscription to receive refill brushes from Quip’s own website, drawing customers to the site while scaling the company.Įssentially, Target is acting as a marketing channel: sourcing subscriptions for Quip and giving the brand access to far more people than it would reach through specifically targeted ads on social channels. The retail giant has marketing partnerships with a number of direct-to-consumer companies that sell their products in-store, but Quip’s is a bit different. If you’re familiar with the Brooklyn-based electric toothbrush company Quip, it’s very possibly because of its partnership with Target.
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