Co-Branding Marketing Partnerships

Market_Image_335.jpgAN ESSENTIAL MARKETING TOOL FOR BUSINESSES WHO WANT TO REMAIN COMPETITIVE

Building smart relationships have always made good business sense, and now it’s more important than ever, and the opportunities are everywhere (if you look for and manage them correctly).

Using the power of co-branded marketing partnerships to gain exposure and utilize new distribution channels is not only smart, but it’s also an essential marketing tool for businesses who want to remain competitive and stand apart from their competition.

A unique example of a co-branding partnership is Uber and Spotify. Music-streaming app Spotify partnered with ride-hailing app Uber to create “soundtrack for your ride.” Uber and Spotify offer very different products. However, they share a very similar goal: to gain more users.

Here are a few tips to consider for selecting an ideal partnership:

  • Put yourself in your customers’ shoes and choose a partner that will excite your audience and give you a competitive edge over your competition.
  • Create a partnership that is mutually beneficial for both parties, ensuring you both fill gaps and needs for the other’s business.
  • Establish common goals and detailed terms of who is doing what to benefit both organizations mutually. Define the tasks you will perform and have your partner do the same. From this, you can each be accountable to yourselves, to each other, and to the business.
  • Identify and utilize the strengths of each partner. Bringing out and using the strengths of the individuals within the partnership will add to the motivation, the energy, and the odds of long-term success.

If you’d like ideas on how to promote a co-branded marketing partnership, give us a call today at 856.429.0715. Our team of experts would love to help.

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Never Underestimate the Value of Good Relationships

ThinkstockPhotos-639797508Tattly was started almost on accident. Design blogger Tina Roth-Eisenberg was looking at the temporary tattoos her daughter received at a birthday party, and was disappointed by the uninspiring fake tattoo designs available. She had many talented artist friends due to an artistic coworking space she’d recently founded. Bringing these folks together to create a new product seemed a natural fit.

Soon after, she had a range of high-quality temporary tattoo designs that she was offering for $5 a piece. In addition to artists from the coworking space, she solicited work from artists who she knew online through her popular design blog.

Two months after beginning work, Tattly launched with 16 designs. The company has grown quickly, with their designs showing up everywhere from high-end retailers like Macy’s to the Tate Museum and the gift bags at the annual White House egg hunt. Over 8,000 retailers now carry Tattly temporary tattoos. Roth-Eisenberg’s success is due as much to successfully leveraging her relationships as it is to her innovative ideas. A few of the ways she made her relationships count:

Look for new ways to leverage relationships.

Like most bootstrapped companies, Tattly was running on a very small margin. Roth-Eisenberg provided the first $15,000 in funding from her own pocket. However, she ran into issues when she realized that she was out of cash to actually print the tattoos.

To solve her cash flow problem, Roth-Eisenberg reached out to a contact and asked if they’d like to sponsor the first “bonus” Tattly, a free temporary tattoo that would ship with every sale. Her partner was enthusiastic about the opportunity. With the advance, Roth-Eisenberg was able to pay for the first printing of her tattoos.

When you are considering a new direction, always remember what your current contacts do besides the business they do with you. You may have opportunities that you never thought of.

Show support to the ones who support you.

Too many platforms and businesses undervalue the creative talent that helps them find their success. Tattly has formed strong and loyal relationships with artists from all over by providing a healthy commission on every one of the tattoo designs shown. At the time of this writing, the company has paid out over $1 million in royalties to artists. Because of this, Tattly has attracted over 120 talented designers.

Let your fans be your ambassadors.

When Tattly started, the company did not have a budget for promotion. However, Eisenberg’s existing following from her design blog provided a huge boost. Her social media following worked like a built-in PR and marketing engine. Tattly’s influence only grew as proud followers shared the eye-catching designs. This was enough to quickly draw the attention of wholesalers who were happy to carry the bright and fun pieces of art.

Have confidence in your relationships and provide as much value as you seek. Through this and some creative thinking, you can make opportunities not just for your business, but for all of your potential collaborators.

A Royal Road to the Heart

“The royal road to a man’s heart is to talk to him about the thing he treasures most.” 

Relationships are the backbone of everything we do, especially in business. Whether you intentionally network or avoid small talk like the plague, relationships are something you can’t afford to ignore. A Harvard University study showed that only 15% of the reason a person gets, keeps, or advances in a job is related to technical expertise, but a crushing 85% has to do with our interpersonal skills! 

Networking is a Lifestyle 

Here’s the good news: the best networking is what naturally occurs in authentic, real-life relationships. Networking isn’t just something you do at professional mixers or conventions, rather, connections that leverage results are the ones we build every day. Networking is not an event, it’s a lifestyle! However, daily networking means you may need to stretch yourself socially, which can be a challenge for Americans. The APA defines Social Phobia as an (irrational) fear of looking stupid, and social phobia is especially common in the United States. Social phobia can be healthy, acting as a “social glue” in relationships and protecting our reputation. But is there a down side? Does social phobia keep us from advancing? Maybe more than we think! 

Conversations: The Critical Link to Success 

“You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.” 

Conversations are a critical link in the chain of relationships that lead to success, so if you want to grow professionally you need to get over your nerves and genuinely enjoy people. Sweaty palms? That’s ok! The best way to conquer fear is to go out and get busy! Here is a wonderful visual memory “stack” to move conversations forward and empower you for more proactive, inspiring conversations. 

The Conversational Stack 

Visual #1: A huge brass nameplate.
Introductions start with names, and people love talking about themselves! Use names early and often.
 

Visual #2: Atop the nameplate sits a large white house.
Ask where someone lives or where they grew up. When people talk about their hometown they loosen up and you find many common connections.
 

Visual #3: Inside the house is a family playing board games by the fire.
Ask about family and important relationships!
 

Visual #4: On the fireplace is a large work glove and a clock.
Work and daily tasks are a huge part of identity. Chat about work, school, or how they spend their TIME.
 

Visual #5: The work glove holds the tail of an airplane.
Many people adore traveling and talk for hours about their adventures.

 Visual #6: The propeller of the airplane is a tennis racket.
Ask people about leisure, hobbies, and what brings them joy.
 

Visual #7: The airplane propeller is attached by a lightbulb.
People love to discuss books they’ve read or concepts of interest. People think cool thoughts; encourage them to SHARE!
 

Visual #8: On the lightbulb stands a Private First-Class soldier.
If you want to genuinely connect, never forget to ask about Problems, Frustrations, and Concerns.
 

Visual #9: The soldier holds a football goal post and a trophy.
If you want to inspire, be sure to ask about goals, dreams, and accomplishments. Affirm and encourage people too!

 A Guaranteed Return on Investment 

Why make conversation? Because success stems from relationships, and great conversations always bring a 100% return. So, go enjoy people, and stop in to see us soon. We look forward to more wonderful conversations with you this year!

Your Willingness to Accept Feedback Will Affect All Areas Of Your Business

ThinkstockPhotos-637152194.jpgMany people make the mistake of assuming that feedback automatically equates to complaining. After all, people tend to not speak up about issues unless the topic reaches a boiling point, right? In reality, feedback doesn’t have to be like this at all. When given properly, feedback is constructive and can help to both reinforce what you’re doing right and pinpoint what you may be doing wrong.

No one is immune from the concept of feedback because no one is perfect. When you learn to accept feedback (regardless of where it is coming from or how positive or negative it may be) it will have a dramatic effect on all areas of your business.

Accepting Feedback Helps Employees Feel Engaged

A willingness to accept feedback has a direct relationship with something all business leaders should be concerned about: employee engagement. Feedback goes beyond open and honest communication and enters into a realm where employees are free to speak their minds when they feel it is necessary to do so.

If employees don’t feel like they can come to you with issues they see as essential, it can have a negative effect on your entire business. According to one study conducted by Execu-Search, 42 percent of all employees feel like company leadership does NOT contribute to a positive company culture. This goes a long way towards explaining why, according to a Gallup study, 51 percent of the U.S. workforce is not engaged.

The most alarming statistic of all is that these types of disengaged employees cost businesses between $450 billion and $550 billion annually. As a leader, this is the type of situation that you’re creating for yourself by being unwilling to accept feedback from those around you. Even if you don’t agree with something that an employee has to say, just the fact that you’re willing to listen to them goes a long way towards keeping morale (and company culture) as strong as it can be.

Feedback Acknowledges the Importance of Continued Learning

Feedback is also critical to the modern business for the simple reason that it sets the tone for everything that comes next. It’s less about your willingness to listen and more about showing that you’re always looking for ways to improve, to do better, to make stronger decisions, and to increase your performance.

Luckily, it isn’t hard to accept feedback at all, and you get can plenty of practice because it’s around us all the time. Every time you’re talking to an employee, or a customer, or a vendor, you’re getting feedback. Going out of your way to hear it can help make employees feel more valued, which in turn motivates them to work harder. It can also make your customers feel more valued, which strengthens your long-term relationships.

This type of actionable information is crucial for you to make stronger, more informed decisions in your position moving forward. Going out of your way to get constant, honest, and (yes, sometimes) raw feedback helps make sure that your actions are aligned with the goals of your business.

The “Foot in the Door” Technique

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Nobody questions the value of getting “a foot in the door.” We all strive at one point or another to get a foot in the door with an employer, an institution of higher learning, or even a romantic relationship.

As a marketer, however, your interest in getting a foot in the door is more likely with your customers and a hopeful precursor to a big sale! A salesman who gets a foot in the door by getting customers to agree to a small initial request will undoubtedly find greater success with larger requests (think major sales $$!) down the line.

Freedman and Fraser’s Compliance Experiment

One of the first studies to scientifically investigate the “foot in the door” phenomenon was the 1966 compliance experiment by Jonathan L. Freedman and Scott C. Fraser. This experiment took place in two independent phases that used different approaches and test subjects. Because these studies were conducted on weekdays during the more conservative 1960s, the vast majority of test subjects were housewives.

The first Freedman and Fraser study divided 156 subjects into two basic groups. Both of these groups were telephoned by researchers who pretended to be from the consumer goods industry. One of the groups was contacted only once with a relatively large request. The other group was contacted twice, first with an initial small request and then with the much larger second request. In this case, the small request was to simply answer a few questions about kitchen products while the larger request, which came three days after the small request, was to allow someone to come into the home and catalog the contents of all their cabinets.

The second study essentially followed the same template as the first, but used the posting of a small and discrete window sign as its small request and the installation of a large and unattractive yard billboard as its large request.

The Effectiveness of the “Foot in the Door” Technique

The results of the Freedman and Fraser experiment were quite revealing. In the kitchen products study, subjects who agreed to the small first request were more than twice as likely to comply with the large second request. The results of second study backed up those of the first with significantly more people agreeing to place an eyesore of a billboard in their yard after previously agreeing to place a small sign in the window of their home or automobile. Perhaps most surprising, it did not even seem to matter that the promotional social message of the small sign (keeping California clean) was entirely different from that of the gaudy billboard (driving safely).

Modern Marketing Implications

The use of the phrase “a foot in the door” usually conjures images of the old fashioned door-to-door salesman who manages to wedge his wingtips against the doorjamb of your entryway after you answer your doorbell. And we all know that after he gets his foot in the door (or gets you to agree to a small initial request), he will undoubtedly try to make his way into your house (or get you to agree to a much larger second request).

But how does this sales technique work in the modern marketing landscape? In short, it’s all about calls-to-action (CTAs).

Call Them into Action

If you are distributing printed material that ends with a CTA, you may want to consider how far to push your customer base with your initial request. Don’t scare away a potential sale by asking too much too soon.

You can wait a bit for that big sale if it means building a comfortable and lasting rapport with your customers. Consider closing your marketing materials with a modest request or CTA and gain compliance for a big future payday!