How to get value from the 'Partnership Economy'. Ten things to think about.

Here’s one… I was talking last week with a couple of industry peers about the state of play both locally and globally in the sports and entertainment worlds. Topic of conversation was where we felt partnership marketing (read sponsorship, ambassadors, B2B, GTM and strategic alliances etc.) would sit in a post-pandemic world.

"If you don’t have a partnership strategy, you need one. Whether it's for sponsorships, ambassadors, influencers, affiliates, strategic alliance or otherwise. It’s the most vital marketing framework you can invest in to make up that last bit of the hill to ‘consumerville’"        

The main focus was on when we’d see more brands have the penny drop moment that their consumers care more about their own wellness, their family and their passions than they care for being shouted at in advertising, and that at no point in our lifetimes have people been as starved of the access, experiences and content around their passions than they are now.

We got off our ‘high horses’ and looked back at other major events in the chronology of marketing and quickly got to the onset of the ‘digital economy’ and how the fear and supply tactics that drew trillions of marketing dollars worked...

Back in the early noughties as the digital economy swept the world, brands were tripping over themselves to build the infrastructure, strategies and buying capabilities to capitalise on a new way to reach and sell to consumers. The industry fanned the flames through campaigns and case studies that spread fear through every boardroom who weren’t far enough along on their own digital journeys in comparison to their competitors. By 2010 the digital economy was worth $3TN and the industry was well equipped to monetize the opportunity.?

Fascinating, Clarkey, but what's it got to do with partnership marketing? Well, what drives key marketing changes are sisemic shifts in consumer behaviour. Just as we all migrated onto Facebook and Amazon in our millions, so did the brands we bought, and therefore it stands to reason that once we all emerge from the pandemic and re-connect with our passions like a thirsty camel... (do I need to finish the sentence.? You get my point).

With over 75% of the world's trade flowing indirectly, many experts now believe it will be down to the use of partnership marketing to pave the last mile to reach consumers. So what are the benefits one can derive from a well-positioned partnership? Here's ten things to consider when exploring the true value of partnerships to your business (you can add your logos, tickets and party pies at the end):

1. Capabilities: access to people you could simply never employ who can help solve your problem
2. Certainty: proven experience in the areas relating to your needs. Why waste time and money designing a solution that's already been done elsewhere...
3. Equity: they're seen and respected for reasons (quality, experience, values etc.) you desire for your business
4. IP: the visible iconography of their brand in association to yours. Depending on the partner, this is highly likely to be more valuable than your own brand IP
5. Channels & Audience: engaged, active and receptive
6. Support: working towards a common goals for mutual commercial benefits
7. Differentiation: a strategic advantage over your competitors
8. Authenticity: real world stories and examples than land with integrity
9. Network: access to their peer group can only help accelerate outcomes
10. Economic Moat: maintaining your competitive advantage over your rivals (thanks, Wozza)

With this in mind, and as the partnership marketing mavens we are, what did we suggest brands did to tap into this growing economy (a channel growing 50% YOY):

1. Identify areas of strength and weakness
2. Think through where these weaknesses have existed, and been solved before and by who
3. Identify a value proposition that could secure their solution to your weakness
4. Get around the table
5. Build the solution
6. Crack the bubbly

I'm simplifying this, but the key to remember here is that not all partnerships are a sponsorship of a sporting or entertainment property. The majority are, but you have to think more open mindedly about it.?Next thing to remember is that audiences have been starved of access and experiences around their passions. They’re craving them, dreaming about them and can’t wait to access them again.

If you don’t have a partnership strategy, you need one. Whether it's for sponsorships, ambassadors, influencers, affiliates, strategic alliance or otherwise. It’s the most vital marketing framework you can invest in to make up that last bit of the hill to ‘consumerville’.?

Don’t be a marketing martyr. Open up to how partnerships can accelerate your outcomes. I bet you won’t be disappointed.?