What happens when you round up innovative brands, agencies, tech partners, and publishers in the same room? Transformational Partnerships.
The world of partner marketing and partnership management has changed markedly. Until recently, partnerships were the responsibility of strategy teams and business development professionals. Deals took time and resources from several business functions (legal, finance, etc.,) but were managed by a single team and approved at the executive level.
Forming Partnerships Has Become Easier
Now, access to engineering resources to integrate with APIs is all that is needed to create a partnership. Technology is pushing decision-making downward and outward, enabling functional leaders to make their own decisions. Barriers to new partnerships have fallen.
Over a lifetime, the financial needs of consumers vary enormously. Whether it’s a young family looking for a mortgage or an older consumer planning for retirement, the financial needs and wants are varied, and therefore the marketing strategies to target these consumers need to vary as well.
When it comes to finding this kind of fit, one powerful strategy that sometimes gets overlooked is partner marketing. Finance brands get great results when they collaborate with the right partners, at the right time, to target customers during different lifecycle stages.
I have been involved in affiliate and partner marketing for the last 10 years, where I have been responsible for various advertisers, and have worked hard to help my clients succeed.
Through these years of experience, I have learned two key things brands need to do in order for their partner marketing activities to produce results. I'm going to share these with you by talking about a Japanese deparment store and their success story.
Over the last ten years, we’ve seen the traditional affiliate landscape evolve into the much broader partner and affiliate marketing space we know today. Brands are now looking towards a forward-thinking partner marketing model based on data, scale, and analytics. Transformational partnerships are the next step in this digital marketing progression, allowing brands to drive customer acquisition and stronger customer loyalty as well as become more efficient with their time and resources.
Over the last seven years, major brands have been shifting towards technology to manage their partnerships and affiliates—which means that the service required to support them has evolved too.
Pandora's Managing Director A/NZ Jane Huxley at Innovation Day 2017
Five years ago, Pandora Radio came to Australia. How did a music streaming service carve—and cement—a space for itself in a market that equated its name with high-end jewellery? By forging innovative partnerships that drove tremendous growth for the brand.
Over the past few years, the affiliate marketing industry has drastically evolved. While the term "affiliate" denotes an official connection, it connotes an association or attachment not necessarily rooted in full mutual benefit. Conversely, a partnership implies a more solid relationship where both parties work together to navigate risks, improve efforts, and share in profits.