Brand partnerships have a lot of potentials: you can spice up your marketing strategy, reach new audiences, or gain more presence in the eCommerce market. According to this survey, 54% of companies reported that partnerships drive more than 20% of their total revenue which, in turn, according to eCommerce statistics, is $529.2 million from the $4.9 trillion total market volume at the end of 2021.
Considering that there are 12-24 million eCommerce websites and new ones are created every day, and the probability of not surviving the competition is higher, it is difficult to ignore the benefits of partnerships and the use of affiliate partners.
Email is a perfect channel for partnerships: it already contains brands’ loyal audience, 61% of consumers want to be contacted through email, and it is less expensive than social media marketing, for example.
However, partnerships should be approached in the proper way for them to be beneficial for your company. If you do not want to waste time, effort, and money on an unsuccessful email partnership, take a look at our tips and boost your sales and conversions.
Taken from: https://flippingbook.com
1. Choose The Right Brand
Choosing the right brand to do an email partnership with is half of the success. While looking for a brand, make sure to look at:
If the audience of the target brand is too big, there is a slight chance they will accept the offer. Or they will simply charge you a lot of money. If the brand’s audience is too small, you will barely get any new reach. Consequently, you will spend effort but earn too little return.
Try to go for brands that have a similar audience size to yours. It will be an equal partnership: you can get the most out of an email partnership and not spend too much money on it.
It is evident that an eco store will not cooperate with organizations that use too much plastic or produce waste. An eco-store audience will find such a partnership offensive and leave the brand at once, while a partner’s audience will not care. Therefore, try to find brands whose audience has the same values as one of your audiences and gain instead of losing.
Overall, a good partner is a brand that shares the same values and size audience and complements your brand, helping to make the experience you provide even more enjoyable and easy.
2. Show Expertise Of Both Brands
Partnerships are about brands supporting brands, not just getting more exposure for one side. It’s essential to showcase the expertise of both brands in a particular niche e.g. SmartMoneyMatch for B2B campaigns in the investment industry, so your email campaign benefits all parties. Also, one must understand that B2B email marketing is very different from B2C email marketing
Keep the email balanced. Do not forget to mention that your brand is doing a partnership. Otherwise, customers will not understand why they get information about a random brand. Did they get into the wrong mailing list? At the same time, it is not enough to say the name of your partner. Tell a little bit more about their niche so that customers actually get interested.
3. Offer Bonuses For Purchasing From Partner
Partners will get more exposure, but what does the customer get? If you do not offer benefits, email subscribers will see it as if their favorite company just decided to advertise another brand randomly. It will be weird to the customers.
Therefore, you can offer:
- a promo code with your brand’s name
- joint loyalty program
- discount when they buy a set that contains products of both brands(for example, Spotify and Hulu had a partnership where they offered 10% off when users subscribed for both services)
4. Track the Results of Email Partnership Campaigns with Email Marketing Tools
In order to establish whether this partnership makes sense for your brand, always keep an eye out for statistics. You can get valuable insights through campaign management platforms and tools such as Sender, EmailOctopus, etc. Here is the ultimate list of what to look at:
- open rates
- clickthrough rates
- conversion rate
- unsubscribe rate
- abuse report (whether your emails were marked as spam or not)
However, do not drop the partnership after a week. Let the campaign fully roll out and try the A/B testing. It may be a good partnership but a bad strategy. Put effort into “saving” the partnership rather than canceling without trying. Also, note that your email open rates and CTRs will vary depending on the industry you operate in. For instance, the financial service sector has an average email open rate of 25% whereas, the education sector has only 22%. So, factor in the industry standards for an unbiased opinion on the outcomes of the partnership.
Email partnerships are a great way to reach a bigger audience and get more sales.
The main step to a successful brand partnership is choosing the right brand with similar audience sizes and values. Do not forget to return the favor and promote the partners as well. Add value for the customers as well so that everyone can benefit from the partnership.
The last step is to measure the results to find out whether partnering with that brand was beneficial for you and what could have been done better.
There are just 4 easy steps between you and a sales-driving email partnership.