Co-branded offers are a fantastic way for brands to expand their reach and fan bases. Many times those potential partnerships are obvious based on complimentary usage or consumer types. Sometimes however it is more difficult to judge who might be a profitable partner to help grow your brand awareness, sales or social fan bases.
We have seen many of our brand clients use coupon data to determine the “real” ROI of brand partners. In the Qples dashboard brands can see how many consumer engagements originated from the various mediums where the coupon was available. Brands can see how many prints or engagements came from their website or Facebook page versus their partner’s. Once marketers test multiple campaigns that include a variety of partners, the real time data will reveal which of them drive the most amount of traffic.
Just because they drive traffic, does that make them the right match?
When you think about which partners to “stand next to”, here are a few critical points to remember to make those efforts a success. 1. Only partner with brands or products that match your consumer people group. The success of your campaign will depend on the same group being open to products with similar messaging. 2. Make sure that your future partner has the same quality and reputation as your own. 3. Only participate in co-branding campaigns where both parties have say in the messaging and mediums for the program. 4. Collect that data! Every piece of data that you can gather from the campaign will be key in molding the type of partners and offers you engage in in the future.
Partners can be the most simple way to leverage your brand and fan base. When negotiating a partnership remember the value that you have in your newsletter database, social fan numbers, distribution and on-pack opportunities. Don’t sell your brand short when it comes to leveraging those assets to root out the best partner.