Affinity marketing (sometimes called partnership marketing) is a very popular direct marketing strategy for SME’s because it offers cost-effective, results-oriented campaigns.
Amid a faltering recovery, with budgets slashed across many manufacturing and service sectors, it is an attractive marketing strategy.
Finding the right business partner is perhaps the most important part of affinity marketing
Affinity marketing occurs when two companies join forces for mutual benefit. For example, Weetabix might offer a two-for-one cinema ticket deal for the latest Odeon film; Elephant Insurance could offer a 25% discount on a car service for its car insurance customers; Red magazine might offer readers an exclusive Mac lipstick… in these examples, brands are leveraging each other’s appeal for mutual benefit, with both sharing in the success.
The same principle applies for SMEs. Is there a brand or company that you feel would make a perfect fit for a joint promotion with your company? Take one example: imagine if you manufacture a niche organic baby food. Would partnering with an organic niche nappy manufacturer for a joint promotion be logical? Probably.
Indeed, finding the right business partner is perhaps the most important part of affinity marketing. The partner needs to be right in terms of its market positioning, ethics and overall brand ‘fit’.
Just as importantly, the brand needs to be approachable, friendly and ‘team-oriented’. Basically, the two companies have to work well together, get on, and have the same goal of creating a memorable and effective affinity campaign.
It is also worth keeping in mind that some of the most effective partnerships are with small organisations where the affinity is stronger. Working with several smaller groups can increase the workload but these groups often deliver superb results. Indeed, partners with strong existing customer loyalty tend to always perform well with affinity marketing.
If you are new to affinity marketing, finding the right partner is the number one priority. The second priority is to create a cast-iron legal agreement between you both.
This is essential as problems can occur when people don’t know who is responsible for what action. For example, who is responsible for creating the visuals and copy for the campaign? Who is responsible for analysing the end results?
The answer is to find an affinity marketing specialist who will create an agreement that is legally watertight. This will allow the campaign to progress effortlessly with both sides fully aware of each other’s responsibilities.
The affinity marketing specialist can also help find a relevant partner for your brand and set up the whole campaign for you.
If you’d like more information on the topic (and more tips), please download our affinity marketing whitepaper. It provides an entry-level introduction to affinity marketing and shows how to structure effective affinity partnerships for your company.
