The Power Of Partnerships For Customer Acquisition

Kate Rojas is VP of Marketing at Notion, a Comcast company. Notion is a smart monitoring system powered by a multifunctional sensor and app.

Every company has their “secret weapon” when it comes to reaching new customers. And it can take many forms, including social media, ad campaigns and media relations efforts. While all of these are great options for reaching new customers, companies shouldn’t ignore the power of partnerships. There’s the old saying, “two heads are better than one,” and it couldn’t be truer when it comes to defining your customer acquisition strategy.

Of course, companies may be apprehensive about joining forces with another organization, especially one in the same industry. But rather than viewing them as competition, think of them as potential partners — and partnerships as strategies that are extremely focused on the business. It’s about being honest and focusing on what you’re offering — and realizing what you can’t provide.

But what’s the benefit of having a partner and being able to market two brands instead of just one? Here are three outcomes that tapping into the true power of partnerships for customer acquisition can provide.

Attract More Customers Through New Channels

Differentiators are hard to come by, and this is true for plenty of industries. If you look at insurance, for example, products or policies aren’t typically all that different outside of price. This is where partnerships can play such a huge role in helping break down that barrier and provide a new way to reach customers outside of your limitations.

When brand is the only differentiator, combining the power of two can go a long way. And for those companies that don’t do much direct-to-consumer marketing, partnerships can help elevate a brand and quickly build awareness that otherwise would be limited.

Reach New Customers At Lower Costs

Any time you can cut customer acquisition costs and see better results, you’re creating a win-win situation. Enter: partnerships. Traditional marketing efforts cover everything from advertising in print and online publications to social media and digital campaigns. And while these marketing strategies can help you reach wider audiences, the costs can add up fast.

When you’re harnessing the power of another company via a partnership, you can leverage each other’s customer base and prospect list and expand your overall reach without making that initial upfront investment. For example, if your partner sends out an email notifying customers and prospects of a new offer or discounted rate associated with your partnership, you’re now exposed to thousands of potential new customers you may not have been able to reach otherwise. For other brands, partnerships can be as simple as co-branding marketing and services. But there are also so many free ways to get creative and communicate before you have to spend any money on advertising. You and your partner can unlock access to each other’s network and customer base by promoting each other’s work via email, social media and digital assets (in your partner’s app or on their website).

Create More Value Through Your Solution 

A lot of brands get stuck in the mindset that they can only promote what they traditionally provide. Any time a company can take a step outside of their comfort zone and create partnerships, they have an opportunity to create better value within their own product and to differentiate it. Think about partnerships as ways you can add value for your customer that you currently can’t or don’t provide. At the end of the day, this mindset could help your brand stand out and create a better customer experience with your product, service and brand as a whole.

In my experience, the benefits of partnerships go far beyond reaching new customers. The synergy between two brands can play out across the board and impact your brand, your partner’s brand and the end user. Partnerships are about standing together and bringing each other up. It’s a mentality that involves wanting to operate differently, and prospective customers will likely take notice.

Forbes Communications Council is an invitation-only community for executives in successful public relations, media strategy, creative and advertising agencies. Do I qualify?