Depending on the answers to these questions, you may decide
you are ready to approach only certain types of partners. As long as you are comfortable with moving forward, it’s important to remember that there are no hard and fast rules.
Creating a Win/Win Finding—or even creating—the win/win is one of the most important aspects of a Marketing Partnership, often limited only by your imagination (and, in some cases, your ability to negotiate). There are many options to consider as a starting point, including: • financial advantages, such as commissions, discounts, or sponsorships;
• information, such as the exchange of intellectual property or expertise;
• supply of goods/services, such as give-aways; and • access to each other’s customer database (not usually direct access but facilitated access). Te above can be mixed and matched, and may also be combined
with more broadly categorized win/win strategies, such as benefits, bonuses, cause marketing, and content provision. I cannot emphasise enough the power that can be created
between two or more businesses, after delving into a win/ win relationship. Once you start to actively use these types of strategies, consider how you can improve the existing relationships and outcomes for your leads, customers, suppliers, distributors, Third Party Administrators (TPAs)—everyone!
Extra Extra Revenue—Not a Typo! Of course the ultimate goal of a Marketing Partnership is business growth, which means extra revenue. Let’s talk about the extra in extra revenue. While your next Marketing Partnership campaign may lead to
new customers, consider cases where commission is part of the win/win deal. Commission and incentive arrangements can be managed tastefully and transparently, so be sure not to dismiss them as a win/win option. Let’s look at how extra revenue numbers could work for you
when it comes to your botom line. Here is an example: A company has acquired a new on-site drug-testing customer
that requires 200 tests per year. Assuming the company makes a profit of $20 per test, the annual revenue is $4,000, not including other revenue sources such as lab positives, incident tests, education sessions, etc. As a payment from the partner for bringing that new customer to
the table, the Marketing Partnership in place delivers an additional $1,000. Tat’s an increase of 25 percent on profit margin for that
first year. As you probably know, it is extremely difficult to increase your profit margin by 25 percent with any other method. Depending on the product or service provided by your
commission partner, you may even stand to achieve an ongoing $1,000 payment each year. What would that do for your profit margin or revenue growth?
The Power of a Partner-Friendly Network Te term “partner-friendly” is oſten used to describe businesses that are open to partnering for growth. Not all businesses are. In fact, it seems to me that it is only lack of understanding that stops all businesses from adopting Marketing Partnership strategies. If you and your business become partner-friendly and embark on
the Marketing Partnership journey, you may find yourself teaching others. Ten, your new partners will find other partner-friendly businesses. Te whole process becomes self-sustaining, with an endless supply of new opportunities. The power of a partner-friendly network is very real. Within
a partner-friendly network, you will often deal with people who “get it.” They understand their assets, how to create win/wins, and what is achievable with a Marketing Partnership strategy. Half the work is done before you even discuss a deal between your two businesses.
Conclusion In many sectors of business, Marketing Partnerships are experiencing rapid growth in popularity. As with all trends, the growth of Market Partnerships is spurred by reports of results and improved access to people who have successfully done it. While this article does not include all there is to know about
Marketing Partnerships, here at Drug Testing Business Success, we trust that there is enough information to get you started. ❚
Cameron Stuart brings a wealth of expertise and knowledge in workplace drug testing, including over ten years in the industry. He has managed and/or established seven drug testing companies, includ- ing three national ones—so he truly understands his customers. Cameron operates between Queensland
and Tasmania, Australia. With a passion for research and delivery of the newest innovations in the drug testing arena, he has activity in the UK, USA, and Asia. Prior to joining the drug testing industry, Cameron achieved proven success in the insurance industry. Results driven, he achieved positive outcomes in areas such as risk management and factual investigations, with attention to detail a key outcome. Cam- eron’s prime focus is to provide solid, sound, and cost effective advice with the primary aim of producing amazing results.
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