Diversify Your B2B Strategy with Partnership Marketing for Maximum Growth and Competitive Edge
The business-to-business marketing space is largely dominated by two different approaches, paid advertising and account-based marketing (ABM). There is no question that these methods can be quite effective, but they both have limitations.
Paid marketing efforts are becoming increasingly costly, whereas acquiring meaningful accounts through the ABM approach can take months. This time requirement is because your marketing team must slowly build and foster relationships with B2B decision-makers to drive a single conversion.
Fortunately, there is another approach that will enable B2B brands to diversify their marketing strategies, keep paid advertising costs in check, and boost the efficacy of ABM tactics. This third option is partnership marketing.
B2B brands that want to thrive in the modern marketplace need to incorporate partnership marketing into their strategy for four key reasons.
1. Partnership marketing produces powerful results
Several B2B brands have already embraced partnership marketing as the “next big thing” and have enjoyed astounding results.
For instance, Acceleration Partners worked with GoToMeeting to create a B2B strategy that supported brand growth and increased the number of paid accounts in the affiliate channel, while maintaining a target CPA. GoToMeeting experienced a 725% increase in paid accounts period-over-period (PoP), a 146% increase in click-active partners, and a 701% increase in free trials.
Acceleration Partners (AP) also teamed with a B2B service provider to build an affiliate program from the ground up. AP was able to generate a large volume of high-quality leads for the client, drive new customers that exhibited a good lifetime value, and surpass the clients’ monthly product purchase rate by 6.25%.
These are just two of the many instances in which AP has used partnership marketing to help B2B brands grow.
2. Paid marketing costs are at all-time highs
In 2022, the majority (60%) of brands’ digital marketing dollars were allocated to advertising on paid channels. Naturally, this seemingly ever-increasing demand for paid ad space is driving up costs at a rapid pace. On average, Amazon CPC costs are up 20%, and Google CPC costs have risen 40%.
These rising rates leave brands with just three options. Either they can up their marketing budget, advertise less on these channels, or diversify. Branching out into B2B partnership marketing is the most viable approach for businesses that want to keep costs under control without conceding market share to their competitors.
3. Partnership marketing offers short- and long-term returns
Paid marketing can certainly produce powerful short-term results. However, fueling the paid marketing fire requires a constant injection of cash. As soon as the cash flow stops, so do the results.
On the other hand, partnership marketing can produce short-term benefits while yielding a steady stream of conversions that will support the long-term growth of your business. Taking the time to cultivate strong partnerships will help you more effectively connect with target accounts, acquire more clients, and boost revenue.
4. Diversifying marketing tactics provides a competitive edge
Every B2B marketing firm is active on top paid marketing channels. The majority of them have also dove head-first into account-based marketing.
However, many have not yet adopted partnership marketing in any meaningful way. This fact is unsurprising, as effectively navigating this marketing space requires finesse and access to global resources.
By becoming an early adopter of B2B partnership marketing, your brand can gain a definitive edge over its competitors.
You can further strengthen your competitive positioning by partnering with a dynamic, full-service agency like Acceleration Partners. We have managed multiple successful B2B partnership marketing programs and can apply our expertise to craft a custom, winning strategy for your business.
How AP can help build your brand
While there are certainly parallels between B2B and B2C partnership marketing strategies, there are also many differences that your partnership marketing agency must account for in order to design an effective program approach.
With that in mind, it is critical that you partner with a partnership marketing agency that understands the nuances associated with expanding the reach of B2B brands. Acceleration Partners is just such an agency.
At AP, we have pioneered multiple successful B2B partnership marketing programs. We have worked with B2B clients in a variety of different niches and produced powerful results for every brand that has put their trust in our diverse team.
Acceleration Partners possesses both the expertise and resources necessary to help you launch a program in virtually every market. Cumulatively, our team is fluent in over 20 languages and operates in more than 40 countries.
With the level of success B2B brands have seen from partnership marketing so far, we can expect that the rise of B2B brands adopting this outcomes-driven approach will only increase over time. Acceleration Partners will continue to innovate and pave the way for B2B brands of any kind to successfully launch and scale their partnership programs.