You have probably heard the expression ‘working smarter instead of harder’, but did you realise this term can also be applied to marketing?
When it comes to marketing, there are actually a number of ethical ways to get others to sell or promote your business for you, rather than going it all alone. Of course, in such an arrangement, it’s important that there are mutually beneficial rewards involved!
Here are three smart marketing options to consider.
1. Affiliate marketing
In this model, you reward your affiliates for generating leads or sales, and because it’s a performance-based arrangement, you only pay if you get a result.
Methods of affiliate marketing include paying per-sale, per-click, per-call or per-lead.
You might pay a percentage of the sales value to the affiliate for example, or pay them a fee when they have generated leads.
Typical affiliate websites might include comparison shopping sites, shopping directories, and coupon sites.
2. Brand partnerships
Partnerships are another way to share the marketing burden. This type of arrangement can create a synergy as businesses join forces and generate better results than each one would alone.
In a partnership arrangement, each party brings its differing strengths to the relationship, which provides a boost for both partners as each leverages off the other. Partnerships can deliver greater revenues, brand awareness, value-adding of products and services, reduced costs, and opening up of new marketing channels.
Examples of successful brand partnerships in Australia include Optus and Tennis Australia – where sports fans who are also Optus mobile customers get exclusive live-streaming access to matches. Another example is that of BUPA Health Insurance, which has developed partnerships with various health services as well as the Heart Foundation and footy teams. This type of set up helps to drive interest and revenue to brand partners.
3. Referral programs
Who doesn’t love word-of-mouth (WOM) marketing – that situation where people love your product so much that they turn into natural evangelists for your cause?
WOM is a very valuable form of marketing, but it doesn’t always happen naturally! Sometimes you might need to develop a program for generating referrals that includes incentives such as discounts, freebies, or coupons for referrers.
An example might be where a customer orders from you and you invite them to refer a friend to your business, in return for a discount on their next order where the referral results in a sale.
A couple of other options
- Social media – you may have noticed that people can be astonishingly frank and open on social media! Make the most of this by posting sales campaigns (e.g. discounts and special offers) on your social media pages and asking your happy customers to share them with their friends. With a bit of luck, social media marketing will hardly cost you a cent!
- Testimonial rewards – consider offering a discount to customers who write a positive testimonial about your business and allow you to publish it on your website.
Smart marketing is about a lot more than costly advertising! By thinking a little creatively, there are all kinds of ways to get other people marketing for you – especially with the array of electronic communication methods such as websites, social media, email, and fax to email services in Australia.
And whichever methods you use, remember that it’s important to analyse and measure your results, so you can see what works for you and what doesn’t, so you can hone your marketing program as you go. Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn