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Mediator Presents a White Paper on: PARTNERSHIP MARKETING May 2014 This report was commissioned to examine the current marketing landscape and the role partnership marketing plays within the wider marketing mix whilst highlighting best practice for the discipline. Over 80% of respondents believe partnership marketing has a high ROI and 86% agree it’s effective however, less than 5% of overall marketing budgets are allocated to this area. This report investigates the reasons for this disconnect alongside the benefits of using partnership marketing in the context of an industry where consumers and technology are constantly evolving. 2 There is widespread belief partnership marketing is underutilised as a tool due to a misconception it cannot be effectively measured. Research demonstrates as long as there is a clear understanding of what success looks like in the initial planning stages, the right evaluation metrics can be built into the campaign to ensure it is measurable and in turn, there’s no reason why it shouldn’t feature as a consistent component of the wider marketing mix. This report concluded marketing strategies that incorporate partnerships within the wider marketing mix were more powerful than those that didn’t and over 70% of respondents agree partnerships added a level of depth that more traditional communication plans could not deliver. www.mediator.co.uk CONTENT 3 Evolution of partnership marketing 4-9 Benefits of partnership marketing 10-19 Measuring ROI 20-21 The future of partnership marketing 22-23 Best practice in partnerships 24-29 Conclusion 30-33 Appendix www.mediator.co.uk 34 EVOLUTION OF PARTNERSHIP MARKETING 4 www.mediator.co.uk Partnership marketing is all about brands working together to reach new audiences through mutually beneficial campaigns. Marketing professionals agree that there is a real shift within the industry towards a more connected, aligned and strategic use of partnership marketing as a tool in the marketers ‘black box’. Respondents suggest the growth of partnership marketing as part of a more integrated marketing strategy is due to a number of changes in the business environment: the current economic climate, the new economic reality where it is important to make marketing budgets go further by working smarter, the need to measure ROI, technological developments in digital and social media and ultimately changes in the way consumers interact and behave. 5 EVOLVING CONSUMERS Consumer behaviour has developed significantly in recent years: there are more access points, multiple consumption formats and increased cross-format use, with many more and different ways in which consumers can interact with brands. Marketers believe partnership marketing is an excellent way of accessing consumers in a way that fits in with their lifestyle and behaviours. People live in a ‘real time’, ‘now’ environment, with instant reactions allowing them to get closer to brands in an immediate way and at a time to suit them. 6 www.mediator.co.uk EVOLVING INDUSTRY “Traditional sponsorships were far more one sided. Now it’s about all sides of the partnership coming together, and discussing, for the greater good, the benefits that each other brings to it, which I just don’t think happened to a sensible degree before.” Head of Experiential Marketing and Partnerships, Finance Some feel that there is now greater awareness of partnership marketing and as a result understanding and perceptions have grown. There is a growing awareness of the difference between partnership marketing and other marketing techniques and that it can have its own place and value within the wider marketing mix. This increased visibility is driving the use of partnership marketing and with more case studies, the value of partnerships is being recognised, increasing its use as a strategic tool. Partnership marketing is now much more about true collaboration, with partners working to achieve the same goals of extended reach, maximising budgets and driving acquisition, rather than each individual organisation working in isolation. Respondents on the whole agree the industry is getting smarter: due to the need to do something “different” partnership marketing is a way of creating something innovative and powerful, efficiently and cost effectively, allowing budgets to go further. “I think historically there hasn’t been that connection to the broader marketing strategy within the business.” Head of Experiential Marketing and Partnerships, Finance 7 EVOLVING TECHNOLOGY Undoubtedly technology has allowed partnership marketing to evolve: there is unanimous agreement amongst respondents that digital media is dramatically changing the way marketers use partnership marketing, creating new opportunities to reach the target audience, creating new and better connections with consumers, to attract and engage new and existing customers, and offering a direct means to potentially extend range. 8 “The use of smartphones, the use of tablets… all these things mean that people are always connected and they have a very high expectation of what they’re going to be able to access and when and where they’ll be able to do it.” Head of In-Life Management, Telecommunications www.mediator.co.uk New technologies and mobile are also mentioned and recognised as platforms via which a partnership marketing strategy can stand out and cut through. Partnership marketing lends itself to communicating with customers across their lives and therefore over multiple touch points, matching the way consumers now interact with their world. New technology also allows for better means to measure ROI and track accountability. SO WHAT IS PARTNERSHIP MARKETING TODAY? When asked to give a definition of partnership marketing, the vast majority of respondents talk about “two brands working together in partnership or collaboration”, a partnership that is “mutually beneficial”, that “extends reach to new audiences and customers”, “improves brand awareness” and “uses the strengths and assets of each company to benefit both partners”. More broadly respondents talk about strategic partnerships being deeply embodied and integrated within a brand’s wider strategy, with 90% agreeing they would associate “strategy” with partnership marketing. “Partnership marketing is basically brands collaborating together to get a greater output than the individual, using their relative qualities and strengths to mutually benefit from each other.” Head of Strategy, Media Agency James Bond x Aston Martin There also seems to be a consensus that long term strategic partnerships are the future of marketing and have the potential for good returns: more short term tactical campaigns designed to provide high impact and achieve a short term goal are also acknowledged by respondents as being important but that long term partnerships are key and provide better returns. “For me partnership marketing is forging strategic relationships with partners, where we believe we will have a good brand fit, and I mean a fit that will actually have a product or service that will meet the needs of our core customers. It’s not about, ‘we want this, we’ll pay you for that,’ it’s about working in true collaboration to come up with a solution that meets our needs and those of our customers.” Head of In-Life Management, Telecommunications 9 www.mediator.co.uk © Beats Electronics International Ltd Beats By Dre X Lady Gaga BENEFITS OF PARTNERSHIP MARKETING 10 EXPANDING REACH A large proportion of respondents (66%) spontaneously agree that partnership marketing is an effective way of growing awareness and reaching new audiences, to target new customers, to develop and foster brand equity, enhance brand propositions, challenge perceptions or to venture into a new market. When prompted 88% agree that partnership marketing provides exposure across both brands’ channels and 83% agree it can expand the brand audience: when asked to select a single most motivating factor for using partnership marketing, 24% selected this option above all others. “Partnership marketing is a way of expanding our reach outside of the channel itself and working with brands that we usually wouldn’t get a chance to.” Senior Marketing Manager, TV A hugely effective example of this can be seen with Beats by Dre which has successfully partnered with the most prominent figures in entertainment to make the brand an international household name in less than ten years. 11 “I think that’s the other thing partnerships can do, they can make people reassess how they think of you, and introduce you to a whole new group of people.” Marketing Director, News Publisher Beats By Dre x Red Sox EFFECTIVE USE OF BUDGETS Partnership marketing is seen as a cost effective marketing tool, which is particularly pertinent when marketing budgets are being squeezed: 32% of respondents to the online survey spontaneously felt this was a strong motivation to use partnership marketing. When prompted 70% of online respondents agreed that partnership marketing is a ‘cost effective way to expand brand capabilities: a brand can utilise a partner’s capabilities and not incur a development cost’. When asked to select a single most motivating factor for using partnership marketing, 20% selected this option. “It’s not necessarily that we’re increasing budgets every year into partnerships, but it’s a very important part of our marketing strategy, and if there are ideas that we think are worth pursuing then we’ll always look at moving budgets around. It’s an important part of the brand marketing mix.” Senior Marketing Manager, TV 12 “It’s always going to be fighting the age old budget challenges, particularly when people are used to the benefit of more straightforward advertising. So I think it will always come under pressure, especially when times are tough.” Head of Experiential Marketing & Partnerships, Finance & Partnerships, Finance www.mediator.co.uk Partnerships are able to provide an effective and efficient use of companies’ budgets by enabling them to substitute purchasing assets with leveraged brand equity in mutually beneficial partnerships which require minimal financial investment from both parties. While 63% of online respondents state that currently less than 0 to 10% of their marketing budget is assigned to partnership marketing, interestingly 45% claim this has increased in the last three years. In terms of expanding partnership budgets, in some cases entire branches of companies are changing to embrace partnerships over old marketing methods, such as replacing sponsorship departments with partnerships. In order to justify budgets and challenge traditional perceptions, partnerships need to ensure they have systems in place to measure ROI – this is claimed to be a concern/ consideration for around three quarters of online respondents. 13 Tate x The Times EFFECTIVE AT REACHING AND TOUCHING THE CONSUMER One of the most effective aspects of partnership marketing is felt to be the ability to tap into people’s passions, making an emotive connection to the modern consumer, using a relevant, engaging and ultimately effective strategy. 14 This theme is repeated across the study and it was agreed that the customer experiences created via partnership marketing strategies are more powerful because of the level of engagement and integration within consumers’ lives. When prompted 71% agreed that partnership marketing offers ‘depth of communication’. Not a 30 second advert, but a considered project tailored to meaningfully engage the two brands’ target audiences. Some suggest brands that are already integral to someone’s life or personality, like fashion or entertainment brands, lend themselves very well to partnership marketing. For example, Barclaycard work in partnership with Hyde Park Festivals, offering festival-goers contactless “It’s creating that bond that keeps our customers interested, fresh and ultimately converts them into ambassadors for your brand.” Head of Experiential Marketing and Partnerships, Finance www.mediator.co.uk payment wrist bands. This enables consumers to engage with the brand at a level that adds value to their overall festival experience, driving real engagement and exposure to the brand. There is also a strong feeling that partnership marketing is much better at slotting into an individual’s life and reaching consumers over multiple touch points and across platforms. The vast majority agree partnership marketing creates an exciting (82%) and creative (90%) brand experience. In turn this experience enhances the partnership and makes it so much more believable, real and personal to the consumer: people can be cynical and partnership marketing enables the campaign to feel tangible, authentic and genuine. Finally, partnership marketing can also be very effective at driving brand values by creating this experience for the customer. By creating that relationship with the customer, there is a deeper brand engagement and potentially long term gains. “You’re actually embedding yourself into something that people are passionate about. By creating experiences, rather than just showing people a brand on the television, you’re creating something that people will take away and remember.” Head of Experiential Marketing and Partnerships, Finance 15 “I think the main reason brands turn to partnership marketing is a desire to make their brand more meaningful to the consumers that they’re trying to reach. It’s a way of adding a layer of differentiation in a cluttered marketplace, creating a real association with values, making the brand stand up. It also gives the brand licence to talk to that audience – you’ve got to have some kind of hook that will make a consumer want to engage with you, so by partnering with something you create a licence for a conversation.” Senior Marketing Manager, Media © Nike, Inc. COLLABORATION 16 Nike+ FuelBand “Partnerships for us are definitely all about collaboration. It’s about finding other brands that fit or enhance our brand experience, and then working together to bring to life better campaigns and content. So we obviously do a lot to promote our content for [Brand A] through other partners, be it media partners, product partners or technology partners.” Partnership and Event Controller, Media www.mediator.co.uk Respondents mention that the collaboration between partners means that a brand can achieve something more powerful than would be possible on their own: the partnership creates something that is bigger and stronger than the individual parts. 83% of online respondents agree that partnership marketing provides the ‘ability to achieve something your brand couldn’t do on its own’: when asked to select a single most motivating factor for using partnership marketing, 22% selected this option. Take Nike for example who teamed up with Apple to create the Fuel Band; an innovative product which successfully fused the two companies’ expertise in technology and sport, to create an innovative and market leading piece of wearable technology. Also 16% of online respondents spontaneously state that ‘collaboration’ is the word that describes a successful partnership, followed by ‘creative and innovative’ (12%). 78% of online respondents feel that ‘a collaborative approach’ makes for a successful partnership. An example that was given was the collaboration between Stella McCartney and Adidas – a partnership that produced a unique product from collaboration between two creative philosophies. CONTENT CREATION Another key benefit of partnerships is felt to be the creation of content from having two brands working together: a new concept can be brought about by aligning the values of the two brands which is exciting and engaging for the consumer. The gains that can be made by working with another brand are identified as significant: 68% of online respondents agreed that partnership marketing ‘creates engaging and more creative content’. As some brands are not necessarily experts in the area of content creation, partnership marketing is very important and relevant in this area: it can be used as a platform to both create and then promote content. Tate Britain x Palace Skateboards 17 “Ideally you create co-branded content and that really, really works – if it’s executed in the right way. It can become viral and you can seed it out even further, and it can spread. So, I think something that has all of those different elements together, makes for a really good partnership.” Marketing Director, Fashion SUITABLE FOR ALL SECTORS Most respondents feel there is very broad scope for partnership marketing, there being no limit to the sectors for which partnership marketing can work. There is a feeling that as long as it is relevant to the customer, the activity has the ability to work. However partnership marketing can have a natural appeal and fit with certain key areas such as fashion, entertainment, media and mobile. 18 Head of Global Partnerships and Digital Innovation, Agency www.mediator.co.uk © 2014 ????? © 2014 adidas International Trading B.V “Partnerships work for all categories. We work across everything from FMCG and retail to fashion, motoring, government and energy. It has a really broad scope, we have case studies for numerous categories.” David Beckham x H&M ADDED VALUE FOR CUSTOMERS Respondents also agree that partnership marketing can be a great way of enhancing the brand or product offering to make the brand more enticing and attractive to customers, adding value and potentially increasing brand loyalty. 71% of online respondents agreed that partnership marketing ‘rewards customers with relevant added value and enhances their experience’ and 58% agree that this is a ‘more targeted approach, rewarding customers with the things they want’. `In addition 50% agree that partnership marketing ‘increases loyalty and differentiates your product from competitors’. “With brands such as beauty brands, film brands and general lifestyle brands, it makes a lot of sense for us to do co-branded pieces of activity together because it adds value to our customer – we’re giving her added value and added insight.” Marketing Director, Fashion Barclays x Premier League © AP 19 Understanding Partnership Marketing MEASURING ROI – THE CHALLENGE FOR PARTNERSHIPS www.mediator.co.uk © ASOS.com Ltd Universal Music (Azealia Banks) X ASOS 20 The vast majority of respondents (80%) believe partnership marketing has a high ROI and 86% agree it is effective, but with increasing pressures on budgets the key is to measure and prove this ROI. Historically efforts were made to measure partnership marketing in the same way as traditional advertising: while audience and listening figures prove exposure to advertising, this does not necessarily convert to increases in sales. One of the reasons brands use partnership marketing is to drive perceptions of the brand, which can be harder to measure. If the aim of partnership marketing is to create a relationship with the consumer with the objective of growing the customer base in the long term, this must be considered when measuring success. “Historically people would always compare sponsorship and partnership marketing with advertising. And advertising had the huge benefit of lots of big numbers that could be pulled together very quickly and easily. It would look very big, and everyone would be very happy. And then the problem you have is that we tried to measure sponsorship in a similar way, trying to create a media value from the reach and coverage you received.” Head of Experiential Marketing and Partnerships, Finance Partnership marketing is a diverse practice with various applications and therefore various different methods for measuring ROI. Success can easily be measured effectively as long as the correct metrics are in place at the beginning of the partnership and those in the industry are educated to understand the differences in the measurement of partnership marketing compared to traditional advertising. As with any marketing activity establishing clear KPIs at the start of the partnership is vital to proving the success of the partnership and this needs to be determined in initial conversations. In terms of measuring the ROI, once KPIs are clearly defined, respondents suggest different methods are used such as research, brand tracking to track shifts in perceptions, or making direct measurements using digital or sales data. It is vital that measurements are appropriate to the aims and objectives of the particular activity that is being used. It is also suggested by respondents that digital is a useful tool to make partnership marketing accountable with the ability to directly measure success. With digital now enabling increased tracking and measurability of campaigns and with partnerships working especially well in the digital world, increased tracking and analysis of digital campaigns is proving far more sophisticated than measuring TV. “I think businesses definitely want to know what the return on investment is, so there needs to be an infrastructure to be able to report on that, whether that be brand affinity measures or people physically taking up a reward or opting into something.” Partnership and Event Controller, Media 21 Understanding Partnership Marketing THE FUTURE OF PARTNERSHIP MARKETING www.mediator.co.uk © Adidas Group Adidas X Stella McCartney 22 Partnerships are felt to have such great potential that the possibilities are endless: respondents believe partnership marketing is going to be an increasingly important marketing tool and increasingly key to brand strategies in the future, as long as there is ‘buy in’ and commitment from the wider business. However respondents agree that it still needs to be one part of the marketing mix and fit appropriately into the overall strategy to work effectively. While partnership marketing may not currently be used as a tool as much as it could be, it still needs to be used in the right context as with all marketing techniques. “We all know that strategic partnerships that do things in a much deeper way are the future of what we need to do.” Marketing Director, News Publisher Partnerships should also be used strategically to maximise the long term benefits. As such, technology will have a key part to play in developing marketing partnerships allowing creative, dynamic and interactive relationships to develop with consumers. “If you appreciate and work well with the other brand, and take on board their objectives as much as your own, then it’s going to work for you…it’s like any kind of relationship… it’s got to have give and take. And I wouldn’t suggest anything less than a year for a good partnership to really work effectively, and then be properly evaluated. You have to invest time in it.” Marketing Director, Fashion “It’s about how we weave it into the overall mix of the tools we have in our little tool box.” Head of In-Life Management, Telecommunications 23 Understanding Partnership Marketing BEST PRACTICE IN PARTNERSHIPS www.mediator.co.uk © Red Bull © 2014 adidas International Trading B.V. Flying Lotus X Red Bull 24 ENSURE GOOD BRAND FIT Respondents had very clear ideas about how to ensure a successful partnership. Brands that align well in the eyes of the customer make particularly effective partnerships: 70% agreed this was key to a successful partnership. In terms of branding, those companies with a strong synergy are seen as performing best: a partnership where there is a good fit in terms of customer profile should perform well. 70% of online respondents feel that ‘a relevant synergy between both brands that share similar or the same values’ makes for a successful partnership; this is also seen as the most important element of a successful partnership marketing strategy, mentioned by 25% of respondents. “I think it’s always the brand synergy that is key to this, the core benefit is the brand association, because both partners are equally seeing a success in that working relationship.” Head of Brand, Radio 25 It was also mentioned that great partnerships are made when each party can offer different elements e.g. reach versus credibility. Head of Brand, Radio © H&M “In a world where content is king, partnerships are an obvious way of generating content for brands. But if content is king, then context is queen and I guess with partnerships, you mustn’t forget the context as well.” Versace X H&M KEEP YOUR CUSTOMER AT THE HEART OF WHAT YOU DO It was agreed that it is key to keep the consumer at the heart of everything you do: this should be the overall objective or ethos of the campaign. Keeping in mind why the consumer is engaging in the first place and understanding what makes them tick to create something that is really exciting, innovative and effectively achieves your goals. This was seen by many as pivotal to a successful partnership, understanding your own customer insights, what makes your customer tick and tapping into that. 26 “It’s absolutely got to tap into understanding what the recipient is interested in and what makes him or her tick, so you’ve got to have an understanding of that particular customer group, and how to make it relevant.” Marketing Director, Fashion www.mediator.co.uk MAINTAIN GOOD COMMUNICATION The idea of releasing control to someone else in a partnership can seem potentially risky. However with proper research and planning and by maintaining regular dialogue it was agreed that the rewards outweigh any negatives. The importance of being flexible and retaining regular communication was highlighted. If something does not go as intended it may be necessary to pause and re-evaluate: there has to be a conversation and it has to be able to evolve. 70% of online respondents feel that ‘communication between partners throughout the partnership’ makes for a successful partnership. “It’s about a good relationship. Both sides have got to be flexible and listen to what the other one’s saying, and then you eventually get to a situation where you can just pick up the phone to each other, and ask advice or ask for help, and that’s when I think they really come into their own.” Marketing Director, News Publisher 27 “If you can put the legal agreement together, and then never use it again, that’s the best way to approach a partnership, if that makes sense! You don’t want it to become: “You said you’d do this, we said we’d do that.” You move forward with your partnership by being able to have a conversation and agree what’s best, rather than always relying on what’s in a legal document. I think that way you can evolve the partnership, it doesn’t get stale, you can be more innovative, and that’s how you’re going to get the most out of it.” Partnership and Event Controller, Media PLAY TO YOUR STRENGTHS Respondents believe it is very important to play to the relevant strengths of each partner. It was agreed that the most successful partnerships utilise the strength of both parties to create something more powerful and successful than they could achieve alone. By being clear and strategic about your own and your partner’s strengths means you can potentially achieve results very efficiently. BP x Royal Opera House 28 “We start by looking at how to connect up the two partners: their marketing objectives, marketing needs, the experience from both people’s perspective and the function of each business. For example, can we provide payment and banking opportunities and assistance to the partner? So really look at what everyone’s offering, and pull that into one large package.” Head of Experiential Marketing and Partnerships, Finance www.mediator.co.uk HAVE A SHARED VISION The importance of having a shared vision was mentioned by the majority of respondents. They suggest the best partnerships are based on a shared vision where joint KPIs are established at the start (although some may have different KPIs). Good partnerships are formed when each partner is fully invested in the partnership and there is a willingness to achieve a joint goal. 76% of online respondents feel that ‘clarity on goals and objectives for all the parties participating’ makes for a successful partnership. “I think it’s openness between the brand and what they’re trying to achieve and the partner that you’re working with in terms of the media licensee. It’s about everyone coming together to be clear on what the vision is, clear on what the KPIs are and what success looks like, and then working out the road map.” Head of Global Partnerships & Digital Innovation, Agency © Procter & Gamble Pampers x Unicef 29 www.mediator.co.uk © Red Bull Felix Baumgartner x Red Bull CONCLUSION 30 There is a feeling that the industry has become smarter, a necessity borne out of a competitive market place, which in turn requires a smart marketing solution. At the same time there is a need for the sector to become more strategic. Rather than relying upon delivering simple tactical partnerships, partnership marketing, as part of the wider business strategy is viewed as the smart way of utilising assets and getting the most out of budgets. Partnership marketing is seen as a versatile tool, which works across multiple touch points to drive engagement, creating a relevant and integrated experience for the consumer by tapping into passion points. Understanding what makes the consumer tick is clearly at the heart of partnership marketing, and the potential to create something exciting, innovative and ultimately extremely effective, is significant. 31 NO HALF GET THE RIGHT MEASURES EXPERTISE ON BOARD Long-term strategic partnerships that are deeply embodied within a brand’s strategy have the potential to deliver significant returns in many different ways (financial, customer acquisition, market entry, brand building). Successful partnerships are based on a shared vision where joint KPIs are established at the onset. Planning the road map for success from the beginning is seen as vital and identifying ‘success’ is pivotal to proving return on investment. Partnership activity is likely to become more commonplace in the future and the wider market place will discover new opportunities as complementary brands work together. Already we’re seeing some incredible partnerships that have pushed the industry far beyond people’s perceptions of what it can achieve. Without doubt there is a common appreciation that partnership marketing is a highly effective marketing tool as long as some key considerations are followed. Partnerships require hard work, time and effort but the benefits outweigh this commitment: the most successful partnerships are formed when each partner invests fully. The best way to ensure these considerations are at the forefront of every campaign is to get the right expertise on board from the start. The skill set, tools and resources to effectively develop a partnership marketing campaign are likely to come from an agency who can provide support, guidance and the all-important middle-ground to ensure success. 32 www.mediator.co.uk “Businesses are getting much better at measuring partnerships and are much smarter with it. We just need to keep educating them and reminding them to move away from judging success on media values, because the benefits are much, much deeper than that… Actually the power of partnership marketing is its ability to change people’s perceptions of a brand over the long term and that is far, far stronger. So it’s essential that partnership marketing is measured properly, that we keep moving it forward and we all keep highlighting its benefits.” Head of Experiential Marketing and Partnerships, Finance 33 www.mediator.co.uk Understanding Partnership Marketing APPENDIX BACKGROUND & METHODOLOGY In March 2014 Mediator commissioned Dipsticks Research Ltd, an independent market research agency to conduct research into Partnership Marketing. 34 Dipsticks Research conducted in-depth phone interviews with key industry professionals to explore perceptions and understanding of partnership marketing. A quantitative study was also conducted in March 2014 with digital interviews filled out by industry professionals. The results from both the in-depth interviews and online surveys provided the basis for the content of this report. www.mediator.co.uk Understanding Partnership Marketing 35 www.mediator.co.uk Understanding Partnership Marketing Mediator Communications Ltd The Hat Factory 166 – 168 a Camden Street London, NW1 9PT +44 (0)20 7436 3380 [email protected] www.mediator.co.uk 36 www.mediator.co.uk