[pxa-1099626|Fundamentals Certification|1087834|Associate level]
In this guide, we’ll teach you the benefits of partner recruitment, what kinds of partnership opportunities are out there, and how you can recruit partners using impact.com's powerful discovery tools.
Recruitment is a vital component of any successful partnership program. Bringing in new partners can increase your program revenue, speak to your target audience at key moments in the customer journey, and reduce concentration risk.
Recruiting partners is one of the most effective ways to increase your partnership program revenue. The more productive partnerships you have, the more revenue your program will drive.
Cover the entire customer journey
You can expand the value and reach of your partnership program by recruiting partners whose target audiences cover all of the various segments of your customer’s journey. Today’s partnerships encompass the entire customer journey, which allows you to use partnerships to build awareness, drive interest, and close sales.
For example, content and social influencer partners typically provide value toward the beginning of the customer journey - this helps build awareness and drive interest. Traditional coupon and loyalty partners, on the other hand, generally help you close the sale toward the end of the customer journey.
Reduce concentration risk
Many partnership programs are unfortunate examples of the 80/20 rule in action. Roughly 80% of program revenue is driven by only the top 20% of partners. If even one of the partners performing in the top 20% of your program stops driving traffic, your revenue goals could be threatened. Mature partnership programs mitigate this risk by diversifying their partner mix and limiting their dependency on just a few top partners.
Diversifying your partner mix helps you reach and engage with different consumer audiences. The list below outlines a few popular partner types that could help you build a sucessful program.
Do you have an app? Studies show that users are 3x more likely to convert while in an app and average order values (AOVs) are 140% higher than mobile web. Recruiting app-based partners helps drive traffic directly to your app, improving the customer’s experience and leading to increased conversions.
These mutually beneficial partnerships leverage equivalent or complementary industries, as well as and customer needs to increase sales, customer engagement, and mindshare for all brands involved.
Examples include airline and hotel rewards programs, synergistic loyalty programs, and experience enhancements like the availability of Spotify in Uber and Lyft rides. Although B2B partnerships usually take some legwork to get off the ground, they can provide you with significant opportunities for revenue growth.
See our impact.com Guide to Partner Types for a more in-depth list of partner types and examples.
Want to know how you can recruit partners in impact.com? Check out part 2 of our Partner Recruitment 101 guide.