As an advertiser, you have many different options for your advertising in the modern marketing climate. The partnership economy is a powerful and attractive choice for today’s business-to-business (B2B) advertisers, allowing you to work with experts across your industry and tap into many different audiences, all while monitoring the performance of campaigns with ease!
It used to be that mainly B2C companies would utilize performance based marketing for their businesses. B2B organizations typically shied away from this type of marketing, opting for more traditional marketing channels such as print, ad, and TV.
That’s been changing for the past few years, however. The B2B market for performance based marketing didn’t even exist a decade ago. Now, it’s growing all the time, with massive growth potential for the companies that utilize this practice.
The History of the Partnership Economy…and What It Actually Is
Before we dive into the history of the partnership economy, and how B2B organizations are a late-entry, you may be wondering what the partnership economy actually is.
The partnership economy refers to the entire system surrounding referral partnerships. That means:
- The influencers, affiliates, brand ambassadors, affiliate managers
- The program management platforms that helps you to keep track of campaigns and your affiliate (s) performance
- The services and channels that are available for advertiser and publishers to utilize as part of their partnership
For a full look into the definition of the partnership economy, this Impact page gives a deep dive into the subject.
In the past few years, B2B companies have begun working with partners to grow their business and target their customers better. This trend took off in COVID, with customers increasingly in need of social contact, businesses jumped on that by finding affiliates and influencers to work with.
And now, in 2023, 18% of B2B businesses are using partnerships to get ahead of their competitors. That number is predicted to continue rising throughout 2023 and beyond.
Why the Partnership Economy Matters to Your Business
There are so many benefits to using a partnership for your brand, so much that it would deserve its own post. But just for clarity, the main benefits you can enjoy are:
- Diversification of your marketing channels, to tap into all relevant audiences
- Lower risk of sunk costs through performance marketing methods of payment
- Promote your offer to an expert’s established audience, removing the legwork of market penetration
- Grow your customer base with pre-established scalability processes
What business wouldn’t want that for themselves?
The problem is, partnerships so often require a lot of time themselves, that it ends up sinking into everybody’s workload and can mitigate any potential benefits you get. That’s why working with an agency like the Partner Agency makes so much sense. We guide you through the entire process, from conception to implementation. For a more in-depth look at how we can help guide your business through the partnership process, check Partner Agency’s Services.
According to a report by Traackr, global influencer marketing spend in 2022 reached $27.51bn. It is projected to grow even further in 2023, so you can expect to see more focus on B2B marketing from all parties involved in the partnership economy.
Are You Ready to Use the Partnership Economy for Your Business?
Partnerships are increasingly becoming necessary for businesses to succeed in the modern world. B2B organizations had typically stayed out of the partnership and affiliate methods of marketing, but it’s becoming harder to justify that.
The partnership economy is a proven approach to marketing that has matured well over the past few years, with projected growth for the future. Many B2B companies are lining up to utilize this model in order to drive the results advertisers are looking for – and you can do the same.
Get in touch today to discuss how we can help you leverage partners to win more business.