Partner Marketing: Importance of Goal Setting

Written by Surbhi Gupta

As per Hinge’s 2021 High Growth Study, partner marketing is the 7th most influential marketing method for professional services organisations, ranking ahead of more regularly used marketing tactics like event sponsorships, blogging, and even email marketing campaigns. Furthermore, when we looked at the sector of high-growth organisations, we discovered that they were three times more likely than no-growth firms to employ marketing partnerships as part of their overall strategy.

So, how should we interpret these findings? These findings clearly demonstrate the importance of partnerships and partner marketing in the growth of businesses. Thus, it is also important to define goals to ensure that your partnership program helps you achieve optimum results.

What is the significance of goal planning in the partner marketing channel?

There are several sorts of standards of performance that you may incorporate into your partnership program. However, before you begin, it’s vital to consider why you’re defining aims and what they imply in the context of your overall business goals.

Goal Setting in Partner Marketing will energize and motivate your team.

There are ample opportunities and creative ideas available through the partnership channel in partner marketing, and it can be appealing to try to do it all, but setting concrete objectives will allow you to apply clear focus and take the actions that are strongly associated with your overall business strategy and team KPIs. For example, a wider corporate aim may be a 20% increase in new client acquisition, but your team is focusing their efforts and resources on increasing customer loyalty. Setting a channel-specific target that matches with the company plan will allow your team to focus on vital activities while reducing effort on less important projects, leading to optimum partner marketing.

They assist in obtaining buy-in from business/executive stakeholders.

Nobody is in isolation, and this is particularly true for those of us in the partner channel. You’ll need buy-in from at least one CEO and many business divisions for revenue to increase, spend to be managed, and connections to develop. Any senior or company leader will need to be persuaded that your activity is important to organisational success, and well defined and linked aims and objectives will help. After all, studies indicate that top executives typically disregard outstanding ideas from below for this reason.On the other hand, conveying successes to management and stakeholders would be difficult if you can’t describe or contextualise them.

You can assess what assets you may require to attain your objectives.

Achieving high-level buy-in from senior stakeholders is one thing, but you’ll almost certainly need funds of some form to achieve your objectives. Whether you require more funding, staff, or technical expertise, you’ll almost likely need to relate any demands to a measurable outcome. Assume you have some fantastic ideas for creative campaigns that will require consent from the brand team and an extra funding from the accounts department, but will enhance AOV or booking value.

Objectives are to form mutually satisfactory connections with partners and to create chances for partnership.

Honest, engaging, and inclusive partner marketing collaborations are the most successful. If you can be explicit with your partners about what you want to accomplish, they will frequently have a plethora of suggestions for how you might work. After all, they are the ones who are most familiar with their clients. A formerly goal-deficient strategy may have unwittingly promoted actions that are contrary to your company’s aims.

Maybe you have a loyalty program that awards points for purchases or for users. Your partnerships and partner marketing startegies may be sending traffic to your loyalty pages with good intentions, such as encouraging each consumer they refer to your site towards becoming your most loyal customer. What you may not be mindful of is that they have noticed a decrease in conversions to certain pages.Ironically, you now have a target of increasing your lead generation by a particular percent, and when you share this with your partners, they have an instant answer to assist you in reaching your goal and increasing sales.

Final Thoughts

When you consider the relationship between partnerships and progress in partner marketing, it makes a lot of sense. If you can collaborate with another organisation that interacts with a part of your audience that you haven’t yet reached out to, your reach — your universe of prospective clients — will grow. And, if the business with whom you collaborate is well-liked by its target audience, some of that value might be transmitted to your firm by association.

More Blogs From Us

  • Trackier empowering future generations in urban slum pockets

    The most recent data shows that 35% of the Indian population resides in slums. Reports have it that every 8th urban child in India lives in slums. These staggering numbers should jolt any corporation that believes in Social Responsibility into […]

    Read More
  • Guide to Making Promo Codes Work

    Setting up a promo codes on your website and waiting for customers to use them isn’t enough to run a successful promo code campaign. Is it really enough to only generate a promo code and broadcast it on social media […]

    Read More
  • What is Google Advertising ID?

    The Google advertising ID is a device identifier that marketers may use to track user ad behavior on Android devices anonymously. It is sometimes known as the Android advertising ID, while Google advertising ID (short form: GAID) is the more […]

    Read More
  • 5 Steps to Start a Successful Affiliate Program in 2021

    An affiliate program may appear to be a conventional form of digital marketing in which your company seeks affiliates who will post links to your company on their webpage, blog, or social media platform. You then pay these affiliates a […]

    Read More
  • Affiliate Marketing: How to find B2B Affiliates?

    Finding affiliates entails a combination of basic questions and informing interested persons about your service. You may also persuade others to become affiliates by providing high-quality products, outstanding customer service, and a significant commission. You will have to put in […]

    Read More
  • How Super-Apps are Transforming Mobile Marketing

    What are Super Apps? In simple terms, super applications are a marketplace of in-house and third-party services and solutions grouped under one umbrella. WeChat, Alibaba, and Alipay are the most well-known examples of such apps, which were all designed with […]

    Read More
  • Mobile Attribution: Its Crucial Role in Mobile Marketing

    What is Mobile App Attribution? An app install is linked to a marketing activity such as an ad or a marketing campaign using mobile attribution. Marketers want to identify when their ad campaigns are successful, so they employ mobile attribution […]

    Read More
  • Is AMP Still Relevant for Your Mobile Marketing Business?

    What exactly is AMP? Google and Twitter collaborated on the Accelerated Mobile Pages (AMP) initiative, which was released in 2005. Its goal is to have mobile sites load as quickly as possible. It accomplishes this by removing anything that slows […]

    Read More
  • IGB 2021: Major iGaming Event Takeaways

    Trackier has maintained its reputation as an Ad-tech, SAAS Company that doesn’t miss out on any opportunity when it comes to attending the international and national events related to our industry. Recently, our Chief Sales Manager and Sales Head could […]

    Read More
  • The 3 Major Analytics of Mobile Marketing in 2021

    Before we dive into the major analytics in mobile marketing, let us first ask, what mobile marketing really is? In simple words, it is an online marketing strategy targeting a specific audience on smartphones, tablets and related devices. Here, digital […]

    Read More

You’re in!

Thank you for subscribing to Trackier’s newsletter. We will send you only the best content, with actionable steps you can take to grow your business.