As you may have already known, Wall Street Journal announced that JP Morgan and Capital One were exchanging words with Amazon about offering its customers a checking account product. While this development was still in early stages, some affinity marketing consultants guessed that Amazon might deliver the customers of both organizations a checking account along with its sought-after service, which is the Amazon Prime subscription service. Providing checking accounts to the customers is one of the primary functions of the banks, but this time, it is going to be a part of a bigger package that may entice the customers. If this affinity marketing technique takes place, it would be a real game-changer.
Affinity Marketing is a marketing technique where company partners with another organization to sell their products and services. However, it is essential to know that this marketing strategy does not limit to the big corporates. Startups and developing businesses can also create an affinity group to enhance their marketing side. Both parties should benefit the partnership since this strategy can increase brand loyalty and market awareness for both organizations. Thus, it would help if you have a high level of knowledge about affinity sales and marketing to win an excellent affinity-style partnership.
Though it seems the same, affinity and affiliate marketing are two different methods. In affiliate marketing, you will advertise or promote a product or service of another company, and you will receive a commission as a reward. Affinity marketing is more profound than that, though. Through this type of marketing, you can create a strategic partnership where both parties can enjoy the benefits. You will act as a team and form a relationship since you will have the same brand values and will work together during good times and the bad like a two brain business.
The best way to learn about things is to follow the techniques of the existing people in the field. It is just the same in affinity marketing. Learn more about this type of method by studying the following downloadable examples.
Now that you know what an affinity marketing strategy looks like, read the following tips to develop a sound affinity-based marketing that will fit your business and give you a chance to reach your corporate goals.
Affinity partnership can bring you beneficial results, but to materialize it, you need to choose the right affinity organization that will fit your company’s needs and values. By conducting market research, studying your current brand patrons, and researching your target affinity group, you will obtain the best affinity partnership that will benefit both parties.
To find the best affinity partnerships, categorizing your potential partners according to the potential benefits that it can bring to your business, attributes, organization’s membership size, etc. can be a great help. This method will allow you to create a limitation and specify the areas where you and the partners need to focus on.
Your main goal of carrying out an affinity marketing strategy is to promote a brand or product awareness. To do that, gather information about the members of the affinity group. Not everyone in the group is valuable to your business. Thus, you have to analyze the data you collected to determine the best customers that you can target. You can come up with a targeting model that will help you out with this task. You can also include collecting their LinkedIn profiles to gather more information. At the end of this task, you will be able to determine your target market at an optimized expense.
Involving your organization to an affinity partnership also means communicating or connecting to the affinity members. Use this opportunity to create a message that supports the interests of both your business and your partners. Learn the best way to conduct a marketing campaign that will not just benefit your organization but also your partners’. Luckily, there are several communication tools available in the market that you can use for your objectives, which you can also apply for digital marketing such as newsletters, social media messaging, etc.
We can go on for a long list of tips that you can use for your affinity marketing, but the best way to acquire these things is actually to experience it. Learn from the experience of the existing businessmen and talk to your prospected affinity partners on the things that you both need. Come up with a plan that will benefit you both and create a healthy relationship that lasts.