Paid partnership is a form of strategic alliance where one party exchanges their goods, services, or other valuable information with another party in return for a fee. In simple terms, the beneficiary pays the other person to gain visibility. Paid partnership with brands is becoming common in near future. Its benefits include;
- Time saved
This is the most important benefit of it. Not only in terms of cost but also by saving time. This is the result of multiple days of paid partnership actions and benefits.
- Potential Market Expansion
Since all the activities engaged in it are about marketing and promotion, it is all about reaching audiences and expanding its target market. And this action does bring multiple benefits to marketing efforts.
- Revenue Increase or Increase in sales volume
In the case of selling a service phone number or calling one’s self, the price is high enough to earn most people without having to pay any fee from the partner company (brand). But in case the brand pays, they pay less than what they would have otherwise paid if they did not get any benefit from their partner company (buyer).
- Sales or Marketing
The first business goal of most people is to sell products. So the paid partnership includes a marketing and sales factor. Next, advertising staff will recommend it in the hope that this will boost their company’s sales or market recognition.
- Higher brand awareness among the targeted audience
More people would know about the brand. Therefore, this would lead to higher credibility and fame for the buyer/seller partner. More public exposure leads to more demand from customers who want to purchase from them as well as make a purchase decision that they think has better quality or better value of the product than they are currently purchasing from other vendors.
- Brand Image
As mentioned above, it would grow and increase the credibility of the partner company (brand). This will lead to more confidence among people that have a favorable impression of the partner company. In turn, this would lead to more potential customers’ buying decisions. Overall, this is a win-win situation for both parties involved.
- Brand Improvements and Enhancements
As part of its business partners, the brand buys goods or services from another party by paying money without producing any goods or other kind of value exchange with buyer/seller partners in return. This would increase the brand’s ability to improve or enhance its products and services. This may also lead to selling new products, services, and even marketing strategies by improving the existing product, service, or marketing strategies
- Improvement of Image in Marketplace, Customer/Client Relationships
As part of paid partnership actions, the buyers would receive value through a better image in the marketplace as well as enhanced customer relationships with the buyer/seller partners. This is an increased level of trust between buyer/seller partners and brands. With such a relationship, they are more likely to continue purchasing their products and services from them. Of course, this is not limited to one company alone; it could be applied to several companies at the same time.