Like in nature, marketing ecosystems support growth through strong, interactive and dynamic relationships. Marketing ecosystems are communities of like-minded companies, with interconnected systems to collaborate on projects to achieve a common interest or mutual benefit.
Collaboration is the path to fast tracking growth
Collaborative communities enable marketers to instantly access new audiences to promote non-competitive products. By devising ecosystems that target both similar and uniquely different audiences, companies can broaden their reach and access new markets that might otherwise take months or even years to build connections.
Collaborating with other companies increases reach through shared data and provides ongoing learning through different relationships and perspectives that may not have been achievable otherwise.
Networks and partnering with organisations are an extension of your marketing practice, they are your pathway to accelerate activities and achieve goals faster. Connecting through existing relationships delivers an element of greater trust and comfort for customers upfront. Your marketing ecosystem provides the bonus of shared risk, which encourages more experimental and innovative practices. Partnering with other organisations allows organisations to break outside of ‘normal’ practices or systems and be part of interesting projects and initiatives.
1. Planting and fertilizing your community
For a partnership to work there needs to be mutual benefit and an equal value exchange, make sure you are clear on what you want from the partnership. It’s important that your business needs are met, but it is also important to make sure you are considering what value you can offer in return when approaching potential partners; eg data, products, exposure, knowledge.
Consider businesses who are established in a region or geography you are looking to enter. Look to partner with people who are active in groups — in-person or virtual. Organisations with increased levels of influence in the community or industry often provide the greatest value, but don’t overlook those smaller sometimes underestimated influencers who maybe more invested and willing to provide opportunities to connect with you. Look close to home first then cast your net wider to expand your ecosystem. Look to existing relationships such as those with your event planners, media companies, suppliers, perceived competitors, charities, sports clubs and so on.
The power of data is central to communicating the most accurate and relevant information customers are interested in, enhancing their experiences with personalised and tailored communications. Without customer data, we have no way of understanding the customer’s needs and are forced to send generic communications.
Entice customers to share their personal information and preferences by implementing worthwhile value exchanges such as; offers, educational content, promotions. Then amplify by leveraging shared networks and databases. Lion increased engagement by 34% with a personalised NRL promotion.
Bringing together shared resources for promotions has many benefits, the main one being a reduction in cost. Some companies have concerns with protecting their own valuable data while at the same time wanting to gaining access to outside data. There is a solution, collaborative promotions platforms like ClickaComp, gives companies the opportunity to leverage shared data through a trusted third party. All data is securely managed by the neutral third party and no data is exchanged until the moment of opt-in.Studies show promotions are effective in acquisition and a key driver in behavioural change.
100% of advertisers said that adding a promotional product returned a favourable response to their campaign. 69% of advertisers said promotional products increased brand interest and 84% stated it created more favourable impressions of the brand itself.
Source: Australian Promotional Products Association (APPA)
Developing Internal ecosystems
For large corporate organisations and franchises, their own complex internal networks should not be overlooked. Bringing together different departments helps to foster collaboration, streamlines processes and enriches databases. Combining data insights and automation for cohesive processes is an easy, cost effective path to fast track growth.
As a global franchise with more than 150 stores throughout Australia, and over 700 worldwide, Cash Converters recently implemented marketing automation technology. Upon sign up subscribers receive an automated welcome message directing them to the preference centre to set email and interests such as events, promotions or news, as well as confirm closest store location and preferred contact method.
Individual stores now have the flexibility to self-manage marketing communications, with access to branded email templates, forms and automations, created and managed by head office. Franchises are able to create their own targeted and relevant emails, bring on new subscribers and engage existing subscribers. All data collected feeds back into the one marketing platform, enriching the franchise ecosystem. Cash Converters National Marketing Manager, Sarah Sawdon says, “More targeted campaigns are a way for us to show value and build on the relationships within our franchise network.”
Read the full story: Cash Converters Case Study
Fhttp://Cash Converters case study hereind out more about how Traction Digital can provide you the tools to strengthen your marketing ecosystem or up-skill your teams with one of our workshops.