An agency partner is a powerful partner, typically an agency who either send you leads or closes business on your behalf. They may also run a client's program on your software and charge them for services. Agency partnerships can increase marketing reach and earn additional referral revenue. They can help you reach new potential clients and add more value for current clients. They may also collect payments and maintain customer relationships on your behalf.
Agency partners work within the same industry between companies with aligned values and goals and they can provide significant improvement on ROI for businesses that utilize them.
Also see: Value added resellers (VARs).
Example: Louis was up to his elbows with current customers and didn't have time to source new leads, so he signed with an agency partner who found him new customers, nurtured his current relationships, and took over some marketing and payment efforts. Louis saw a positive impact on his revenue, and he decided to work even more closely with his agency partner for more efforts in the future.
In business, an alliance occurs between two companies that work together on mutually beneficial projects. These agreements are also called strategic alliances, and they usually involve cooperation in the development, creation, marketing, and sale of products or services or other objectives.
Alliances can either be joint ventures, equity strategic alliances, or non-equity strategic alliances. Joint ventures occur when two parent companies launch a child company together. Equity strategic alliances are created when a company purchases equity in the other. Non-equity strategic alliances are when two companies combine their resources and capabilities to reach set goals together.
Example: The well-known partnership between Starbucks and Barnes&Noble is an example of a strategic alliance. By placing Starbucks stores inside Barnes&Noble stores, each company shares the cost of the space while providing complementary services to customers.
Affiliate tracking is technology used to track the traffic, referrals, and/or sales that come through a specific partner. The purpose of affiliate tracking is so that a company knows which affiliates drive favorable business outcomes (in other words, attribution), and can reward these individuals accordingly. UTM links are the most common mechanism for affiliate tracking.
Affiliate tracking can also be achieved using promo codes. For example, if an influencer can offer his or her audience 10% off a 1-year software subscription with the promo code PERCY10, this allows the company to track precisely how many sales Percy drives. This then enables the company to determine which partnerships are most lucrative and invest in building these relationships and enabling them to do their best work.
Example: Through affiliate tracking, Partner Marketing Manager Lisa identified five partners who were driving 60% of PekoeCorp’s partner-sourced sales each year. She decided to send them each a gift basket of PekoeCorp swag, fancy chocolates, and red wine.
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