A company that sells farming equipment shouldn’t be advertising in Times Square. One of the principle rules of marketing is that you cannot be all things to all people. While you may want your product or service to appeal to as wide a potential audience as possible, at some point you’ve overreached and are trying to connect with consumers that have little to no interest in your brand. While a billboard in Times Square may be seen by millions of people, what percentage of them are actually the right people? The farm equipment company would be much better off investing their advertising dollars in a print ad in a farming tradeshow publication which is bound to reach the right kind of customers, even if it is a smaller audience. When it comes to marketing and making sure your message is being seen/heard by the right people, relevancy is key!
Why is relevancy so important for partnership marketing?
Partnership marketing links complementary brands together for mutual benefit. One partner is usually looking to provide added value for their current customer base, while the second partner is looking to connect with a new audience of potential customers. Each partner needs what the other has! For instance, let’s say a nutritional supplement provider is looking to expand their existing customer base, so they decide to build a partnership with a fitness equipment company where the nutritional supplement company is allowed to offer exclusive deals or specials to the fitness equipment company’s customer. The fitness equipment company gets to provide their customers with unique value-add offers and the supplement company is connected to interested consumers. But the reason why that partnership works is because of relevancy!
It’s safe to assume that someone who purchases fitness equipment like a treadmill is relatively health-conscious. Since they are health-conscious, taking nutritional supplements is probably something that has crossed their mind, if they aren’t doing so already. Both companies are targeting the same type of consumer so their partnership makes sense; their products are relevant to each other. On the other hand, it would not make sense for the supplements company to build a marketing partnership with a company that sells pet supplies. While it’s entirely possible that the health-conscious customers the supplement company is looking for have pets there is no real reason for those two companies to be associated with one another; there is no relevancy!
Relevancy is what makes marketing partnerships really work. If there is no real, logical connection between the two companies there is no reason to assume that the customers will find true value in the offers being presented by one partner, nor will it augment the overall customer experience and build good will with the other.