How can you measure the success and impact of brand partnerships on your market positioning?

Evaluating potential brand partnerships should also involve assessing the long-term growth potential and scalability of the collaboration. Ensuring that both brands can mutually benefit from shared resources and market reach can lead to more innovative joint offerings. Additionally, a thorough risk assessment should be conducted to anticipate any potential conflicts or challenges, ensuring a smooth and productive partnership.

Yes and it’s crucial to establish clear, measurable objectives for the partnership. Determine key performance indicators (KPIs) such as increased brand awareness, customer engagement, or sales growth, and track these metrics throughout the partnership.

Great point! Beyond just tracking new followers or subscribers, pay attention to the quality of their engagement. Are these new customers interacting with your posts, leaving comments, and sharing your content? Also, look at the traffic sources to your website to see if there’s a notable increase from your partner’s audience.

And while sales figures are a crucial metric, it’s also valuable to consider the customer acquisition cost during the partnership. A successful collaboration should ideally lower your CAC by leveraging the partner’s audience and credibility. Additionally, assess the lifetime value- LTV of the customers acquired through the partnership to determine long-term profitability.

To build on this, tracking media coverage and analyzing how industry influencers talk about your brand post-partnership can also provide valuable insights. Look at changes in NPS to measure shifts in customer loyalty and advocacy. Even better if one can examine how the partnership impacts employee engagement and morale, as a strong internal alignment can enhance external brand perception.

Marketing ROI is often measured on direct return or over shorter timeframes, which can skew or minimise the true return of a brand partnership. Consider adding in medium-term KPIs, and explore ways to capture indirect return to ensure that you're seeing the whole picture. The best partnerships have always been (and always will be!) mutually beneficial ones. Working collaboratively with your brand partners, and comparing ROI from two different perspectives will also give you broader view of how successful the overall partnership has been.