Folks, did the 2023 e-commerce boom leave you wondering how your brand performed? While overall sales soared, the spoils weren’t evenly split. To truly gauge your brand’s performance, it’s crucial to dissect the contributions of each channel, particularly your partnership marketing avenues. Did they meet your expectations, or is there room for improvement?
As we stride into 2024, here are five essential aspects marketers should scrutinize to optimize their partnership strategies:
The Partner Blend
Your partner mix is a goldmine for potential enhancements. With an unprecedented variety of partners at your disposal, diversifying your alliances could be the game-changer you need. However, remember that the endgame isn’t just diversification but improved results. Reflect on your objectives and assess if your current mix is helping you achieve them.
The Spend Conundrum
Evaluating your spending allocation is equally important. This involves assessing your investment levels based on partner and partner type, as well as your compensation models and rates. Consider employing dynamic commissioning to reward partners based on their contribution to your brand’s goals.
The Competitive Landscape
If your sales targets remained elusive in 2023, it’s worth examining your competitors’ strategies. Understanding their promotions, market share growth, and partnerships can provide valuable insights for recalibrating your approach.
The Existing Partner Performance
Delve deeper into your individual partnerships. Identify who’s over- or under-performing, reassess their alignment with your program goals, and spot any glaring absences in your partner mix. Open communication with your partners can foster mutual growth.
The Technical and Tactical Details
Lastly, don’t overlook the minutiae. Analyze your best-selling products, refresh your communications and creative, and ensure your commission rates and terms are market-competitive. Also, plan for technical enhancements to your partnership program and ensure brand compliance.
In conclusion, the new year presents a golden opportunity to reassess and rejuvenate your partnership program. Whether your 2023 sales were stellar or lackluster, there’s always room for improvement. So, let’s seize the moment and strive for excellence in 2024!