It’s unlikely to be profitable if a mortgage company teams with a candy shop, as these two businesses target completely different demographics.
However, a partnership with any brand that targets to 20 to 30-year olds, regardless of what they sell, is likely to be more beneficial for both parties, so long as they aren’t in direct competition with each other.
Success isn’t a single player game. Below, we demonstrate some examples of clever collaborations from financial companies.
Influencer marketing is a growing trend that brands from all industries are capitalizing on.
It involves brands targeting individuals with large social media audiences and arranging some sort of promotional deal.
Have you listened to any good music lately? I feel like it's hard for me to find new artists these days, since I'm never using the radio and kind of always have some sort of a nursery rhyme stuck in my head. #momlife BUT, I got to visit the @Mastercard House during #GRAMMYs week and loved getting to celebrate all the musicians who have shared their talents and passions to inspire the rest of us. Ready for a living room dance party with some good tunes with my little ones! So send me your recs! #sponsored #StartSomethingPriceless
Influencer marketing is particularly rampant in the fashion, beauty, health, and fitness industries, but it can work well within finance too, as the example above shows.
It’s one of several ways that financial companies can make the most of social media.
This is a similar concept to influencer marketing, but it involves the financial company putting together some unique content for the influencer’s website. The content will be less promotional in nature than influencer marketing.
Typically, the writer should focus on providing useful information for this new audience and demonstrating their expertise through their content. The writer will add a subtle link to their website towards the end of the article for readers who want to find out more.
An even smarter strategy will be to include a link to a lead magnet in order to get this new audience subscribed to future updates from you.
The Huffington Post is an example of a huge website that regularly accepts guest posts from companies and as well as contributors from many other industries.
Here are some great tips to help you get guest posts submitted on popular websites.
This involves financial companies paying a cut of any sales received from customers that are referred by affiliates. Many financial bloggers will include affiliate links in their blog posts. This is one of the key ways they fund their blog.
It’s a win-win, because bloggers are incentivized to promote your product, but you don’t have to pay them anything if no sales are made from the partnership.
Choose your Partners Wisely
It’s worth putting some thought into the right partners for your brand though. If that brand pulls some PR nightmare, you can end up guilty by association. It’s worth keeping track of your partner’s social media to ensure you can manage any feedback you get on the content you post.
Nevertheless, by partnering with the correct brands, financial companies can boost their online audience relatively easily.
Ankith S, a digital marketing expert who blogs at thedigitalduckling.com, believes that you shouldn’t rush into a relationship with potential collaboration partners.
“Once you’ve developed a rapport with them, it becomes much easier to collaborate.”