Starting a jewelry and accessories business is an incredible thing. Turning it into a thriving small-to-medium business (SMB) or enterprise business like Pandora is just as exciting. It’s an amazing feeling to watch your business grow into success, becoming what you long wished it could have been. But getting it to that stage requires a lot of work. Beyond providing exceptional products and stellar customer service, you also need a stellar digital presence nowadays.
While some businesses have long relied on paid ads on social media platforms like Instagram and Facebook, the trend has grown out of style. In a time where consumers want to see authenticity, many businesses are turning to partner marketing. Sometimes referred to as ambassador marketing and influencer marketing, partner marketing is all about getting someone else to promote your business for you.
A product-led strategy, fueled by partner marketing content, goes a long way, as it shows a reliability that goes untouched: consumers will trust a brand’s or influencer’s word on a product over the business that made it.
But how do you make the most of it and how can it help? Tools like Refersion marketplace make it easy to track the progress of a newly developed partner marketing strategy — which can be a lifesaver if it’s your first time. But here’s just how partner marketing can help your jewelry and accessories business succeed.
Ways Partner Marketing Can Benefit Your Business
Increase your ROI while decreasing CAC.
- One of the most important parts of running a business, and its marketing efforts, involves lessening budgetary expenses wherever possible. When developing marketing campaigns, that revolves around your return on investment (ROI) and your customer acquisition cost (CAC). Simply put: You want your ROI high and your CAC low — it’s a sign your marketing costs are truly paying off.
Partner marketing provides you with just that. Payment with affiliates and influencers are often made per-action — every time a follower of theirs visits your site, goes into your store, and/or completes a purchase. This means you’ll only pay when you receive something beneficial — rather than paying for an Instagram ad that may get impressions while generating no website or online store traffic.
Better target your niche.
- Rather than aiming from a distance, go right to the source. For jewelry companies, this often involves beauty influencers and models. These people have dedicated followers who appreciate and closely watch what they wear and how they dress. Having a consumer see your product can be a total game-changer, as you’re generating interest without having to directly track them down.
Increase word of mouth marketing.
- Similar to a consumer seeing a product of yours on an influencer, it’s as important to have a brand ambassador or influencer openly discuss your product. That might compel one viewer to make a purchase with your site, and then others will see your jewelry on them; moreover, people will subtly engage with your brand, and it will stick with them — they might circle back to your company later on, recommend it to a friend, or use it to get a gift for a loved one. Rather than selling directly to them, you incentivize them by simply using an affiliate to spread the word for you.
Successfully launch new products.
- You’ll want buzz around your brand when launching a new product line. Partner marketing offers just that, where brand partners can share your posts with their audience, increasing awareness of what your brand is doing at all times. You can even offer them products in advance, allowing them to provide positive reviews for your products before they’re even released to the public, creating a hype sensation around them.
Find new influencers and ambassadors.
- Best of all, once you start marketing through brand ambassadors, affiliates, and influencers, you can begin attracting other well-known icons. This is especially true on apps like Instagram and Facebook, where nano- and micro-influencers can effectively promote your brand to their own followings — increasing your engagement and ROI in the process.
Begin Promoting Your Business with Brand Partners
With an open mind, you can create a partner marketing strategy suited exactly to your business’s needs. Unsure where to start with developing a partner marketing strategy? Cover the basics first, such as learning how to create affiliate links to use your partners to their maximum potential.