Customer lifetime value is a useful number to have for a number of reasons. Not only does it help you to prioritize between different target groups. It also helps with gaining understanding about how your business is performing as it decreases or increases with specific target groups over time.
Following my piece on digital partnerships I’d thought I’d share how I work from identifying complementary brands to key facts down to execution to get the most out of a partnership for both parties so to speak.
Digital and strategic partnerships between complementary companies are on the rise. I believe it’s beneficial both from a customer and company perspective. The way we market and do business are changing and the emerging opportunities are quite existing for creative collaborations.
What is a digital partnership?
A digital partnership is the collaboration between two companies or an influencer where the two parts share an target audience as well as a service or product that benefits each other. That said a partnership between two companies are not only a sportswear company teaming up with a fitness centre brand it can be with influencers such as bloggers or instagram stars.
To advertising agencies adding a service to their portfolio by adding partner agencies in another field such as production. To companies teaming up to share messages or develop new services.
A great example that digital partnerships can look different and vary are for example NHS teaming up with Tinder to raise awareness about organ donations.
Why is this increasing?
Strategic partnerships are on the rise for a number of reasons. Personally I think this is because the advertisement space has changed as well as the increased power of the consumers.
With the customer getting an increased power with internet and rise of social media brands need to be useful, inspire and create value and experience for the customer.
Joining forces with either other companies or a lifestyle or niche blogger is a way to elevate the experience for your customers.
From a business perspective this is really clever as you can join forces to reach brand new target audiences or solve other challenges with a partner to bounce solutions with.
New roles and opportunities
The rise of these types of services are creating new roles within the digital industry. The rise of a specific new role as Digital Partnership Managers or just Partnership Managers with the purpose to identify, pitch collaborations, set them up and evaluate and keep the momentum. It’s an exciting role which mixes strategy, business skills, creativity and sales.
I first discovered Miki Agrawal in a video about womens period-proof underwear. She had me hooked and I bough my four first pair of Thinxs and had them shipped all the way to Sweden after watching it.
The company and branding is brilliant for Thinx as well as the thought that by making my life easier I also contributed to making 4 other womens lives easier somewhere in the world. By my purchase enabling them to continue in school and get an education and not being taken out of school due to getting their periods.
She also runs a pizza-chain called Wild. Which serves farm to table organic pizza.
Why I like this book:
- Do cool shit is written in a personal way and has actions/exercises in the end of each chapter. They consist of questions to ask yourself to get clear on what you want to achieve and where you are heading.
- The book is both highly inspiring and insightful. A business book for the modern era and to show you that business can be fun and centered around who you are/your personality as well as being socially responsible and conscious.
Who is it for
- For the creative person who want’s to come out of their comfort zone and reach through the noise with their company and brand but starting at a “Blue Peter level”.
When to read it
- When you need inspiration for that everything is possible if you put your mind to it. Written in a friendly and entertaining way.
Key take aways
- How to own your shit when it hits the fan
- The action items named “Cool shit challenges” to make you think at the end of each chapter and apply to work on your own brand, company or idea.
- The snippets called “Cool shit takeaways” to learns from Miki’s experiences.
- How to talk to investors and raise capital
- How to get media and exposure when you have a zip-zero budget for it
- How to take care of yourself
- How to find a business partner suited for you
- How to get shit done fast
- How to be your authentic self in business
NOTE – however this is a good book and I think that Thinx is a great product – I wont be buying from them again anytime soon – until the recent allegations about how Miki Angrawal run Thinx in such a counterproductive way versus their core brand values that where supposed to be female empowerment. Needless to say Im really disappointed and will continue to watch this unfold as I’ve added my own two cents to the dialogue on twitter about this.