In business, an alliance occurs between two companies that work together on mutually beneficial projects. These agreements are also called strategic alliances, and they usually involve cooperation in the development, creation, marketing, and sale of products or services or other objectives.
Alliances can either be joint ventures, equity strategic alliances, or non-equity strategic alliances. Joint ventures occur when two parent companies launch a child company together. Equity strategic alliances are created when a company purchases equity in the other. Non-equity strategic alliances are when two companies combine their resources and capabilities to reach set goals together.
Example: The well-known partnership between Starbucks and Barnes&Noble is an example of a strategic alliance. By placing Starbucks stores inside Barnes&Noble stores, each company shares the cost of the space while providing complementary services to customers.
Advocacy marketing is a strategic marketing approach in where SaaS businesses utilize the satisfaction of customers or brand advocates to promote the company. Customers are encouraged to share positive experiences, recommend the brand to others, and actively participate in marketing efforts for the product or service.
In advocacy marketing, companies recognize that satisfied customers are their best brand ambassadors. Advocacy marketing shares similarities to affiliate marketing, however, by cultivating a strong relationship with these advocates, businesses tap into their passion and authenticity to amplify their marketing messages. Advocacy marketing goes beyond traditional advertising by fostering genuine, organic advocacy from customers who truly believe in the brand.
Businesses can implement advocacy marketing strategies through various channels, including social media campaigns, referral programs, testimonials, and user-generated content. By empowering their customers to become advocates, companies benefit from increased brand awareness, improved customer loyalty, and enhanced credibility.
Example: Hazel implemented an effective advocacy marketing strategy for her growing SaaS company by utilizing their most satisfied customers to create authentic marketing efforts using testimonials, case studies, and referrals.