Your marketing team should always strive to find the best methods for spreading brand awareness and marketing your healthcare products. However, the healthcare field is highly competitive, driving marketers to find unique ways to increase their visibility. One highly effective method that many top marketers use is audience sharing.

Today we will look at what audience sharing is and how the best marketers use it to increase their market share.

Key Takeaways:

• Audience sharing occurs when two marketing channels in a business or two separate brands partner to reach the same audience.
• You should partner with brands that have the same ideal audience profile but don’t sell similar products to avoid confusing consumers.
• American Express, Porsche, and Delta are examples of how a successful partnership can increase your market share.

What is Marketing Audience Sharing, and Why Is It Important?

Your audience is the group of consumers most likely to purchase your products or services. Therefore, marketers strive to reach as much of their audience as possible to increase their leads – ultimately boosting their sales.

However, reaching your entire audience to generate leads isn’t easy. In fact, 65% of marketers say that generating traffic and leads is their top challenge.

What can you do to get your brand in front of your audience to increase your traffic and leads? One strategy some of the top marketers of today use is sharing their audience. This can take two forms.

• Audience sharing within your brand is when you share your audience list from ad campaigns on Google, Facebook, and other social platforms with other marketing channels within your business. This is ideal for collecting a list of audiences from a specific campaign and using that list for other marketing strategies.
• Audience sharing through brand partnerships is a way you can share your audience with other brands and vice versa. This occurs when one company promotes the second company to its audience with a similar profile.

We will explore the second example of audience sharing through partnerships and its benefit for companies.

The Benefit of Audience Sharing Through Partnerships

Audience sharing requires two brands to have an overlap in ideal audiences. Therefore, the two companies can offer each other’s audience products and services with value to them. However, they shouldn’t provide overlapping services to avoid sending mixed messages to their audience.

For example, a medical manufacturer’s target audience is hospitals and healthcare. If you were looking for a brand partnership that you can share your audience with that isn’t a competitor, you would look for other brands marketing to the same facilities. For instance, a pharmaceutical manufacturer would do well to partner with a device manufacturer and promote each other’s products to the same audience group of hospitals, combining their audience reach.

Case Studies on the Best-in-Class Marketers

We will look at three audience sharing examples of brands with top marketing strategies that share their audience with other brands through strategic partnerships. As you learn about their practices, consider how you might implement them in your healthcare manufacturing company.

American Express’s Marketing Strategy

American Express is a company that offers luxury credit cards with multiple benefits that encourage their customers to purchase from their partners. For example, they provide cashback or discounts for travelers that use their cards at participating hotels, restaurants, and car rental agencies.

One of American Express’s most notable partnerships is with Amazon. Through this partnership, they can reach an audience that already had plans to spend money at this top retailer. Except now those customers can do so while also earning cashback on their purchases by paying with an American Express credit card.

American Express also encourages other brands to partner with them through their Amex Advance program. Amex Advance partners can use American Express data on consumer purchase behavior to predict audience behavior. Brands use that information to make more accurate audience segments based on the behaviors of their shared audience with American Express.

Porsche’s Marketing Strategy

Porsche is another master at marketing with high-performance sports cars and luxury vehicles that appeal to a high-end market. In addition, they partner with multiple sporting competitions and other luxury brands to expand their audience through partner deals and discounts.

One of their most recent partnerships is with TAG Heuer. Together they’ve created a watch that aligns their brands and encourages their audiences to explore the other brand.

The chart below shows their market share growth from 2005 until 2022, giving you a clearer picture of how well their tactics worked to increase their audience base and market share.

Delta’s Marketing Strategy

Delta – a top airline company – uses strategic marketing processes and partnerships to maintain a broad audience base and a significant market share. For example, Delta has a marketing partnership with American Express and Porsche through their SkyMiles program.

SkyMiles is a unique credit card from American Express. It gives frequent Delta flyers special perks like extra miles when they use the card for purchases from partner restaurants, hotels, and supermarkets.

Customers then have a chance to work their way up in status. After they reach the Diamond Medallion tier, they have the potential to receive an exclusive invite to Delta’s elite Delta 360 tier, available only for the top flyers. Additionally, Delta uses its partnership with Porsche to offer travelers a taxi service in luxury Porsche vehicles to their connecting flight.

This marketing partnership helps the brands promote each other, especially to luxury consumers within their unique audience groups.

Applying These Case Studies to Healthcare Manufacturers

How can healthcare manufacturers apply these case studies to their specific marketing needs?

GE Healthcare is an excellent example of using strategic marketing partnerships to share audiences. For example, they partnered with Olympian April Ross to run a #DontSkip your mammogram campaign.

Through this partnership, they could leverage her broad consumer audience to simultaneously spread awareness of the importance of mammograms and help promote their lifesaving Senographe Pristina mammography system.

If you are looking for more examples of brand partnerships and collaborations that resulted in audience growth and increased market share, watch the video below.

Increase Your Market Share Through Audience Sharing

American Express, Delta, and Porsche have shown you the value of strategic partnerships for audience sharing. When you implement similar strategies in your marketing processes, you can also increase your market share.

Share Moving Media can helps you develop stronger relationships with your target audience through better communication, training videos, RepConnect, articles, ad campaigns and more! Contact us if you are interested in reaching 95% of the distribution community.