How OtterHalf helped REFASH achieve 3X ROI from a partnership programme
Introduction
“52% of the companies surveyed get more than 20% of their revenue from the partnership channel.”
The business landscape is evolving, and so are the methodologies companies implement to expand their reach and influence. One such approach is strategic partnerships, a mutually beneficial alliance that has become a vital component of business growth and development. In this article, we deepdive into our recent case study involving REFASH, a sustainable fashion brand based in Singapore, on how we more than 3X the ROI for them over a 3-month engagement.
A podcast episode hosted by B2B Marketing Asia on the topic of “Nurturing Client Relationships”. Featuring REFASH and OtterHalf.
Background of REFASH
REFASH’s Mission
REFASH, Singapore’s Largest Thrift Store, has transformed what it means to buy and sell secondhand fashion with a vision to inspire a new generation of consumers to think secondhand first. It now operates as a subsidiary of Carousell Group after its acquisition, and has become a prominent player in the used clothing market. With both e-commerce and 16 physical stores across Singapore, REFASH offers consumers eco-friendly alternatives to fast fashion.
REFASH’s partnership needs
Aloysius (Founder) and Yuen Yee (Head of Marketing) approached us with unique challenges:
They had no dedicated personnel or structured programme for managing partnerships, despite interest from potential partners willing to collaborate.
Their marketers were either generalists or more attuned to performance-related marketing.
Recognising the need for a more strategic approach to partnerships, we stepped in with our experience to develop a comprehensive partnership programme from scratch.
Our mandate and approach
Our engagement with REFASH was a three-month project, during which we integrated into their marketing team as their fractional partnership team.
The goal was to confirm two partnerships on behalf of REFASH, but we exceeded expectations by sealing three partnerships and counting!
This translated to substantial monetary savings for REFASH, amounting to more than $37,000, excluding the market exposure and media value generated by the campaign.
The success of this project underscored the importance of mutually beneficial outcomes, making it a win-win for both REFASH and their partners.
Inside the Partnership Playbook
The What, Why and How 1-slider of Repurposed by REFASH Partner Programme
The Partnership Playbook we developed is akin to an SOP (Standard Operating Procedure), detailing the content and process of executing partnerships. It includes a deck explaining the why, what, and how of the partnership programme, outlining the potential benefits to the partners, the timeline, and what the partners can do to ensure the success of the programme. It also covers the process of lead sourcing, messaging optimisation, and negotiation. This comprehensive guide ensures that the REFASH team can continue to cultivate and manage partnerships effectively in the future, even in the absence of our team.
A closer look at the Partnership Playbook
The Partnership Playbook we developed for REFASH is not just a document; it’s a living playbook, a comprehensive guide and a strategic tool designed to foster fruitful and enduring collaborations. It consists of various sections and guides, designed to ensure that every potential partnership is approached, analysed, and executed effectively:
Introduction to REFASH: A description of the company’s products, services, and target market.
Introduction to REFASH’s Partnership Programme: This includes a brief overview of the company’s partnership strategy and goals, and an explanation of the importance of partnerships for REFASH
How the Partnership Programme works. This details the step-by-step mechanics of how the partnership programme can be operationally executed.
Benefits of the Partnership Programme. This includes how both parties could benefit from this programme, and how it could meet both parties’ business objectives.
Partner onboarding: Procedures and processes for bringing new partners into the fold. This includes the optimised messaging to be sent to the target audience.
Revenue sharing and compensation models: Details on revenue-sharing agreements, pricing structures, and compensation models for both parties.
Success metrics to measure the success and impact of partnerships, such as revenue generated or customer acquisition.
Our journey with REFASH highlights the role of strategic partnerships in business growth and sustainability. The development and execution of a structured partnership programme allowed REFASH to optimise their resources, save costs, and gain significant market exposure.
If partnerships is a channel you’ve been exploring, but are not sure how to start, we can work with you to make it a cost-efficient marketing channel for your business.