What is Audience Borrowing?

Have you ever anted to grow your audience but thought that paid ads were the only way, but also the preserve of the, frankly, loaded business owner? Paid ads are great, sometimes, but they are not the only way. This is because is has never been easier to get in front of various audiences, than it is right now in this age of social media and digital marketing.

One way to do that is through "Audience Borrowing".

"Audience borrowing" is a marketing term that refers to a strategy where a brand or company targets a specific audience that is already engaged with or loyal to another brand. Instead of trying to build an audience from scratch, you as a business owner "borrow" the attention and interest of an existing audience by associating itself with a complementary or similar brand.

This strategy has often been used in influencer marketing or partnerships between brands. For example, a fitness apparel brand might collaborate with a popular fitness influencer who already has a large and dedicated audience. By leveraging the influencer's audience, the brand can reach and engage with potential customers who have a demonstrated interest in fitness.

What are the benefits of Audience Borrowing?

Audience borrowing can be a cost-effective and efficient way for a brand to expand its reach and tap into an existing community that aligns with its target market. However, it's important for brands to ensure that the partnership or association is authentic and aligned with their values to maintain credibility with the borrowed audience.

Give me an example of Audience Borrowing

There are a variety of ways in which you can get in front of other people's audiences, for example, in a weekly newsletter.

Every week I send out a newsletter on business and tech, that includes a section where I highlight a programme, service or launch from one of my group members from my Facebook group, The Startup Business Coaching Group. My group members can submit details of their programmes and offers, that I then share with my audience on a weekly basis.

Other ways of audience borrowing include being a guest expert on other people's programmes, courses, podcasts and retreats. As the guest expert, you would develop a short course, module or talk that you would then deliver on their platform, to their audience. Their audience may as a result of your contribution, choose to sign up to your freebie or reach out to work with you directly.

Guiding Principles to Audience Borrowing

There are of course, some guiding principles for successful audience borrowing:

1. Relevance:

Ensure that the audience you are borrowing aligns with your brand, product, or service. The borrowed audience should have an interest or need that is relevant to what you offer. This alignment will increase the likelihood of converting the borrowed audience into your own customers.

2. Authenticity:

Maintain authenticity in your approach. The borrowed audience is loyal to another brand or influencer, so it's crucial to be transparent and genuine in your association. Any collaboration or partnership should be seen as a natural fit, adding value to both the borrowed audience and your brand.

3. Trust and Credibility:

Evaluate the trust and credibility of the brand or influencer you are borrowing the audience from. The borrowed audience has an existing relationship with that brand, so it's essential to choose partners who have a positive reputation and share similar values. Aligning yourself with a reputable brand will enhance your own credibility in the eyes of the borrowed audience.

4. Audience Overlap:

Consider the overlap between your existing audience and the borrowed audience. Analyse whether the borrowed audience is entirely new or if there is an existing overlap. If there is significant overlap, it might limit the reach and effectiveness of your audience borrowing strategy. Look for opportunities to reach a new and untapped audience segment.

5. Value Proposition:

Clearly communicate your unique value proposition to the borrowed audience. Explain why they should engage with your brand, what benefits or solutions you offer, and how you differentiate yourself from competitors. Clearly articulating your value will help convince the borrowed audience to become your own loyal customers.

6. Long-Term Relationship:

Consider the potential for a long-term relationship with the borrowed audience. While the initial goal may be to acquire new customers, think about how you can build ongoing engagement and loyalty with them. Create a plan to nurture and retain these customers beyond the borrowed audience strategy.

7. Measurement and Analytics:

Establish metrics to track the effectiveness of your audience borrowing efforts. Set goals, monitor engagement, track conversions, and assess the return on investment (ROI) of your marketing initiatives. Use data and analytics to refine your approach and optimise your strategy over time.

By considering these factors, you can maximise the effectiveness of audience borrowing and turn borrowed audiences into your own loyal customer base.

Who should I approach and how?

When approaching audience borrowing, there are a few potential avenues to consider:

1. Influencers:

Influencers have dedicated followers who trust their recommendations. Identify influencers whose audience aligns with your target market and reach out to them with a partnership proposal. Explain how collaborating with your brand would benefit both their audience and your business. This could include sponsored content, guest appearances, or joint promotions.

2. Complementary Brands:

Look for brands that offer complementary products or services to yours. These brands may have a similar target audience, but their offerings do not directly compete with yours. Propose cross-promotional opportunities, such as co-hosting events, bundling products, or endorsing each other's offerings to leverage each other's audiences.

3. Industry Experts:

Seek out industry experts or thought leaders who have a strong presence and following within your niche. These individuals often have engaged audiences that are interested in their insights and recommendations. Collaborate with them on content creation, joint webinars or podcasts, or featuring their expertise on your platforms to tap into their audience.

4. Media Outlets or Publishers:

Explore partnerships with media outlets or publishers that have a substantial readership or viewership within your target market. This could involve guest contributions, sponsored content, or advertising opportunities to expose your brand to their audience.

When approaching potential partners for audience borrowing, follow these steps:

1. Research:

Thoroughly research the potential partners you're considering. Understand their audience demographics, engagement levels, and values to ensure alignment with your brand.

2. Personalise Your Approach:

Tailor your outreach to each potential partner. Demonstrate that you understand their audience and explain why your collaboration would be mutually beneficial. Highlight how their audience would benefit from your product or service.

3. Proposal:

Prepare a compelling proposal that outlines the specific collaboration ideas you have in mind. Clearly articulate how the borrowed audience will gain value from the partnership. Include details about the content format, distribution channels, and expected outcomes.

4. Build Relationships:

Take the time to build relationships with potential partners before making a formal proposal. You can find people with similar business interests in Facebook and LinkedIn groups. Engage with their content, provide value, and establish rapport. This will increase the likelihood of them being receptive to your audience borrowing proposal.

5. Negotiate Terms:

Once you've established initial interest, engage in discussions to finalise the terms of the collaboration. Negotiate aspects such as content creation responsibilities, promotional efforts, duration of the partnership, and any financial arrangements.

Conclusion

In conclusion, audience borrowing is a marketing strategy that allows brands to tap into existing audiences by partnering with influencers, complementary brands, industry experts, or media outlets.

By leveraging the attention and trust of these audiences, businesses can expand their reach, acquire new customers, and increase brand awareness.

Remember that audience borrowing should be a win-win situation for both parties involved. It's important to approach potential partners respectfully, offering value and benefits to their audience while also benefiting your own brand's growth.