There’s no way to sugarcoat it — we’re living in uncertain economic times. Ned Davis Research predicts a 98.1% probability of a global recession in 2023. To put it into perspective, we haven’t seen a recession model this high since the severe economic downturn of the 2020 pandemic, and before that, the 2008 and 2009 global financial crises. In addition, The World Bank forecasts shockingly low global growth in 2023 at only 1.7%. This number is even lower for the U.S. economy, which has a projected 0.5% growth rate.
So, what does this mean for your brand and affiliates? With uncertainty in the economy running rampant across all levels of business leadership, you need a solutions provider you can depend on even when the economic landscape looks bleak. That means choosing a partner with the proven qualities of a stable provider.
This guide will discuss the importance of working with a stable company and what characteristics to look for in a partner who can help you weather the storm.
The Importance of Partnering With a Stable Solution Provider
Given the current economic climate, partnering with a trustworthy provider is more important than ever. With a stable company supporting your brand and affiliates, you can expect the following benefits:
- Promise fulfillment: Providers hindered by organizational instability may not be able to deliver on their promises. With a stable partner, you can feel confident that these commitments will be carried out.
- Long-term support: If your provider company doesn’t have sound financial backing, you risk losing their support when you need it most. A stable provider won’t dip out on you — you can trust them to help you meet your one-, five-, and even 10-year goals.
- Affiliate ecosystem health: Your solutions provider isn’t just responsible for bolstering your brand. They should also elevate your affiliates. A stable provider keeps your affiliates top-of-mind to ensure the health of your entire channel partner ecosystem.
- Competitive advantage: Not all brands have a strong partner in their corner, so having one presents a clear advantage in a competitive marketplace.
- Peace of mind: A financially stable company’s support provides you peace of mind that you won’t get hung out to dry when times get tough.
5 Characteristics of a Stable Provider
So, does your current solutions provider have the stability needed to carry your brand and affiliates to the finish line? How do you know?
There are several hallmarks of a strong and reliable solutions provider. Does your current partner measure up?
1. Strong Financial Backing
No matter how much your provider promises you, they need to have the funds to follow through. Your partner must have strong financial backing that sustains them even when the economy is at its worst. Otherwise, they won’t have the resources necessary to support you and your affiliates in the long term.
You don’t want a partner who’s only here temporarily. Make sure your partner has a track record of financial stability to ensure that money and support doesn’t run out when you need it most.
2. A History of Industry Expertise
A stable partner doesn’t just understand your industry — they have a mastery over it. If your partner has been in business for a considerable amount of time and has extensive expertise in your industry, they likely have the stability to back you. Providers who have many years under their belts have accumulated the knowledge and experience needed to expertly navigate economic uncertainty and come out stronger on the other side, taking their partners with them.
3. Successful, Long-Term Partnerships
A stable provider will have a history of long-term partnerships with other brands. This is strong evidence that they continuously uphold their commitments to their partners and will not likely drop off early in your partnership. Long-term relationships also indicate good customer retention, meaning that brands are satisfied with the provider’s support and want to continue doing business with them.
If your partner doesn’t have a successful track record of long-term partnerships with other brands, why would yours be any different?
4. Services and Solutions Built on Innovation
Overcoming economic challenges requires innovation. Another keystone of a stable solution provider is a comprehensive assortment of innovative technology and services that go beyond what’s expected. They should present new and improved ways of addressing complex obstacles, elevating your position in a crowded marketplace. Providers who offer run-of-the-mill solutions won’t last, and their brand partners will also fade to black.
5. A Robust Assortment of Skills
Your partners’ skills and capabilities are just as important as their solutions. Provider companies with strong implementation and technical abilities are well-equipped to help brands succeed. Not all partners have the capabilities needed to carry brands through the storm.
Partners who are able to provide brands and their affiliates with expert assistance exhibit a level of stability that’s necessary in these uncertain economic times. You need someone whose practical know-how will make your life easier by lightening the load when things get heavy.
Power Through Economic Instability by Partnering With a Stable Provider Company
BrandMuscle is built on over 20 years of successful partnerships with more than 175 major brands. We’re also proud to have supported over 1.5 million local businesses and counting. Our 98% customer retention rate proves that when you partner with us, we’re in it for the long haul.
As a financially stable, time-tested solutions partner, we offer innovative solutions and expert services bolstered by decades of expertise across several major industries. Our state-of-the-art platform does what others can’t — it maximizes brands’ local marketing investments to drive revenue and increase market share.
When you partner with us, our team of highly trained service professionals will make the transition from your last provider seamless for you and your affiliates, so you can get back to business stronger than ever before.
Chad Waetzig, Executive Vice President of Marketing and Branding at Crunch Fitness, said of his partnership with BrandMuscle, “The great thing about our growth trajectory is we know BrandMuscle is going to be there as a long-term partner because their platform is built for companies like ours: rapid growth, multiple units, multiple franchisees. It’s going to be an exciting five years.”
Start Your Long-Term Partnership With BrandMuscle
Power through economic uncertainty by partnering with a financially stable company that has your back. Explore our suite of robust affiliate marketing services and solutions to learn how we can elevate your local marketing programs, or get in touch with one of our experts.