Partnership marketing really is a great way to launch high ROI campaigns for any type of business. Like with most things in life though, you get out of it what you put in.
One of the best ways to increase the chances of your success with partnership campaigns is to build a repeatable model and not start every partnership campaign from zero. The best place to start building a repeatable model is with a simple checklist that you can use for every campaign.
You need to be on top of a few things before you start reaching out to potential partners. This doesn't mean you need to have everything setup perfectly but you do need to have a fairly good understanding of what you're about as a brand and who your target market is. Without these it will be almost impossible to find the right partner.
Also, there isn't a strict order to this. For example, you might already have campaign content ready to go before you select your co-marketing partner. This can happen when you're able to re-purpose existing content or when you have material left over from a prior campaign that you haven't used yet.