Starting a business involves a huge effort, and for that you generally have to be alone. You only have your ideas and inspiration with you. But, you can make marketing an exciting endeavour being in a partnership with someone – or more precisely, co-marketing.
Co-marketing is about sharing everything related to marketing between two complementary brands, sharing each other’s audiences and resources. These partnerships can benefit both new and big businesses – instead of building from scratch, they can bank upon each other’s resources and products.
Co-marketing has many benefits of being more cost-effective, sharing each other’s audiences, fostering a long-term relation and delighting customers with free giveaways. A good co-marketing campaign benefits all the parties involved. An agreement which benefits everyone and makes sense business-wise – is the one you should think about.
Also, if the rewards are proportionate and equal – co-marketing can be an effective way to tap into new audiences, and drive down the cost of marketing while improving its impact. The hard part will be finding a like-minded partner you can work with.
How To Find And Create
You should look for – the ones who aren’t your competitors, have a sizeable audience and are a similar sized company. If you have an existing relation with someone similar, you would find it easier. But if you are new, there are some tools to get you started with:
Clearbit Connect to help you find the email you need to reach out to the contacts you want.
Streak to help you track when your emails are opened, build and manage contact lists, and save templates that you can re-use on an ongoing basis.
SimilarWeb to help you evaluate a potential partner’s website as an opportunity by analyzing the amount of traffic.
Perfect your pitch to sell your idea better. Once you’ve settled on a like-minded partner, it’s important to negotiate and establish: how campaign will look like, how each party will benefit, responsibilities for each party, what are the goals, trackable links to be used. But all of this starts with an idea that sells.
Launch A Co-branded Product
A co-branded product is probably the most direct way of establishing partnership. This involves creating a new product which will establish brand equity. What consumers think and feel about both products is combined and made into a new product.
Launching a co-branded product delivers some of the most successful partnerships. This is because, it involved two brands which appeal to similar audience and whose brand voices share common qualities too. Also, each business benefits in finding new audience for their products.
Collaborate On A Contest
Contests help a lot for business to capture new customers, more social media engagements. While many brands execute contests alone, you can double your reach by teaming up in creative ways.
Coming up with new and creative ideas for selling and marketing, you can grow your base even wider. This unlikely pairing of brands makes a lot of sense when you consider that both of the companies are top players in their respective categories, and don’t compete in any way.
Ship Samples With Partner’s Order
Giving free products is a great way for getting people to try your product. But if you aren’t sure, you might end up sending them to people who would never want to buy from you. How do you ensure you’re distributing samples to only the most qualified consumers? You give it to folks who are already qualified customers for a like-minded brand.
Shipping your samples with your partner’s order, that is if your are new – can be a rewarding experience. As you would know who your audiences are and who would want to buy your products.
It’s A Two-Way Process
While big brands team up on co-marketing campaigns all the time, it’s an especially appealing strategy for smaller companies without a lot of money to spend on marketing. Co-marketing only works if you’re willing to offer up something that makes it worth your partner’s time and effort. You need to give before you get, but what you end up getting together is something you likely wouldn’t have gotten alone.