Are you having difficulty gaining new customers and expanding your target market? Are you looking for a new way to take your marketing strategies to the next level before the year ends? Do you want to leverage your advertising campaigns by going the extra mile that your business hasn’t done before, especially now that the holiday season is fast approaching?
Then “Co-Marketing” is definitely for you!
One of the best ways to give your brand a boost and advantage it needs is to partner up with another brand to market your products or services, at the same time marketing theirs too.
As advertisers and business owners, you’re constantly searching for new strategies to maximize your marketing budget and multiply it in at least expensive way possible. As well as improving business-to-business relationships in order to drive more potential customers and clients and increase profits. You can achieve all this through co-marketing. It gets your brand in front of a new audience that you were not previously exposed to. For e-commerce, retail, and B2B businesses, the holidays are a very abundant time of year. If you can increase your marketing audience during this period, you can considerably improve leads and revenues as you close out the year.
In this article, you’ll have an ultimate guide about the best strategies for coming up with co-marketing ideas, creating a successful co-marketing campaign, crafting a cohesive co-marketing agreement, co-marketing examples to gain inspiration from, and tips how to choose the right partner to co-market with.
With that in mind, let’s jump right into this guide.
What is Co-Marketing?
More often than not, businesses consider marketing as an individual sport and a lonely game you have to face head on within the battlefield of vast competitiveness in the market as you grow your business through the years. But in reality, marketing does not always need to be that complicated. It can also be collaborative, exciting, and fun. As the saying goes, “Two heads are better than one.” So in order to provide more value to your customers and gain more revenue in a memorable and fun way, it is best if you can partner with another business in order to sustainably grow your channel sales and build a regular source of new and fresh leads.
Co-marketing is about sharing audiences and resources between two complementary brands to execute a campaign that neither one could do as effectively alone. When we discuss co-marketing, we’re referring to finding new leads with the assistance of a company that shares your values.
Before we move on to the next topic, it is best to remember that co-marketing and co-branding aren’t exactly the same. Co-branding involves creation of a new product or offer, while in co-marketing they do not have to create an entirely new offer, they just share resources and market each other’s existing products or services.
How does Co-Marketing work?
The most typical kind of co-marketing is when two businesses with identical audiences collaborate on a piece of content or a campaign and advertise it to both audiences. This content often appears behind a lead generating form. The objective is for both parties to share the downloads from the offer, resulting in two times as many leads as they would typically receive. However, there are other ways to execute a co-marketing strategy. Instead of using the strategy outlined above, the two partners can decide to jointly hold an event and split the costs. Or, on a lesser scale, partners can decide to exchange a number of guest blog pieces for their respective websites. Making sure the purpose and goal of the project is same for both sides is crucial when opting to engage in co-marketing with a partner. Creating a project that meets both partners‘ needs will be difficult if one party wants leads while the other wants to sell tickets for their annual event.
There are a variety of types of Co-marketing that brands can engage in together. The following are some of the best you can choose from:
- Affiliate Marketing – a digital marketing tactic that entails teaming up with other firms or working with influencers. It exposes a brand’s product or service to a specific social media audience.
- Distribution Partnership – a marketing technique mixes your goods with that of another company.
- Product Placement – a tactic that involves including a product in a piece of material from another company.
- Licensing Agreement – these arrangements permit other businesses to market and sell your goods.
- Event Sponsorships – large companies occasionally sponsor events for other companies in order to promote their brand prominently in promotional materials. Businesses might support a sporting event to broaden their exposure by connecting with an audience they wouldn’t otherwise be able to.
- Content Marketing Sponsorships – entail producing or supplying content for the other brand involved. For instance, if two well-known bloggers decide to collaborate on marketing, they might each contribute a few guest posts to the other’s blogs.
The following are some types of co-marketing content you can work on:
- Blog Post
- Podcast and Video
- Event (Virtual or in Person)
- Original research
Why is it important for business?
Co-marketing enables businesses to look at things from a different perspective. They were able to explore the areas in which they haven’t done before and gain insights and learn about their business and customers. Also, co-marketing gives you more leads, more visibility, more ROI, but with less work. You can save time, money, and other valuable resources when you decide to collaborate with another company. Your firm contributes less than it would if you worked on the project alone because both brands are sharing resources.
As they share the same audience it also helps them build and foster a long-lasting partnership between the brands. They have the chance to sell their goods or services at the ideal time by partnering with a brand that complements theirs. Fostering a loyal customer base. It brings more buzz to your brand name.
How to Choose Co-Marketing Partners?
Before choosing the right co-marketing partner, it is always best to ask first: what’s in it for you both? Don’t just consider your own interests. Both parties‘ business interests must be served by entering into the agreement. Advantages must be mutually beneficial, meaning that neither partner should just receive crumbs while the other receives the bulk of the benefits. You should, at the very least, select co-marketing partners who complement rather than compete your product or service.
Some questions to ask in order to qualify your potential co-marketing partner are the following:
- Do they have the same kind of audience that my business does and is looking to expand?
- How many leads will I receive as a result of this collaboration? Is it big enough for me to spend my time on it and worth investing in?
- Do they possess any knowledge that I lack so they can fill my current business needs?
- Has their name and brand earned a solid reputation?
- Is it a pleasure to work with them?
How to Craft a Co-Marketing Agreement?
Now that you’ve got an idea who to partner with, the next step is to dive into planning and creating a co-marketing agreement.
1. Set Clear and Mutual Business Goals
Choose a goal you want to accomplish as a result of this collaboration before contacting other brands to see if they want to collaborate with you. Do you want to develop your email subscribers, your social media following, or your lead generation in a new market?
The brands you would cooperate with and the possibility of reaching your goals depend on your aims.It is crucial to decide what you hope to gain from a co-marketing partnership. Share your goals with your future partner, and pay attention to their ambitions to determine whether they are compatible. Your plan will be that much more successful if you and your partner have aligned goals.
2. Agree on the Content You’ll Share and Promote
Decide what kind of material you will share with and market to your audience. This contains the content’s topic and theme. Pick a subject that will interest both audiences and be valuable to both. Your content efforts should be in line with the objectives you have established. You can produce content that assists you in achieving your growth objectives by keeping the appropriate metrics in mind.
3. Figure out your Timeline
Establish a schedule for your co-marketing effort. In this manner, everyone is on the same page and completes their assigned tasks on time. Additionally, you and your partner must choose the release dates that will garner the most interest from both audiences. Your brands might, for instance, have a certain season or quarter where involvement is often stronger or where sales are up.
4. Determine each Party’s Strong and Weak points
It’s likely that you both have certain strengths and bring something unique to the table when it comes to your business and that of your partner. Assign assignments properly and work on them. Simply put, if you divide up the work involved in creating your co-marketing campaign or content according to which partner is best at, the process will be streamlined and efficient and probably far more successful with the target audience too. It is easier to give work tasks and projects once you are aware of your skills and weaknesses.
5. Write up your Co-Marketing Agreement
Without commitment from all parties, your plan will fail. Having a written agreement in place from the start can help to ensure that your partnership is strong. This gives you a resource in case there are any misunderstandings.
Your agreement should contain the following:
- Promotion strategies
- Preparing reports
- Ownership of assets and content
- Where will the content be hosted or shared?
You are prepared to implement your co-marketing tactics after you have these things in place.
Reap the Rewards of Successful Co-Marketing
It beats to harvest the fruits of co-marketing you need to give first before you receive. The corporate world may be competitive by nature, but co-marketing fosters collaboration to create new possibilities. Why create an audience from the start or hunt for limited resources when you can share what you and other brands with similar objectives already have?
Co-marketing only succeeds if you’re prepared to provide something that makes your partner’s time and effort worthwhile. Giving must come before receiving, but what you ultimately achieve together is probably something you wouldn’t have achieved on your own. And the return is usually 100x more than what you give. And that’s totally worth it.