If you’re struggling to grow your brand or company, consider creating a co-marketing strategy. Co-marketing involves two separate companies collaborating on a joint promotional campaign with the goal of supporting and growing each business involved.
Many businesses leverage this powerful marketing tool in one form or another to expand their reach and improve their visibility. Here’s an overview of different options for co-marketing strategies, the benefits you can gain, and tips for making your campaign a success.
Types of co-marketing
While there is no predefined format for co-marketing, there are some popular types of co-marketing campaigns many companies choose to launch.
- Affiliate marketing: In affiliate marketing, the affiliate of a brand partner (usually another company or a social media influencer) encourages their user base to purchase that brand’s product through a tracked website link. The affiliate will then get a commission from their partner for the products consumers purchase with this link.
- Distribution partnership: This type of partnership involves two companies coordinating distribution channels to promote and resell one another’s products. Both companies can craft marketing campaigns to cross-promote each other’s brands.
- Content sponsorships: In today’s content-driven world, creators on popular social media platforms and other content publishers often accept sponsorship deals, where they mention or promote another company’s goods or services in exchange for compensation.
- Co-branded content marketing campaigns: Another potential avenue for content-related co-marketing is a co-branded campaign in which two or more companies collaborate equally on a content asset, such as a blog post, video, or webinar to promote both brands.
- Event sponsorships. Event sponsorships involve a company financially supporting an event in exchange for brand placement, access to event data, and speaking opportunities. Typically a sponsor is mentioned and featured prominently throughout the event and its activities, ensuring greater brand awareness among attendees.
[Read More: Green Marketing: 6 Ways to Market Your Sustainable Business]
While there is no predefined format for co-marketing, there are some popular types of co-marketing campaigns many companies choose to launch.
Benefits of co-marketing
- Stronger brand identity: The ability to tie two brand identities together can be especially beneficial for new companies that are still developing theirs. For example, developing a co-marketing strategy with a company known for quality will ultimately tie this positive brand identity to the other company.
- Cost savings: A co-marketing partnership typically involves the sharing of resources. For example, a co-marketing strategy might involve purchasing one commercial for two products instead of purchasing two separate commercials. This level of resource sharing is typically outlined in the co-marketing agreement.
- Broader consumer awareness within your demographic: Some companies have a difficult time breaking into a distinct consumer market. Save time and resources by partnering with a company that already has brand awareness within the particular demographic you want to reach.
How to approach co-marketing
A co-marketing strategy requires a significant amount of coordination and planning. Here are some steps a brand can take to develop a successful co-marketing campaign.
Set achievable goals
By determining your strategy’s goals, you can identify which companies to partner with and which co-marketing type will be most beneficial.
Search for potential partners
The partner company or brand will ultimately determine the effectiveness of the campaign. Consider brand identity, resources, company history, and consumer base when deciding on a potential partner.
Approach the potential partner
When reaching out to the owner, representative, or entrepreneur, share compelling evidence that a co-marketing strategy would be mutually beneficial including the resources your company or brand can bring to the table.
Formulate the strategy
A co-marketing strategy is a collaborative effort. Your partner brand or company will likely have goals they want to achieve. Listen to your partner and develop a co-marketing strategy together.
Outline the agreement
Ensure your co-marketing strategy is in writing to keep both sides honest. It may even be advisable to have a lawyer review the terms.
Analyze the results
Once your co-marketing campaign has concluded, review the results and share data with your partner to determine whether you both met your initial goals. If you failed to achieve what you wanted, discuss potential solutions or improvements for future co-marketing opportunities.
[Read More: How To Market Your Business During a Recession]
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
Become a small business member and save!
Become an integral voice in the world’s largest business organization when you join the U.S. Chamber of Commerce as a small business member. Members also receive exclusive discounts from B2B partners, including a special offer from FedEx that can help your business save hundreds a year on shipping. Become a member today and start saving!
