It should come as no surprise that marketing and sales are integral to a successful business. Unfortunately, advertising can be a costly luxury to the budding business. However, there is a popular trend that is becoming a marketing knight in shining armor: co-marketing.
Why should your company consider co-marketing? How can your business effectively utilize the power of selling together? Where do you find a marketing partner? In this article, we will answer all of these questions and more.
What is Co-Marketing?
Overall, co-marketing is the act of two or more businesses engaging in a joint marketing campaign. In particular, this strategy is effective between companies that have complementary products, branding, or vision. When companies work together this way, both companies still hold 100% ownership over their individual products or services.
Naturally, the benefits of a partnership marketing strategy are impressive. To illustrate, well-matched businesses will gain:
- A wider and more effective market reach,
- Increased brand awareness
- Ample access to their target market
- Unique connections with unlikely new customers
- Shared fiscal responsibility for marketing costs
- Happier customers with a higher rate of return and brand loyalty
Clearly, marketing partnerships are worth their weight in gold.
Marketing Partnerships in Action
The magic of co-marketing can be effectively utilized in a number of ways. For example:
- Both logos appearing on the same marketing campaign
- Limited edition branded product releases (almost any hot ticket new sneaker release)
- Co-selling complementary products or services in a bundle (this is both convenient and cost-effective for consumers)
- Social media marketing partnerships
- Co-sponsoring an event
- System integrations via specialized campaigns (Uber & Spotify)
To further illustrate, at their flagship Austin store, Yeti Coolers proudly displayed a billboard of a Yeti cooler decorated with stickers from fellow local establishments.
How to Select a Marketing Partner
Additionally, marketing partnerships can be alluring and lucrative for companies of all sizes. To enumerate, larger, more established companies will gain priceless access to fresh innovations and products. On the other hand, smaller companies will get unparalleled access to customers and increased revenue.
When searching for an ideal partner, there are several factors to look for.
- Aligned product marketability
- Equal growth and revenue opportunities
- Collaborative access to consumers
- Shared ideas and innovations
It is important to understand that marketing partnerships are about collaborations. Both partners need to contribute equally to the partnership and form a healthy symbiotic relationship.
Co-Marketing: In Closing
Ultimately, co-marketing is the embodiment of the saying “work smarter, not harder”. With this in mind, well-matched marketing partners can effectively increase their revenue by working together. Furthermore, both companies’ customers are rewarded with added value and lower costs.
Visit CoSell.io today to find your perfect marketing match.
Sources
https://thenextweb.com/contributors/2018/07/01/co-marketing-what-is-it-and-what-can-it-do-for-your-business/ https://www.bigcommerce.com/ecommerce-answers/what-is-co-marketing-joint-marketing-campaigns-and-ecommerce/ https://smallbusiness.chron.com/good-examples-comarketing-promotions-35173.html
Originally published at https://www.cosell.io.
