When searching for new ways to market your next promotion it’s important to remember it’s not always about the flashy tech or latest trends. Sometimes it’s the strategic partnerships you create that take your promotion to the next level. Co-marketing is one of the best ways to bring a bit of excitement into any promotion, and there are cost saving benefits as well. Here are some of the best applications of the co-marketing concept for your next promotion.
What Exactly is Co-Marketing?
Co-marketing is a marketing partnership in which two or more companies share resources, data and costs that would otherwise fall on the shoulders of a single company. The combined perspectives of the participating companies should hopefully provide a more comprehensive view of the commercial landscape and lead to more successful results.
How Co-Marketing Works
Your marketing campaign has holes in it. Don’t get mad; it does! Sometimes, a fresh set of eyes is the only thing that can draw focused attention to the problems. You will have insights that your partner(s) will not, and vice versa. You will also be able to bring assets that your partners don’t have, and once again they will have assets that you want.
For example your partner may have a customer database that would align with your brand, and would be perfect for you to market your product or service to. If this is the case why not create a joint promotion? Creating a promotion with the right partner has huge upsides. You can share resources, share costs, and advertise the promotion to your respective audiences. If you create an awesome promotion (like the ones Peazie do) you have the potential of thousands of entries. When you share the data obtained from the promotion you will now have people to add to your list that were fans of your partner, and they will obtain a new a list of people who were fans of yours. You suddenly have an entirely new audience to market to and this was all from using a clever strategic partner. This strategy works incredibly well when the products that you and your partner are selling are complementary products.
The data that you have on your customers will also help to speed up the process of analysis. Could your buyer’s profiles use a bit of tweaking? You will find out faster if you have access to partner data that showcases an audience that you may have missed. New profiles usually lead to new directions in terms of marketing. You may prioritise different websites with banner ads or attend different industry events. You can more easily streamline successes and cull away failures if you analyse them together.
How to Acquire Co-Marketing Partners
The best place to start is usually with companies that have complementary products or services: If you are selling sunscreen products, then a surfwear company might be a good choice. You are not in the same direct market, but the sales of one product definitely increase with the sales of the other.
Does your company attend industry events or trade shows? Then this could be a great way to find companies that are looking for partners. In most cases, companies will connect with you quickly if you let it be known that you are trying to shoulder marketing costs.
Have you taken a look at your current list of work contacts? Chances are there are several complementary businesses you already work with that would make the perfect partner for a promotion. Make sure that you focus on companies that are similar in scale – smaller companies could probably be too much of a burden, and larger companies may require too much from you.
In short, the right partnership can be great for your company. Put the word out, set your expectations, and see if you can create a co-marketing campaign with a helpful partner business.