- On June 5, 2019
Contrary to an often popular belief, marketing is not an easy job.
You have to fully understand your brand, your audience, your potential audience, your platforms, your message, your budget and your competitors – and that’s only the basics. If only there was some way you could share the workload…
This leads us, conveniently, to Co-marketing. Co-marketing is when two companies collaborate on the promotional efforts for a product, a service, or content. The overall goal is to deliver more buzz, more brand awareness and more leads, all with less individual work.
Why Should I Consider Co-Marketing?
A core goal of any marketing strategy will be to add more value and increase revenue in the most resource-efficient way.
Co-marketing is one of the most popular and effective techniques to achieve this goal. By combining your value, resources and expertise with that of another company, results can be exceptional. Research has shown significant growth in collaborative strategies over the past few years, with consumers spending £554 million in 2017 on lead generation and affiliate marketing activities.
When does Co-Marketing not work?
Is Co-Marketing sounding like a good idea to you at this point? That’s because it is – most of the time.
Risk is definitely a factor – especially if your co-marketing partner doesn’t pull their weight. A one-sided co-marketing effort does not make for good sales figures, and will simply manifest as more frustration and effort for those who are doing their part.
Additionally, choosing the wrong partner can have devastating effects on co-marketing effectiveness. Does the partner have a similar type of audience to your company? If the answer is no, the value you’d get from promoting your content to the wrong audience probably wouldn’t be worth the effort.
How’s the partner’s reputation? Partnering with a company who was recently in the news for various scandals may not do your brand image any favours. Ensure you research your chosen partner before you launch any campaigns with them to avoid alienating your existing audience.
Finding the right partners
For Co-marketing to work effectively, you must first ensure there will be mutual benefit when working together. Do your research – look how similar their audience is to yours, and make an educated guess as to how both audiences would react if a partnership went ahead.
Another fairly obvious hurdle to jump is whether or not you can effectively and efficiently create content with the people in the other business. You don’t necessarily have to become best friends, but the co-marketing effort is bound to be more successful when both parties can communicate often.
Consider what the proposed partner brings to the table. Do they have a strong reputation that will benefit your company to be associated with? Do they have certain skills your company lacks? Will you gain enough leads to make this partnership worth your time?
If the answer to any of the above is ‘yes’, chances are you’ll find success in your co-marketing venture.
The current business landscape is as competitive as ever, and this won’t change any time soon. Every advantage you can find is important if you want your organisation to continue growing, so ensure you are taking maximum advantage of co-marketing, and any other opportunity that comes your way.
As a professional B2B marketing agency, 8-Digital can provide some much-needed expert assistance when it comes to creating a successful digital marketing campaign. Whether you’re starting a co-marketing effort and require some guidance and direction, or going at it alone – we’ve got the experience and resources necessary to ensure your campaign is a success.