Most marketing managers are on the lookout for strategies that will expand their brand reach. After all, broadening your audience is the key to unlocking new business potential.
Co-marketing is a strategy largely focused on the goal of reaching a new audience, and it has the power to significantly expand your brand. But there are some things you should know before you choose to enter into a co-marketing partnership.
These two terms are used a lot in the context of marketing partnerships. Co-marketing starts with two brands that are interested in reaching each other’s audiences. A co-marketing project could consist of partnering on a campaign to promote a product, a piece of content, or even a co-hosted event aimed at educating your joint audience.
Taking it a step further, co-branding is when two companies partner to create a new product or service. For example, luxury brands Louis Vuitton and BMW recently partnered to create a line of luggage that was specially designed to fit in the trunk of a BMW i8. This partnership pulls on the similar interests of each company’s audiences – travel, style, and quality.
Most successful brands turn to partnerships to expand their reach and grow brand trust because of the success that can be achieved with less investment of internal time and money. These campaigns can be extremely efficient.
Co-marketing campaigns can be built to fit your goals for growth and don’t have to be complicated. In most cases, it’s beneficial to explore ways to integrate partnerships into your marketing strategy.
Choosing the right partner is critical to the success of any co-marketing campaign. The right partner doesn’t need to be in the same vertical as your business, but it should carry similar brand values and imagery so the partnership “makes sense” to each audience. When you choose the right partner, you’ll gain immediate access to possible future brand loyalists.
It’s also important that both partners stand to gain something from the partnership. When you’re both working toward a goal, the campaigns tend to be more equally promoted, and both partners end up satisfied with the results of the collaboration.
There are many ways to go about uncovering the right co-marketing partner for your brand, but Harvard Business Review suggests harnessing the data available to you via your social media platforms. Look for brands with overlapping followers. That’s a clue that your customer base has a shared interest, leading you to potential audience growth where the overlap ends.
While the potential for growth is great when you mix partnerships into your marketing strategy, it’s important to follow your gut when entering into an agreement. There are risks to co-marketing, whether legal, logistical, or ethical. Be sure any partner you choose is aligned with your company values in order to avoid blowback from your loyal followers.
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