When it comes to marketing, group-think often empowers a thought and helps flesh out ideas that aren’t quite working. Putting your heads together can move a campaign from simple to sensational. If it works inside your company, think of what might be possible if you work with another company sharing ideas, resources and efforts with co-marketing.
Co-marketing is nothing new, but it has been getting some renewed buzz as today’s consumers look for companies to add value. Co-marketing, with the right partner, can be a lucrative way to do just that. Here are five reasons why:
1. It’s cost effective – By combining resources, you can get double the exposure – and maybe more – by working in tandem with another company.
2. It’s time efficient – Sharing the workload, the tasks of creating and implementing a campaign become much less daunting.
3. It generates interest – Consumers love a new perspective. When you join up with another company it makes prospects look at your product, and your co-marketer’s product in new ways. It can attract new customers when done right.
4. It expands your reach – Your collaborative effort gives you access to your partner’s customer list. Good trade, any way you look at it.
5. It increases credibility – Choose your partner only after considering its reputation. If you choose wisely, your association will have a favorable effect on you.
The Ford Motor Company has been a believer in co-marketing/co-branding for years, introducing the F-150 Eddie Bauer and Harley Davidson models into a competitive marketplace and capitalizing on the reputation of its partners.
For the release of the animated movie “Turbo,” Chevrolet teamed up with Dreamworks to cross-promote and co-market. The automaker’s Camaro has an essential role in the film’s key moments and poof – kids all over the world know that Camaro means speed.
Sounds great, but there are risks. These tips help remove a little of the anxiety.
• Choose partners wisely.
• Plan and create a timeline.
• Clearly assign responsibilities and tasks.
• Monitor progress and adapt as needed.
• Don’t be afraid to start small and work up to bigger partnerships.
• Communicate. Clearly. Always.
Collaboration is just one of the things we do right at HenkinSchultz. With a huge network of clients and service providers, we can help you to find just the right opportunity for co-branding or help you develop and promote your own brand. You choose – everybody wins.
Are Two Heads Actually Better Than One?
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