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Are Two Heads Actually Better Than One?

By September 11, 2014August 16th, 2016Marketing
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.