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Benefits of Co-Marketing

Co-marketing campaigns are popping up all over the place, especially with the rise of social media marketing. This marketing method has been a huge success for many companies. It makes a brand more reputable and helps you reach more clients.

Co-marketing is a partnership between at least two businesses or brands with the objective to share one another’s resources, and customer base. Basically, I’ll scratch your back if you scratch mine.In this case, unity is strength. Successful co-marketing campaigns generate “win-win-win” situations that offer value not only to the partnering businesses, but also to your clients.I mean, who doesn’t want a fabulous goodie bag?Execution is key with co-marketing — you want to be sure you’re pairing up with the right brand to make the best possible impression on potential customers.

Who should I co-market with?

Start out by thinking about what businesses share your values.

BE PICKY

Many businesses fall into the trap of partnering with anyone willing to offer them products. This can be detrimental to your brand and can make your clients question whether your ideologies are genuine or not. Most commonly, brands with similar values share similar clientele. If your business’ point of difference is being eco-friendly, for example, there’s probably no point in co-marketing with a brand whose followers don’t care about being environmentally conscious. Your brand isn’t as likely to appeal them. Your campaign is much more likely to be a success if you’re marketing to people who are already into your philosophy!

Don’t pair with a direct rival

Once you’ve found a brand with similar marketing ideologies and buyer personas, make sure they’re complimentary. While you want to consider brands that work well together, it’s best to steer clear of people who might be in competition with you.

IDENTIFY YOUR STRENGTHS

All businesses have different strengths and resources, and that’s what makes co-marketing so effective. If you assign tasks based on strengths and resources, the process will be more effective and efficient.

SHARING CONTACTS/CLIENTS

One of the most advantageous things about co-marketing is that you can share each other’s clients and followers to create new networking opportunities. All of a sudden, you’ve got access to heaps of potential new clients! If you’ve chosen your co-marketing buddy well, they’re people who will be interested in what you’ve got to offer. Sharing the client list from another business is hugely cost saving too. Rather than paying to capture the attention of a whole new reach of clients, you can piggy-back off your partner’s list. Save your marketing budget for other things!
Most nail salons co-market with hair salons, so have a look in your area and build a business relationship with a few salons. Learn what their values are and if you are happy with the way they run their salon. After all, you will be building a relationship with them. You wouldn't want to refer your clients to a hair salon you don't like.
For more business tips and tricks, click here. Credit: ROSA ANDERSON-JONES

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