By: Collette Martley
Companies of all sizes are always looking to improve their marketing strategy. However, many of them do not consider connecting with other companies within their industry to gain brand awareness, reach a new audience and promote their products. This is the idea of co-marketing. HubSpot describes it as when “both companies promote a piece of content or product, and share the results of that promotion. By levering the relationship and reach of a partner, co-marketing campaigns are designed to deliver more leads, buzz, and awareness, with less work.” Below are some benefits of co-marketing and examples of successful campaigns to help you decide if co-marketing is right for your business.
Benefits
1. Small Companies Increase Brand Awareness
By partnering with larger companies, small companies gain access to new content. These larger companies already have a consumer following that you can take advantage of, which will increase publicity.
2. Build New Relationships
Larger companies have more connections. By creating relationships with them through co-marketing you will be able to use their connections, which can further your business in other areas than just marketing.
3. It’s Easy!
Co-marketing does not involve the hassle of creating a product with another company. Instead, “it hits its stride when both parties find ways to highlight and cross-promote their mature offerings,” says Rob Steffens, Marketing and Sales Manager at Blueleadz. It also is easier than influencer marketing, as effective influencers are hard to reach.
Co-Marketing in Action: Success Stories
To have a successful co-branding, you need to respect, appreciate, and relate to the company you are going to be working with. Below are some examples of effective co-marketing campaigns for inspiration.
1. Uber and Spotify
A few years ago, they created a partnership where Uber riders with the Spotify app would receive a pre-made playlist for them to listen to during the ride. It increased use of the Spotify app as well as encouraged Spotify users to ride with Uber.
2. Proctor & Gamble and National Breast Cancer Foundation
P&G makes some of their products pink to support breast cancer. By publicly supporting a cause that affects so many people, they connect to a wider audience while also helping a worldwide cause.
3. Girlboss and Uber
Both companies collaborated to launch a campaign for female entrepreneurs to win funding for their business ideas. Girlboss gained sponsorship and funding from Uber to provide more resources for their audiences. On the other hand, Uber was able to improve their image after they struggled with scandals.
Overall, co-marketing is an effective way for your company to reach a new audience and learn new things. Small and large companies can benefit, and you should be open to creative co-branding opportunities. It all starts with a simple email to a company you admire or are interested in, so get researching!
Sources: Powell, Lucia. “Co-marketing: the infallible strategy no one talks about.” Retrieved from https://blog.quuu.co/co-marketing-the-infallible-strategy-no-one-talks-about/.
Steffens, Rob (June 18, 2015). “10 Great Examples of Co Marketing Partnerships That Work.” Retrieved from https://www.bluleadz.com/blog/10-great-examples-of-co-marketing-partnerships-that-work
By: Collette Martley on behalf of Roberta Pellant Consulting