A Full Proof Guide to Co-Marketing

Marketers are always looking for new and interesting ways to make a buck. Co-marketing allows you to do the same. The technique of marketing isn’t new, however is relatively unexplored in the modern era. Co-marketing allows two or more companies to come together and reap the benefits of their combined efforts.

For instance, marketing collaboration taking place between major brands often lead to bringing forward consumers of both those brands and participating in creating more sales. Like, the collaboration between Uber and Spotify came up with a jazzy partnership back in 2014. Users hailing a ride on the Uber app received a special prompt to select a pre-made Spotify playlist for their trip. While it wouldn’t get Uber new subscribers, it would boost total rides and energize engagement on the Spotify app.

What is Co-Marketing??

You've probably heard the terms co-marketing and co-branding thrown around quite a bit — but what's the difference? Is there one? Turns out, they’re pretty similar.?

While co-branding refers to a partnership in which two companies combine their products or expertise to create an even more valuable product or offer, co-marketing takes things a step further. Co-marketing campaigns provide teams with an opportunity to work together to promote a shared offer — such as a co-branded product or piece of content. In a co-marketing partnership, both companies promote that offer and share the results of that promotion with each other.

Co-marketing can be beneficial for any brand that wants to broaden its audience, increase brand awareness, and offer a new type of content to its audience. It's the process of growing two or more businesses at the same time by working together to share expertise with, and offer value for, their audiences.

The most common way to co-market is for two companies that have similar audiences to work together on a piece of content or campaign and promote it to both audiences. The most important thing when deciding to co-marketing with a certain partner is to make sure the purpose and goal of the project are similar for both parties. If one partner wants leads, but another is looking for ticket sales to their annual event, you'll be hard-pressed to find a project that satisfies both needs.

Find a Co-Marketing Partner?

A co-marketing works best if the relationship is mutually beneficial. However, it’s important to select a company that shares a similar audience, values and overall vibe. You can ask yourselves? the following questions to make sure you pair your brand with:

1. Do they have a similar type of audience that my company has and wants to grow? If not, the value I would get out of promoting our content to their audience may not be worth it.
2. How many new leads am I going to get from this partnership? Is it large enough to be worth my time? Only you can decide what is worth it.
3. Do they have some expertise that I don’t have? Let’s say my audience is dying to know more about how to optimize for local SEO, but my knowledge base is limited to general SEO knowledge. Maybe I will partner with an expert on local SEO.
4. Do their brand and name have a good reputation? Don’t partner with people who will bring down your credibility.
5. Are the people you are working with enjoyable to work with? Sure, co-marketing is a job, but it should still be enjoyable. Look for partners that you look forward to working with.

Plan a Co-Marketing Agreement?

A co-marketing agreement is a necessity-to say the least. A fair and mutually beneficial agreement make it both easier and more transparent for both parties. Following are the tips and ways for you to make an agreement perfect for your co-marketing strategy:

• Come up with an idea to pitch.

Once you determine you'd like to work with a partner, it's time to come up with an idea to pitch. When approaching this step, do your homework first. Learn what you can about the company and their audience, tailor your ideas to what would be appealing to them, and show them the value you're going to provide. Odds are, if you are the one pitching the idea, you are the small fish and they are the big fish. In other words, it'd be easy for them to say no in this scenario. To combat this, go the extra mile to show them that they'd be crazy not to work with you.

• Make your goals clear.

If you want leads, make sure your partner knows that. Make sure they also want leads, too. If your goals are misaligned, neither of you will get the value you had hoped and planned for out of the relationship.

• Agree on the content you'll share and promote.

Next, agree on the type of content you'll share and promote among your audience. This includes the topic and theme of the content. Decide on a topic that is going to be mutually beneficial and appeal to both audiences.

• Determine your timeline.

Set a timeline for your co-marketing campaign. This way, everyone is on the same page and gets their portion of the work done on time. Pro Tip: For a larger project, like an ebook or webinar, double the amount of time it takes your team to write a campaign on your own.?

• Decide what your strong skills are.

Between your business and your partner's, it's likely you both have specific strengths and bring different things to the table. So, assign tasks and work accordingly. Simply, if you assign tasks related to your co-marketing content and/or campaign based on which partner is better at what, the process will be streamlined and efficient (and likely, a lot more effective among audience members, too!).

• Write up a formal co-marketing partnership agreement.

Like most things in business, your co-marketing partnership must be solidified and official. To do this, ensure it's in writing, in a formal agreement. With an agreement in place from the start, you have something to point back at if anything goes wrong or any miscommunications arise.?

Types of Co-Marketing Content?

Co-marketing is an excellent way to bring an audience something new and to boost both you and your partner’s reputation in e-commerce or another niche. Whomever you partner with, choosing a firm is about bringing together the best of both your worlds to create something unique and enjoyable. It is a great way to create a collaboration that can create long-lasting relationships with consumers. Some ways that you can use and execute co-marketing strategy content are:

• Ebook: An ebook is a very common form of co-marketing content because it is easy to split up the work — someone lays out the design, someone else writes the content, and so on.
• Blog Post: Co-creating a blog post is one of the lower effort ways to do a co-marketing project. You may also each write a guest post for each other's blogs.?
• Webinar: Webinars are often the go-to type of co-marketing content. Why? Well, it's pretty easy to find an expert who is willing to talk for an hour on the topic of their expertise. It is also a well-known format for educational materials. And they're easy to co-host.
• Video: Creating a video with a partner is a great way to have your message heard by many, while also promoting both of your brands.?
• Twitter Chat: A Twitter chat is a virtual event where people gather to discuss a common topic. This allows you to show your expertise, and invite and interact with members of both of your target audiences. Also, Twitter allows you to promote your Chat to broaden your reach even more.
• Event (Online or Offline): Co-marketing can also take form in larger events, both online or in person. You and your partner may host the event together and brand the entire event in a way that depicts and shares both your branding and marketing. Aside from a webinar, you might host a live Q&A. For instance, maybe your business has an employee be an interviewer for the session.

Final Thoughts

There are so many ways for you and your partners to benefit mutually from co-marketing. Don't be afraid to experiment with different types of campaigns and try working with different partners. This will help you determine what works best among your audience and, therefore, benefits your business the most.