If you’ve reached an earnings plateau and would like to boost your revenue, consider doubling your reach by co-marketing your products or services. Aligning with a like-minded partner who sells a complementary product or service can increase your exposure and value for the new customers you reach. Find out how to co-market your business to maximize brand recognition.
Co-marketing brings together businesses that offer overlapping products and services. You might have seen ads in your local newspaper featuring an auto parts store and auto repair shop, or a wedding planning business and an upscale bakery. These businesses benefit from sharing ads because their audiences consist of similar people, which gives each business access to new customers. Co-marketing efforts can be inexpensive or free, depending on you and your marketing partner’s budgets. When marketing costs are involved, sharing them with a partner can save you a significant amount of money, especially if you have exhausted your marketing budget or need to preserve a substantial amount of it for higher-priced solo marketing activities.
How to Find a Marketing Partner
Conduct market research to identify a co-marketing partner. Researching the products, services, and target audiences of potential partners can help you avoid approaching companies that aren’t a good fit. Your market research also can help you determine whether to go the traditional route or take to cyberspace to find co-marketing partners.
In some cases, it might be as simple as partnering with a friend or relative whose business offers complementary products and services. You may also find business owners interested in co-marketing at local business functions, such as networking events and seminars. User groups on social media websites such as Facebook and LinkedIn – which often attract business owners in similar industries – are effective places to find co-marketing partners, as are industry-related professional discussion forums.
Typical Co-Marketing Endeavors
Once you find a marketing partner that is a good fit for your business, think of no-cost activities, such as guest blogging or co-authoring an e-book. Simply emailing your partner’s email list – and reciprocating as required – can boost your business’s leads and sales, as the activity gets your brand in front of your partner’s audience. You can also create marketing videos and host webinars or free seminars with your marketing partner. Sharing the cost of a booth at a trade show, or a print, TV, or radio ad also can be an effective way to reach new audiences.
Generosity Helps Co-Marketing Relationships
Generosity is one of the easiest ways to attract co-marketing partners. When you find a co-marketing partner, you could create the marketing materials yourself so that your partner doesn’t have to do anything more than share them. In general, it is a good idea to go above and beyond when it comes to providing value for your partner’s audience, specially if you gain access to it for little or no cost.