Brands everywhere are looking to increase profits, improve b2b relationships, and drive traffic to their sites now that the holiday season is in full tow. Co-marketing is an excellent way to do this, as two heads are always better than one. When two companies partner together and form a working relationship in which both parties collaborate for a marketing campaign, the result can be extreme success.
If you were to collaborate with another brand, you will find that your brand will be displayed to an entirely new audience that you were not previously exposed to. Running a holiday promotion with someone else is a great way to do this. Remember to choose your partnership carefully, and follow these steps to ensure a successful outcome:
- Set Your Goals. Your goals should be clearly determined and defined ahead of time. You want to make sure that you and the other brand have the same vision and want the same outcome. Gather with your marketing team to determine what your deepest needs are and what you want to get out of this holiday season. Is it a specific product? Is it lead generation? A larger Social Media presence? Knowing these details helps setting a goal become a possibility.
- Set a Budget. Knowing what you have to work financially with is key before starting a project. When you meet with the other brand initially to discuss a co-marketing campaign, you will likely be asked what your budget is. Having a rough idea of this number in your head is wise.
- Consider Possible Partnership. Now that you know your goals and what your budget will allow, it is time to consider possible partnerships. You want to choose a brand that shares an audience with you, as you will mutually benefit from products and services related to your brand. You also want to team up with a brand that has a good reputation: positive reviews and happy clients. After all, the brand you work with will be a reflection of you. Lastly, consider a partnership with a brand that does not directly compete with you as well as a brand that you will enjoy co-marketing with!
- Types of Co-Marketing Projects. There are several ways you can move forward with a co-marketing project, and understanding your options is wise. Here are some ideas you can collaborate on with your partnership: email marketing, catalog, telemarketing, events, promotions, digital advertisement, collateral, print advertisement, and direct mail.
Once all of that is in place, it’s time to get started. Make sure you develop an agreement that clearly spells out the terms and conditions of your project, be clear about your goals, and set a timeline! Last but not least, have fun!