We've all heard the old expression, “two heads are better than one.” Working with a likeminded individual or (in this case) company can be impactful. This week at #SproutChat we discussed the benefits of a co-marketing strategy for your brand.
There Are Clear Benefits
The advantages of partnering with a similar brand are extensive. Though the initial coordination and planning may be more time-intensive, the outcome and results are successful enough to justify the investment. The benefits your brand can expect from a co-marketing partnership include: different perspective from an industry-adjacent brand, a new and qualified audience and a shared content creation budget and workload.
@SproutSocial A1) More perspectives, which means more ways to grow and learn! #SproutChat
- Headway (@HeadwayWFS) September 7, 2016
A1 Benefits are, reach a larger audience, share costs, different creative ideas. #sproutchat
- Sheldon Pearce (@sheldonpearce) September 7, 2016
A1. Marketing is all about networks – and co-marketing allows you to expand beyond your own. #SproutChat
- Reva Minkoff (@revaminkoff) September 7, 2016
A1. #1 conversion driver: Trial. #1 conversion barrier: Trust. Comarketing lets you leverage trust other brand has already built #SproutChat
- Nathan Young (@notnathan) September 7, 2016
A1: It can help you reach a wider audience. Plus, you get the benefits of having more creative minds contributing. #SproutChat
- Express Writers (@ExpWriters) September 7, 2016
Think Creatively & Research Extensively
Taking the time to properly vet your partner's audience will save you from a headache down the road. Ensure your goals are aligned and expectations of the entire project are crystal clear before agreeing to a co-marketing partnership.
@SproutSocial A3. Make sure you have the same goals. Be honest with one another about what you need & what are nice to haves. #SproutChat
- Margot Mazur (@margotcodes) September 7, 2016
A3. The bigger challenge is vetting the folks who come to you. Is their culture similar? Do you stand behind their product? #SproutChat
- Nathan Young (@notnathan) September 7, 2016
A3 You can always just ask the potential brand to show you why you should work together. #sproutchat
- Sheldon Pearce (@sheldonpearce) September 7, 2016
A3. Do your research. Who are their clients? Are they happy? Are they trustrworthy? #SproutChat
- Reva Minkoff (@revaminkoff) September 7, 2016
A3. Don't be afraid to do a trial run. #sproutchat
- Reva Minkoff (@revaminkoff) September 7, 2016
Remember That Co-Marketing Comes in Many Forms
Don't be afraid to get creative and try out different initiatives. As long as your co-marketing efforts are moving the needle and supporting both brand's goals and objectives it's OK to test out different content mediums, multimedia formats and digital marketing strategies.
A4 #SproutChat co-creating a white paper & sharing email list is always a great initiative along with webinars, twitter chats & google HO
- Brittany Magnin (@brittmagnin) September 7, 2016
A4:conferences, fund raisers, tweet chats are some that come to mind #SproutChat https://t.co/t5IsGCWMBg
- Josephine Borrillo (@70mq) September 7, 2016
A4 Co-marketing on fun, informational, and quirky vids always score high on engagement! #SproutChat
- Goodmanson Const. (@GoodmansonConst) September 7, 2016
A4 Co-hosting Twitter chats are very popular and are usually pretty successful if one (or both) have decent followings. #SproutChat
- Father. Food. Fun. (@FatherFoodFun) September 7, 2016
A4. Cosponsorship of studies is highly effective & half as costly. When ppl do research around yr niche, they'll find yr brands #SproutChat
- Nathan Young (@notnathan) September 7, 2016
A4 Take overs! Take over livestreams, SC, IG stories. #sproutchat
- Sheldon Pearce (@sheldonpearce) September 7, 2016
Take Note From These Successful Co-Marketing Efforts
A brand with an adjacent audience is the most obvious route for partnering. Still, it doesn't hurt to think outside the box. Discover new ways to elevate your brand or reach an audience demographic you didn't have access to. Be sure to test and benchmark your efforts so you know what will be most successful in the future. Before getting started, why not gain some inspiration from these successful co-marketing initiatives?
@SproutSocial A6b: The Global Fund & Gap: "PRODUCT (RED)"; @BMW and @LouisVuitton: "The Art of Travel" #SproutChat
- Betsy Bash (@tweetsbybetsy) September 7, 2016
A6. The only one that matters. #SproutChat pic.twitter.com/ZxFxJ5LSJ0
- Nathan Young (@notnathan) September 7, 2016
A6 @sprout_sarah don't forget about @Buzzfeed and Fur Baby Rescue! #SaveTheFluffies #SproutChat
- Goodmanson Const. (@GoodmansonConst) September 7, 2016
@DoubleShotTeam @SproutSocial @GoPro has done a good of co-marketing and getting their products seen everywhere. #sproutchat
- Richard Hostler (@CNXN_Hostler) September 7, 2016
@sprout_sarah Doritos and Tacobell is a cool one! #sproutchat
- Lauren A. Abraham (@LaurenalexisA) September 7, 2016
A6 – @hubspot does this constantly! take this one with @canva for example #sproutchat https://t.co/42CQGTuTO8
- Methodic Content (@MethodicContent) September 7, 2016
Continue the conversation post-chat in our Facebook community. See you next Wednesday at 2pm CDT for #SproutChat to discuss how to market to a niche audience.
This post #SproutChat Recap: Developing a Co-Marketing Strategy originally appeared on Sprout Social.
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