Howdy, Partner! Co-Marketing and Co-Branding at Work
Marketing your company can feel like a lonely endeavor. You know your business. You know you offer quality products. So, it’s up to you and you alone to figure out how to introduce yourself to new audiences and potential clients, right? Not necessarily.
Instead of riding the treacherous trails of marketing alone, now is the perfect time to discover collaborative marketing strategies and branding solutions to introduce your business to prospective customers. Collaborative branding strategies like co-marketing or co-branding are great ways to improve your brand’s impact and court new clients.
In fact, companies are reporting that marketing with affiliates drives a significant amount of their organization’s total company revenue. So, saddle up your horse and explore what collaborative marketing can do for you.
Co-Marketing or Co-Branding -- Different Strategies, Same Solution
Co-marketing and Co-branding might seem like the same concept, but their executions are very different.
Co-branding involves two organizations coming together to create a new product that leverages each company’s strengths and goals.
- Examples:
- A fitness brand that creates an exclusive exercise-tracking app for a smartwatch
- Ice cream that mixes in crumbles from a well-known cookie brand
- A lip balm flavored with a beloved type of candy
In the case of co-branding, two or more companies collaborate to create an entirely new product or service.
Co-marketing is when two or more complementary companies use their existing products to promote a shared service, offer, or event.
- Examples:
- A ride-share company teams up with a music streamer for users to choose driving music
- A snack company partners with an airline to offer snacks aboard flights
- A clothing company offers tips on how to style their clothes on a social media platform
The products offered by these companies remain essentially the same, but combined, they create a new experience for consumers.
Additionally, there are times when these two strategies can overlap, like the integration of third-party software into an app, for example. It will be up to you, as the marketing professional for your business, to decide which will be the best route to take.
Here are even more examples of co-branding and co-marketing to get your wheels spinning.
Co-Marketing, Both Big and Small
At first glance, collaborative marketing like co-marketing and co-branding can only work for big energy drink brands or luxury car manufacturers, but in reality, these marketing strategies can be incredibly effective for businesses of all sizes. So, whether you’re a growing, locally-owned business or have franchises from coast to coast, co-marketing has a lot to offer your organization.
Pros:
However, collaborative marketing is not without its risks. More moving parts mean there are more opportunities for problems that can perhaps hurt your branding.
Cons:
Keeping these pitfalls in mind, it will ultimately be up to you as the marketing professional to decide if co-marketing is right for your business. However, there are many steps you can take to give your co-marketing its best chance at success.
Find Your Co-Marketing Match
Collaboration starts with finding your ideal partners, and this will take some problem-solving on your part. You’ll have some idea about your customers’ journey from designing your product and your marketing, so you can ask yourself a few questions from their perspective:
- What did it take for them to get to you?
- What would have enhanced the experience for them?
- Were there other products or services that would’ve made the journey easier for them?
The answers to these questions could lead you to some ideas about your future marketing collaborator. Your partners don’t have to be exactly the same or even similar. In fact, different audiences present a greater opportunity for growth. Think of products that will complement your brand and partner with a receptive brand for a co-marketing or co-branding campaign.
Maybe the client who just bought a home from you could use a discounted house cleaning or lawn service. Perhaps your insurance customers would like cookies from a local bakery as a refreshment offered in your agency. Your HVAC business could extend coupons to a neighborhood snow cone stand to cool off in the summer. Don’t be afraid to have a little fun or think outside the box.
3 Quick Tips for Co-Marketing Success
- Start small and grow: You don’t have to be committed to fireworks and parades for your first co-marketing or co-branding experience. In fact, it’s better to start with a small campaign to test your co-marketing compatibility. Trackable multi-channel campaigns are also helpful for learning the efficacy of your strategy.
- Establish an agreement and KPIs : Measurable goals with clear responsibilities on how to achieve them will be instrumental in your co-marketing campaign’s success. This will be a partnership, and a road map that establishes roles, scope, and objectives will ease the transition of your campaign from idea to reality.
- Be adaptable : Evaluating your marketing process, learning what’s working and what’s not, and adjusting your strategy is essential to your branding. Co-marketing is no different. Something surprising might be working well and something you were really hopeful for might produce disappointing results. Be willing to adapt your strategy with your partner brand as needed.
Co-marketing and co-branding have a lot of advantages that come along with the challenges. However, with a little effort and planning, this strategy can be highly effective for your next marketing campaign.
Regardless of how you design your marketing, Xpressdocs has the tools, collaboration functionality, and data to help you stand out from your competitors. Our expertise and products are here every step of the way to help grow your business and serve your customers. Contact us to learn more or schedule a demo with our world-class customer service team today!