How to Make Co-Marketing Work For You
If this year has been slow for your business, take 2020 to try something fresh. Co-marketing is an idea that has been brought to light in recent years by brands, like Apple and Nike, who have been teaming up to create hybrid products.
The idea is to get together with another business, create a product, and jointly market that item. Right now is a perfect time to start something new. If this is something you’ve never tried, don’t sweat it. Like mom and dad used to say; don’t knock it until you try it.
Benefits: What’s in it for you?
Co-marketing means sharing everything (and reaping all the benefits that go along with it).
- Shared contacts: Your contacts and networking opportunities will double as you add your partner’s pile of business cards to yours. More contacts mean more money.
- Shared ideas: Your partner comes up with one spectacular idea sparking five more from you. You’re already better off than if you’d been going at it alone.
- Shared costs: You’ll cut your marketing costs in half, allowing you to double your efforts on the same budget.
- Shared profits: Bottom line, if you are a successful co-marketing team, thus creating a successful product, you’ll make money. This is a great way to make money without having to take out small business loans. Double the customers can mean the potential for a much larger profit.
Who: How do you choose a partner?
Now that you see how this will make your business more profitable, you’ll need to find someone to co-market with. The key to co-marketing is to make it work for your benefit while still seeing that the other person is looking to you for the same thing.
If you’ll be sharing your ideas, profits, etc, you want this to be a worthwhile venture. There are a few ways you can go about doing this:
- You can find someone you know, whether in your market or not. This person should be someone who has always brought good ideas to the table; someone who has impressed you in the past. (Remember, though, that this is a business proposal—they also have to agree that you are a worthwhile company!)
- You can use social networks such as LinkedIn to search for people in your market that live within your region. The beauty of LinkedIn is being able to see their accomplishments and previous positions, allowing you to size them up before making a decision to reach out.
How: What is required in a co-marketing partnership?
To have a healthy working relationship with your partner you should consider these tips:
- It might be to your benefit for both of you to sign and agree to a contract outlining the business goals, shared efforts, and most importantly shared profits.
- If partnered with a friend, it is critical to separate business and friendship. The point of a co-marketing partnership is to make the two businesses better.
- Be respectful to your co-marketing partner. You are most effective when working together.
- Stay open to sharing clients, leads, and networking opportunities. In the end, this can only help the profit of both of you.