There are many ways to increase your presence within your target industry. However, co-marketing is often overlooked and can be extremely valuable.
What is Co Marketing?
Co-Marketing comes about through a partnership with a complementary business. For example, if your company sells printing services, it might be in your interests to form a co-venture with a finishing company so that both sets of services can be presented to a potential client.
This form of marketing is particularly popular in the IT and software industries where it is expensive and time consuming to create additional related technologies but where related software could be particularly useful to customers.
Benefits of Co-Marketing
- Co-marketing allows you to present another company’s services alongside your own, giving your clients a more useful package of services
- Your company can gain insights from working with another, non competitive partner
- The industry is likely to find your partnership of interest, leading to increased marketing and PR opportunities
- You may be able to share marketing budgets with your partner company, enabling you to promote your business at more, and possibly more expensive, events
- Your venture, if well chosen, will demonstrate expertise in your industry
How to Explore Co-Marketing Opportunities
- Carefully research any company with whom you are considering a partnership. Check their financial status, their market positioning, their products and their marketing
- Ensure there are no areas of competition or anything which would conflict with client agreements
- Discuss how you will present your partnership and agree protocols for joint marketing and press work
- Ensure that both parties check all promotional literature that is issuedin their name
- Look at long term objectives – decide how you want the partnership to develop and work out how to achieve this
- Create a detailed marketing plan that you are both happy with
- Ensure that the sales and marketing teams in both organisations fully understand the services delivered by their partner company
- Use PR – press releases and social media – to spread the word about the partnership and generate additional publicity for both organisations
Co-marketing can be a very successful route to new sales for both your company and your partner’s. If it’s not something you have explored in the past, it’s definitely to be recommended.