Reaching new clients with strategic marketing Pt. 2
Co-marketing is hard to pitch if the benefits are
one-sided. Entering into the agreement has to
make sense business-wise for both parties. Don't
only think about what's in it for you.
Not only do the benefits have to go two-ways,
but they should be proportionate—that is, one
party shouldn't reap a big reward while the other
just gets the scraps.
Think about how bees and flowers help each other out. The bees get the nectar they need to thrive from
the flower and the flower gets to take advantage of the bee's mobility to spread its pollen. There's a fair balance when it comes to the benefits that exist in this relationship.
Now apply that analogy to two complementary
brands and you’ll see how these non-competitive relationships can be useful for everyone involved.
The exchange can be anything from:
•Harnessing the reputation of another brand while giving them exposure to more potential customers.
•Sharing the emails you capture from a campaign that you both contribute resources to execute.
•Doing a guest appearance on each other's
blogs, YouTube channels, podcasts, Snapchat accounts or email lists.
•Showcasing your partner's brand in front of your audience in exchange for getting some time in front of theirs.
•Getting samples of your product into the hands of qualified customers in exchange for delighting another company's customers with free stuff.
If the nature of the exchange is fair and the terms are explicit, co-marketing can be an effective way to tap into new audiences, and drive down the cost of marketing while improving its impact .
The hard part will be finding a like-minded partner you can work with.