The marketing industry is constantly evolving and coming up with new buzz terms. One of these terms is “co-marketing.” Co-marketing is the opportunity for two brands to work together on promotional efforts and share the results with each other. For example, a veterinary may team up with a dog food company to create a case study on the common illness related to unhealthy dog food. Both companies would promote their services and establish brand reputation by sharing the case study.
Co-marketing is not necessarily a new concept. Business partnerships in promotion have been happening throughout marketing history—some traditional forms of co-marketing are sharing commercial advertising spaces, co-creating TV commercials, and events sponsorships. However, with the growth of social media and multi-media channels, co-marketing brings a new set of values to companies. If co-marketing is done well, it may boost your brand’s visibility and creditability exponentially. If done wrong, however, it may hurt your reputation and current customers.
Co-marketing can come in many forms; below are some most popular ways to collaborate. You can start with something small—a fruitful small venture can later turn into something big.
For a co-marketing campaign to work the best, you need to start planning in advance and set up a concrete goal together. The partner you choose should be an expert in the field you are presenting but not your competitor. Co-marketing is a powerful tool. It is best to start planning something small to test out the partnership before jumping into a $100,000 investment. Every partnership works differently, so you need to find your own best way to collaborate.