26 Apr Stretch your ad dollars with Co-Marketing
As a marketer we are always looking for new and effective ways to brand our messages, increase sales, and gain new customers. But in the marketplace we often see other companies more as competition than cohorts. Co-marketing is one way to turn that thinking upside down and get a lot more bang for your buck.
This joint venture is known as Co-Marketing, defined as a partnership between two or more companies where both companies jointly market each other’s products. This type of marketing can offer more expensive advertising styles such as television, billboards or radio to businesses with smaller budgets. Even as a strong successful company co-marketing can stretch a budget to get significant results with less money for one individual product.
Have you seen this example?
Check out this new commercial from Chase Bank and Quilted Northern! It is easy to recognize that not only is this Co-marketing humorous, but also cost effective. The cost of commercial time was most likely shared between the two companies, but the both got more bang for their buck by using an already made commercial from Quilted Northern.
Benefits of Co-Marketing
By utilizing co-marketing, a brand can get their message in front of a completely new audience that is loyal to their partnering brand. Both companies reach new consumers and build a new audience. It can also help to vary your message, as often marketers have trouble retelling the same facts or slogans in different ways.
Choosing the right partner
When deciding if Co-marketing is right for you, think about your goals and target audience. Think of what partnerships you have already formed. Will their product work complimentary to yours. Ask yourself if this other product/business has a similar audience. Would the leads you gain warrant the time and cost? Is the complimentary company reputable? Do they offer any expertise or insights that could benefit your consumers or staff members? Will it be easy to work with them?
No professional wants to bring on a task with high stress and limited return. That being said, if you choose the right partner Co-marketing can heighten both companies brand and sales in an extremely cost effective manner.
Our own Co-marketing campaign
We personally work with many companies on Co-marketing campaigns and they aren’t as obvious as Chase & Quilted Northern. Without using exact names and details let me give you an example. Among our client list we have several small power equipment dealerships that are appropriated funds to advertise from a house hold name brand they carry. Multiple non-competing dealerships from different areas of the DMA pooled their money along with the appropriate co-op funds and bought television ads and other traditional forms of advertising that are costly at a fraction of the cost to their budget. This allows them to not only advertise their location but be paired with a long standing brand name. In turn the brand name also receives brand awareness advertising. This is literally an everybody wins deal. The audience reached was heightened due to the larger pot of money for ad placement. Alone none of those dealerships could have afforded to buy air time.
If you have any questions please contact Media Venue, we offer free consultations and are happy to work with any size budget.
Written by: Holly Dunbar, Social Media Manager