Co-marketing: how to apply this strategy in companies?
The members of the board, presidency or management of a company, are always looking for a common objective, regardless of the niche in which they operate and the market they aim at, which is profit. Therefore, offering strategies that allow these businesses to increase the results of their actions, reduce costs and increase their profitability is essential for the agencies that provide them with services.
After all, delivering this level of results to a customer increases the chance of retaining them, as well as making new customers come by referral. But what if it were possible to kill two birds with one stone and offer all these advantages to two customers at the same time? That would mean double satisfaction and double retention for your agency.
So, if you still don't apply co-marketing strategies to your clients' campaigns, it's time to change! Want to know more about the topic? See in this article what it is and how the co-marketing strategy can be applied in companies.
To apply co-marketing, you first need to understand it.
Co-marketing. The word itself already hints at its meaning. The prefix “co” comes from the Latin cum , which means with. That is, it refers to the company or concomitant. So when we talk about co-marketing, we are referring to a marketing campaign serving two companies simultaneously.
But how can this be accomplished? Think of two businesses that have the same target audience but don't market the same product or solution. For example:
Therefore, these sets of businesses can benefit from launching a single action to reach two audiences with common characteristics and needs.
Co-marketing = cost-effective
By launching a single campaign together, costs are potentially halved and reach doubles accordingly. In this way, the return on investment increases significantly and both businesses win.
The benefits of this marketing partnership can be defined according to the specific needs of each business. For example, for companies of similar size and relevance, it is possible to halve the costs and returns (such as leads, for example).
In the example of a smaller company acting together with a larger one, it can be understood that the smaller one will benefit more from the scope of the partnership. In this case, the larger company may be in charge of more work or greater investments in launching the campaign.
However, regardless of what rules are defined for the partnership, both organizations will benefit from a more profitable action with greater public reach.
What actions to use in a co-marketing campaign?
The campaign can be of different sizes, depending on the possibilities and objectives of each company. Thus, a co-marketing action can offer, for example:
How to apply co-marketing
1. Find the right partner
As you've already seen, the first step is to unite two companies that share the same audience, but that are not competitors. From there, you need to answer some questions to analyze whether the partnership is worth it or not:
So, with these considerations in mind, you can define which are the good partners for a co-marketing action and increase the chances of success of the campaign.
2. Define the partnership objectives
For a co-marketing proposal to be accepted, it is important to bring a well-crafted proposal to convince the participating companies.
The action must offer value to both sides, so it is important to study both organizations and find out what one can offer the other. Especially when one is significantly smaller.
Therefore, defining clear objectives for the campaign is essential, they must be common to both companies and must also justify the financial investment and effort put into the action.
3. Define the content used
Campaign content must be agreed between the two brands and obviously offer value to both their audiences. Thus, it is important to define the theme, the subjects to be explored in the material and how each one of them correlates to the product or service provided by each of the companies.
4. Define responsibilities
According to the size and objectives of each company, the responsibilities of each one must be defined. For example, when creating a catalog or article, some of the tasks are:
All of these topics, and others that are relevant to each campaign, must be clearly defined.
Set deadlines
According to the complexity of the project, the campaign can have different durations and phases of execution.
While an e-book is a simpler material, organizing an event or a webinar will require a lot more commitment and effort.
And since approval will depend on two different organizations, everything will take longer. So, when setting deadlines for completing each step, double the estimated time.
Define metrics and reporting sources
It is very important that each company leaves the action knowing exactly what it has invested and what it has gained. Therefore, objectively define how campaign returns will be collected and reported.
Formalize the agreement
With all the action specifications well defined, it is important to formalize the agreed terms. This will avoid headaches and create fertile ground for new partnerships. Please specify:
Other Articles
