With marketing cooperations for advertising success
In classic marketing for a brand's products, the marketing department comes up against limits that cannot be easily overcome. If your own target group has already been clearly defined, the communication channels optimized and new advertising measures implemented, it is often difficult to make further improvements internally in marketing. Through marketing cooperations, you can still reach more people and gain a wider range of customers. By cooperating with the brand partner or other companies, you can advertise together and reach a larger number of potential customers. In addition, co-marketing can help save costs and advertise efficiently.
What is co-marketing?
In co-marketing, two or more brands or companies come together to cooperate to promote a product together. The brands involved address their respective target group and can reach more people through collaborations. The profits generated in this way are usually combined and distributed fairly among the companies. In partner marketing there is also the option of running a campaign together with the local sales and sales partners. In these marketing cooperations, materials for marketing are created and used together. The regional partners can use these at low cost for their local marketing. The head office or the manufacturer can either provide the materials directly or create incentives to buy on the basis of advertising grants. Marketing cooperations always make sense if the goals of the brands or partners involved are compatible and work can be done on the dissemination of the product.
What are the benefits of marketing collaborations?
In general, marketing cooperations are a good way to increase the level of awareness of your own brand. Through joint marketing with other brands and companies, their customers and prospects also become aware of their own brand, products and offers. In this way, brand awareness can be expanded and strengthened, and more leads generated at the same time. This makes a marketing cooperation particularly suitable, since a better result can be achieved with little effort. In addition to the larger number of leads, a new target group can also be reached, which may have been neglected in previous marketing. Working with other people also gives you the opportunity to recognize a different perspective on your own company and to break new ground. This can be done, for example, through other types of content (such as digital marketing measures) or through the personal influence of other participants who incorporate their opinions into the marketing cooperation. In addition to the diversity of content and the larger target group, the cost savings for co-marketing also speak in particular. Through joint campaigns and shared costs, advertising expenses can be reduced and thus advertised overall more profitably.
- Greater awareness through diverse target groups
- Varied, new content
- Reduced advertising expenses through shared costs
What should be taken into account when choosing the cooperation?
In order to use co-marketing properly and to expand successful marketing cooperations, it is recommended to clarify and determine important points in advance and together with the advertising partners. On the one hand, it is very important to define common goals. Based on these goals, the individual actions can be planned and the target groups can be found. It is also an advantage to think about the advantages of this marketing cooperation and to what extent you can support the partner yourself. This is the only way to create a win-win situation for both parties (such as between the manufacturer and sales partner). Successful co-marketing can only be achieved if both benefit from the cooperation. It is therefore particularly important when choosing the partners to pay attention to the compatibility and reputation of the two companies. After that, the time frame of the marketing cooperation, the creation and distribution of content and the advertising platforms should be clarified. Ultimately, it also helps to think about how to deal with possible leads and how they are distributed. Only those who define clear plans, recognize their own strengths and sensibly combine them with those of their partners can successfully advertise in the long term. Step by step to successful marketing cooperation:
- 1. Select the right cooperation partner
- 2. Determine the topic and goals of the marketing cooperation
- 3. Manifest marketing plan (content and assets)
- 4. Set the period
- 5. Define how to deal with leads
- 6. Distribute costs
Step by step to successful marketing cooperation
Co-marketing vs. Co-branding?
In addition to the term co-marketing, co-branding is often used. Although these mergers are fundamentally similar, they differ in the type of cooperation between the partners involved. In co-branding, this collaboration is already used in product development. Through co-branding, the two cooperating brands create a common product that is sold under both brand names. This is often successful in the food industry, for example when manufacturers combine their products into one. Co-marketing goes one step further, as it includes marketing and direct communication to customers. Co-marketing can also be a co-branding product, but it can also be a product of one of the partners involved, which is advertised equally by both parties, or made available to a partner who is the product of the other advertises and thereby profits itself.
Software support for marketing collaborations
In order to coordinate the marketing cooperation and the entire co-marketing, it is suitable to use software support. A marketing portal can help to make the advertising material available, especially when cooperating with your own dealers or partners. Here the individual marketing measures can be transmitted and adapted to the respective partner and ordered or published directly. In addition, most applications offer the option of sharing, reducing or granting advertising costs. In this way, the entire marketing cooperation, including the creation, production and financing, can be carried out via one system.