Businesses are always looking for ways to stretch their marketing dollars while reaching new customers. Co-marketing can help with both. It involves building strategic partnerships with businesses that are relevant to your own. Working with companies that complement yours allows both companies to be introduced to customers, doubling your exposure. Plus, you can share marketing expenses. That includes marketing giveaways, which are sure to help expand your reach.
Find the right partner
Trying to find the right business partner can be a challenge. Here are some things to keep in mind:
- Look at brands you admire or that you work with on a frequent basis.
- Look at their social media and web content to see if they have strong engagement with their customers.
- Use your network to get references.
Once you’ve found a partner, it’s time to get started on your marketing campaigns.
Create a newsletter together or share blogging duties
Placing a guest post on a marketing partner’s blog gives both of you a chance to share and reinforce your expertise. Be sure to encourage them to post on your blog, too. If you choose to create a newsletter together, it can be used to promote your businesses or to demonstrate your expertise in a relevant area. For example, a local hotel and specialty shop can create a newsletter detailing tourist destinations in the area.
Cross-promote on social media
Finding fun reasons to mention each other on social media can be an excellent way to cross-promote. For example, some restaurants will offer a special discount to a local business in exchange for the business mentioning them on social media. Each benefits from the arrangement as both companies expand their audience.
Co-sponsor a cause
Find a cause you both support and hold a joint fundraiser. Or sponsor a local sports team or charity walk. Pool your funds to provide attendees marketing promo items, like T-shirts or baseball caps.
Share space
Make sure your products or services have a presence at their business, and vice-versa. This can be as elaborate as letting them open a small pop-up shop inside your business or as simple as a sign or putting their business cards in your lobby.
Marketing promo items can help customers keep your business top of mind. Work together to really amp up the impact. For example, if you sell health foods and your co-business is a local gym, stock a jump rope with their imprint in your store and have them offer a sportpack or BlenderBottle with your logo in their gym.
Team up for specials
Consider creating discounts that encourage your customers to visit your partner’s business. For example, if you run a lawn care company, consider giving customers a seeded flower mailer featuring a discount for your partner’s plant nursery.
Partnerships that grow your reach
Co-marketing turns connections into customers. By creating a marketing partnership and choosing memorable marketing giveaways, you and your partner can increase customer reach—and improve your bottom line.