Last Updated on April 5, 2022 by Ronen Ben-Dror
If your small business needs a little traction to get started on a path to growth, a co-marketing campaign could be in your future. If youve come close to maxing-out your marketing budget, co-marketing is also a wise choice when cash is short.
A co-marketing campaign requires that you know how to play nice with another business (or multiple businesses), preferably one that doesnt directly compete with yours. Essentially, youll be piggybacking off of what they do and vice-versa.
Co-marketing might be a new concept to you, but its been around for a very long time. Perhaps you saw an example in Nike and Apple teaming together with their pairing of physical fitness and music. Well, you dont have to be the biggest companies in the world to take advantage of the benefits youll find in co-marketing.
When you co-market, youre doubling up the efforts, which should provide you twice the results you would have experienced in a solo effort. The reason youre seeing better penetration is because youre suddenly getting face time with a whole new demographic through the partner companys list of clients. For example, if your company publishes magazines about home remodel, it would make sense for you to enter into a co-marketing agreement with a publication that deals with power tools.
We all know the importance of pleasing the customer and developing excellent customer service to improve customer loyalty which creates long-term clients and consistent profits. We also know how expensive it is to acquire new revenue from new clients. Going after a new client is probably one of the most expensive marketing tasks youll ever have. However, co-marketing allows you a cheaper alternative to targeting new revenue.
Even online merchants can see improved penetration through co-marketing efforts. In some cases, companies like this will come together to offer a package deal with each partner bringing something of equal value to the table. If you can bring more than one partner into the mix, youll likely achieve even greater penetration into new demographics.
Trade shows often serve as a platform for organizations to set up a personalized booth to show their wares, however, this is also a chance for organizations to team up on a co-marketing campaign. This not only shows a unique approach to the typical trade show, it also saves costs for the teaming companies.
One caveat to consider here is that you dont want to confuse the audience with too many details. Fine print can build up quickly with so many ideas coming from all angles. Try to keep it as simple as possible and get cooperation from all sides.
Telemarketing is also a valuable resource in co-marketing campaigns. Combining client lists and leads at a professional telemarketing firm can produce excellent results.
Blue Valley Telemarketing has proven its value with co-marketing campaigns that help reduce the cost of acquiring a new audience. If youre looking for a way to increase your subscription rates while holding down costs, consider Blue Valley for your next co-marketing campaign.