Brand affiliation may get you in the same room as your new customer base, but there will still be a lot of other brands in that room, trying just as hard as you to speak to them. There are a number of ways to go about getting their attention – be the loudest, have a mutual acquaintance to introduce you, or offer the most engaging conversation – and co-marketing can help you do all three.
Let’s start with the most obvious: being the loudest. Typically, spending more on your marketing activities buys you more frequent postings and prime media placements. With the joint funding available through co-marketing, brands are able to offset some of these costs, making it more feasible to expand the scope, frequency and quality of their marketing activities or, if needs be, focus their resources on other parts of the business.
The second option, have a mutual acquaintance introduce you, has already been highlighted in terms of using co-marketing as a means of gaining access to new customers. When you partner with another brand, they become the mutual friend at the party, introducing you to new people who they think you might get along with. It’s a strategic means of expanding your reach and generating high-quality, qualified leads.
Last but not least, there’s the chance to offer the most engaging conversation. This takes planning and expertise to execute, and it’s heavily reliant on having strong content and messaging. According to a study by Constellation Research, companies who improve engagement can increase cross-sell revenue by 22%, up-sell revenue by 38%, and order size by 5-85%. Co-marketing is a powerful tool to achieve this in a number of ways.