Do you want to find new leads for your business while at the same time broaden your reach and improve brand awareness? Try co-marketing and give your prospects an exciting new way to consume your content.

At its essence, co-marketing is a partnership of two or more companies to maximize business growth. They combine their offerings to create something innovative with more value for their combined audience, collaborate on its promotion, and reap the rewards together. Co-marketing relies on the co-branding partnership and takes advantage of the reach and relationships of each partner to deliver more leads and market buzz with less work.

Speaking of market buzz, research shows that brand collabs have got it going on right now.

Brand Collabs – All The Power of Co-Branding

The big plus with co-branding partnerships is the ability to introduce your brand to a new audience – one that already leans in your direction. Forty-three percent of consumers say they’d try a co-branded product from a company they already liked.

The better news is that 71% of consumers say they enjoy it when businesses co-brand/co-market. For consumers, brand collabs (vernacular for co-branding partnerships) are novel and unexpected, attracting their attention and anticipation. They’re excited to see what it’s all about. 

In the past 10 years, searches for “brand collaborations” have increased by 1,150%, according to Google data. Consumers are definitely intrigued, which compels more businesses to experiment with brand collabs to delight and engage them.

While 74% of companies say brand collaborations are a high priority, 54% say this type of co-marketing drives more than 20% of total company revenue. Co-marketing is also more cost-effective for partners because they use combined resources towards promotional efforts.

The trick is to choose your co-marketing partners wisely.

5 Questions to Ask When Looking for a Co-Marketing Partner

1. Does this company and its brand have a good reputation?
2. What does this company bring to the table that is mutually beneficial?
3. Does this company have an audience that’s similar to ours?
4. Can our companies have a great working relationship?
5. Will we get enough leads from a partnership with this company to make it worthwhile?

What Does a Good Co-Marketing Agreement Look Like?

Once you find the right partner, here are the steps to take in planning a co-marketing agreement that’s mutually beneficial.

1. Pitch a smart idea

Do your research on your new partner and find out what you can about their audience. Your co-marketing idea should appeal to their audience as well as yours and show the value your business will provide as well as what they will bring to the partnership.

2. Remain open to ideas. 

During the pitch, your partner may have things to add or take away. It’s a collaboration, after all, so stay open-minded. Let them know that adjustments can be made to make the project better. Realize they may think the partnership may be unrealistic right now, even if it sounds interesting. You can put the idea on the back burner if the time isn’t right or convince them there would be no better time for this idea to take flight. As long as the exchange is honest and thoughtful, you’ll likely come to an agreement.

3. Align your goals

Clearly state the goals. If you want leads, make sure your partner wants leads, too. Both businesses need to achieve the value you expect from the relationship. Otherwise, it won’t work out.

4. Decide on each partner’s strengths

Streamline the process by determining what each partner is known for and the unique skills each can offer, then assign tasks and work accordingly. This helps to create a body of work that is most effective for the combined audience.

5. Agree on the content for your brand collab

Whether it’s an eBook, blog post, video, webinar, or some other online or offline event, decide on the content the two businesses will share and co-promote. Include the topic and theme of the content and make sure they are mutually beneficial and appeal to both audiences. Once the content is created, note whether it offers something more unique than the content you create on your own.

6. Set a timeline

Allow ample time to create the content as well as time for approvals and feedback from the entire co-marketing team. Designate who will be responsible for each part and phase of the project. Write it all down and make it easy for your team members and your partner's team members to have access to the timeline.

7. Document the co-marketing partnership agreement

Make your partnership official in writing with a formal agreement. It can be a legal document or a non-legal document of good faith. Include these details in the agreement:

• Topic
• Timeline
• Goals
• Ownership of content and assets
• Where the content will be hosted and shared
• Lead-sharing agreements
• Timeframe for promotion
• Promotional plan
• Reporting plan

8. Execute the promotion

You and your partner have already agreed on the marketing channels to reach target audience members such as blogs, social media, and email. You probably brainstormed about promotional tactics such as hashtags and the like. Now that the content is finalized, it’s time to agree on a launch date and start the promotion.

9. Measure results

Do the metrics show you hit the original goal? Were the leads high-quality? Do they measure up to the leads you typically generate through your own content or campaigns? Do you think the partnership was successful? What worked well and what didn't?

10. Make time for a debrief

Your partnership isn’t over when the campaign is done. No matter the outcome, following up with your partner afterward is just good business. It opens the door for working together again in the future.

11outof11 Knows Co-Marketing and Branding

If you’re considering a co-marketing relationship and want it to run smoothly, connect with 11outof11. Request a complimentary call with an 11outof11 expert. Contact us to learn more.