What is co-marketing and how to succeed with this strategy – WAU
Co-marketing can be defined as the union of two companies to create or promote content, whatever it is. Among its main advantages are: greater reach, reduced costs and market recognition.
Creating an effective and successful Digital Marketing strategy is a challenge.
On the other hand, maintaining that success requires more: the only way not to be left behind is update and reinvent yourself all the time.
This involves innovating in tactics, finding new solutions to complicated problems and sometimes even changing certain concepts about the market.
One of these concepts is that every company that has a target audience like yours is a competitor. Co-marketing is there to prove that this is just a myth!
For this reason, we at Websites Are Us have prepared a complete guide with All you need to know about co-marketing. Come on?
In this post you will learn:
- What is co-marketing
- How co-marketing is different from co-branding
- Why co-marketing should interest you
- The recipe for successful co-marketing
- What can be produced in a co-marketing action?
What is co-marketing
We can define co-marketing as the union of two companies to create and promote some type of content or product that reaches a common audience.
So, both share the results that this marketing action produces.
For example, a sporting goods store could partner with a gym, for launching an e-book that teaches how to optimize workouts or even a website recommending the best products for each type of workout.
We, here at WAU, have also made several partnerships, such as the title machine, together with RD Station, and the personas generator, with Resultados Digitais.
The possibilities are many, no matter your segment. In addition, it is very likely that you have also been the target of some co-marketing action.
What are the differences between co-marketing and co-branding
Perhaps you have heard of co-branding, or even seen some success story in the media, and are wondering if these two concepts are the same.
The simple answer is no. Despite being similar, there are some differences, which we will explain.
An action of co-branding it involves collaboration between two companies to create a product that indicates the strengths of each.
One known case is from Dell, which included Intel processors in all of its devices.
Another possibility is to associate a brand with partner products, as did the 007 franchise, which put its name on several products, from cars to perfumes.
The co-marketing can include both the creation of a product and pieces of content.
The difference is that in this model the promotion is up to both companies, which share the results in the end, as generated leads.
Why co-marketing should interest you
Now that you understand what co-marketing is and even its differences for co-branding, the question remains: why invest in it, anyway?
It’s not just about having a good relationship with other companies, or getting to know your audience better. We are talking about increase profits!
See what co-marketing can do for your business:
Producing content and promoting it is one of the pillars of the inbound marketing, and no one doubts the incredible results this can bring.
But, imagine doing this and having the help of a partner – with your own fan base and followers – helping to promote this content to you, free of charge.
It looks great, doesn’t it? That’s exactly what happens in co-marketing! The reach of the message is much greater than if it was produced only by your company.
This is your chance to win privileged access to a new audience that would not normally pay attention to you.
Work in half
In addition to having a greater reach, the work involved in the production of any type of material, in general, is cut in half. But, of course, there are exceptions.
For example, a smaller company can do most of the work as a way to convince a larger partner to embark on the project.
But, normally, the idea is to distribute the functions to ensure that no one is overwhelmed, especially if the two partners are on the same level.
How are you tight budget to invest in marketing? Here’s another reason to invest in co-marketing!
The entire cost of creating a piece of content or tool is divided between the two parts, and some of them are even “absorbed” by using internal labor.
Especially when buying media, this economy is important, and there will be plenty of places to use these resources, right?
Want way better than earn people’s respect than walking with people who are already considered references? The same thing happens in business.
Just because it is active in produce content and promote it, your company is already seen more by the public and also gains the respect of competitors.
But by joining forces with other companies that also do this, it places itself as part of a small group of “gurus”, to whom the market will always turn.
In short, co-marketing brings:
- Greater reach in less time;
- Smaller work;
- Reduced costs;
- Strengthening of the two brands.
The recipe for successful co-marketing
It is truly incredible the power that a good co-marketing action has for a company’s results.
Still, it is always good to emphasize that these fruits only come if everything is done the right way. But, what is the right way?
We will show you the recipe for success, from the initial preparation of the partnership. Look:
Find the ideal partner
The first step in achieving a successful partnership is, of course, choose partner.
Always remember that none of the other points listed here will work if you make a mistake in choosing your partner. Therefore, this point is very important.
How to do this? There are some important factors to consider, so choose a company that:
- Already a reference in the market;
- Have a product or service that is complementary what you offer;
- Have the same target audience;
- Have knowledge to add to the project;
- Produce content and have a considerable audience;
Is better avoid direct competitors or businesses that are too similar to yours, as the partnership would probably not have as much effect in this case.
Plan everything carefully
After choosing a great partner, you need to calmly plan each phase of the project, after all you don’t want any unpleasant surprises, do you?
As each stage has to pass the approval of both companies, look for set deadlines together with your partner remembering that detail.
In fact, all the ideal planning, as shown below, should always be followed by both companies:
- Establish the objectives of the project;
- Choose the topic to be addressed and the type of material;
- Set deadlines;
- Share the tasks.
A tip: putting everything that was decided in writing can be good so that nobody forgets their roles and responsibilities in the partnership.
Divide tasks well
This point is worth so much that it deserved a separate topic. When dividing tasks between teams, all the knowledge and experience of the professionals involved will come into action.
Defining the strengths and weaknesses of each company when distributing tasks among themselves will increase quality of the material and decrease production time, also avoiding requests for review by either party.
Evaluate the results
Last but not least, let’s talk about metrics and KPIs. At the end of the action, you must evaluate the results well to compare what worked with what went wrong.
This analysis will bring valuable information, many of which are impossible to collect before the project is completed.
Best of all, you can use this learning for next partnerships, ensuring that the results are always better.
What can be produced in a co-marketing action
As we mentioned in the previous topic, part of your planning includes deciding what type of material is going to be produced and dividing the tasks that each part is going to fulfill.
But, exactly, what are the options for those thinking about co-marketing?
We separate no less than 8 possibilities that can be used well to promote your brand.
Notice how they work and what you will need to do each:
The blog posts are among the simpler forms of co-marketing, but they are nonetheless interesting.
It is possible, for example, to create a series of posts on a subject and alternate the publication of each part between the two blogs, with a shared landing page containing the complete series.
O eBook it is such a good option, but so good that it is the main form of co-marketing that we use here at Websites Are Us! Do you know why?
This type of material goes viral easily and is perfect for generating leads, since it brings a deeper content, perfect for those who are evolving in the purchase journey.
E-books are also good for establish credibility with the audience. The disadvantage is that they take longer to produce.
Similar to e-books, whitepapers are also great for generating leads.
The difference is that whitepapers are a little shorter and more specific, and are, in a way, a little more “raw”, without so much attention to graphic details.
Because of this, its asset is the greatest ease and speed of production. You can think of whitepapers as the middle ground between blog posts and e-books.
The webinars, which comes from the mixture of the words “web” and “seminar”, are just online seminars, which usually live.
Webinars are powerful for generating leads because the audience tends to identify more easily with the speaker, either by hearing his voice or seeing the images he presents.
You can create a successful webinar in less time than it would take to write an e-book, and your dynamic model has everything to interest a potential partner.
Not a fan of hosting live events? Okay, that doesn’t mean that you need to completely discard the use of videos in your strategy.
On the contrary, videos are the future of digital marketing and should never be forgotten.
The options for using videos in co-marketing are varied: tutorials, interviews, product reviews, etc.
After creating the video together, each company can post it on their own channel.
Have you heard of Twitter Chats? They are kind of like panel discussions on a specific topic that take place live on Twitter using a common hashtag.
A company that uses Twitter Chats a lot is Buffer, which even has an exclusive page with all past and future chats.
As an example of co-marketing, Google joined Twitter to promote an event aimed at small businesses. How did they do it?
They created a landing page with the two brands and shared useful advice on entrepreneurship for a week, using the same hashtag. Simple, don’t you think?
Events are among the most impressive ways to elevate a brand, but both the work and the costs involved can discourage many.
In the case of co-marketing, this becomes more feasible, since you will be able to count on twice the structure and knowledge necessary to make the event work.
Remember the title machine and the persona generator, which we already mentioned? These are examples of tools that make life easier your audience and help lead generation.
In addition to online tools, such as those mentioned, you can use a document template, spreadsheet or anything that helps the public on a daily basis.
There is no doubt that the co-marketing is one of the best things you can do for fast, long-lasting and cost-effective results.
And now that you know everything about co-marketing, it’s time to use it to create winning partnerships!
Did you know that the success of a co-marketing strategy depends on getting the personas right? So, learn from this guide what buyer personas are and how to create them!