No marketing technique is completely fail-safe, but co-marketing efforts rarely go according to plan. Working with another company to promote respective goods or services can be fraught with challenges.
Thanks to decades of real-world application and subsequent success, there are some co-marketing strategies that have been tried and tested and proven their value over the years. Here are five techniques that didn’t sink the ship.
Companies can sponsor local or online events to increase brand awareness. They can also help charitable causes and give back to the community while building buzz. Red Bull, American Express, Disney and a variety of other big name brands host events across the globe to boost their visibility. From marathons to concerts, everyone in attendance soaks up the logos and mottos plastered around the venue. Businesses can sponsor on a smaller scale by hosting charity drives or even networking events where professionals meet and greet.
Red Bull watches profits soar as a sponsored racer takes to the skies.
Webinars are typically hosted on a video-based social media site, like Google Hangouts and YouTube, or online video-conferencing platform. Companies have been teaming up to co-host webinars for years. Each gets to invite subscribers and potential leads to the event, providing the opportunity to talk about the brand, offer helpful tips and field questions from the virtual crowd. All parties involved chip in for expenses, such as online ads and equipment costs. If webinars are out of the question, consider co-hosting podcasts that feature a new guest each week or cover a specialized topic.
SoBe (aka PepsiCo), Dreamworks and Intel were involved in a co-marketing lovefest during Super Bowl XLIII. Intel made a big reveal with the help of SoBe-branded 3-D glasses. Then Dreamworks completed the circle by airing a 3D trailer for its upcoming blockbuster. This is a perfect example of a product pair-up that was planned to a tee. Even President Obama donned a pair of shades during the Big Game.The moral of the story is that this particular co-marketing strategy takes a lot of organization and cooperation, but it works.
Soaking up the Super Bowl in style, courtesy of co-marketers SoBe, Intel and Dreamworks
Social Media Contests
Countless brands are using social media to build loyal followings and enhance their online visibility. Partner with another company to offer contestants an even bigger incentive to sign up, like a goodie bag with high-end merch. Popular brands may even be willing to contribute in order to further their market reach. Readers have to like posts, leave comments and share the link with friends to earn entries. This idea also applies to blogs, online forums, websites and group pages.
Co-branding happens quite often in the technology industry. Computer companies team up with video card, processor and keyboard manufacturers to create an irresistible package. The consumer gets more value for his or her money, and the clever co-marketers build their brand image. Intel is the most notable example of this. The company has paired with PC makers for years, and its name is displayed prominently on the products. The secret is choosing a complementary brand that offers tie-in goods and services rather than teaming up with a potential competitor.
That infamous Intel sticker seems to be on every tech gadget.