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How Social Media Co-Marketing Can Help Your Business

Social media co-marketing

While building your business might seem like a lonely journey, marketing doesn’t have to be. Co-marketing involves sharing an audience, resources, and marketing efforts between two or more complementary brands. Social media co-marketing highly benefits startups and established businesses alike in the following ways;

1. It helps reach a wider audience

Access to a wide audience is probably the best benefit of co-marketing. Working with another brand can potentially double your audience, as the marketing campaign targets the audience of both businesses. Co-marketing can also improve customer loyalty and give both brands a stronger online voice.

Note that co-marketing doesn’t mean that brands have to use the same marketing campaigns. Co-marketing brands can run different campaigns to reach an even wider audience. While startups and small businesses can easily roll out paid marketing ads, they often have limited cash flow. However, collaborating with another business helps both brands promote organically.

If done well, co-marketing makes marketing efforts for small businesses effective and cost-efficient. For instance, a bridal boutique can co-market with a florist where they offer discounts to customers who purchase dresses alongside floral arrangements, or vice versa.

2. Use edification to promote each other

Edification occurs when one brand speaks enthusiastically and positively about the other. This helps businesses to develop networks and build a strong co-marketing relationship. Edifying someone while speaking to third parties involves speaking positively and focusing on the success of the other brand. For instance, you can mention how lucky your business is to work with them, what you’ve learned from them, the success of recent campaigns, and more. Edification is essential for supporting the brand within your community instead of competing.

3. Ability to analyze campaigns

After the co-marketing campaign, both businesses should analyze the results of the campaign. The best place to begin is by comparing the response of each audience and working on the inadequacies. Fortunately, businesses can take advantage of free business tools to analyze effective campaigns.

Other benefits of co-marketing include:

  • Cost-effective marketing solutions. By working with a partner to achieve your marketing efforts you save time, effort, and money. With both businesses contributing to the campaign, your business provides less than it would take to run the project alone.
  • Convenient to customers. A co-marketing partnership involves combining products from both brands. This makes it more convenient for customers to shop.
  • Improves brand identity. By collaborating with already established brands your business can develop and improve its brand identity. Additionally, the exposure from the campaign makes your business more identifiable to the other brand’s audience.

Finding the Right Co-Marketing Partner?

An effective co-marketing strategy should benefit both parties. Therefore, choosing the right business to partner with highly determines the success of the co-marketing campaign. Ideally, your brand of choice should be within or close to your industry of operation. However, they shouldn’t be a direct competitor, instead, your products should compliment each other. So before approaching another brand, consider the following questions:

  • Do you share a target audience?
  • Do you have connected goals?
  • What effort do you expect from your partner during the campaign?
  • What don’t you have that the brand can offer?
  • Does working with the brand seem easy?
  • Do they have an established reputation?

That said, before teaming up with the co-marketing brand, ensure that you establish a rapport with your co-marketing team. Establish clear communication lines, set goals, and clearly define the campaign.

Bottom Line

Social media co-marketing could expose your brand to endless opportunities. However, this only works if you can offer something beneficial to the other party. Fortunately, with many types of co-marketing, including affiliate marketing, product placement, event sponsorship, licensing agreements, and distribution partnership, you can always find something to offer.

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