Think about the delicious combination you will taste if coconut jam (kaya) meets butter in toast breads…
Now you will be able to imagine the prospect every companies can gain through partnership marketing, which is also called co-marketing.
Being in the digital marketing line, we are constantly looking for opportunities to garner more sales and generating leads. For this, we will always look for means to gain outreach not only among our own target audience of our company’s products and services, but it is also an extra incentive if the companies can multiply and set new target audience. And that, therefore, is through co-marketing!
First off, what is partnership marketing/ co-marketing in a nutshell?
In partnership marketing, the word “partnership” always involves collaborations. This kind of collaboration is very useful for the better brand recognition and more effective call-to-attention. There are also many big brands which have been working towards building co-marketing strategies such as Airbnb hotel teaming up with Flipboard online magazine to create a win-win solution for both companies.
Partnership can occur in various forms of marketing strategies such as co-content creations and also through link sharing the business partner’s URL. As for distribution co-marketing, it can be in the form of bundling whereby buy one get one free from the business partner. Also, it can be in the form of cross marketing such as purchasing a product and promising a coupon reward from business partner.
Why partnership marketing? What are the benefits? How to partnership marketing?
When business integration like this takes place, it is also a way to drive more sales traffic and also to boost the SEO content, whereby the more readers know about it, the stronger the brand identity and brand image these companies will gain. Not only so, business partner “A” will have added expertise that the business partner “B” does not have, and vice versa too, whereby a symbiotic mutual benefits are achieved simultaneously.
Moreover, this will have a stronger effect in maintaining customer retention and also brand loyalty. Like previously mentioned, the benefit of joint venture marketing also can set out new target market, which thereby can widen up the frequency of sales reach and distribution. Also, when companies which practice co-marketing, these companies add value to each other and promotes team building (team work), as long as the companies will not end up doing business partnership with companies that can bring the partner down.
Moreover, it also helps the new market entrants to heighten the brand credibility and gain trust from customers by higher visibility. The best characteristic of partnership marketing is that both companies can save cost, as they be sharing cost whenever they promote or do branding together, and it lessens the production cost of materials. Also, from there, the speed of outreach doubles the amount of standalone business companies which ultimately is the key to save time. The one warning that all companies must take note is the risk of partnership marketing, whereby if one of the partners fails in the business, the latter cannot escape the business failure too, and this failure comes with a high cost of loss.
First and foremost, co-marketing companies must determine each others’ strengths and what gains that can be obtained from this partnership. So, if the companies use each other’s expertise in certain fields, the likelihood for the companies to be a successful co-marketing result will have a higher probability to it. Secondly, the companies must determine the target leads in which both companies want to accomplish at a certain time frame, which is very useful in creating bonds between both companies and strengthen the partnership as well.
Adding on, the business partners must decide on which company covers which content to delegate the job scopes properly in order to avoid any miscommunications and also missing out certain job scopes that has to be done. Another plus point is that, these business partners will have extra access to resources that they never had before the joint venture plan, not only ranging from the different types of client demands, but also the software accessibility too.
Nowadays, the way we socialize is through technology as the pipeline. So if business partnership is established, it increases the SMO (social media optimization) whereby the update stories of a particular business partnership will be channeled all across the social media which increases readership and viewership. The best example is Tiktok app’s partnership with Guess, which caused everyone to be hyped not only with the app, but Guess, the fashion outlet, will gain even higher authenticity to it, not merely being a trend for everyone. By this, it also will draw more influencer marketers into investing and testifying for your products and services provided by both the business partners.
Then, the best way to form partnership between businesses is by finding out which other brands can be the perfect fitting with your brand, whereby having the same goal and has interrelated products or services. In that way, you will be the next successful partnership marketing examples which every standalone company can refer to as their role model!
One stick will be easier to bend or break, but two sticks together will be harder and become even stronger to external challenges.