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Co Marketing
With marketing cooperations for advertising success. In co-marketing, two or more brands join forces to jointly promote a product.
![[Translate to eng:] LBX Learning-Center Co-Marketing](/fileadmin/_processed_/5/6/csm_kooperationsmarketing_5e410d01d1.jpg "[Translate to eng:] LBX Learning-Center Co-Marketing")
With marketing cooperations for advertising success
In traditional marketing for a brand's products, central marketing eventually reaches its limits that cannot be easily overcome. If your own target group has already been clearly defined, the communication channels have been optimized and new advertising measures have been implemented, it is often difficult to make further improvements in marketing internally. Through cooperation in marketing, you can still manage to reach more people and acquire a wider range of customers. By cooperating with the brand partner or other companies, you can advertise together and reach a larger number of potential customers. In addition, co-marketing can help save costs and advertise efficiently.
What is co-marketing?
In co-marketing, two or more brands or companies cooperate in order to promote a product together. The brands involved address their respective target groups and can reach more people through cooperation. The profits generated in this way are usually put together and distributed fairly among the companies. In partner marketing there is also the option of running a campaign together with the local sales or distribution partners. In these marketing cooperations, materials for marketing are jointly created and used. The regional partners can use this cost-effectively for their local marketing. The head office or the manufacturer can either make the materials available directly or create incentives to buy them with the help of advertising subsidies. Marketing cooperations are always useful if the goals of the brands or partners involved are compatible and we can work together on disseminating the product.
What are the benefits of marketing collaborations?
In general, marketing cooperations are a good way to increase brand awareness. Through joint marketing with another brand or several companies, their customers and interested parties will also become aware of your own brand, products and offers. This means that brand awareness can be expanded and strengthened and more leads can be generated at the same time. This makes a marketing cooperation particularly suitable, since a better result can be achieved with little effort. In addition to the larger number of leads, a new target group can also be reached, which may have been neglected in previous marketing. Working with other people also gives you the opportunity to see a different perspective on your own company and to break new ground. This can be done, for example, through other types of content (such as digital marketing measures) or through the personal influence of other participants who allow their opinion to flow into the marketing cooperation. In addition to the variety in content and the larger target group, the cost savings in particular speak in favor of co-marketing. Through joint actions and shared costs, advertising expenses can be reduced and thus advertised more profitably overall.
- Greater awareness through diverse target groups
- Varied, new content
- Reduced advertising expenses through shared costs
What should be taken into account when choosing the cooperation?
In order to use co-marketing correctly and to develop successful marketing cooperations, it is advisable to clarify and define important points in advance and together with the advertising partners. On the one hand, it is very important to define common goals. Based on these goals, the individual actions can be planned and the target groups identified. It is also an advantage to think about the advantages of this marketing cooperation and to what extent you can support the partner yourself. This is the only way to create a win-win situation for both parties (such as between manufacturer and sales partner). Successful co-marketing can only be carried out if both benefit from the cooperation. It is therefore particularly important when choosing partners to pay attention to the compatibility and reputation of the two companies. Then the time frame of the marketing cooperation, the creation and distribution of content and the advertising platforms should be clarified. Ultimately, it also helps to think about how to deal with potential leads and how they are distributed. Only those who define clear plans, recognize their own strengths and coordinate them sensibly with those of the partner can advertise successfully in the long term. Step by step to a successful marketing cooperation:
- 1. Select the right cooperation partner
- 2. Determine the topic and goals of the marketing cooperation
- 3. Manifest marketing plan (content and assets)
- 4. Set the period
- 5. Define how to deal with leads
- 6. Distribute costs
Step by step to successful marketing cooperation
Co-marketing vs. Co-branding?
Besides the term co-marketing, co-branding is often used. Although these alliances are fundamentally similar, they differ in the type of cooperation between the partners involved. In co-branding, this collaboration already starts in product development. Through co-branding, the two cooperating brands create a joint product that is sold under both brand names. This is often successful in the food industry, for example, by manufacturers combining their products into one. Co-marketing goes a step further as it includes marketing and direct communication to customers. Co-marketing can also be a co-branding product, but it can also be a product of one of the partners involved, which is advertised equally by both parties, or is made available to a partner who has the product advertises the other and thereby makes a profit.
Software support for marketing collaborations
In order to coordinate the cooperation and the entire co-marketing, it is suitable to use software support. A marketing portal can help to make the advertising material available, especially when cooperating with your own dealers or partners. Here, the individual marketing measures can be transmitted and adapted to the respective partner and ordered or published directly. In addition, most of the applications offer the possibility to share or reduce advertising costs or to award grants. The entire marketing cooperation, including creation, production and financing, can be handled via one system.