How to Choose a Co-marketing Partner
partnership is probably the biggest opportunity to take advantage of commercial relations between 2 companies, because of the many benefits it can bring to both parties, such as:
- Expanding in new markets and reaching a new audience;
- Raising awareness;
- Reducing advertising costs and potentially increasing its impact;
- Achieving long-term marketing goals;
- Taking advantage of other companies' resources and competencies;
- Increasing firm credibility and being perceived as a leader in the field;
- Creating and promoting positive long-term relationships between the partners which could lead to further opportunities in the future.
But the question remains: How can you find a good co-marketing partner?
When looking for co-marketing partners, the following factors could be taken into consideration (add your own if you like):
Source: Bucklin L, Sengupta S. (1993), "Organizing Successful Co-marketing Alliances", pp. 32-46.
- THE TARGET AUDIENCE: The target audience of the partner should have similar characteristics to your target audience, as it probably isn't worthwhile to establish a marketing partnership with a party that has an audience that is completely different from yours. In such case, there may not be any interest in what you have to offer. Also, don't just partner with anyone because they have a bigger audience than yours. And in addition, it is essential that your core values align with the other party in the co-marketing partnership so that you avoid banishing your existing customer base in exchange for new ones.
- THE PRESENTED PRODUCT/CONTENT: The type of product/content provided by you and by the partner must be clearly described and you must understand what the other party will offer in return. Make sure there is a mutual benefit to this co-marketing partnership. In addition, make sure that what the partner offers is subject to the same standards that you are subject to in terms of quality. In this way, you protect your audience from getting any bad product/content, and also you avoid your name from being attached to a low-quality product/content which might negatively affect your reputation.
- RECOGNITION AS AN AUTHORITY IN THE FIELD: Select partners that are considered references in the areas in which you work. If your goal is to reach an interactive audience, it is important that the partner you wish to establish co-marketing with is well-known in the market. This point becomes even more important if the strategy type you are using is "content creation". It becomes much easier to talk to an audience who follows and believes what the company says.
- COMMUNICATION: Make sure that communication is clear when looking for and working with a partner. The more difficult the communication is, the more complicated it is to determine the actions that you will take together. Remember it will take more time to prepare the product/content and to promote them anyhow as 2 parties are involved.
- KNOWLEDGE OF THE MARKET: Make sure that the co-marketing partner knows their market well, as well as the market in which you work in. When the two parties know the areas that will be affected by their marketing procedures very well, it becomes easier to find the best promotional strategies. Make sure that your marketing team participates in drawing up the strategy to reveal what works best for you.