Many national brands participate in collaborative marketing strategies. Sometimes they do it for charity, but sometimes the brands just go together well. Essentially, collaborative marketing involves working with other brands to share resources in order to increase leads, spread brand awareness, and improve market influence.
To ensure that collaborative marketing helps you improve your business, it’s important that you choose partners who have a shared audience but who aren’t your direct competition. They may promote complementary products. For example, a tennis shoe manufacturer might collaborate with an exercise attire manufacturer. Then they could team up to create specials, advertisements, and promotions that work together, which both companies send to their audience and promote using their resources.
Focus on Relationships
When using collaborative marketing strategies, it’s imperative that you focus on the relationships that you’re building with not only the businesses for which you collaborate, but also on the new prospects that you are relating to. Remember, you can use automation to keep in touch, but you must also engage independently when you can.
Since more than one brand is involved, you can share marketing content in a new way. Each partner contributes a specific number of articles, emails, white papers, reports, and so forth. Then all parties involved can use the content, rewrite it, reformat it, and more, so that you can have more content to use to promote your products and services.
Share Skills and Knowledge
When you collaborate with someone else, you automatically gain their knowledge and skills as they gain yours. So, if one partner is great with organizing and the other great with implementation, they will make good collaboration partners. The same can be said for any type of resource that each has.
When you pick the right collaboration partners, both of you will be more motivated and inspired to do more. Bringing new ideas into your realm of thinking as well as giving ideas to the collaborator, will make you all want to do more because you’ll feel more inspired. Getting outside of your comfort zone can be the boost in your marketing strategy that you need.
You’ll Save Money
Because you’ll share resources with the business owners you collaborate with, you’ll save money on marketing. There are many ways to collaborate; for example, you can take over each other’s blog once a week, or even email newsletter, or you can run a full-fledged advertisement together. It’s up to you how you arrange the collaboration. You may even create a brand-new product together.
Don’t be afraid of working with other people that you view as competition – especially if what they offer is slightly different from or complementary to yours. The fact is, when you do business with other businesses and collaborate, you improve everything. Consider how well the national Small Business Saturday initiative increases sales locally.