Collaboration between companies on marketing initiatives can be hugely beneficial. Not only can it can increase exposure for both companies, it can result in more leads and greater overall success compared to working on the same initiative alone.
You may even get better content as a result because while your business might be one of the best in its field, it’s not the best in every field. Partnering with another company with complementary expertise can enrich the content and attract a wider engaged audience.
Who To Collaborate With
Choosing the right partner to collaborate with is the key to ensuring high-quality content is created from your joint efforts. Following these few guidelines will ensure that your companies complement each other.
Partner with brands you respect: Look towards brands that are effective with their own marketing efforts; companies that market themselves effectively are more likely to also co-market effectively.
Keep your values in mind: The values and goals of your company are what drives your marketing efforts. Ensure that the company you choose to work with is clear in its own identity in order to find synergies together.
Do some research: Don’t shy away from diving into the content your potential partner is producing. Is their content engaging? Are their followers interacting with their content? If your potential co-collaborator engages their audience in the same way you would like to, it’s much more likely that a successful partnership will develop.
Collaboration Inspiration and Examples
Not sure what to collaborate on? These ideas can get you started:
1. Create a Webinar or Ebook: These educational materials are ideally suited for co-marketing ventures. It’s easy to divide up the work based on topic and section. For example, HubSpot successfully teamed up with LinkedIn Sales Solutions to develop an ebook on social selling strategies. This joint effort demonstrated the expertise of both companies and bolstered their credibility while broadening their reach.
2. Cross-promotions: There are countless ways you can collaborate with other businesses for a cross-promotion. You can mention each other on social media, create a joint advertisement for a newspaper, split a booth at a trade show or combine your email subscriber lists to send out a joint promotional mailing.
3. Discounts and special offers: Everybody loves a discount, so why not partner up with another company for a special offer? Include a discount for your partner company on your invoices, or offer free shipping when a customer places an order from both businesses.
4. Co-branding: Co-branding is a unique type of marketing partnership in which two brands combine their expertise to develop an even more attractive or valuable product. One example of a killer co-branding effort is the Doritos Locos Taco, the brainchild of Frito-Lay and Taco Bell. This insanely popular item set sales records at Taco Bell, selling over $1 billion of the product since its debut.
5. Run a contest together: This is one of the easiest and most fun collaborations you can do with other companies. The prizes can come from both businesses, reducing each company’s cost while simultaneously making the contest more attractive.
Effective Collaborations Are A Win For All Involved
Collaborating can help companies make the most of their content marketing efforts. Joining forces can help brands widen their audience, cut marketing costs and produce more compelling content.