Co-marketing has a lot of benefits, the primary one being larger audience reach at lower costs. To reap the most out of co-marketing, follow the tips and tricks below.
Finding the right partner
When you are deciding to co-market, you need to make sure that the partner you choose has similar goals as you and wants the same out of the co-marketing project.
Some questions to ask as you are looking for the right partner include:
- Do they have a similar audience as my company? Can they grow with my audience and can I grow with theirs?
- How many new leads do I want to get and will I get out of this partnership?
- Will they be able to contribute additional and needed resources or expertise?
- Does their brand and name have a good reputation?
Remember, that this is supposed to benefit the both of you so it should always end up being a win-win situation.
Setting Achievable Goals and Creating a Plan
Once you’ve figured out who to work with, set achievable goals. Below is a list of what you’ll want to determine:
- The purpose and goal of the partnership—do you want to gain more leads? Simply educate the masses? Figuring this out will be the starting point from which you determine all else.
- The topic and theme of co-marketing piece—this should relate to both businesses and convey both of your values
- The medium of content—this could either be through a blog article, video, etc. For more types of co-marketing content, see Part 1: Introduction to Co-Marketing.
- The timeline for completion—you’ll want to set up other deadlines before then to ensure that you stay on track
- Roles of each party as far as content creation— Are you hosting their blog post? Is your partner writing it? Are you both writing? Are you an editor or project manager?
Craft a partnership agreement
A partnership agreement is akin to a contract between both parties and ensures that your goals are aligned and that roles for each party are explicitly understood.
The agreement should be written so you have something to refer back to. You’ll find that the plan above overlaps with the agreement. It should include:
- Purpose and goal
- Topic and theme of content
- Timeline for the creation and promotional project
- Ownership of content and assets
- Where the content will be hosted
- Lead sharing agreements
Keep in constant contact
Lastly, make sure you have clear communication channels. Nothing is worse than not knowing or misunderstanding what the your partner wants. Remember, they aren’t mind readers either, so you need to speak up if you have something to say.