Co-branding and co-marketing: a guide to creating successful campaigns. Branding and marketing are terms that, for many people who work or are learning about the marketing world, can be similar. However, while one may be within your remit, another may not have much to relate to at all times. Today, we’ll explain what co-branding and co-marketing are. Besides, we’ll teach you how you can use them to create very successful campaigns.
What is co-branding?
We can first start with the term co-branding.
This is a strategy whose main objective is to combine two recognized brands or companies to create a product together.
These tactics are done to easily bring a new product or service to the market.
Thanks to this type of strategy, it’s very likely that both brands will be able to expand their reach.
Besides, they’ll improve their brand awareness, product visibility and increase sales by unifying two brands and two audiences.
What is co-marketing?
On the other hand, co-marketing is the collaboration two companies carry out to help with the efforts of a co-branding strategy.
In other words, co-marketing is a partnership where two companies promote part of the content and products made by the two brands.
Then, they share the results in terms of sales, brand impact, and business recognition.
Differences between co-branding and co-marketing
We already mentioned the definition of both terms, but do we know what sets them apart? Both terms are very similar and have many similarities. However, we will explain some of its most important differences.
When co-branding is done it’s simply the union of two brands that merge their products to obtain something new and greater value. On the other hand, when co-marketing strategies are carried out the work was much more in-depth to obtain the best results.
Co-branding campaigns seek to work to unite their markets, promote the product and obtain benefits. While in a marketing partnership, the companies carry out the promotion of the offer and share its results.
The main factor of co-branding is to research how the positioning of the product in the market can be improved, how long it can take, and all the resources to use.
On the other hand, co-marketing work focuses on the effectiveness of companies.
This, when it comes to sharing results and promoting their products and services in a cross way.
How to run a successful co-branding campaign
- You must improve your reputation by allying with a different brand. Try to make this partnership work for you and not lose many customers. If your reputation can be affected by the image of the other brand, it’s not worth the effort!
- Of course, one of the key objectives when carrying out a co-branding campaign is to want to expand your audience. The idea would be to ally with a business that has an audience with similar characteristics to yours. This way, it’s much more likely that you will acquire new clients with that association.
- Increasing resources is something that can help you a lot in the future of your company. In fact, you should get the most out of it. Try to incorporate those resources from your allied brand. Get the most out of it and use it in the future to improve your conversions.
How to run a successful co-marketing campaign
Find the right partners
Regardless of the type of relationship you make, in co-marketing campaigns, you must have the right partners. Those who will give us a clear benefit and that will be good for both parties.
Once you have selected the partner you want to work with, remember to do a thorough investigation of their functions. What their greatest successes have been, the audience they handle with their different targets, and any type of valuable information. Make prospective partners feel that it would be crazy not to accept this alliance.
Plan the agreement with the partners
Planning is key, and without it, you won’t be able to achieve any of your goals. Therefore, it’s important that during the first meetings you have with your partners, you are very clear about the objectives you want to set. If what you want is to increase the opportunity of sales or conversions, they must know it. They need to understand that they will have an equal benefit for the goal.
You should also work on a relevant, attractive content strategy important to the audience of both companies. Find a way to include or merge both brand personalities and send the same message together.
Finally, it’s important to establish a considerable period in which both companies will obtain benefits for the efforts made. Remember that times are important at all times for campaigns. They allow us to know if we are having the correct results and the benefits we want.
Organize the execution of the project
The organization of the projects will allow both of them to be aware of all the movements that happen in the co-marketing plan. The idea is to have a calendar with the steps and execution of the project in the exact time that will be carried out. If possible, create an alternative action plan in case the initial project plan is affected by external issues.
Follow up with your co-marketing partner
Constantly review what the results of the strategies have been and what the numbers have been in terms of campaigns. Make a constant check and give an appropriate follow-up to your partners with the help of reports or reports that help them to have a clearer idea of the highlights in each of the strategies they have implemented.
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