Co-marketing is a new approach to marketing and developing new products that are gaining momentum and popularity in recent years.
There are some great benefits to developing a co-marketing partnership, and approaching this kind of working relationship can make for a profitable endeavor.
Benefits of Co-Marketing
Co-marketing can be a fantastic way to find new inspiration and brainstorm for new product and service ideas.
If you develop a good working relationship, you may find that you and your co-marketing partner spark ideas off of each other.
This can be a great starting place for product and idea development.
Another benefit to co-marketing is that you not only share resources, but you also share marketing costs.
This will allow you to accomplish more marketing efforts with the same amount of budget dollars allocated to marketing expenses.
By taking on a co-marketing partner, you also double your opportunities for profit.
If you create a successful product, you will not only make money, but you can also potentially gather new potential customers for your already established products for your respective companies.
Working with Co-Marketers
While there can be significant benefits from establishing a co-marketing relationship, it is essential to set some ground rules and boundaries from the beginning.
To protect yourself legally, you might consider drawing up a partnership agreement that outlines the goals of your partnership and expectations.
You can use this document to draft responsibilities, outline profit-sharing splits, and address other issues that may be of concern to either of you.
The purpose of a co-marketing relationship is to enhance two businesses with joint efforts.
If you are working with a friend, make an effort to separate business activities from friendship.
If necessary, make rules about when to have work-related discussions or how to communicate effectively, such as using email or other forms of communication.
Remember that a co-marketing relationship is supposed to be about sharing resources and open communication.
While it can be easy to be instinctually protective of leads and customers that come your way, if you share information, you will both benefit.
Ultimately, you may find that you develop a synergistic relationship that benefits both of your companies.
Also, strive for respect and integrity in your relationship with your co-marketing partner.
As a full working partnership, your success is dependent on the success of both parties.
Make an effort to be supportive and offer honest but productive feedback on ideas and creative suggestions.
If you are looking for a way to spur your business into high gear, consider developing a co-marketing relationship with a business associate or someone who can provide you with fresh ideas and suggestions.
You can search for potential co-marketing partners through sources such as LinkedIn or other business organizations.
Look for someone whom you respect and has a reputation for good ideas and who you believe will inspire you to succeed in your joint venture.