Could your business benefit from a wider reach, lower advertising costs and a reduced workload? If so, a collaboration might be right for you!
Marketing collaborations occur when two or more businesses team up to pool their audiences, share resources and work together to achieve mutual marketing objectives.
Some collaborations are short-term. For example:
- A gluten-free baker and a farmer specializing in homemade preserves team up to share the cost of renting a booth at a community event. They offer samples of the baker’s bread topped with the farmer’s strawberry jam.
- A coffee shop partners with a local author who has just released a new book. They each promote the event on social media. The coffee shop sees an influx of business from the author’s fanbase; the author gets a free place to promote their book and sells a few extra copies to people who just dropped by for their regular mocha.
Other collaborations are in it for the long haul and eventually turn into full-fledged co-marketing partnerships. For example:
- A wedding planner and a photographer meet at a bridal fair and hit it off. They strike a deal to refer their clients to each other, offer mutual discounts, share booth space at all future events, and split print and online advertising costs evenly.
- An established landscaping company partners with an up-and-coming nursery. In exchange for discounted plants, flowers and shrubbery, the landscaping company gives the nursery free press on its popular blog and social media channels, spotlights them in their television commercials and sends out email blasts recommending them to their corporate clients.
Have we piqued your interest? Here are some of the big benefits of a marketing collab.
7 Benefits of Collaboration Marketing
#1: Expanded Reach
When you collaborate with another business, their audience effectively becomes your audience. You’re suddenly able to reach a ton of people you wouldn’t likely have access to otherwise.
#2: Borrowed Credibility
Not only do you have access to your new audience, but you also basically arrive with a letter of recommendation in hand. Because that audience already has an existing relationship with your collaboration partner, they’re likely to trust you on sight.
#3: More Hands on Deck
The more people you have doing a job, the less time and effort it takes. By teaming up with another brand, you can significantly reduce your workload.
#4: Access to New Resources
The business you’re collaborating with likely has resources that you don’t (and vice versa). Sharing these resources is in everyone’s best interest. For instance, they might have a huge social media following that you can benefit from, while you might have a graphics guru who can design your joint marketing materials.
#5: A Better Experience for Your Customers
Collaborating with another business offers plenty of benefits for your existing customers. From discounts to deals to access to new products and services, they’ll enjoy all of the perks that come with your new marketing partnership.
#6: A Built-In Think Tank
Whether it’s coming up with new marketing initiatives, finding a spark of creativity or just having someone to bounce ideas or issues off of, having more brains working toward a common goal makes things easier for everyone involved.
#7: Significant Cost Savings
Sharing advertising cost, venue space, marketing and design teams or other resources will save both businesses money. And that’s something everyone can benefit from!
Are You Ready to Pick a Partner?
Whether you’re looking for a short-term collaboration to give your business a quick boost or a long-term partnership that will benefit you for years to come, teaming up with another business has plenty of benefits. Are you ready to give it a shot?
At Mischa Communications, we have everything you need to take your business to the top. Let’s work together!