5 Secrets to Skyrocketing Sales

When I think about what it means to have a partnership, I think about marriage.

Let’s face it; you know you want your husband to look good for your high school reunion so that you, in turn, look good.

When you become someone’s partner you do whatever you can to help… that partner succeed, and they will do the same for you.

Granted it may sometimes be for selfish reasons, but nonetheless, partnerships work. This same idea can be utilized when it comes to marketing for your business. This process is known as co-marketing—a concept I feel is somewhat of a hidden gem in the business world.

With the entrance of new social media sites and e-mail marketing tactics, it makes sense that partnerships with other companies are falling down on the list of priorities. Social media is trendy and new, so co-marketing with another company may seem old fashion and not worth the effort; however this is not the case.

Co-marketing is as successful as ever, but it has unfortunately lost publicity. This causes newer, less established companies to miss the advantages of co-marketing. In some cases, newer companies are actually unsure about what it means to co-market.

Co-marketing is basically an agreement between two complementary companies that allows for each company to market the other, thus increasing exposure. The key word here is “complementary.” Some startup companies shy away when they hear the idea of marketing for a different company, but you are not partnering up with your competition. For example, a dentist may work with an orthodontist, or a financial planner may work with an insurance agent. Consider a few of the advantages below:

5 Advantages of Co-Marketing
1. Increased exposure/referrals—With a partnership, you will suddenly have access to all of your partner’s customers and clients. This access usually does not allow you to just e-mail and call whoever you want, but it should get you some referrals. Part of a partner’s job is to refer your company, so you will suddenly be in the minds of an entirely new group of people.

2. Benefit from a company’s reputation—When deciding to co-market, you obviously want to make sure the company you’re working with has a good reputation. If they do, then the referral should pan out. In other words, the exposure you get will not be like the exposure you would get if you put an ad in the paper. These people will be hearing about your company from a company they already trust. Furthermore, partnerships should stem from companies that have a similar target audience to your target audience, giving you yet another advantage.

3. Sharing expenses and profits—Co-marketing usually involves sharing a profit as well as sharing advertising expenses. If you were to place both your logo and your partner’s logo in an ad in the paper or in an e-mail newsletter, you will be getting double the exposure while saving money on advertising expenses. If someone recognizes one logo, they may look at the ad and then see the other. If just your one company logo been present, they may never have looked.

4. Use each other’s talents—Chances are your company and the company you’re working with have different advantages when it comes to marketing. For example, you may know a lot more about the market or have better connections in the field, but your partner company may be very creative and have great writers who can produce unique ads.

5. Create lasting relationships—There may be a time one day when you want to partner with another additional company, so creating a relationship early may help lead you to another company connection. Basically, this is a way to network on a larger scale. If your partner company becomes the next Google and you have a good relationship, you could really benefit.

Although there are a great many advantages to co-marketing, there are a few things that could go terribly wrong; therefore you must make sure that you do your research before jumping into a partnership. Make sure you learn about the company’s management, reputation, and the expectations they have for a partnership. Get real numbers when it comes to ideas another company may have—really make sure they can sell you on the idea.