Nowadays, it seems like we’re always hearing the phrase: "In these uncertain times.” As much as we don't like it, the truth of the matter is that we live in daily uncertainty. In this new normal, we’re here to offer our perspective on a coronavirus marketing opportunity for those wanting to stay afloat and ahead of the curve in these "uncertain" times: co-marketing.
What is co-marketing?
Co-marketing is a joint marketing technique between two or more companies to promote business and growth while sharing the benefits. Co-marketing is aimed to leverage the relationship and reach of a partner or partners to generate more buzz and awareness for the content or product being promoted.
Is co-marketing right for you?
There are many levels of co-marketing. Everything from logos and links on designated landing pages to full-fledged website overhauls and even large scale events is considered co-marketing. Finding what will set you up for success is crucial for an effective co-marketing campaign at a scale that suits you and your desired return on investment.
Tips for picking the right co-marketing brand
Pick a company with a similar target audience. Picking a partner with an audience that diverges from your own may not be effective for attracting potential customers, for obvious reasons.
Pick a company with a similar goal or return. If your desired outcome are clicks, but your partner's goals are sales, finding a method to achieve both of these outcomes can be costly and timely. Don’t forget to make sure this benchmark is measurable, or else you won’t be certain of your results.
Be sure the partnership is lucrative enough to be worth the time and effort you put in. The ultimate goal is to generate leads, clicks, visibility, and/or sales. Only you will be able to determine if a partnership is worth it.
Collaborate with a partner that has expertise in an area you lack and vice-versa. This will help create a relationship with maximum reach potential.
Why now?
While the idea of co-marketing isn't new, it has recently gained popularity in the online marketing world. With our recent switch to remote and virtual working, leveraging online marketing techniques can help attract a new audience and maintain relevance in the online space.
Companies have been cutting and redistributing marketing funds and co-marketing is a cost-effective way to keep marketing a priority. By pooling together resources, marketing budgets, and personnel, companies can partner to deliver to a larger audience than possible on their own.
Large scale co-marketing successes
P&G and the National Breast Cancer Foundation
The partnership between Procter and Gamble and the National Breast Cancer Foundation was a month-long campaign to kick off Breast Cancer Awareness Month in October. Consumers could purchase limited edition "pink" products including Tide, Downey, Bounce, Swiffer, and many more. The partners also created a special edition P&G brandSAVER coupon booklet which was delivered to over 57 million homes. For every brandSAVER coupon redeemed from the booklet, a two-cent donation was made to the National Breast Cancer Foundation.
Airbnb and Flipboard
This partnership between the news and social media aggregator, Flipboard, and Airbnb was a massive success. The campaign centered around users exploring and “hearting” stories featuring Airbnb Experiences via the Flipboard platform. Users were then automatically entered to win a free Airbnb Trip as well as other additional prizes. The campaign resulted in 39 million targeted campaign impressions, generated 4.2 million page fliers on Flipboard, and drove 38,000 visits to Airbnb's website. All this was pre-COVID, of course.
The post-COVID world will be foreign to many of us. With many businesses struggling, it is important to explore new channels and think outside of the box to keep up with the “new normal” and "uncertain" times we are living in. Whether you are a small business or large corporation, co-marketing may be an effective method of marketing during this difficult time.
Small scale co-marketing successes
Lure Digital and The Good Lion
We at Lure recently partnered with The Good Lion cocktail bar in Santa Barbara, CA to generate more online presence and provide mutual brand awareness. The campaign, a giveaway, awarded one lucky winner a gift certificate to The Good Lion. To enter, entrants liked both The Good Lion and Lure Digital on Instagram and tagged two friends in the comments on an animated post that Lure provided. The city of Santa Barbara plays a large role in the foundation of our company and many of our current clients are Santa Barbara based, which is the perfect demographic for this campaign since we share a joint demographic. Success: STATS HERE. With The Good Lion offering to go cocktails, the giveaway was a win regardless of the status of COVID-19 safer-at-home orders.
Belle’s Bagels with Bub and Grandma's Bread
Belle’s Bagels and Bub and Grandma’s Bread have done a great job at optimizing co-marketing during COVID. Bub and Grandma’s Bread is a popular Los Angeles bakery selling a variety of bread to local Los Angeles restaurants. Due to COVID, restaurants have closed causing a large shift in Bub and Grandma’s Bread’s sales. With no real storefront, the bakery had to pivot and partnered with Belle’s Bagels to begin selling their bread at the bagel shop. With a customer base that loves gluten, both Belle’s Bagels and Bub and Grandma’s Bread could share customers, expand their offerings, and build brand awareness. Plus, the limited offering with “support local” messaging created a buzz for bread of all shapes and sizes.
Have you tried your hand at co-marketing? We'd love to hear about your experience and how you shared goals and successes with another similar brand.
Interested in trying co-marketing? Have a co-marketing campaign you want to launch? Let us know if we can help! Give us a call at 323.596.0606 or email us at sales@lure-digital.com.