The Difference between Co-Marketing vs Co-Branding
Two is better than one.
Think about all of the great things that come in pairs that wouldn’t be as effective without their counterpart. Imagine if you only had one shoe? If jumping on one foot isn’t in your skill set, you’d be left with one awfully sore foot.
By bringing together the top minds in your industry, your brand has the potential to ascend to a level of success not previously seen with singular marketing operations. When we think of co-marketing and co-branding opportunities, a lot of success stories come to mind.
What’s the Difference?
While both approaches involve a partnership between two brands looking to increase their individual marketing efforts, co-branding and co-marketing stray from one another in terms of execution.
Co-marketing occurs when two like-minded brands align their marketing efforts to promote each other’s product or service. While a hybrid product is not created, a co-marketing undertaking allows brands to leverage their relationships with other brands.
Co-marketing campaigns aim to deliver greater results in terms of visibility, reach, and sales advances that could not have been accomplished without the support of another brand.
Co-branding refers to a marketing arrangement where two different brands join forces to create a product or service indicative of both their identities. This approach opens up an opportunity for one brand to introduce their product or service to the devotees of another brand.
Identifying the Right Partner
If your brand is looking to get involved in a co-marketing partnership, a good starting point would be to identify a list of brands that you would be interested in teaming up with. This list can be as long or short as you choose; however, we suggest getting as many down as you can and then begin to narrow them down according to effectively and practicality.
While you want to consider brands that coincide well with one another, it’s best to steer clear of direct competitors. You don’t want your marketing efforts to rival one another, but rather complement one another.
A brand with similar buyer personas, similar marketing ideologies, yet different products and services will see the most success with co-marketing.
Selecting a partner for a co-branding opportunity is very similar in terms of what to look for. However, it came often be easier to identify the product or service you would like to create first, and then work towards selecting a brand based off this decision.
A good fit for co-branding would likely be someone who could benefit from the endeavor similarly, while sustaining the proper funding and resources to support their end of the agreement. In terms of crossover appeal, it is important for your buyer personas to be receptive to your partner’s brand identity, and vice versa.
What are the benefits?
Once you’ve acquired a partner, it is important to lay out the groundwork for your marketing campaign before anything else.
By working out the details in advance there will be no confusion about what you expect out of one another. It is important to determine how and when to carry out the necessary tasks on your end, and prepare your staff in accordance with these stipulations.
Once you’ve got a handle on the execution, you can begin to enforce your marketing efforts. Depending upon the arrangements you make with your partner, there are a number of potential benefits that can stem from your campaign.
To find out those benefits, give Milestone a call now and we’ll be happy to explain it to you in details.