Welcome to the latest installment of our weekly blog series, Marketing Trends. Each week, we will identify a key trend in the world of marketing. We’ll discuss the trend, why it’s important, and suggest ways that you can take advantage of this trend in your company.
Last week’s trend was Remarketing.
Today’s Trend = Marketing Partnerships
Pairing with other companies to market your products or services is becoming more popular across a wide variety of industries. We call these marketing partnerships.
Why are companies partnering to market themselves?
First, it can be a great way to save money. You can reach the same number of people for half the price if you agree to share costs. You can do more with two budgets than you could do with one.
Second, it can give you exposure to a new market. When you team with a company that has a built-in audience, you are introduced to that audience in an advantageous way. Now your brand is associated with one they already know and trust.
How can you partner with companies as part of your marketing strategy?
Companies can work together in any number of ways. And the key here is to be creative. Think outside the box and come up with something that few other companies have thought about.
For instance, you could team up to host an event focused on raising awareness in a certain area. You could create branded videos or TV ads that showcase both businesses and share the costs of making and airing them. You might swap “locations,” promoting each other in return for exposure. Or you could create a branded product, where one company earns the revenue and the other gets free publicity from buyers.
There is an endless supply of ideas. It takes someone to come up with them, pitch them internally, and get on the phone with the right person at those other companies you wish to partner with. Most times, the head of marketing or promotions at a company will give you a chance to pitch an idea that offers true value.
What marketing trend should we cover next? Now accepting submissions for marketing trends that we will cover in an upcoming installment of this series. Submit your ideas via our contact page or in the comments section below.