Co-Marketing: More success through strategic partnerships

Co-Marketing is a simple and promising concept for small and medium-sized enterprises and self-employed people to make the most of their available resources and to create synergies. If you are strivin

von Emily Weber
erstellt am 28.06.2017

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Co-Marketing is a simple and promising concept for small and medium-sized enterprises and self-employed people to make the most of their available resources and to create synergies. If you are striving for a strategic partnership with another company, this can provide you, the foreign company and customers with many advantages.
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Reasons for a strategic partnership: How can I find a suitable partner?

If you are looking for a suitable partner for your Co-Marketing, you should first look for parallels. Your new and potential partner should, therefore, at least cover the same target group or serve a target group that is also of interest to you. That means direct competitors are of course ruled out. However, if you were to run a beauty parlour, for example, a strategic partnership with a manicure salon would be a good solution. Because in this case, you would both profit from the advantages of such a partnership. When looking for a suitable partner, you should pay particular attention to the following elements:

The partner company should be about the size of your company.
Be mindful of a reliable number of customers. Followers in social networks are often an important indicator.
Avoid addressing companies that are in direct competition with you.
Search for companies with thematic synergies. In that way, effective Co-Marketing can be justified easier.

An example of a successful partnership: The flower shop Blattwerk displays the design, living and garden accessories of the partner company Raumfocus in its own garden.

Convincing a potential partner of Co-Marketing

If you are striving for a strategic partnership, you must first convince the potential partner of the advantages of such a partnership. Because no one will voluntarily enter a partnership that only offers advantages to you. Accordingly, it is important that you deal with the market situation of your potential partner and that you analyse the advantages of Co-Marketing for him. In doing so, the more accurate and careful you proceed, the less resistance you can expect. Only when you are sure that the strategic partnership is of great advantage to your potential partner as well, should you make the first attempt at contact.
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Reasons for Co-Marketing in detail

A strategic partnership can offer many advantages. Especially when both you and your partner blend well together, and you can both make full use of the resulting synergies comprehensively. Such a strategic partnership can have a huge impact on the company's success, especially for smaller companies. For example, if you can present your goods in the shop of your partner and he in yours as well, then you both profit enormously from it. Because without any further costs, you can theoretically double the possible number of your customers and thus boost your economic key figures noticeably. However, marketing efforts can also significantly reduce costs through joint actions and joint advertising. Thus, Co-Marketing offers you an enormous range of advantages that you can use.

Strategic partnership and its effects

A strategic partnership can offer many advantages. In doing so, the differences between the two companies are of crucial importance in Co-Marketing. The result is always a direct exchange of services from which both partners benefit equally and strongly. This is how you and your partner can benefit from each other and Co-Marketing in the following scenarios:

You use the good name of another brand to make your company more well-known, while your partner gets access to your customer base.
You can both exchange your email lists, and thus both benefit from a wider radius in the area of newsletter marketing.
You can appear jointly at trade fairs and other events, attracting more attention to your presentations.
You can offer your products in the other partner's shop and vice versa, and significantly increase your potential customer circle.
You can distribute samples from your shops to the other customer group respectively, and thus enlarge your catchment area permanently.

These are all but small examples, to what extent Co-Marketing can be economically advantageous. Above all, a strong expansion of target groups and the sharing of resources make a strategic partnership extremely attractive for many entrepreneurs.

Always remember: A good strategic partnership offers clear advantages to you, as well as the partner company and the customers.
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