From the rise of e-commerce and shoppable media to the advent of connected stores, the retail industry is in constant change.
We look at how using co-marketing in your promotional strategy can lead to great success in a highly competitive and saturated industry.
What is co-marketing for brands?
Co-marketing for brands is when two companies join forces on a specific promotional campaign, that neither could effectively execute alone. It can be a piece of content or a product and is a way of leveraging product visibility. It’s a quid pro quo solution enabling brands to increase outreach, create social buzz and spend less.
Some examples for inspiration
- Collaborative storytelling
- Exchanging emailing lists
- Social media guest appearances
- Featured ads
A nice example is when IKEA collaborated with Dreamworks back in 2015 to produce a series of short animations. This collaboration was based on the shared belief in the importance of play for everyone. As a result, IKEA was able to bring its products to life with the help from world-class storytellers.
What questions should you ask beforehand?
What are the benefits?
Co-marketing allows brands to pool together marketing budgets, creating bigger and better opportunities for both parties whilst scaling your economies.
Partnerships allow brands to exchange and combine resources. One key example is the announcement that Red Bull and GoPro will embark on a multi-year, global partnership. According to GoPro, Red Bull will receive equity in GoPro and GoPro will become Red Bull’s exclusive provider of point-of-view imaging technology for capturing immersive footage of Red Bull’s media productions and events. The indisputable advantage of GoPro and Red Bull’s partnership will be the continuation of a long-term positive relationship between two like-minded brands.
Co-marketing offers a gateway to new customers that either brand may not yet have had access to, thus boosting brand visibility and product sales. Even the unlikeliest of partners can be successful; just take a look at last year’s surprise in the fashion industry – Balmain and H&M. Although H&M didn’t reveal its sales figures, social media interactions skyrocketed during the campaign launch, with over 80,000 Instagram posts using the official hashtag.
Increased customer engagement
Social media guest appearances not only drive conversation and create buzz around brands, but they can help brands engage with new audiences. This in turn encourages greater conversions from social media to your website. Co-marketing social media strategies come in all shapes and forms; from guest written content to Q&As.
The halo effect
Co-marketing campaigns allow both parties to enhance brand integrity (how consumers perceive a brand through its products, image and reputation) and create a buzz around both brands. Take a look at last year’s Spotify and Starbucks partnership; two extremely successful brands enhanced their integrity with potential new customers. Not only that, but Starbucks’ loyalty scheme – which was one of the foundations on which the partnership was based – consisted of over 10 million members at the time. One surefire way to achieve that sought-after halo effect!
Twice as nice promotional campaigns
Co-marketing promotional campaigns can be extremely advantageous, particularly for brand and retailer partnerships. PromoGaming® provides a revitalising solution to traditional promotions by offering retailers and brands a tailored campaign with many benefits.
The proof is in the pudding with Auchan Drive’s October 2016 PromoGaming® campaign. The leading French retailer collaborated with various brands on its ‘Drive Win’ campaign. Each eligible product bought by customers increased their chances of winning a cash refund on their shopping. The retailer increased the average cart value, whilst the brand increased product sales. Furthermore, the ‘play to win’ concept increases brand value and visibility; an effective way of revitalising promotional marketing!