AN ESSENTIAL MARKETING TOOL FOR BUSINESSES WHO WANT TO REMAIN COMPETITIVE
Building smart relationships have always made good business sense, and now it’s more important than ever, and the opportunities are everywhere (if you look for and manage them correctly).
Using the power of co-branded marketing partnerships to gain exposure and utilize new distribution channels is not only smart, but it’s also an essential marketing tool for businesses who want to remain competitive and stand apart from their competition.
A unique example of a co-branding partnership is Uber and Spotify. Music-streaming app Spotify partnered with ride-hailing app Uber to create “soundtrack for your ride.” Uber and Spotify offer very different products. However, they share a very similar goal: to gain more users.
Here are a few tips to consider for selecting an ideal partnership:
- Put yourself in your customers’ shoes and choose a partner that will excite your audience and give you a competitive edge over your competition.
- Create a partnership that is mutually beneficial for both parties, ensuring you both fill gaps and needs for the other’s business.
- Establish common goals and detailed terms of who is doing what to benefit both organizations mutually. Define the tasks you will perform and have your partner do the same. From this, you can each be accountable to yourselves, to each other, and to the business.
- Identify and utilize the strengths of each partner. Bringing out and using the strengths of the individuals within the partnership will add to the motivation, the energy, and the odds of long-term success.
If you’d like ideas on how to promote a co-branded marketing partnership, give us a call today at 856.429.0715. Our team of experts would love to help.