I recently came across an Instagram post by supermodel Lily Aldridge advertising a gift box she had received from Google Nest filled with supplies to stream the newest season of Netflix’s The Crown. You may be wondering why Google and Netflix would partner, but it makes sense once you understand all of the benefits of co-marketing.
If 2020 has taught us anything, it’s that we are stronger together. The same can be said in marketing. By working hand-in-hand with another company or agency, brands can combine their marketing efforts in order to grow their audience, create new content and increase brand awareness.
Creating a co-marketing campaign can feel daunting, but at UPRAISE we believe the benefit is worth the work. HubSpot created a list of co-marketing stats with highlights including:
- After seeing co-marketed campaigns, 68% of consumers were able to make buying decisions before even speaking to sales representatives. (PartnerPath)
- 54% of companies say partnerships drive more than 20% of total company revenue. (Partnerize)
- More than half of respondents in a 2018 partnership survey said partnerships were driving more customers and sales in that year than in 2017. (Partnerize)
- Brand partnerships that leverage digital channels see 4X the pipeline of non-digital partnerships. (Impact)
- Roughly 11% of marketers say “partnership posts” are their brand’s most engaging type of social media content. (HubSpot)
There are many benefits to co-marketing including increased audience exposure, mutually beneficial boosts to brand trust, and more cost-effective content—just to name a few. However, there are some risks involved including working with a brand with different values than your own, the fact that you may have less control since there will be more cooks in the kitchen, and the general day-to-day slowdowns that come with working with new people.
While it may feel daunting to even consider a co-marketing strategy, UPRAISE is here to help! Contact us today to learn how we can help you with your co-marketing needs.