Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing, where business takes shape. Before we begin today I would like to thank all of you once again for tuning in. The Once a Day Marketing Brand is growing. There are more followers every day. So I thank you and encourage you to continue following and sharing with your friends.
Today is Recon Thursday and our topic is “Cooperative Marketing: Sharing the Load.”
What is cooperative marketing? Simply put, it is developing a campaign in conjunction with another brand or product and you market together.
Numerous companies participate in cooperative marketing because it enables them to share the load, so to speak. You share budgets and connections which is a very good thing. For example, if you were to take out a newspaper ad in a cooperative fashion with another company, you might only be spending 50% of what the cost would have been otherwise. You are getting the same reach and amount of exposure for half the dollars.
I received an iPod Nano for Christmas and I absolutely love it. And, it is a great example of cooperative marketing.
The iPod has technology that is able to capture statistics when I run, such as how fast and how far. It uses Nike+ software to keep track of all of that information so when I plug my iPod into my computer iTunes pops up it and it asks if I want to log into Nike+. Once on that site, it automatically uploads all my running data. And, it provides Nike with the opportunity to market running related clothing and accessories to me.
Talk about an effective campaign between Nike and Apple! Cooperative marketing does work and it’s something for you to seriously consider as well.
How do you find the right cooperative marketing partner? Look at the companies who are marketing in your area that you would consider prospective partners. Then, you have to determine whether any of these companies would be a good fit.
First, is it a complementary product? For instance, if you operate a hotel, you might be able to market in conjunction with a nearby restaurant. Perhaps different shops inside a mall take out a cooperative ad enticing people to go to the mall. There are numerous ways to marketing cooperatively. Virtually every kind of marketing channel, every kind of promotion you can think of is a medium for cooperative marketing.
If you really want to make it happen, the only way to achieve that goal is to take the time to formulate a strategy and then approach companies that may be a good fit with respect to marketing and see if they would like to help you share the load.
Just as the iPod exemplifies, cooperative marketing does make sense. You have to be creative and find the right partner, but if you do you can achieve great results and you’ll certainly reduce your marketing expense or have twice the budget to spend in the future.
That’s our Recon Thursday for today, stop by tomorrow for Digital Friday. I’m Jim Glover, That Branding Guy, for Once a Day Marketing, where business takes shape and we will see you next time.
James Glover: (505) 501-1330 or email@example.com