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Profitable Partnerships:
Startup Tips and Tools for Co-Branding
 Yesterday I got an e-mail out of the blue. Someone with a home decorating business wanted- to exchange blog links with me. Now first of all, I don't even know this person. And secondly, where is the connection between a B2B marketer and a consumer-based home décor firm? Do we even serve the same kind of customers?
Some see exchanging links as a form of co-branding. But really, successful co-branding (sometimes called alliances or joint ventures) is much more than that. It's a targeted strategy that connects preferred partners in a way that helps each of them attract more customers and maximize the power of their brand. Keep in mind that your ultimate goal is always to find the best solutions for your customers.
Look for a partner
Joint ventures are fairly straightforward. For product-based companies, a business that sells bicycles might partner with one that sells accessories. A pizza shop may include a two-for-one movie coupon and the theatre gives a coupon for $2 off a pizza.
Owners of service-based companies choose partners that have something in common with the service they sell. For example, an attorney finds a wedding planner or a tax specialist; a realtor with a mortgage broker or moving company or relocation expert; a business coach and a sales trainer. But be sure that:
1. Your audiences are similar. Your partner should have customers interested in your product or service and vice versa.
2. Your audiences are similar in size. If your website is getting 1,000 visitors a day and your prospective partner is only getting 75, it's obviously not going to be a mutually beneficial relationship.
3. Start slowly and consider a trial period first. Try exchanging website, blog, or e-newsletter sign-up links first and evaluate the results before moving forward.
Identify Co-Branding Tools
There are many more, but try these for starters:
· E-mail newsletters- Each partner includes a sign-up for the other company's e-letter on their website. Just be sure that you make the connection clear: how will your customers benefit?
· Free report or e-book- Create a highly useful report and guide with a soft-sell bio of your company at the end. Let your partner co-brand with her logo and offer it to her customers.
· Reciprocal blog posts- Share your blog readerships by posting relevant articles on each other's blogs. With links back to your blog.
· Co-promotions- Participate in joint contests and giveaways.
· Word-of-mouth- Talking up your partner works particularly well if you are a service-based business because you see your customers and clients regularly.
What potential co-branding partners are waiting for you to start a conversation? |
