Should You Consider Collaborative Marketing?
In a world that thrives on competition, it’s natural to be suspicious of sharing. It’s a habit learned from childhood: the powerful allure of mine. My ideas, my revenue, my business.
What is Collaborative Marketing?
Both parties should come away financially stronger. You’ll pool your resources to reach a collective audience more effectively.
The Power of Collaboration
Two businesses working together can accomplish more than one. Now imagine three businesses, four businesses, or even more. By forging powerful partnerships, you’ll be able to create collaborative products that will resonate enormously with consumers—even after a marketing campaign has ended.
How can you collaborate with a peer business, reach the same audience, and not fall prey to the competition?
Sometimes, the best way to attract your audience’s interests is to forget about rivalries and focus on meeting customer needs. Collaborative marketing puts an emphasis on common goals. Participating in collaborative marketing campaigns can give your business a more secure stream of revenue and a stronger professional network.
I Spy Collaborative Marketing
You’ve likely seen some recent successful collabs, and you may not have even noticed.
Recently, J.Crew’s sibling brand Madewell opened its doors for collaboration. The brand connected with the athletic apparel company Outdoor Voices to expand its fashion-wear line to the outdoors. With Outdoor Voice’s technical apparel know-how and both brands’ appeal to a social media savvy consumer base, the two brands have been able to make waves with their collaborative apparel kits.
We’ve also seen similar trends between Uber and Spotify. Everyone plays music on their drives; this partnership allows ride-sharing passengers the chance to enjoy their own music during their commute. Try it for yourself: as a passenger, you’ll be able to play your own music in an Uber driver’s car. Thanks, Spotify.
Should You Try It?
Are consumer attention, technological advances, and increased revenue reason enough to consider a collaborative marketing campaign?
But those aren’t the only benefits of this marketing style.
- Broader Reach: Your peers have access to an audience that you don’t. When you collaborate, their audience becomes your audience, and vice versa. Who doesn’t want to expand the name of their brand?
- Greater Creativity: By bringing new minds onto your creative team, you can approach marketing from angles you may not have considered before.
- More Resources: Your peers have access to different channels and different resources than you do, and maybe even some that you haven’t heard of before. By pooling your resources, you can do more than expand your outreach budget. You can bring influence, attention, and detail to it that wouldn’t have been possible solo.
No matter the size or scope of your business, you can take advantage of industry relationships. Collaborate on a special event, share a sale with your professional peers, or seek out brand partnerships with professionals you like.
Collaborative marketing is more than networking. It’s an opportunity for your business to grow in a new direction that you may never think of on your own.
image attribution: Prostock-studio – stock.adobe.com