Word of Mouth Marketing Part 2: Increase Your Business Using Co-Branding
What is co-branding?
Basically, it is piggybacking another brand or company to utilize their audience. The goal is that the other company can put their brand in front of YOUR customers, and you can put your brand in front of THEIRS.
Think peanut butter and jelly. If I owned a peanut butter business, I could partner with a jelly business and expand marketing reach.
The best way to find companies that are willing to participate in this type of marketing is someone you know! This is where good old-fashioned networking pays off.
It’s an interesting time to reach out to your list of contacts to see who might be a good fit and create a co-marketing campaign. The first steps with your new partnership would be to determine who gets access to what list, how they can use the list, and what type of promotion would be fun and a good fit!
Here in #Austin there are many unique opportunities. Bars and shelters get together and create a way to raise money for animal shelters and let pet adoptions happen on site at the bar’s outdoor patio, raising awareness for both businesses.
Many location and event campaigns can be used to host services, perhaps a coffee shop letting a business coach host a workshop or a furniture store hosting a wine tasting.
The possibilities are endless. The tricky part is what is possible at the current time because of Coronavirus and making sure that each business does its part to push social media and email campaigns.
According to the [Journal of Marketing Research], Brands that inspire a higher emotional intensity receive 3x as much word-of-mouth as less emotionally-connected brands. The same academic study also found that highly differentiated brands earn more positive word-of-mouth. The key would be how can you include this emotional aspect to your campaign?
Even better, how can you incorporate using brand ambassadors (discussed in our article here) into your campaign and event for an even bigger boost? [
] says 71% of people are more likely to purchase when referred by social media.
Co-branding is also another reason companies decide to volunteer and sponsor. This is more of a public relations move, offering to volunteer or donate in exchange for social media mentions, but the concept is the same.
And for a recap, whatever you do, pay attention to the service and experience. Word of mouth marketing and testimonials only work as long as the product or service customers receive has value and gives a great experience.