Five ways to effectively utilize marketing collaborations
(This article was originally published by Entrepreneur.com and was edited for content and style.)
Marketing partnerships are one of the most effective ways to boost your marketing activities. Most companies and startups know this and invest significant resources in collaborative activities. When they first hear about collaborations, many people immediately think of influencer marketing campaigns. They think of celebrities who share products on Instagram and athletes who endorse sports brands. While influencer marketing is a leading form of collaboration, there are more forms of collaboration that can skyrocket your marketing efforts and lead to more engagement.
In this article we discuss five ways to use collaboration effectively.
Many companies give webinars. The problem is that most companies don’t understand how to do this properly. They usually start with some common industry talking points and then talk about how great their company is and why you should use their products. What they should be doing is focusing entirely on the consumer, providing as much value as possible, and making sure they provide actionable insights to their webinar audience.
To give that a boost, you can do a co-hosted webinar, meaning you can have someone else in the industry host the webinar with your leadership team; it could be a customer, a prospect or a leading advisor in your industry. The idea here is that with them co-hosting the webinar, you can tap into a larger audience and the distribution of the webinar will be more significant. The webinar itself will also be more prosperous as there will be more angles, points of view and knowledge to share, and this will lead to higher audience satisfaction as well as brand trust and authority.
Building a movement
An effective way to generate awareness of something is to start a movement, and by adding partners to that movement you can expand and reach more people. This creates strong momentum and increases brand awareness. An example of this is what the sales demo creation and optimization platform Walnut has done with its #weareprospects movement, which aimed to effectively optimize the B2B purchasing experience.
Think about something your industry needs and find a way to create an effective movement that benefits your customers, prospects and brand.
Platforms like Substack have revolutionized the publishing industry. The ability to email newsletter articles directly to your subscribers has opened the doors for many writers who want to write freely without editorial approval. Substack has also become a great tool for bypassing social media algorithms by sharing your content directly with your followers. Many companies sponsor newsletters to tap into a hypertargeted audience. The writers have also been able to benefit financially from a brand’s contribution and from the brand’s audience once they share the article on social media.
Brands and media collaboration
This is probably one of the better known forms of collaboration out there. Brands actively push content to media publications, TV channels, radio programs, etc. This is PR and PR is an excellent tool for brands and the media. Why is that? Because the brands can benefit from the authority and audience of the publication, while the editors and reporters are exposed to stories and article ideas that can contribute to their work. Today there are far more PR agents than reporters – this means reporters think twice before deciding to write a specific story and because they get pitched a lot, they have to be very selective. It’s crucial to understand that and build a good story for your brand.
Earlier in this article, we talked about how to organize a co-hosted webinar. Well, you can also do something similar in a physical space. This could be in the form of an industry meeting, conference or show. The idea here is to partner with other companies in your industry to provide a great experience for your audience. Shared events are also heavily amplified on social media.
Let’s say you have 1000 people attending your shared event and 20% of them share something on their social media channels. This could lead to millions of followers being exposed to the event. This is such a great marketing tool. My bonus tip here is to really make sure you include the digital aspect of this. Social media can really increase your impact with this.
There are many ways to use collaborations in your marketing activities. You need to remember that collaborations help you make a bigger impact by tapping into a wider network, audience and expertise. Collaborations must be well structured and executed so that all parties involved are satisfied with the result. This is very important and increases the chance that other people and companies will want to work with you.