How Collaborative Marketing Can Grow Your Business

By Alexis Quintal, Owner & CEO of Rosarium PR & Marketing Collective

Strong, impactful marketing can bring big results — with a big price tag. But what if you could get more bang for your marketing bucks?

More and more business owners who excel at stretching their budgets are doing just that without sacrificing on quality, reach and — most importantly — results. How? It’s a not-so-new technique called collaborative marketing.

WHAT IS COLLABORATIVE MARKETING?

Collaborative marketing is the art of partnering with another brand on any number of marketing efforts. You share the creative input and the costs. And if you do it right, both you and your brand partner can increase your message exposure at a reduced cost per touchpoint.

You’ve probably noticed this strategy in recent Superbowl ads, but it’s been around for years in a number of industries. GoPro & Red Bull. Apple & Nike. In 2012, Taco Bell & Frito Lay got together and wound up selling $1 billion worth of Doritos Locos Tacos in a 14-month period.

All those examples are TV ads, but collaborative marketing can happen anywhere. And you don’t have to be a mega corporation to see it do wonders for your bottom line.

HOW TO USE COLLABORATIVE MARKETING IN YOUR BUSINESS:

1. Find brand partners that are on your target audience’s radar (and vice versa) — If you sell boats consider partnering with a real estate agent who specialises in waterfront property. If you’re a wedding planner, you could team up with travel agents who can help your clients with honeymoon plans and real estate agents for house hunting. These may not be the first partnerships you’d think of, but they make sense because consumers have needs that are common to both businesses. Use that outside-the-box logic to explore the possibilities for your business.
2. Pitch your idea — Not every good idea needs a formal presentation. Once you’ve identified a potential brand partner, jot down some notes and make a phone call to introduce yourself and describe your idea at a high level. Discuss the costs and benefits to both of your businesses. Lay out expectations and goals for how the partnership can be a win-win.
3. Gauge results — Judging your efforts by how well you and your brand partner achieve your goals is obvious. But the time you’ve invested in building this partnership is a valuable investment, so make sure you take notes that can help you with this and other brand partners down the road.

A QUICK CASE STUDY

I can say these collaborative marketing techniques actually work, because I’ve used them for my company — Rosarium PR & Marketing Collective. We’ve partnered with photographers and florists to create trade show booth experiences. I also worked with speakers from other industries on workshops for entrepreneurs and small businesses.

Most recently, Rosarium partnered with a local roofer for a Tampa yacht gala. We hosted 75 guests for an evening of networking amidst some of the most beautiful views imaginable. Thanks to collaborative marketing, most of Rosarium’s contributions were in providing elite PR and marketing services to make the event a wildly successful sellout, which paid most of its own bills through sponsorships and ticket sales.

You can do all those things too — and more. Just give some thought to the tips above and, most importantly, get started. Write down some ideas. Reach out to other entrepreneurs, and brainstorm creative ways you can help both of your businesses grow by tapping into each other’s audiences.

Then see what works, build on it and keep moving forward. And as you do, make sure you celebrate every success. You’re opening up new doors, growing your network and exploring new opportunities. That’s always the best investment you can make in yourself and your business.

ABOUT THE AUTHOR

Alexis Quintal is the owner and CEO of Rosarium PR & Marketing Collective — a national firm specialising in public relations, personal branding and innovative strategic business consulting. She has 12 years of experience that includes sales management and director-level media roles at worldwide institutions like Walmart Media Group and Newswire. Alexis is a highly sought-after speaker for international seminars, workshops and community events.