1. Create a Webinar or Ebook: These educational materials are ideally suited for co-marketing ventures. It’s easy to divide up the work based on topic and section. For example, HubSpot successfully teamed up with LinkedIn Sales Solutions to develop an ebook on social selling strategies. This joint effort demonstrated the expertise of both companies and bolstered their credibility while broadening their reach.
2. Cross-promotions: There are countless ways you can collaborate with other businesses for a cross-promotion. You can mention each other on social media, create a joint advertisement for a newspaper, split a booth at a trade show or combine your email subscriber lists to send out a joint promotional mailing.
3. Discounts and special offers: Everybody loves a discount, so why not partner up with another company for a special offer? Include a discount for your partner company on your invoices, or offer free shipping when a customer places an order from both businesses.
4. Co-branding: Co-branding is a unique type of marketing partnership in which two brands combine their expertise to develop an even more attractive or valuable product. One example of a killer co-branding effort is the Doritos Locos Taco, the brainchild of Frito-Lay and Taco Bell. This insanely popular item set sales records at Taco Bell, selling over $1 billion of the product since its debut.
5. Run a contest together: This is one of the easiest and most fun collaborations you can do with other companies. The prizes can come from both businesses, reducing each company’s cost while simultaneously making the contest more attractive.