Skip links
Get Early Access
scroll
Kenja
Co-Promotions
Published in: Co Promotions

The Ultimate Guide To Co-Promotions

Co-promotions are a marketing strategy, where two organizations with similar target audiences team up for a promotional marketing campaign. Their main goal is to increase sales by promoting each other's products to their respective audiences. This usually involves special deals, discounts, or compelling messages to get people to try or buy what they offer.

Co-Marketing vs Co-Promotions

Co-Marketing

Co-Marketing, is a marketing collaboration between two organization which includes co-promotions, collaborating on content, co-branding new products or services or co-hosting events.

Co-Promotion

Co-Promotions are Co-Marketing campaigns where partners cross-sell to each other’s audience with the goal of directly influencing trials or sales, often targeting results in a short timespan.

Co-Promotion Strategies

Co-promotions are often created with some kind of offer or incentive to persuade their partners’ audiences to engage with them, to ultimately capture new leads or customers.

1. Bundle Co-Promotion

A collaborative offering, where partners offer a bundle on their combined products and/ or services to both their combined audiences. This works particularly well if both target markets are very similar, and in need of their complimentary services.

An example of this might be Reference Checking Software and Background Checking Service, offering a discount when you buy both services together.

2. Exclusive Discount Promotion

This is a non-collaborative offering, where both partners create an exclusive discount on their product and leverage the other partner’s shared and owned channels to drive interest.

An example of this might be a Marketing Analytics Software and a Marketing Project Management Software. When using one, you’ll be offered a discount on the other.

3. Giveaway Promotion

A giveaway promotion often entails selling a product or service at full price but with an additional product for free. In co-promotion, this might work well if giving away something valuable from the partner company.

An example of this might be a food delivery service & streaming platform, offering a free month of streaming with every certain number of orders, or a discount on food delivery when subscribing to the streaming service.

4. Non-Reward Driven

There are lots of other opportunities, including messaging that doesn't offer a reward that might fit better into your brand's marketing. For instance if you sell to a luxury market or to enterprise customers, discounts might not be on-brand. Other options might include extended moneyback guarantees, exclusive access, competitions or sharing social proof.

Pros & Cons of Co-Promotions

Advantages

  • Lower Cost: Businesses can significantly expand leads without the cost of acquiring new customers independently
  • Short-term Results: With incentives and discounts, especially if timeboxed, organizations can drive results in a shorter time frame
  • Increased Conversion: Partnering with reputable brands can bolster your brand's credibility when partners’ buyers are considering you

    • Challenges

  • Brand Mismatch: If the partners’ brands don’t align well, the campaign can confuse customers and dilute brand identities
  • Unequal Effort or Benefits: One partner putting in more effort or receiving less benefit can strain the relationship
  • Customer Data Sharing: Issues may arise around how customer data is shared and used.

    • How to Successfully Execute a Co-Promotion

    1. Define Goals

  • Identify Specific Aims: Start by defining what you want to achieve. This could range from increasing sales, trials, leads or entering a new market.
  • Quantifiable Targets: Set goals that are measurable. For instance, aim for a 10% increase in sales or a 20% growth in leads

    • 2. Find the Right Partner

  • Aligned Audience and Values: Either look for a company with a similar target audience and shared values
  • Complimentary Strengths: OR choose a partner whose strengths compliment yours, for example a data focused software with a data consultancy

    • 3. Agree on Objectives

  • Mutual Benefits: Make sure that campaign objectives are beneficial for both parties, to help maintain ongoing enthusiasm and commitment
  • Document Objectives: Have a written agreement on what each party aims to achieve to avoid any misunderstanding later

    • 4. Create a Compelling Offer

  • Unique and Valuable: Design an offer that is both appealing to the customer and unique to the partnership
  • Test and Refine: Use market research or focus groups to test the offer and refine it based on feedback

    • 5. Sign a Formal Agreement

  • Legal Documentation: This should outline the terms of the partnership, roles, responsibilities, and how profits or costs are shared. Get yours free on Kenja
  • Exit Clauses: Ensure there are clear terms for resolving disputes or ending the partnership if necessary.

    • 6. Leverage Owned and Shared Media

  • Cross-Promote Across Channels: Utilize each other’s marketing channels such as social media, email newsletters, websites, and in-store promotions
  • Consistent Messaging: Ensure that the promotional content is consistent in terms of brand voice and message across all channels.

    • 7. Ongoing Communication

  • Regular Check-Ins: Schedule regular meetings to discuss the progress of the campaign and make adjustments as needed.
  • Open Lines of Communication: Encourage open and honest communication to quickly address any issues or opportunities that arise.

    • 8. Measure and Analyze Results

  • Track Performance: Use tools and metrics agreed upon to measure the success of the campaign against the initial goals
  • Post-Campaign Review: Analyze what worked and what didn’t. This learning is invaluable for future co-promotions

    • Co-promotions offer an exciting way for you to expand your reach, save costs, and achieve short-term results. By carefully selecting the right partner, setting clear goals, and creating compelling offers, you can achieve significant marketing results. As with any strategy, it’s important to be aware of potential challenges and approach them with a well-thought-out plan. When executed correctly, co-promotions can be a win-win for businesses and customers alike.

    Ready to find partners for a Co-Promotion?

    Sign-Up Now
    This website uses cookies to improve your web experience.