Piggybacking On Other Businesses: How To Make Co-Marketing Work For You
Here’s a great marketing strategy and a step-by-step guide on how to leverage OPC (Other People’s Customers) in your business. First of all, why co-market? Co-marketing is just a fancy schmancy term for working together with another business and doing some joint marketing.
There are many easy ways you can do this.
The first way is to structure a co-marketing arrangement in what I call the “double double relationship”. You create a marketing campaign that the other business sends out to their mailing list. And they do the same.
This is really just leveraging each other’s mailing list. For example, imagine you’re a financial advisor and you have a great buddy who’s an estate planning attorney. It’s very, very likely that some of his clients could use your services, and that some of your clients could do with an estate planning overhaul. Everyone wins.
Another way is the endorsed mailing – which is where you create a marketing campaign that the company you’re co-marketing with sends out, under their name (not yours). They basically say what a swell company you are and give them some reasons why they might want to do business with you. This kind of co-marketing arrangement is particularly powerful. You’re unknown to these people, yet suddenly your credibility leaps skyward because you’re getting an endorsement from someone they know and like.
One quick word of caution about the endorsed mailing – whatever you do, never ever endorse a company to your own list that you don’t know to be honest and great at what they do -- 1000%. If you have even a shred of doubt about their ability to take care of your customers – don’t do it. It will damage your own credibility and trust relationship with your clients, and will negatively impact your business and reputation.
The third way to do co-marketing is simply to approach a company and ask if you can “rent their list”. Why would you want to do such a thing? Well, if they have your ideal clients as their customers already – leveraging the list they’ve already spent tens or hundreds of thousands of dollars on is like leap frogging to the top of the class. Of course, you could invest the thousands of dollars and many years to develop your own list, OR you could push the easy button, shave years off your learning curve and simply “buy” new ideal clients.
