At Master Networks we talk a lot about the power of co-branding and of leverage. Businesses who leverage one another can stay ahead of the competition by leveraging their marketing dollars and their time. With an economy full of ups and downs, this skill is more important than ever.
One example of this on the highest level is the joint efforts of Nike and Apple to bring exercise and music together. Together they developed the Sports, a wireless system that has iPod’s receiving communication from the shoes.
If two powerhouses with pretty much unlimited marketing dollars see the benefits of co-branding it seems logical for small and medium sized businesses as well. But how does one find a good match?
Brands that have a commonality or audience can start there. For example a Realtor and a mortgage broker might host an information session on the housing market for new home owners. A massage therapist and a chiropractor might find ways to share office space and marketing dollars. The first step is really looking within your sphere of influence to find a compatible business to partner with.
In some cases a group of businesses can join together if they are all trying to reach the same demographic. One of our chapters in Naples, Florida has decided to launch a group website featuring all of their businesses. This site will be paid for equally by everyone in the group and all will be contributing one blog or story once a quarter about Naples, Florida.
Chapter president Lee Blackston had the idea when his Prudential Realty office landed a substantial relocation account. He asked the group if they would be interested in joining to create a relocation to Naples website. The site will feature the best places to dine, see a movie, or catch the theater. The website will be designed to take off the sales blinders by sharing what each business on the site loves about Naples. The idea occurred because of the ongoing training that Master Networks provides regarding the power of co-branding. (The website however is an independent group effort open to those who wish to participate. It is not designed or hosted by Master Networks).
As an added bonus, the group has a web developer who has agreed to build the site at a much lower rate than current market value because they will benefit from the group exposure. By co-branding this marketing effort on a group website, everyone in the chapter will exponentially gain exposure for a low dollar amount per business. Win-win for everyone!
Leveraging what you have whether it be time or money is the start towards exponential growth. For more information and training on co-branding, check out the training’s in your Master Networks University and please share with us how you have co-branded successfully so we can share and talk about it on social media.