Is your current cost of customer acquisition burning a hole through your marketing budget? Is your lead generation not consistent enough across channels? While other businesses rake in record sales, it might leave you thinking how you can replicate it too. Well, there is one idea that will help you generate more leads, more customers and more sales.
Have you heard of co-marketing? It is your opportunity to grab more customers for lesser marketing spend. Want to know how? Read on.
What is Co-Marketing?
In co-marketing, two complementary or non-competing businesses market their products together and to each other’s customer base.
For example, if Business A is selling airline tickets and Business B is renting out hotel rooms, then they would benefit from marketing to each other's customers. Customers who buy airline tickets are often offered deals on hotel rooms in their destination city. And customers who book a hotel room first can benefit from bundled airline ticket packages. This is an example of two complementary businesses entering a co-marketing partnership.
In most cases, businesses charge a fee for referring a customer to a partner. They also create an offer on the product they are pitching to their partner’s customers to encourage a sale.
Co-marketing partners could also send promotional offers together, generate leads together, and share information together about their businesses on advertisement inserts, joint-promotions, social media, point of sales, information pamphlets and other collateral.
Why is Co-Marketing Effective?
Co-marketing is an ideal opportunity to create awareness about your brand to a larger audience to create a sustained revenue pipeline. When you co-market:
You get the immediate opportunity to sell to referred customers, which brings down your customer acquisition cost.
Every time a customer buys from your partner’s store, you have an opportunity to place one of your products with a unique offer - to convert a high-intent lead.
You rapidly increase your revenue generation by opening up a hitherto non-existent captive audience of your partners.
You also create a secondary source of revenue, in the form of a fee or a reward earned from referring your customers and leads to your partners.
In short, two is better than one. More is better than two. Co-marketing is a mutually beneficial, symbiotic business relationship. When businesses join hands and go to market, the opportunities multiply for both of them.
The fact of the matter is that you could have a co-marketing relationship not with just one but a number of other businesses in your eCommerce ecosystem. The potential of lead generation through co-marketing is simply immense.
How Co-Marketing Works in Qubriux on Shopify?
On the Shopify app store, our app Qubriux is a co-marketing platform that you can download for free and use to take complete control of your digital marketing. Among numerous features, Qubriux enables you to enter into a tactical partnership with a fellow merchant.The Qubriux Partnership is a mutually beneficial agreement where two merchants can provide customized offers to each other’s customer base. By virtue of this partnership, you can make a sale to your partner’s customers and your partner can provide offers for you to propagate to your customers.
In order to make a “co-marketed” sale to your partner’s customers, you must provide areward to your partner for referring their customer. Additionally, you must provide an offer for their customer to encourage the sale. A successful partnership is beneficial to both you and your partner as you mutually create leads for each other using your partnership.
On Qubriux, you will find a list of merchants with whom you can potentially enter into a partnership. Browse through the list and identify a suitable match to be your partner and let them know your intent by agreeing to the terms.
You are welcome to invite your existing store partners on to our platform to enable this feature for them. You can also enter into more than one partnership with fellow Qubriux merchants, in this way, generating many leads from all your fellow partners.