31 May 9 Things to Consider When Collaborating With Other Companies
Imagine tapping into a new audience pool, leveraging shared resources, and innovating through fresh perspectives. It’s all within reach through profitable collaborations. But before diving headfirst into these ventures, you’ll want to consider the following in today’s blog post!
Benefits of collaboration
Why should you consider collaborative marketing?
- By joining forces with like-minded brands or influencers, you instantly expand your audience reach, reaching new markets and demographics.
- Collaborating sparks fresh ideas and innovative approaches, leading to more engaging and impactful marketing campaigns.
- Shared resources and expenses make collaboration a cost-effective strategy, allowing you to achieve greater results within your budget.
- Partnering with reputable brands or influencers lends credibility to your message, fostering trust and confidence among your audience.
For profit campaigns
Collaborations provide a great opportunity for you and the other business to expand your target audience.
Ask yourself and the other business these questions before starting any for-profit collaborations to eliminate any hiccups and make sure you both are on the same page so the campaign will run smoothly.
- What are your shared goals?
- Who is doing what?
- How long will the campaign be?
- What will the project be?
- Where do we see areas of failure or obstacles in our plan?
Audience
When it comes to collaboration, understanding each other’s audience is key. Take the time to understand their demographics, preferences, and behaviors.
By doing so, you can tailor your marketing efforts to speak directly to them, ensuring maximum impact and engagement.
Paid promotion rules
The Help Center page on the Meta Business Suite website states Meta Advertising has specific standards, “which are designed to help protect people from poor experiences and support meaningful connections between people and businesses across our technologies.”
It is important all parties comply with these rules to ensure ads won’t get flagged. There are specific policies on promoting information on: personal attributes, sensational content, social or political issues, and other additional information.
Learn more about Meta’s Advertising Standards here: https://www.facebook.com/business/help/488043719226449?id=434838534925385
Influencer marketing
Partnering with local influencers opens doors to their active audience, driving foot traffic and fostering genuine connections with your community.
Supporting nonprofits
Your company’s nonprofit support is amazing! Consider this advice to take those relationships to the next level:
- Explore cross-promotion collaborations. How about having YOUR logo featured on their flyers, website, and social media posts?
- Take it to the next level by sitting down together and discussing your collaboration. Why not record a video where you share why you chose them, and let them share why they chose you?
Reviewing metrics
You may not be able to see the performance of your collaboration on the other end. So, set up routine meetings to go over campaign metrics to analyze the success of your collaborations.
From there you can discuss the spikes in campaign posts and help the conversation move forward. If the performance is not ideal for both parties, then the partnership might need to end.
Red flags
In the world of collaborations, spotting potential pitfalls is key. Keep an eye out for these red flags:
- Lack of alignment: If your values, goals, or target audience don’t sync up, it could be a sign that the collaboration isn’t the right fit.
- Communication breakdown: Consistent and open communication is essential. If there are delays, misunderstandings, or unresponsiveness, it might signal trouble ahead.
- Unreasonable demands: Beware of partners making excessive demands or expecting unrealistic outcomes.
- Reputation risks: If the party has a questionable reputation or engages in unethical practices, it could tarnish your brand’s image by association.
- Contract confusion: Unclear or overly complex contracts can lead to disputes down the line. Make sure terms are transparent and fair to all parties involved.
Spotting these red flags early on can save you from headaches and protect your brand’s integrity.
Cross promotion
The Instagram ‘Collab post’ feature allows you to share a SINGLE post on TWO Instagram feeds (yours and the other organization you are collaborating with.)
On the Instagram app, you can do this by:
1. Posting as you normally would.
2. Tag the Instagram handle of the account you are partnering with, as if they are in the photo.
3. After you choose their username, click the button at the bottom of the screen that says ‘Invite As Collaborator’.
4. Once you post the photo, the other account has to approve the post before it is shared out to their feeds as well.
NOTE: If you choose to utilize this feature, is important to communicate who is going to take the initiative and follow the steps above to create the post. If both of you do this, it will be ineffective because a single post will be posted on your feed twice.
By delving into the intricacies of audience alignment, advertising standards, influencer partnerships, and nonprofit collaborations, you equip yourself with the tools needed to thrive in this dynamic landscape. If you have any questions on any of our tips explained above, or just need marketing advice, send us an email at info@germono.com.
