TC: CO-OPERATIVE MARKETING
Cooperative marketing occurs when organizations or a group of businesses with the same type of product or complimentary products, work together to encourage people to buy their products.
Today’s challenge is to develop a co-operative marketing campaign. First, why should you go through this exercise? The answer is simple; it allows you to get energized with a different set of marketing options. Notice today’s challenge is only the development of the plan, not the implementation. Yes, launching this co-operative marketing plan will happen and that will be left for next week.
The process to develop this week is as follows:
• Based on your experience, make a list of pains (needs) that your target market has that your business cannot alleviate (serve).
• Prioritize that list to the best of your ability.
• Take the top two items on your prioritized list and make a list of the type of businesses that can satisfy those needs.
• Identify three specific businesses that you think you would like to work with in this co-operative marketing campaign.
• Considering the three specific businesses you selected, what are the most impactful benefits that you can provide that would complement the benefits that they can provide.
Give careful thought to the answers. When you are considering a joint marketing campaign, the selection of the “joint marketing” partner will have a major impact on your business. Look into the reputation of the business as well as that of the business owner.
“If opportunity doesn’t knock, build a door” Milton Berle
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