Collaborative Advertising 101

Collaborative Advertising 101 and How It Can Benefit Your Small Business Advertising Strategy

Devising an effective and affordable small business advertising strategy is not a simple feat. With so many different options to consider, it is easy to feel overwhelmed and unsure which approach will deliver the best results.

Whether you are already familiar with the term “collaborative advertising” or the concept is entirely new to you, here’s why this is one valuable tactic that can deliver meaningful results to your small business.

What is Collaborative Advertising?

With collaborative advertising, multiple parties will share the costs associated with producing and placing an advertisement with the idea that it will deliver clear benefits to everyone involved. To give you an idea of what collaborative advertising might look like in practice, let’s consider the example of a manufacturer partnering with a retailer that carries its products.

Take a moment to think about how frequently you have seen the world’s biggest cola manufacturer placing its products in fast food advertising. This form of advertising has a clear message: these products go hand in hand, and consumers should consider purchasing them together in the same transaction.

Why Collaborative Advertising Works for Small Business Advertising

Collaborative advertising isn’t solely the reserve of large businesses and corporations. It can help businesses of all sizes to get out of a marketing rut and give your digital strategy a new lease on life.

If you own a franchise business, for example, you are likely to benefit from horizontal collaborative advertising opportunities. You might choose to partner with fellow franchisees in your region to promote your services, push your advertisements out to more people, and share the costs across each participating site.

Alternatively, the vertical collaborative advertising model might be better suited to your small business. Many major retailers use collaborative advertising every time they create promotional materials that feature a product made by another business.

Your small business can also use this model because many manufacturers depend on advertising to increase brand awareness. They often rely heavily on collaborative advertising to connect with audiences on a meaningful level. If you can identify a manufacturer with whom you share similar goals and feel confident that you can create a shared message that will appeal to your core audiences, proposing a collaborative advertising strategy could deliver significant outcomes for your small business.

The Benefits of Collaborative Advertising

Using the potential of collaborative advertising as part of your small business advertising strategy offers myriad benefits. First, you will find that it is much gentler on your budget as you will generally only pay half of the costs, with your partner paying for the other half. If your marketing spending is lower, you may be able to integrate additional channels into your approach. This increased exposure will help you build awareness of your brand and can lead to a more impressive return on investment (ROI) by exposing your business to two audiences concurrently.

We’re certain you have heard the phrase “two heads are better than one” before, and although it is undoubtedly a cliché, the sentiment is often true. When two distinct marketing teams collaborate on a campaign that needs to deliver for two brands, the ideas that can emerge from this process are often bigger, better and in a stronger position to drive the best results possible than either team could have achieved alone.

If you would like to explore the collaborative advertising options available to your small business, please don’t hesitate to contact us and schedule a consultation to explore the full potential of NimbusMark products.

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