It’s important to remember that e-commerce stores aren’t islands. On the contrary, in fact. The larger your network, the higher your chances to get new leads, improve conversions, and skyrocket your sales. With all the buzz that brands make to capture attention in a crowded market, businesses that work together are more likely to rise above the noise and have their messages heard by the right people.
So when you’re looking for a cost-effective way to impress your existing customers and boost your visibility to new potential customers all at once, co-branding just makes sense. A well-planned co-branding strategy lets you promote your e-commerce store through your partners’ established channels, earning you qualified customers without blowing your marketing budget.
Just starting to consider teaming up with other brands to gain more exposure for your online store? Here are five great reasons you should definitely give co-branding for e-commerce a go.
You can win over new audiences…
When partnering with a complementary brand, you gain access to their target audience, allowing you to get your message in front of a brand new group. Associating with a brand they already approve of makes you more trustworthy in the eyes of the consumer, making it much more natural to open a marketing conversation than it would be if you were making a cold pitch.
In a co-branding partnership, you can highlight your partner’s products by giving them prominent placement in your store. In return, they can use their marketing channels to send you targeted traffic. A partnership like this benefits both partners and is a good way to increase awareness, improve conversions, and get new people to buy from you.
Keep in mind, though, that to reach relevant market segments, you should opt to form strategic partnerships with brands that share the same core values you do. Otherwise your offer won’t be relevant to your new audiences and you won’t attract the kinds of customers you’re hoping for.
…And delight your existing customers
If you’re looking to provide an excellent shopping experience that keeps customers coming back, good packaging is crucial. Don’t underestimate the excitement you can add to the unwrapping experience just by using well-designed packaging or including a little gift inside the box! But what does good packaging have to do with co-branding?
Well, with a package insert ad partnership you can create an exciting unboxing experience for your customers while making a little money on the side. Package insert ads allow you to sell ad space inside your outgoing packages. When a brand successfully bids on that empty space, they win the right to include an insert ad—potentially featuring a discount, special offer, or free product coupon—with a set number of your outgoing orders. You’ll earn some cash to offset your shipping costs, and the winning bidder gets a chance to expand their customer base.
For a package insert ad partnership like this to be successful, be sure to partner with brands your customers will like. 79 percent of buyers are loyal to brands that “get them” and understand their preferences and priorities. Show them that you care, and they’ll come back for more!
Co-branding for e-commerce is a learning experience
Whether you’re running a young business or you have years of experience, there’s always something new to learn about marketing and organic growth. Co-branding is an excellent way to improve your knowledge and get new skills.
For example, by partnering with veteran businesses you’re more likely to learn how to stay relevant in such a dynamic market as e-commerce. You can observe how they manage their marketing campaigns and what tools they use to measure their results and calculate the return on their marketing efforts. If you’re a more established business partnering with a new, hip brand, you can gain some valuable insights around how to appeal to a younger audience.
In any case, take every partnership as an opportunity to explore new technologies and innovations that others are using to propel their businesses. Watch how they work for others, then test your favorites to see if they can boost your competitive edge, too.
Co-branding can make people care about your brand
Buying decisions are mostly emotional. People need to know you, like you, and most importantly, trust you in order to convert them from a one-time website visitor into a loyal customer. If you can make people care about your brand, you’re well on your way to building strong relationships that will generate repeat sales.
Co-branding is a way to create feelings and emotions—from the trust you create by associating with another brand to the excitement you generate when you exceed your customers’ expectations by providing a bonus offer with their orders.
Whether they realize it or not, 87 percent of customers measure all brands against the giants in the industry. If your e-commerce store can generate an emotional response from your customers, not only will you be able to compete with the giants like Amazon, your customers will start to care more about your brand’s uniqueness than they do about rock-bottom pricing.
Co-branding for e-commerce is easy to test
Testing co-branding doesn’t have to cost anything, and it’s not as hard to get started as you might think. There are plenty of brands out there ready to pay to have their promotional messages delivered with your orders—or to swap ads with you— and you can find them with just a few clicks in an advertising marketplace.
When you use a marketplace, you can do all the legwork needed to set up your partnership right from your computer, with no need to sit in endless meetings or go through negotiations. You can set up an account, list your number of units and desired unit price, and choose brands to partner with. From there, you’re free to approve advertisers based on your target audience and your business goals.
Take your e-commerce business to the next level with co-branding. Brand partnerships expose you to new audiences and can help you to build a better reputation for your e-commerce store both online and offline. By associating yourself with the right brands, you reach new market segments and gain the trust of new website visitors and customers. Finally, you delight your existing customers with great promotions created specifically to meet their needs and expectations, keeping them coming back time and time again.