Collaboration Marketing is the process of aligning your companyâ€™s interests, resources, and marketing muscle with other like-minded companies to accomplish much more than you might be able to do on your own.
The concept has existed for a long time in advertising. You can open anyÂ airline magazine to find collective ads that promote Top Steakhouses, Top Seafood Restaurants, or even Top Plastic Surgeons.
Basically, the concept allows complementary and similar companies to unite their advertising budgets to cut the cost of a traditional ad by 10x or more (basically, by the number of participants.) The concept isnâ€™t just about just saving money. It also provides collective strength to each participating companyâ€™s brand and credibility.
Pulling the top names together dramatically increases the brand recognition, customer value, and customer retention for each. Every time a customer flies to a location where one of the top providers operates, they have a ready-made referral to a good mealâ€¦or a good surgical experience?