Linking up can make slim budgets go further for small and medium businesses.
What should small businesses that come together for marketing be trying to achieve?
Businesses taking these steps need to be clear on goals to ensure they have the same objectives and are targeting similar types of customers. For example, a joint initiative designed to appeal to families may not work so well for the youth sector. The brands also need to be complementary and have shared values so you wouldn't pair a high-end restaurant with a fast food chain, for instance. Most importantly there needs to be a clear plan with measurable objectives so any activity undertaken can be properly evaluated.
What can these collaborations achieve?
Joining forces with a like-minded business will make your marketing dollars go further. Sometimes the most unlikely pairings - for example, with a competitor or someone vertically related in your industry - can be the most fruitful of relationships. Not only are you pooling marketing resources, you may be able to package your services together to create a much more compelling offering.