Beatriz Ezquieta explains what co-marketing is and how it can be used in the beauty sector.

• Could you briefly explain what comarketing is and how it differs from other collaborative marketing strategies?

Comarketing is an alliance that brings brands together to create an action or campaign with the aim of achieving common goals and maximising the benefits for both parties. To give an example: it would be like a birthday party where the brands share the stage and resources. Imagine that one brand is the chocolate cake and the other is a scoop of ice cream. Separately they already work very well, but if you put them together they combine in a strategic collaboration: the perfect combo to catch the public's attention and satisfy their cravings.

Although comarketing has been around for years, it has recently grown in popularity due to the need for differentiation in a competitive market, changing consumer behaviour, and the emergence of new tools and technology platforms.

The main difference between comarketing and other strategies lies in the close integration and cooperation between brands. Rather than simply exchanging resources or sharing advertising space, comarketing involves deeper collaboration, where brands complement each other and leverage their individual strengths to achieve more powerful joint results.

• What are the key benefits of comarketing for brands that decide to collaborate on a joint campaign?llaborate in a conjoint campaign?

We call a partnership or co-marketing action a WIN WIN action, because all parties win. We expand the reach and visibility of the brands, we create additional value, we add values and attributes, we differentiate ourselves from the competition, we reach new audiences... And, most importantly, we manage to sell more.

As for the terms: although many people use "partnership" and "comarketing" synonymously, they are not exactly the same. Partnership refers to a general collaborative relationship between two brands, which can cover different business areas or strategic aspects (research and development, supply, distribution, etc.). A co-marketing action, on the other hand, is a specific form of collaboration in the field of marketing and advertising focused on creating joint campaigns to promote related products or services.

The main ingredients for a successful comarketing action: strategy, creativity, communication, transparency and balance of mutual benefits.

1. In the beauty sector, how do you identify brands that are complementary and have synergies for a successful co-marketing campaign?

There is no instruction manual, for any sector, when it comes to planning comarketing actions. We are sure that there are many good actions to be thought of and executed that no one has yet created. But, in general, in order to value a collaboration between brands, we must:

1. Know the market well: what are the trends, what are the needs of consumers, what are we talking about in this sector?  Collaboration, moreover, does not have to be between two brands in the same sector. Imagine that we are a natural cosmetics brand based on botanical elements. What if our partnership is with a large distributor of plants?
2. Analyse the audience well: We need to carefully assess each brand's target audience. Understanding their demographics, preferences and consumption behaviours will help us determine if there is a relationship between the audiences of the brands involved, or if we can articulate that relationship through a creative and powerful message.
3. Identify shared values: Alignment must be consistent, authentic and credible. While we may have different communication tones, completely different distribution or different key messages, look for similarities in the philosophy of the brands we want to unite. For example: an ethical or sustainable approach can be a common thread between two brands, however different their communication or business area may be.
4. Evaluate the products or services offered by each brand to determine whether they can complement each other. Look for opportunities where a brand's products or services can enhance or extend the consumer experience, creating added value.
5. Examine previous collaborations: Knowing whether brands have done previous collaborations and how they have been received by the public and the industry is key.
6. Analyse the marketing channels: It is necessary to know in depth the social networks of each brand, influencers with whom they have collaborated, events they have held, relationship with the media, etc. Knowing each other well is the best way to take advantage of the existing channels together, to reach a larger audience and maximise the impact of the campaign.

• What kind of actions are most effective in comarketing? And in the beauty sector, which partnerships work best?

The most effective ones are those that have a clear strategy behind them, those that use creativity (in messages, graphics and also in location), and those that manage to attract the attention of the consumer. Some of the most common actions:

1. Product collaborations: Brands can collaborate on joint product development and launches. It does not always have to be a new product; it can be existing products that we give a new appeal to the consumer by showing them together. We can talk about the development of a combined product line, the creation of limited editions or the combination of complementary products in a joint pack.
2. Joint content development: Brands can join forces to create relevant content, in the respective blogs, through videos, beauty tutorials, product reviews, etc. Here what we take advantage of is reach: one brand reaches where the other does not, and vice versa. It's a perfect win win to reach new audiences.
3. Joint events and promotions: For example, a product launch, a beauty workshop, or a symbiosis at a trade fair or industry event. Cross-promotions are also common, such as exclusive discounts for customers of both brands, or gifts with a joint purchase.

As for social networks and entertainment platforms such as Tik Tok: we are seeing more and more comarketing actions for the beauty sector. We can talk about mentions, joint publications, sweepstakes or challenges... in any case, they are ideal channels to take advantage of the follower bases of allied brands, and to reach new audiences.

• Can you share tips, recommendations or essential advice when implementing a comarketing strategy?

Our recommendation is that you let an expert team advise you.  The experience, know-how and professionalism of an expert agency in creating and executing comarketing actions can save you a lot of trouble. A team specialised in cross-promotions allows you to start the action knowing what questions to ask, and looking for the best answers:

• When is it best to do it?
• How long should it last?
• What prizes should be at stake?
• Where should it be communicated?

In addition, a partnership action carried out by a specialised agency makes it possible:

• Benefit from the agency's portfolio of brands to find the right partner according to the briefing.
• Leave the most arduous processes in their hands, such as win-win negotiations, creative approval, contractual issues...
• Having good reports of conclusions and final metrics. It is essential to measure all actions, establish good KPIs and make a final action report, with results, successes and proposals for improvement.

• Let's talk about trends. How do you see the present and future of comarketing?

Current trends in the world of comarketing reflect the evolution of the market and changes in consumer behaviour. If we had to highlight a few:

1. Collaborative Influencer Marketing: Clearly, if we add the influence of your content creators with mine, we're going to increase reach, right? We believe that in the future we're going to see more collaborations like this, focused on authenticity and building long-term relationships with influencers, rather than just transactional collaborations.
2. Immersive experiences and shared events: Brands are looking for new ways to offer immersive experiences: pop-up stores, live events, interactive workshops... We believe that in the future we will see an increase in the integration of emerging technologies, such as augmented reality and virtual reality, to generate even more impactful experiences.
3. Focus on sustainability and social responsibility: In comarketing this translates into collaborations between brands that share sustainability values, and we believe these will be key elements in future partnerships, as consumers are demanding brands that are committed to the well-being of the planet and society.
4. Digitalisation and online shopping: Comarketing will also grow in this environment, as it is much easier to carry out actions such as cross-discounts, share brand ambassadors or carry out joint promotions on eshopping platforms.
5. International collaborations: Comarketing can also be an answer to a brand's internationalisation strategy. By partnering with brands from different countries and cultures, we can expand our reach and open up new markets. We believe that in the future we will see an increase in international collaborations and greater diversity in comarketing campaigns.