If you are trying to drive revenue to your sales business, co-selling could be just the collaborative effort you have been looking for.
This year’s next big business model, the world of co-selling is experiencing a popularity surge. This new way of collaborating with others in your field is lending expert authority to plenty of sites and brands. It is doubling up some of our markets and it is driving new leads towards our retail businesses. Could co-selling be the answer to your revenue problems? Let’s find out.
What is Co-Selling?
Co-selling is when one or more business decides to partner up to sell the same product. It’s not like reselling because there isn’t one established brand that owns the product. Instead, both businesses share resources, thereby increasing potential reach, doubling up on the technology available, and increasing their marketing prospects all in one fell swoop.
Co-selling is different from affiliate marketing. Again, it is not reselling. Both sellers have equal access to the product and both sailors can fulfill their obligations completely. It is a lot more like a partnership than a collaboration. The only difference between a full-on partnership and co-selling with another brand is that the latter is limited to one or two products instead of the whole brand.
How do you co-sell with your eco-system partners?
WorkSpan offers a How to Co-Sell with Your Ecosystem Partners guide on creating value-based solutions for your shared customers. It’s simple enough. You need to go through the three stages of driving co-selling partnerships to drive co-selling sales and collaborations. They are able to help you through every aspect of co-selling since they are industry-leading experts.
How Co-Selling Drives Revenue to your Business?
When you start co-selling, you quickly realize the potential for profit. With two teams working on product promotion, you get up to twice the reach. You have two social media accounts from which you can advertise. You have twice the marketing budget. You also have twice the digital marketing potential.
All these things lead to a direct boost in your sales. When you double your marketing budget, you immediately double the amount that you put into the said marketing budget. Effectively you get twice as much advertising for the same money. We don’t need to be business gurus to know that twice the reach and twice the advertising budget means potentially twice the sales. It is mutually beneficial for all those involved since everyone makes more money.
Co-selling models also allow for the funds to go into the same pot and pay for their own advertising. If the partnership is ongoing, this fund can be turned into the next project. This drives revenue forward and back into the business, later down the line. Both parties benefit from it and, if you do well enough, it forms the foundation for a future sister company. With enough foresight and planning, anything in the co-selling world is possible.
Other Benefits of the Co-Selling Model?
According to the experts, adopting a co-selling model will boost your revenue, bring added consumer value, and foster trust. Other benefits to the co-selling model include:
- Access to new markets
- Strengthened partnerships
- Boosted brand reach and awareness
- Less sales cycles impacted by channels
- An enhanced client experiences
- And an increased business efficacy
Co-selling differs from re-selling as both partners use amalgamated resources to sell a product. Since you aren’t just selling an affiliated product, you have a varying level of partner involvement. This joint effort means that you need to pick the correct partner to compliment your brand. We suggest starting with potential collaborators you have previously considered and working forward from there.