Skyrocket the Results of Your Live Shopping Event with Comarketing

Digital marketers have been hopping onto the livestream shopping trend since success stories began arriving from China.

Boasting a conversion rate of around 30%, live shopping events thwart the average conversion rate of any other digital marketing strategy – by quite a margin. As such, livestream shopping has become a $66 billion industry.

With such impressive results across Asia, it’s no wonder that businesses in the west are racing to master live shopping and to integrate livestream shopping campaigns into their digital marketing strategy.

Many are still in the early stages of experimentation – figuring out which livestream shopping strategies will maximize their ROI and the tactics they can employ to gain an edge on their competitors.

One answer is comarketing. You can skyrocket the results of your live shopping campaign by establishing co marketing partnerships and collaborating on your live shopping strategy with non-competing brands.

What is comarketing?

When two businesses collaborate on a marketing campaign to promote both brands and products, it’s called comarketing.

The aim of comarketing is to share resources and gain access to each other’s audience. Co marketing partnerships can therefore generate more effective, higher quality marketing campaigns that reach a greater number of people.

For this reason, co marketing partnerships are most effective when partnering with a brand in an adjacent industry with a similar target market. Obviously, you shouldn’t partner with a competitor – but more brands than just your competitors will appeal to your customers.

How comarketing can skyrocket your livestream shopping strategy

Partnering with a complementary brand to execute your livestream shopping event has countless benefits. In both the short and long term, comarketing enables brands to get better results together than they can hope to achieve alone. You can find the right brand for you on a platform like intribe.

Partnering with a non-competing brand to host a live shopping event on eStreamly can enhance your brand’s reach, boost product sales, and maximize your ROI.

Here are the top five reasons why.

Better quality live shopping events

An advantage of comarketing partnerships is that partnering businesses can share their resources. This means they have access to a greater breadth of ideas, talent, equipment, and connections.

In the case of a livestream shopping event, one brand may have an expert video editor, while the other might have access to an influencer network in which you can find your host. One business may have state-of-the-art recording equipment, while the other has a quality video camera.

Because you also have access to the marketing teams of two separate brands, you’re likely to create more creative, impactful campaign ideas to drive sales for both businesses.

Makes your brand known to new audiences

By establishing co marketing partnerships with other brands, you gain access to their audience – maybe for the first time.

This means that you can promote – and sell – your products directly to their audience on the live shopping event. These customers are also more likely to remember your brand when they need to make a similar purchase in the future.

In this way, their customers can become yours in the long term – and vice versa.

Greater number of streams

With two brands using their marketing efforts to bring people to the live shopping event, your livestream campaign will receive a greater number of streams.

This generates more leads for your livestream and – therefore – more potential customers.

What’s more, when you gain new viewers on your livestream shopping event, they’re more likely to attend your next campaign.

This means that each time you hold a new live shopping event in the future, there’ll be a greater number of viewers because of your co marketing partnerships – and probably more sales, too.

Higher sales

Since live shopping events with co marketing partnerships have a greater reach, it goes without saying that this tends to generate a greater number of sales.

The high conversion rate of livestream shopping events, combined with the greater number of viewers drawn by two brands’ promotional efforts, maximizes the number of products sold.

This is for both your brand and your partners. You can even take measures to assure both businesses share equally high sales, by assembling a selection of your products into a bundle.

Costs are shared

From the cost of the video and recording equipment, to paying a content creator to host your live shopping campaign, co marketing partnerships allow you to share – and therefore reduce – the cost of your livestream shopping event.

Similarly, since you’ll have access to two times the talent pool and resources, you’ll probably need to outsource less. This can also reduce the cost of your campaign.

So, in addition to maximizing your reach and sales with co marketing partnerships, you’re also widening your profit margin by cutting down on costs.

To skyrocket the results of your live shopping event, you should consider comarketing.

If you want to enter a co marketing partnership with another brand – but don’t know how to make it happen – you can use a platform like Intribe to find the right brand partner to collaborate with on your next livestream shopping campaign.