Perhaps you have already seen the television advertisement that blends both Geico Insurance and Helzberg Diamonds (a retail jewelry store chain). At first nod, these seem like an odd duo to pair up in a promotional effort. However, upon a bit deeper review, a connection between the firms comes into focus.
The Berkshire Hathaway connection
Both firms are part of the holdings of Warren Buffett's Berkshire Hathaway.
Properly done, joint advertising can make a great deal of sense by stretching promotional budgets in this time when companies are seeking greater productivity in operations, manufacturing, and now advertising.
Characteristics of potential co-op promotional partners
The cooperating firms:
- are not in the same industry (except for special circumstances like public service announcements, support of causes and events, etc.).
- seek similar customers.
- are willing to have the other's brand image "rub off" on to their own.