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For instance, the way Adwords is designed, it's possible for companies to share the views of a landing page, so traffic is filtered equally between the partnering sites. Or maybe the landing page itself can display the advertising content of both companies for mutual exposure. You can even get creative and design the ad to promote both companies, or even use rotating ads.
Or if you want to get real creative, you and your coop partner can integrate your keywords and create a totally different ad that promotes both companies. Again, the possibilities are limited by creativity and your willingness to test different ideas.
Free Co-Op Industrial Advertising Network.