Once you have developed a unique selling point and have integrated it into your marketing plan, one of the most effective and efficient marketing tactics to consider is a cross-marketing relationship with another brand.
So, what is cross-marketing?
Cross-maketing occurs when two or more business come together for a common purpose. An example of a simple cross-promotional tactic would be trading business cards, collateral, and signage with a business — you would promote another business’ products or services at your store, salon, gym, etc., and the other business will reciprocate at their location.
And while the concept is simple, finding the “right” partner can be a very long and difficult process. An effective cross-promotional partner will be targeting a similar demographic while offering a complimentary product or service. It is also important they are a reputable business and one you can trust. Also, it is best to partner with businesses who you already have a good relationship or are at least familiar with. You’ll have much more success proposing a cross-promotional to somebody who already considers you a friend and trusts you.
Possible cross-promotional tactics include:
- Joint promotions
- Co-op advertising
- Collaboratively produced collateral
- Bundled offerings
- Joint events
“What needs to be determined prior to moving forward with a cross-promotion?”
- Who will be the main contact from each business?
- What will the costs be and how will the billing be handled?
- Will any of the tactics require any further work or follow up down the road? Who will be in charge of these duties?
- How will the profits be handled?
- What is the duration of the promotion?
If you’re having a tough time cutting through a crowded marketplace or looking to reward your existing customers and boost your credibility as a business, a cross- marketing should certainly be considered. If done correctly, a cross-marketing campaign will be a win-win for all of the businesses involved.
Has your business seen success with any previous or ongoing cross-promotional relationships?
For more information or ideas on how to effectively cross-market your business, contact Baer Performance Marketing today: 920-632-7648