So, what exactly is cross promotion? The answer is quite simple. Cross promotion is a marketing strategy used where customers of a specific product or service are targeted by companies promoting a similar or related product. Cross promotions include a variety of bundled offerings such as joint events, joint media appearances, shared space, co-branding or even co-op advertising. Joining forces with other reputable businesses who share the same target audience as you allows you to reach your customers more credibly and efficiently when using the appropriate offers and services. Anytime a person is offered a new product or service simply because they purchased a similar or related product is what we call a cross promotion campaign.
What are the Benefits of Cross Promotion?
Cross promotion can ultimately lead to a big marketing payoff since partner companies can easily expand by way of one another’s customer bases. In addition, you can gain a highly credible introduction to customers all the while cutting your marketing costs by sharing with a partner company. Cross promotion is definitely low risk, but affords high opportunities and is a marketing strategy that many companies find beneficial. If you set out to help your partner companies achieve their goals through cross promotion, rest assured you can sit back and watch your business grow too.
Successful Cross Promotion Strategies
There are surely a number of ways to engage in cross promotional marketing that allows you and your partners to benefit. Here are some of the best ways to engage.
- Mention your partners in postings on your social media platforms such as Facebook, LinkedIn or Twitter to name a few.
- Add the names and logos as well as contact info of your partners to your website.
- Send out press releases that contain newsworthy and informative content such as the announcement of new products. You can publish your press releases both in print and online.
- Hang posters in your business establishment that promote your partners’ businesses as well.
- Offer clients some type of incentive to buy from you and your partners such as reduced prices, special services, or even a customer reward.
- Hand out business cards of your partners to any of your customers who show an interest in their products or services.
- When hosting an event be certain to mention your partners to the audience.
- Send out joint promotional emails to your combined mailing lists.
- Conduct joint interviews when possible with local media.
- Share newsletters so you can each get your products and services in front of prospective customers.
- Hold joint contests together to minimize participating expenses and increase the prize giveaway.
- Make certain you have a joint referral plan in place that will encourage you and your partners to promote one another’s products and services. Perhaps a referral fee or discount on products and services could be an ideal way to show your appreciation to your partners for sending new clients to you.
- Purchase joint advertisement on radio stations or even local publications or newspapers.
In summary, cross promotional marketing has been around for a good many years. It is a proven strategy that can help grow your company audience. It is an effective way to generate more leads and to enhance your game in your efforts to serve more qualified customers. When marketing one another’s products or services partners can surely experience increased revenues along with increased customer bases.
Further, cross promotion is an ideal way of reaching target audiences of partners without having to go all out and invest a lot. It is truly a win win scenario for all of the partners involved. Having less of a cost and more of a reach is, after all, what every company strives to achieve and, in today’s world, cross promotional marketing can help you do just that!!