Cross-promotion is fast becoming a popular form of advertising for businesses around the world. Corporations and companies are coming together to make new products, and they are even advertising the current products of other businesses. It’s a strange concept, but it’s one that seems to work.
If the time has come to tap into the potential of this unique marketing method yourself, consider the tips below:
Create a Teaser
If you’ve got an exciting new collaboration waiting in the wings, get the ball rolling for you and your partner business with promotional products. You might not be quite ready to launch your exciting new marketing campaign, but you can at least show your customers that something incredible is about to happen.
Essentially, promotional products can be a teaser. You can share the costs of having them made and include them in each sale you both make. The goal here is to have your customers on high alert while waiting for you to make your big announcement.
Support Each Other on Social Media
Cross-promotion on social media is becoming more popular by the day. Businesses are seeing the value of being able to tap into a new market, and it’s a win-win for everyone involved.
You can create special cross-promotion ads, tag each other in marketing material, and share each other’s audiences. Given that billions of people use social media, this avenue is more than suitable for sharing news of your cross-promotion.
All that’s left for you to do now is find a complementary business and approach them about your plans to collaborate.
Create a Brand-New Product
In recent years, several revolutionary new products have hit the market as a result of brand collaborations. Nike teamed up with Apple to bring out a watch, and clothing brand IVY PARK ran a successful campaign with Adidas.
Think about the products you offer and the brands that could complement them. You may be surprised at how receptive other parties are to the idea of collaboration.
Offer Purchase Incentives
Most businesses would happily say “yes” to selling more products. One way to do that is by offering discounts and promotions that give customers a reason to shop. You could do this for your own products, but what about those of another company?
A unique way to get involved with cross-promotion is by offering discount vouchers for complementary businesses. For example, if you’re a shoe manufacturer, you may offer a coupon for a company that provides shoe accessories like laces and polish.
When they sell their products, they may offer discount codes for your brand of shoes. Both companies are able to broaden their reach and customer base at minimal cost.
Share Advertising Costs
Wherever you advertise, be it radio, TV, newspapers, or online, consider sharing that ad space with a complementary company. You both benefit from the exposure, but you’re paying half as much as you would if you advertised alone.
Many companies are now doing this very thing. Pay attention to social media ads for inspiration. You don’t have to look far before seeing a realtor teaming up with a design business to offer customer discounts, or a cheese maker collaborating with a cracker brand.
The idea of promoting another business alongside your own might seem strange, but it’s becoming more popular by the day. Take your time to determine whether any of the options above appeal to you, and, in the meantime, take note of the advertising you see from other businesses. Once you’re looking out for it, you’ll soon see how truly popular this promotion method is.