Cross-promotion isn’t something new in the world of business marketing. This strategy has been around, and it is quite common among big businesses. Sadly, cross-promotion is a concept that many small business owners still don’t understand or leverage for that matter.
For starters, we can define cross-promotion as a marketing approach where businesses team up to boost their reach to customers. Quite often, it involves companies that have the same target audience but sells a different line of products. You can join forces with other like-minded brands to reach the same audience without competing. Now that you understand what cross-promotion is, you are perhaps wondering if you can tap into the approach for your business. Let us look at some cross-promotion tips that can help sky-rocket your growth.
Research is undoubtedly one of the primary requirements for striking collaboration with other companies. It is the genesis of collaboration because it is here that you can find the brands, customers, and opportunities. In the past, research was still exhaustive and time-consuming. However, the current advanced technology helps researchers to obtain and analyze plenty of data within a shorter time.
For example, you can scour social media to check on companies that offer the same line of products or just those companies you can collaborate with. You can make your work far much easier if you can hire a trusted and experienced cross promotion specialists to help craft and run your campaigns. It is worth noting that cross-promotion mistakes can hurt your brand. That’s why you have to vet and pick the right partners if you are to reap the benefits.
Collaborate with Reputable Brands
Now that you have conducted thorough research, it is time to create relationships with other brands. You can’t settle on a partner out of the blues. The research you did gives you a guideline on what and which companies you should dive into. It is advisable to first try companies that are not quite far from your brand. It is more beneficial if such companies share the same customers with you. Another aspect of interest in your prospective partner is their values. Again, partnering with companies who attract a lousy reputation will likely paint a bad image of your company as well. It is a rule of thumb to go for partners that have similar values with your company. Before finally inking the deal, create a plan on modalities of collaboration with a prospective partner. This cuts across the products to be marketed and how it’s going to be done.
Offer Price Waivers for Partners
Every customer out there is excited to get a price cut. When a customer visits your websites and sees a discount or promotion code sticker, it is no secret that much attention will shift there. This highlights the importance of discounts and coupons in business. If your partner offers discounts or promotion codes, then create a lead generation campaign for them. This way, the audiences you reach can see your partner’s promotions and be able to shop your partner’s product as you also sell your brand.
Leverage on Social Media
Low cost and immense usage are some of the growing benefits of social media marketing. So, why not take your cross-promotion to various social media platforms? Cover as many platforms as possible, especially the popular ones, to reach more audiences. Be smart about what content you put on individual platforms to create a need for people to visit your site on each platform. One platform could be dedicated to customer engagement, another one for in-depth content, and another one for sharing downloadable content. While doing so, make sure you share the content of your partner and rave about their products. If your partner does the same, then your coverage expands so rapidly.
Create Referral Programs
It is not unsurprising that droves of people put more trust in referrals from their friends, relatives, or any other unbiased party. It sucks chucking out plenty of cash for an under-par product. A good strategy is to track those customers that refer your products to other people. Give them rewards based on the customers they help generate. With such a system in place, you will be surprised by how much some customers will work to bring customers on board to earn rewards.
Cross-promotion is a trusted and effective marketing technique that works. That said, you ought to pick the right partner and strike a working relationship. It is best to work with cross-promotion experts to help you run your campaigns. It will help you avoid cross-promotion mistakes that might damage your brand.