Definition, benefits, tips and ideas!
If you own a business, your motto is probably “reach more, sell more, earn more.” You need to constantly look for ways to make your product or service in front of more eyes.
But … easier said than done because marketing is expensive and anyone who runs a business knows it. 🙂
That’s exactly why we wrote this blog – to educate you on a marketing strategy that doesn’t put a hole in your pocket, yet still packs a punch. MANY.
We are talking about Cross promotion – the perfect way to generate more exposure and increase your sales, without having to go all out and invest a lot.
Remember when Google named its new Android operating system ‘KitKat’? In turn, Nestlé created Kit Kat bars in the shape of Google’s Android mascot.
In short, that’s what cross-promotion is: bringing two separate businesses together to create a joint marketing initiative. As they say, two heads are always, always better than one.
No, you don’t have to be the owner of a million dollar company like Google and Nestle to use cross promotion. ANY company can partner with another company and expand its reach; all you need to do is find the right partners.
So how do you start a cross promotion partnership? How do you find the right partner? Fortunately, we have all the answers you need. Let’s start by understanding what exactly cross-promotion is.
What is cross promotion? (Definition)
Remember the time when you were booking airline tickets and the website offered you a discount if you used a particular credit card to pay for the ticket? That is cross promotion.
Simply put, cross-promotion is a marketing tactic where you join forces with another company that sells products or services that complement your products or services.
Basically, you use your partners channels to promote your product and allows them to use yours to market yours. Working as a team is less expensive, more efficient and generates more exposure.
For example, a sporting goods store may collaborate with a gym or a caterer may collaborate with an event management company – the possibilities are endless!
Want to know more reasons why cross-promotion is the best marketing strategy around? Keep reading!
Reasons why cross-promotion is a great marketing strategy
1. Increase your reach
Let’s face it: getting the word out about your business takes a lot of work.
Good news: you don’t have to do all that work alone. When you join forces with another company, you can access new audience groups faster than you could on your own.
How? Well, when you partner with related companies, you also expose your product or services to your partner’s customer base. That means you reach more people and increase your chances of getting new leads.
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2. Build trust and credibility
When you partner with another company, that company is naturally associated with your products or services, right?
Now that your customer base respects and trusts that company, your customers are also beginning to trust your product or service, because it gives the impression that the company personally vouches for you.
In this way, you get a credible presentation for a new audience, something that is not easy when you use traditional advertising methods!
3. Really, really profitable
Cross promotion is undoubtedly much less expensive than traditional advertising methods.
Most of the time, cross-promotion costs you nothing more than your time. Your partner announces the products to you and you return the favor. It’s as simple as that.
Also, when you cross-promote each other’s businesses, you can share a common set of resources, combine your marketing efforts, and budgets.
You won’t have to run the program alone, and you can split the costs between you and the partner!
Yes, cross-promotion brings you a host of benefits. But, you can only get all these benefits if you do it the right way. So, let’s take a look at a few things you need to know to be successful in cross-promotion.
Three important things to know to get the most out of cross-promotion
1. Praise, don’t compete
Do not cross-promote with a company that offers the same product / service as your company. Not only will this be a waste of time, it could also backfire and you could lose customers in the process.
In short, you need to partner with a company that complements, instead of competing, with your company.
For example, let’s say you want to promote your catering business. You would do very well if you partner with an event management company.
However, it won’t make any sense to partner with another caterer, as they compete directly with you!
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2. Investigation, investigation and investigation
Your company’s reputation depends on this, so you need to join forces with a trustworthy and trustworthy business.
Look, if you associate with someone who is not trustworthy or does not offer quality products, you will end up diluting your own business and even damaging your reputation.
… And we know you don’t want another business’s bad reputation to taint yours! Therefore, before communicating with someone, always do a little homework with them.
3. Keep things clear from the start
You and your cross-promotion partner need to be on the same page if you want your partnership to be a good one. So, as with every marketing strategy, specify clear, practical goals up front.
Be very clear about the duration of the partnership, the dollars that will be invested, exactly what products or services you will include, how it will be carried out, and all the other crucial details.
The more specific the plan, the better it will cross-promote!
Now that you are familiar with the world of cross promotionLet’s take a look at some amazing ways to use cross-promotion to grow your business.
Some really cool cross promotion ideas that work
1. Organize a charity event
People love companies that work together to help those in need. By hosting a charity event with your cross-promotion partner, you can show people that you are more than just a money maker.
From marathons to food drives, you can organize any type of charity event and give back to the community. Since you would host this event with a partner, you can reduce a lot of the expenses that go with it! Win win.
2. Run a contest
Here’s another awesome cross-promotion idea – you can run a social media contest where you and your partner company can offer joint prizes.
This way, you can put your business in front of your social media fans and double your reach. Also, the cost of promoting the contest would be cut in half, yet the prizes would be more! How cool is that?
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3. Links with food and beverage companies
Remember the Disney movie “The Lion King”? Disney partnered with McDonald’s and included Lion King toys in McDonald’s Happy Meals. Needless to say, it was a smart move.
You can get a little Disney inspiration and link up with food and beverage companies and promote their toys, products, movies, and whatever else that fits.
4. Co-sponsoring events
Hosting an event works, but it takes a lot of time and money. Instead, what you can do is co-sponsor an event with your cross-promotion partner.
It’s honestly a great way to cut your event costs in half and reach the other company’s audience. They can even be mentioned as a sponsor or partner on your landing pages!
5. Send a joint newsletter
You can partner with another company, create ONE joint newsletter and send it to your two mailing lists. This will give you the opportunity to present your information to new potential customers.
Elink.io you can make this whole process even easier. With elink, you can create and send impressive newsletters in minutes. Oh, and you can also work on the newsletter together with your partner in real time!
To learn more about elink, click here.
In all facets of life, there is strength in numbers, and this is exactly why cross promotion works so well.
No, it’s not just us who believe that – 54% of companies They have stated that the associations generate more than 20% of the total income of the company.
So, if you want to overcome a drop in sales and expand your business reach, cross-promotion is the way to go. It is profitable and it is a win-win situation for all parties involved.
The best part? Cross-promotion is as easy as throwing a party with a friend. You get to meet more people because you get access to your friends’ network and they get access to yours. What more could you want?
We know there’s a lot to digest here, so if you have any questions, reach out to us on Twitter @elink_io! ✨
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