Reported by foodem.com, the online wholesale food marketplace-
When it comes to marketing and advertising, more than likely, the first thing that comes to mind is social media or digital marketing. Depending on your company’s marketing agenda, the approach will vary. For instance, Company A may utilize Google +, Twitter, publish a blog and use print flyers. Company B may choose Facebook, Twitter, Google +, publish a blog, and email marketing as part of their strategy.
While all are great tools and strategies, one thing that both companies are overlooking is the power of cross-promotion.
Ideally, any company wants to keep marketing budgets at a low, and still get the most bang for their buck. By cross-promoting or teaming up with a reputable company that has similar clientele, not only will you reduce your company’s marketing budget, you will also double the exposure your brand receives.
Examples of cross-promoting are:
- Offering discounts to customers who use your partner’s products/services
- Co-producing events
- Collaborating on marketing collateral
- URL sharing
Of course, with any partnership mishaps can arise and challenges will be faced. The most important thing is to preserve and protect each company’s integrity, core philosophy, brand image and customer loyalty. In order to do just that, follow the tips below:
Know Who You’re Partnering With
Do your homework. Evaluate your company’s strengths and weaknesses to determine what’s lacking, then research companies that can fill that void. Be sure to seek out quality, trustworthy companies, as both reputations are on the line.
Carve Out A Niche Market
With a new found partnership, you will want to focus on a broader awareness. Ask yourself the following questions, “What type of client am I seeking?” “Where does he/she spend their time and money?” Do more research to find out what percentage of your target market uses your potential partner’s products/services. This research will in turn compile a new buyer persona for your shared target market.
Limit The Number Of Partners
Cross-promoting can be risky, so be picky. Instead of a full promotion, test the partnership with a smaller, short-term promotion. Evaluate the process, the successes and failures and move forward.
Develop a way to gauge your part in the promotion, whether it’s adding a special product code on coupons, creating QR codes for flyer or running a Twitter campaign.
Using these tactics will guide you in the right direction as you seek potential cross-promotion partners, but they are not foolproof. Do as much research as possible before committing to a partnership.