Cross-promotion
Stretch your marketing budget with a little help from your friends!
It was late spring, and instead of spending precious resources on small, separate sales events, five neighborhood businesses joined forces for a weeklong cross-promotion. The ladies' boutique and menswear stores put on a fashion show that also featured items from the home decorating store. As the models approached the end of the runway, they shared a personal style tip from an author signing books at the neighborhood bookstore. Every woman in attendance received a rose from the local florist. The businesses got better press, attendance and results from joining together than they could have expected from individual projects.
Far from an isolated incident, cross-promotional marketing is one of the least expensive, most efficient and most credible methods for marketing a business. Simply put, cross-promotional marketing strategically aligns businesses that target the same market but do not compete with each other. Cross-promoting provides a way to reach larger audiences for less money by pooling resources (time, money, ideas, contacts).
The key to successful cross promotion is knowing your customers. Knowing what your customers do-especially when they are not doing business with you-will help you spot ideal cross-promotional partners. Total knowledge of your customer base is essential for choosing the right partners, creating the perfect collaboration, and defining who you want to reach with your cross-promotional strategies.
Need some help finding a cross-promotional partner? Call Idea Bank and we can help you put together some customer profiles that will identify potential partners. Then we can help you put together joint advertising campaigns, media events, direct mailings and more!
The Players:
Five small businesses with conservative marketing budgets
The Challenge:
Getting the most bang for a limited buck
The Solution:
Pooling limited resources for a cross-promotion with real impact
