Cross-promotion is a marketing strategy in which multiple brands with similar target markets work together to promote their products to the same audience without directly competing with one another. Its primary objectives are to promote more products and services, generate more leads, boost sales, and raise brand awareness.
Let’s dig deeper into the positive outcomes you can expect from cross-marketing and the steps you can take to implement it successfully.
Cross-Marketing Benefits
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Incorporating cross-channel marketing strategies has many advantages, including the following:
- Cost-efficiency. The cost of advertising can be cut in half by simply promoting each other’s products. Your promotional partner spreads the word about your company and its deals so that you don’t have to, and vice versa. This cooperative effort can increase earnings while decreasing costs for both parties.
- Long-lasting partnership. Companies working together on marketing campaigns are more likely to remain allies. Together, you can bring in more customers, launch more initiatives, and strengthen your relationship.
- Boosting your business’s relevance and visibility. Partnerships with influential people, social media pages, and journalists help companies to gain exposure and new customers online. For instance, when a popular figure endorses a company’s social media posts, it can generate buzz among the influencer’s followers and encourage people to check out the company’s products and services. And if customers see two brands working together, they may begin to think of them positively, which could boost sales.
- Expanding reach. You can reach a wider audience by sending out co-branded emails to potential customers and sharing each other’s service offerings on social media. A partnership can increase your chances of attracting new customers because your content will be exposed to two sets of eyes, rather than just one. There can be no doubt that both companies will benefit from this agreement.
Top 3 Cross-Promotion Ideas
The majority of companies surveyed by Partnerize said that collaborations generate more than 20% of their total company revenue. Let’s take a look at some of the most effective cross-promotion ideas if you agree that cross-marketing is worth exploring.
1. Set your cross-promotional goals
A successful cross-promotional campaign relies on well-defined objectives. If you’re going to engage in cross-promotion, what are your goals? You may wish to increase sales, broaden your customer base, or create a name for your brand.
When you have a clear idea of what you want to accomplish, you can begin to map out a strategy to get there. In addition, it’s crucial to identify the KPIs that will facilitate effective tracking and monitoring of your campaign’s progress.
If you want to boost sales, one metric you could use would be the percentage of people who clicked through from a cross-promotional email. Get the most out of your cross-promotion efforts by identifying the right key performance indicators and monitoring them.
2. Find a reliable partner
While cross-promotion may seem simple in concept, it actually requires careful thought when choosing a partner to work with. Finding a business you click with and put your faith in is essential to your success. You should begin your search for complementary brands by looking for those that aren’t direct competitors.
The partnership between Airbnb and Flipboard is an excellent example of a mutually beneficial cross-promotional alliance. Together, Airbnb and Flipboard produced a digital magazine for travelers that showcased contributions from hosts all over the world. The magazine not only promoted Airbnb’s services to a broader audience but also served as a valuable source of travel ideas and advice.
To be effective, cross-promotion requires both high-quality and relevant offerings to the intended market. Cross-promotion can only be successful if it results in happy customers. Find a business associate whose ideals and marketing strategy mesh well with your own. The reliability and expertise of your business partner are also essential. By endorsing the company’s products, you’re saying you believe in their quality and are willing to stand behind the claims you make to your customers.
3. Choose promotional channels
Your cross-promotional strategy will only be as effective as the platform you decide to use. For example, a blog can offer helpful advice, instructions, or guides. Other methods of cross-promotion include guest blogging, the article mentions and links, social media, referral programs, webinars, podcasts, and more. Take advantage of Instagram stories, Facebook ads, live videos, tags, and hashtags, and think about email marketing.
To Sum Up: Cross-Marketing Benefits
Selecting a reliable partner with a solid reputation, along with outlining your goals and the best channels for promoting them, is vital when planning a collaboration. These elements can help shape your brand and pave the way to commercial success.
