Cross promotion marketing has two different applications, both with different strategies but the same goal of getting your product or service in front of more eyeballs.
One strategy to cross promotion marketing is to partner with another company to showcase each other’s products or services.
For example, let’s say you were looking to introduce a brand new blog in the travel space. You could partner with an upcoming travel brand producing a new piece of luggage, and promote their bag in return for them promoting your blog to their customers.
The second strategy is to simply advertise your product or service on several different platforms to expose your product to diverse audiences.
As an example, if you have a local auto repair shop, you could cross promote your services on platforms such as Facebook, Instagram and YouTube in different forms such as long-form text or video marketing. But we’ll save this topic for another day — and blog post.
So, when it comes to cross promoting your product or service with a partner company, where should you start? Follow these tips and techniques to strike cross promotion marketing success.
Find Someone You Would Want to Work With, but Avoid Competitors
In every industry, there are businesses willing to form partnerships. It could be industries such as food and beverage, automobile, travel, creative agencies, consumer packaged goods (CPG), technology or real estate. All businesses are looking for ways to make that next sale, and presenting ideas to do exactly that can create a win-win situation.
If you are interested in cross promotion marketing, start reaching out to people in industries that “cross paths.” If you are in flooring, reach out to local real estate agents. You can promote them as a real estate agent in exchange for referrals for people looking to renovate a home they sell. If you scratch their back, they will scratch yours.
It is effective for several reasons, but the largest reason is simple—cost savings.
Cross Promotion Marketing Means Value Added and Money Saved
According to a 2016 survey by research company Gartner, companies polled spent an average of 12% of their annual revenue on marketing. While this ranges heavily on industry and scale of business, small business marketing budgets tend to run thin. Squeezing every single penny to work like a dollar is the challenge all business owners face. Cross promotion marketing can help.
By leveraging cross promotion marketing strategies, you can stretch your dollars farther. For example, by tapping into your partner’s customer base, you gain leads faster (and at less cost) than through traditional networking or advertising efforts. You can also share costs with partners. This method is a lot less expensive than spending your marketing dollars on “solo” billboard advertisements or digital ads, and potentially more effective as well.
So what are some small- and medium-sized businesses that have executed cross promotion marketing?
Examples for Cross Promotion Marketing
While you may not have the budget of large brands, you do have the potential to advertise like a large brand through cross promotion marketing. Here are just a few examples of what small or medium businesses like yours can do with this marketing strategy.
Real Estate & Loan Officers
Nearly all real estate transactions will have a real estate agent and mortgage loan officer involved in some fashion. If you are in either of these positions, your job is based mostly on referrals. If you can partner with someone on the other end of the bargain, you save an incredible amount of money in marketing dollars and increase your reach to your local community. If you two decide to run Facebook ads, you can split the cost while filling your sales funnel.
Financial Planner & Insurance Agent
Many of us will eventually see a financial planner to evaluate our current financial picture and create a plan for the future. Part of planning for the future is also preparing for what happens to your assets in case of a life-altering event. This is where an insurance agent can come into play.
Both of these unique professions are wrapped around the scenario of “what if.” An example of a cross promotional marketing strategy to promote your business locally could be partnering together to sponsor your town’s high school baseball team, and you both were able to target parents with high school students. Similarly, you could invest in attending local chamber of commerce meetings to broaden your reach in your community.
Each of these ideas could be low-cost and high-reward for both parties involved!
Accident Attorney & Local Body Shop
If you are in an auto accident, the first place your car is going to go to is a body shop for an estimate of repairs. While searching on Google for a body shop, you may also be searching for an accident attorney if you have experienced any injuries. If a local attorney and a body shop could co-create digital marketing advertisements targeted to people Googling specific words within a certain radius, they could make their dollars go far.
Leads for both these types of businesses are incredibly lucrative and working together to invest in cross promotions could change your business outcomes.
While all of this sounds exceptionally lucrative, where should you start?
How To Start Cross Promotion
The beauty of this type of marketing is the lack of boundaries! Get as creative as possible. If you are a local dentist, maybe you partner with a local daycare to run a promotion to target parents within a 10-mile radius through Facebook Ads. There is an incredible amount of potential, but the way is to start becoming involved in your local community. Figure out who are the influencers in your city when it comes to local business, and see how you can deliver value to their business and vice versa. This winning formula and creativity combined can be business changing.