Doing Business Together Can Be a Win-Win Situation
Cross-promotion campaigns have the potential for a big payoff. With the right partner and the right plan, you and your marketing partner can expand through each other’s customer base. Each of you effectively gain an inexpensive and credible introduction to potential new customers that might be difficult (or too expensive) to reach with solo efforts of networking, advertising, or marketing. Even the most time-pressed business owner can attract more customers with less effort through the right cross-promotions.
Teaming will generally be less expensive and more efficient in generating exposure than your solo efforts of networking and advertising. Cross-promoting can slash your marketing budget while doubling the impact.
An effective cross-promotion campaign can result in a big marketing payday for your business. But, for a cross-promotion campaign to work you must you join forces with another company with similar clientele and a reputation for providing quality products and service. You and your partner are, in effect, personally vouching for each other.
Cross-promotion marketing campaigns can be as simple as printing joint promotional messages on your receipts, offering discounts to customers who purchase products from you or your partner, co-producing in-store events, pooling mailing lists, sharing ad space or linking to each other’s blogs.
Credit card companies have become leaders in cross-promotion marketing strategies – often partnering with merchants that accept their cards as the preferred method of payment. (Think Visa as the preferred method of payment at the 2012 London Olympics.)
In any cross-promotional campaign, concerns about preserving your company’s core philosophy, brand image, and customer loyalty needs to be paramount. Choose your cross-promotion partners wisely. An ill-conceived cross promotion campaign can do irreparable damage to your brand. Your company’s reputation is on the line, so link up with a trustworthy business that offers something your business lacks, such as different or better resources or promising new markets.
Here are some strategies to help you choose the right cross promotion partner:
1. Create a new market
Are your partner’s customers similar to yours? What type of customer do you want to attract? Make sure a prospective partner offers products and/or services that are compatible to those you offer. Avoid partnering with business with someone that has similar offerings. That business is your competitor. Be sure that the customers referred by your cross promotion partner are the customers you actually want to reach.
2. Limit the number of partners and exposure
In cross-promoting you are potentially diluting your brand so be picky when choosing your partners. Start slowly. Test the waters with a small, short-term cross-promotion before investing a lot of money and time into any cross promotion campaign.
3. Track your success
Establish some measurement tools to gauge your success (or lack of same). All promotions must be measurable and constantly monitored. Any cross-promotion campaign that’s not giving you the hoped for results should be quickly tweaked or even dropped.
Cross-promotional marketing isn’t that difficult and the payoff can be substantial but it requires meticulous planning in order to work to both yours and your partner’s advantage.
Using Digital Signage To Enhance Your Cross-Promotion Marketing
No platform is more suited for cross-promotion campaigns than digital signage – both in terms of impact and cost effectiveness. Digital signage is one of the most effective methods to increase your brand awareness using a content-friendly approach.
The use of in-store digital signage:
– Allows cross-promotion your products and services for up-selling and upgrades.
– Provides a promotional channel to cross-promote value-added product and service packages at a lower advertising cost.
– Increases a product’s perceived value by rotating ads with other high-end brands to leverage your brand.
The use of digital signage has also proven to be a great enhancement and easy-to-use tool in cross-promotion campaigns, allowing you to cross-promote your products and brand by working in collaboration with alliances and partners to capture consumers’ attention and increase brand awareness to a new potential target market.
New cross-promotion opportunities now exist for non-competing brands to drive traffic to each others brands though the use of digital signage. By teaming up with local non-competing brands you can create brand awareness and new sales opportunities for your business in an entirely new target market.
Using digital signage as your platform does not change the rules for selecting your cross-promotion partner. Select a reputable company that offers compatible goods and services that you feel might interest your customers.