Posted on Feb 7, 2019

Benefits of Cross-Promotion Marketing

No business exists in a silo. You’ve got suppliers and distributors. Advisers and accounting firms. Loyal clients and window shoppers. But don’t forget one of the most powerful assets you have: partnering businesses.

A partner business could be the brick and mortar store a few doors down from yours. Or, it could be a company located on the opposite side of the country, but you share the same corporate values. Partnering with other companies is an excellent marketing strategy not only for support or a fresh perspective, but for cross promotion.

What is cross promotion?

Cross promotion, otherwise known as cross marketing, is the practice of collaborating with another business on a mutually beneficial promotion. Often referred to in the marketing realm, cross promotion can take a range of forms – from digital contests and webinars to in-store displays and industry events.

There are lucrative benefits and many unique ways to use cross promotion in your business strategy. Let’s take a look.

Cross promotion marketing contest, costco business printing flyers 1

What are the benefits of cross promotion?

Businesses hit a plateau from time to time. It often happens when they’ve been targeting the same audience with the same handful of marketing and advertising techniques for a while.

Defeat the plateau by mixing things up with a cross promotion project. Here are some of the key benefits of cross marketing with another business:

  • Increase reach – with a similarly sized partner, you can each double the eyes on your promotion
  • Revitalize and engage your audience – cross marketing injects fresh interest and excitement
  • Increase sales in a strategic way – develop a cross-promotion plan to target growth in an under-performing part of your business 
  • Broaden your perceived value – great cross partnerships reveal new value that your business offers
  • Strengthen recognition – Make your business more well known in the local market

When it’s a good match and a solid tactical plan, this marketing strategy is win-win.

Cross promotion event, costco business printing banner 1

Cross Promotion Strategies for Small Businesses

ADVERTISING – Support a fellow business by displaying one another’s digital or print ads on your website or in your store.

SOCIAL MEDIA – Cross-promote each other’s businesses with carefully crafted shout-outs and link-sharing via your social media channels.

CREATE A CROSS SPECIAL – Work together to create a promotion or product/service pairing between your two brands.

ORGANIZE A SHARED EVENT – Plan a collaborative event that appeals to your mutual target base to boost sales or sign-ups for both businesses. An educational conference or webinar, an after-hours shopping event— the choice is yours.

GUEST CONTENT – If you have a blog or email newsletter, invite your partner to provide value-added guest content. Make it educational and engaging so that you're giving readers a benefit, rather than merely an ad.

CONTEST – A contest is hard to resist. Set one up where a purchase from your business enters the customer into a giveaway contest at the other’s business. Or, organize an online contest that requires customers to follow both brands on social media and subscribe to their email newsletters.

TRADE SPACE – One classic cross-promotion strategy is to trade physical space within each other’s brick and mortar stores. Allocate a table or space on the counter for cross merchandising of each other’s product line or service to get fresh eyes on what you offer. 

Cross promotion strategy, costco business printing postcards 1

Picking a Cross-Promotion Partner

Choosing the right partner is absolutely essential with cross promotion. When you align yourself visibly with another brand, it's a public statement that you support and believe in that business.

Growing business relationships is a great thing. When choosing partner businesses, we recommend that you do your research to:

  • Determine if they share similar corporate values as your brand
  • Determine if you have a similar target demographic (which you should)
  • Ensure that they are credible and have a good reputation

It's smart to partner with businesses that sell related products/services, but you should not partner with a direct competitor. The alliance should be a natural, complementary fit that makes sense. It should not take business away from you.

Armed with these ideas and tips, start knocking on doors sending out emails to initiate a collaborative cross-promotion effort that works for both of you.

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Topics: marketing, business tips