Teaming up with like-minded companies in a cross-promotion can yield more exposure at half the cost, if done right.
A successful cross-promotion has the power to leverage brands by reaching similar customers through a like-minded company, all at an attractive price. Brand partnerships allow a partnering brand to tap into an already established following or client base. Sign me up!
The idea of a cross-promotion is that each company would mutually benefit from the established partnership. When done correctly, exposure is generated which will lead to an increased ROI, while only spending half of a marketing budget. What could go wrong?! Well… actually, several things could go wrong. When done incorrectly, there are consequences, such as the dilution of your brand and message. You’ll quickly discover whether or not the customers referred by your partner are the customers you want to reach.
Traditionally, cross-promotion campaigns include offering discounts to customers who buy products from you or your partnering company by printing coupons on receipts or sharing ad space. While these traditional methods can yield an impressive return still today, putting an inbound marketing twist on these methods can provide even better results. For example, using social media to conduct a contest or a drawing to promote brand awareness.
When teaming up with another company, you are endorsing their reputation so it’s important to choose your partnering brand wisely.
In choosing a partnering brand make sure to:
- Know who your ideal customers are. Know where your ideal customers hang out and what their interests are. Seek a partner with a similar reputation for superior quality who is willing to personally support you. Also, seek a partner with whom your ideal customers can relate to.
- Research whether or not they would be a good fit. Research things like who their customers are, what they stand for, what their brand means to their customers and what their brand could mean to yours.
- Choose a partnering brand that will boost your credibility. Cross-promotions leverage your brand and having a partnering brand known for their quality gives your brand more credibility.
- Create an agreement. Make sure the agreement details what each company is responsible for. Also, explicitly set a budget that each partner clearly understands. Set some goals while you’re at it!
- Keep track of the promotions success. There are several great Marketing Automation Platforms with the ability to track success, determine ROI, and the probability of a brand partnership. As a suggestion, Hubspot is a great resource for these measurements.
By creating your offer at the right time in the right place, your cross-promotion becomes relevant to your customers and isn’t that what Inbound is all about? Help your partner help you attract new customers to your social media, and ultimately to your website, through giveaways, contests, and more. Once you’ve found the perfect brand to partner up with, get creative and have fun with your cross-promotions.
If you’re interested in learning more about generating traffic, leads, and sales through cross-promotions we invite you to download our eBook Alaniz Guide to Generating Website Traffic, Leads & Sales. Please get in touch if there’s anything we can help with!