Cross marketing strategies are most effective when woven into a partnership where both parties benefit from the marriage. Your company helps to promote another company and, in turn, that company helps to promote you. Everybody wins, but how do you effectively approach cross marketing so that your venture will be successful?
Find Complimentary Products and Companies
Take a close look at what you want to promote or sell. Address the necessary components needed to sell the product or service and identify how those components are achieved.
Identify who your target audience is and how it currently finds out about your product or service. Where is the most likely place that your audience spends its time and money?
For example, if you own a T-shirt business and your primary customers are pre-schools, consider approaching the local pre-schools in your market to discuss a partnership. You could promote the pre-school while the pre-school could display and campaign for your T-shirt company.
When approaching a company about a cross marketing campaign, ensure that the business understands that this is a reciprocal venture. You will market their product as enthusiastically as they promote yours.
Develop a Marketing Campaign
Once you've agreed to create a cross marketing campaign meet with the other business owner, discuss how she typically markets her business. Does the other business use similar communication channels as you do for marketing and advertising? Do you have similar marketing budgets or does one company spend more money on marketing?
Also, look at communication styles. What is the approach you use versus your new partner. For example, do you take a more conservative or humorous approach to marketing? When it comes to cross marketing, you want to find some assimilation with styles to meld the campaign.
Once you've come to an agreement on your plan, determine how long you plan to run your partnership and the extent of marketing in terms of channels (direct mail, in-store ads, referrals, newspaper ads, TV and radio).
Implementation
Here are a few ways you can approach a cross marketing campaign:
In-store displays: You can create a table or display in your store or lobby that displays your partner's products and or services. Provide brochures, ads, coupons and materials that will allow your customers to get in touch with your partner. Your partner should do the same for you in his store. Be sure your employees are well versed on your partner's product so that if you customers ask questions they can be answered in your store.
Newspaper advertising: Run a joint newspaper ad that features both partners equally. For example, if you are a restaurant you could partner with a smoothie shop and include a coupon for $2.00 off your next smoothie at your partner's shop. This strategy could also be used in direct mail, TV or radio advertising.
Throw a party: You and your partner can throw a joint event where you invite each other's best customers for cocktail party or event. For example, if you own a construction company you could throw a party where your partner, the heavy equipment company, invites its best customers. Both businesses impact each other and have customers that would have interest in both companies.
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