Cross promotion works well for small business threatened by big companies. Affiliating yourself to other products and services helps all parties get higher returns by helping you target the right people through marketing campaigns. Cross promotions can be anything from joint offerings to jointly held press conferences, seminars, trade shows, and other marketing-related events. Cross promotion also includes marketing each other’s products through handbooks, flyers and videos and working on co-branding. This article discusses some ways by which two businesses can cross promote.
Effective Cross Promoting through Affiliations
Cross promoting is a good option only if two businesses stand on a relatively equal footing. Here are some ways of cross promoting your business.
Build a sound business relationship with other small businesses.
You need to give other businesses a reason to promote your products and services. They must be able to see what is in it for them. Give them referral fees, or other incentives in cash or kind, to refer customers to your business.
3) Tell them how to do it:
Make it clear to your cross promotion partners exactly how to promote your business. Do not leave them with a vague instruction. Write down several alternative means of carrying out the job.
4) Keep Monitoring:
Keep checking the progress of the program regularly. You need to keep track of the program and see if everything is going as planned.
For important events related to cross promotion, send reminders to your affiliates well in advance.
Means of Cross Promotion
You can use any method from flyers to seminars and contests to cross promote products. Here are some of the most popular methods of cross promoting:
1) Hold joint press conferences.
2) Offer discounts and freebies to customers who buy the products of both you and your affiliate.
3) Bring up the name of your affiliate when giving speeches or interviews.
4) Use flyers about each other’s businesses.
5) Give away complimentary gifts made by your partner’s company when customers shop at your store.
6) Put up posters promoting each other’s products and services.
7) Put up joint advertisements in local newspapers, radio programs and TV programs.
8) Share mailing lists and send emails to those in the list.
Cross Promotion: Precautions
When cross promoting with affiliates, here are some things you should keep in mind.
1) Don’t enter into partnerships with too many companies. You will not be able to promote the products of so many firms.
2) Don’t make your business too dependent on cross promotions; otherwise, you run the risk of major damage to business when the collaboration is called off.
3) Don’t form alliances with businesses that may take advantage of your offer and never promote your products.
Cross promotion work well for small businesses on a level footing. It saves a lot of expense on marketing and can benefit all affiliates. If you need to know more about cross promotion, you can consult a small business advisor who will help you select suitable affiliates and guide you through the promotion process.