What is Cross-Promotion?
Cross-promotion is a type of marketing where businesses use alternative channels to promote their services or products to new markets. Typically, cross-promotion involves two or more companies who are marketing to the same demographic combining their efforts for mutual benefit.
With cross-promotion, each business can gain from the synergies the other group has with their target audience, and they can expand upon that for their own benefit and growth.
As an example, an e-commerce platform may have the same target audience as a web designer. They are not in competition with each other because their clients need both services, but since they share the same market, they can cross-promote and reap the benefits of the other company’s customer base, contacts, and industry presence.
Smaller companies often want to cross-promote with larger, more established businesses to gain leverage in their sector. This arrangement is also beneficial to the bigger company who may want the positive exposure of supporting smaller businesses.
Why Cross-Marketing is Beneficial for Your Business
Your business may already have a rock-solid marketing plan in place, a base of loyal customers, and already be tapped into your niche market — so why would a business like yours need cross-promotion? That’s easy — there are many advantages to cross-promotion that any company can benefit from, even those who are industry leaders or are already well-established.
Some of the most significant benefits of cross-promotional marketing are:
- It’s Cost Effective — Cross-promotion doesn’t need to cost a lot, in fact, it’s a much more budget-friendly approach than other traditional types of marketing like advertising, commercials, or print campaigns.
The type of cross-promotional marketing you do depends on your agreement with your partner company. It can be as simple as linking to each other’s blogs or could be more in-depth if you collaborate on marketing channels like creating video content together.
The good news is that no matter what medium your cross-promotion takes, you’re splitting the costs with another business rather than shouldering it all yourself.
- It’s Focused — A good marketer knows that trying to appeal to everyone typically leads to a product or service that doesn’t appeal to anyone at all. Your business already has a specific niche market, but imagine combining it with another company with their own target client, resulting in a laser-focused and finely-tuned core audience.
- It’s Established — Partnering with a business that has an proven user base gives you instant access to viable leads. If your cross-promotion partner has already had success in the market selling their product or service, there’s a good chance that you can tap into these qualified leads for your own benefit.
- It’s Scalable — In a local business sense, cross-promotion can take place between a town coffee shop and a local bakery who sell each other’s products. However, when you run a digital business, your cross-promotional reach can extend worldwide, especially if the business you partner with already has a global presence. Web-based companies can promote their services to clients anywhere in the world, meaning there is no limit to the customer base you can unlock when you cross-promote with other digital businesses.
With all the benefits of cross-promotion, it’s easy to see why this marketing technique is appealing to so many digital businesses. If you’re interested in establishing a cross-marketing relationship of your own, make sure to incorporate some of these strategies into your sales plan:
1. Keep it tight — Start with one or two services that you’ll cross promote through another business instead of expecting your partner to sell your entire portfolio. Focusing your efforts prevents your cross-marketing from feeling spammy or pushy.
2. Pair with positive feedback — Combine your cross-promotion with reviews, testimonials, or expert opinions on your business. When your products or services are paired with positive feedback or client commentary it makes it even easier for new leads to see the value that your business can offer.
3. Strengthen your customer profile — Businesses spend ages honing who their target audience is and identifying what their customers want. When cross-promote with non-competitive businesses you can piggy-back on their market insights and combine your collective efforts, research, and market findings on your niche audience.
4. Scale it — Offer your customers a variety of products/services as well as bundles or packages that make sense to your industry. Giving your customer a choice in what they can purchase allows you to capture everyone including B2C and larger B2B clients.
Cross-Promotional Techniques in the Digital Market
Now that you’re excited about the potential of cross-marketing for your business, there’s just one thing left to do: find the right company to co-market with. To do this, you’ll need to ace the fit and make sure you partner with a business whose core values align with yours.
To determine if a business is going to be an ideal match for cross-marketing, you’ll need to do your due diligence on each company you consider and determine if they’re the right partner for cross-promoting your digital business through sharing the same audience.
Some examples of cross-promotion in the digital market could be:
- E-books & Video Content — Both share an audience of individuals who are hungry for a story, whether its fiction or non-fiction. A video content production company is a natural match to an e-book publisher.
- E-commerce and Membership Sites — Think a country club or ride share operation, both of whom share an audience of customers eager to manager their subscriptions or memberships. An e-commerce platform is a great partner for people who are affluent and ready to buy from online retailers.
- Fundraising and Non-Profit Charity Sites — A crowdsourcing site and a non-profit organization share a target market of people who are passionate about social change and can share synergies with one another.
- Broker Transactions and Directories — Someone like a real estate broker has an audience who is seeking out a list businesses in the neighborhood they are looking for a home in. A directory site can seamlessly bring the two digital business models together to serve the same clientele.
- Digital Fulfillment Service and Lead Referrals — For example, a new start-up business would have a need for both a service like an online tax service as well as a list of potential customers to reach out to gain traction in the marketplace.
Consider Bridget your business’s cross-promotional matchmaker. Bridget is a B2B service that connects companies with other businesses based on their target client profile for cross-promotion of their services or products.
Acting as a “bridge,” Bridget takes the guesswork out of wondering if you’re partnering with the right businesses. Bridget works by off-loading the time and resources you spend generating leads of your own by helping you to combine your efforts with other businesses who share the same focus audience.
Cross-promotion is a powerful marketing tool that can take your digital business to the next level of exposure and sales. If you’re ready to leverage the power of working with another like-minded company and reap the benefits for your business, register with Bridget and watch us find your perfect cross-promotion partner.