Cross promotion is beneficial in many ways. Here are just a few examples:
Broadens your customer base: When two more companies team up, more customers can be reached. The team effort will broaden your chances of gaining more customers. It allows you to reach people that you would not have otherwise targeted. Since you are working with others who are in touch with other groups of people, you have the potential of expanding your company’s market. You get to meet the clients of your business partner – and they in turn, get to meet yours, so it amounts to being very beneficial to both the parties. Cross promotion can also be referred to as networking.
Time saving device: Cross promotion amounts to saving time. Since both businesses are putting in a lot of effort to promote each other and themselves, more people are reached at a quicker pace. In cross promotion, the workload gets distributed among the two or more businesses, and thus the people assigned to carry out marketing tasks can finish them in the assigned time limit.
Money matters: Cross promotion saves quite a bit of money. Both businesses enjoy more profit, as more income is generated. The expenses and responsibilities are shared between the businesses. When there is a combination of two or more businesses in marketing, it proves to be more beneficial. Cost sharing is a major factor that should be taken into consideration. Money saved is money earned.
Increasing the advertising exposure: As we all know, advertising plays a very important part in increasing business; and cross promotion enables both businesses involved to gain more exposure. It is like killing two birds with one stone; each business individually advertises for both of the businesses.
The Guessing game: Cross promotion can be fun as the customers play a guessing game. They try to find out who is responsible for advertising as they find them more witty and unique, and not based on the typical format.
Building trust: Cross promotion facilitates reliability. When another company does your marketing for you, it has the effect of enhancing your business’ reputation and helps to build trust among customers. It is equivalent to another company putting in a good word for yours.
Stimulates creative thinking: Cross promotion increases creativity. Like the saying “two heads are better than one”, the combined efforts of the creative teams of two companies can come up with innovative ads, promotional products, and special offers. You can mix and match them – coming up with exciting, new and effective ways to reach out to new customers. Creative advertisements are usually very eye-catching and are easy for prospective customers to remember. They always stand out in the crowd of other advertisements. Always remember that creativity never goes unnoticed.
If you are struggling to punch up your marketing strategy, consider cross-promotion. Not only will you be reaching out to new prospective customers that you may not have been able to reach before, but you will also forge new, effective (and profitable!) business relationships. That’s what marketing is all about!