Cross promotion is a popular marketing technique that involves promotion of another product targeted to the consumers of a related product. Let’s understand cross-promotion with some examples:
✓ In 2013, KitKat launched 50 million candy bars with Google’s Android KitKat featured on the wrapper. They also offered a chance to win Google Play or Nexus Tablet gift cards.
✓ In 2016, Doritos and Pokémon promoted each other on Twitter during the Super Bowl.
✓ A highly visible example of cross-promotion can be witnessed at fast food outlets. McDonald’s, for example, will have ads for Coca-Cola and other brands at their store.
What are the benefits of cross-promotion?
All top brands rely on cross-promotion to reach their target audience. Some popular advantages associated with this form of marketing include:
1. A win-win situation for brands
A contract is usually signed up between 2 or more brands before cross-promotion takes place. The contract will clearly state the expected outcome for each brand. For example, one brand may be looking for widespread exposure while another expects financial benefits. A contract will help ensure the desired outcome is achieved in an efficient fashion.
2. An inexpensive alternative to conventional marketing methods
Cross promotion will witness multiple brands sharing costs – this ensures that your precious marketing dollars can be spared for other avenues.
3. An increase in recognition for smaller brands
A small brand that ties up with a big brand stands to gain in visibility and recognition. More people will recognize the small brand after the cross promotional campaign is over.
What are the steps to initiate cross-promotion with other businesses?
1. Search for the right partner
Don’t just settle for a partner who will take the financial burden out of your marketing. Search for a partner with:
i. a target audience similar to yours
ii. a clean and honest business record
iii. a product or service that complements your offering
Remember that your target audience will judge your brand by the company it keeps. So, choose the right partner!
2. Create the right contract
The outcome of the cross-promotion should be put down in a paper. Create the perfect contract that offers a win-win situation for all. Get an expert to prepare the contract so that there’s no confusion later!
3. Come up with an attractive promotion
A cross promotion will succeed only if it is done the right way! Come up with cool ideas to promote your brand – it could be a contest or special offers!
4. Use the same marketing language
This is a very important point. Participating brands in a cross-promotion should use similar marketing language. Any deviation can create confusion for the target audience. Sit down with the marketing team to come up with a marketing strategy that features uniform messaging for the campaign.
We hope this article provides a clear path to help kick-start a cross promotion campaign for your business. Get in touch with us for awesome giveaway ideas and more marketing tips to give your brand a head-start over competitors!