Cross-promoting with other businesses is a smart way to reach new customers and increase sales. Small businesses can benefit from working together and leveraging each other's networks and resources. In this blog, we'll look at the basics of cross-promotion, how to identify good partners, and some strategies for making your cross-promotions a success.
First, let's define cross-promotion. Cross-promotion is when two businesses promote each other's products or services to their own customers. It's a win-win situation, as both businesses can reach new audiences and increase sales without having to spend much money on advertising.
So, how do you identify the best partners for cross-promotion? You want to look for businesses that complement, but don't compete with, your own. For example, a bakery and a coffee shop could cross-promote each other's products. Both businesses cater to a similar audience, but their offerings are complementary. When selecting partners, it's important to consider their brand image, target audience, and level of engagement with their followers.
Once you've identified good partners, you can start working on your cross-promotions. One strategy is to create joint promotions, such as offering a discount or free trial when customers purchase from both businesses. Another approach is to co-create content, such as a joint blog post or a shared social media post highlighting the benefits of both businesses.
One effective real-life example of cross-promotion is the partnership between Warby Parker and Smile Squared. Warby Parker is an eyewear company, while Smile Squared is a non-profit organization that provides dental care to children in need. Warby Parker donates a pair of glasses to a child in need for every pair of glasses purchased. By partnering with Smile Squared, Warby Parker not only gives back to the community, but also reaches a new audience of socially conscious consumers.
Another example is the partnership between Airbnb and Lyft. Airbnb provides travelers with affordable lodging options, while Lyft provides a convenient transportation solution. By partnering, Airbnb and Lyft made it easier for travelers to plan their trips and provided a seamless experience for their customers.
Cross-promoting can be a great way to reach new customers, but it's important to be aware of the potential pitfalls. One of the biggest risks is choosing the wrong partner. If your partner has a negative reputation or poor brand image, it could reflect poorly on your business. It's also important to make sure your cross-promotions are legal and ethical, and don't infringe on any trademarks or copyrights.
In conclusion, cross-promoting with other businesses can be a smart way to reach new customers and increase sales. By working together and leveraging each other's networks and resources, small businesses can achieve greater success. But it's important to be careful when selecting partners and to make sure your cross-promotions are legal and ethical.
Expert tip: To increase the success of your cross-promotions, build a relationship with your partner. By getting to know each other, you can develop a deeper understanding of each other's goals, strengths, and limitations. This can help to create more effective cross-promotions and build a long-term, mutually beneficial partnership.
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