Cross marketing is a perfect picture of the fact that there is strength in a group. If when you think "another company" you immediately sense competition, you can breathe a sigh of relief - not in this case. Cross-marketing cooperation is intended to help achieve the goals of all parties involved. It helps in expanding the reach, more optimal use of the budget for promotion, or entering a new market segment. The most important thing is that a project implemented as part of a cross-marketing strategy brings mutual benefits to its participants.
Cross marketing can be compared to a situation win-winfrom which everyone emerges victorious. I promote you, you promote me. As in the barter agreement, the parties exchange goods or services that have the same or a similar value for them. It turns out that many companies from different industries target the same customers. Therefore, they are increasingly joining forces and cooperateto still get them more effectively.
Cross marketing, or cross marketing
Cross marketing is another term for cross marketing. The name basically refers to two phenomena. One is extending the range marketing your product or service by promoting it in various media. In the second sense, it is establishing contacts with other companies in order to mutually promote their offer and activities. This is the aspect we will focus on in this post. Here's what view of the area he has public relations agency.
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Cross marketing is a powerful and cost effective approach to generating more sales and expanding your marketing efforts. It is a technique by which you can acquire a business partner who sells complementary products or services, thanks to which both of you can promote each other.
The comparison of Stephen R. Covey, the author of the book "7 Habits of Effective Action", fits perfectly to illustrate what cross-marketing is. In it, Covey states that if two plants are planted close together, the roots together improve the quality of the soil, and both plants will grow better than if they were grown separately. Some companies use the principle of synergy to support each other's growth, not even realizing that they are using cross-marketing at the same time.
Advantages and disadvantages of cross marketing
If you want sales success, forget that silence is golden. Not on the internet for online marketing or social media marketing. Consistent and regular appearance of your company or brand name in all possible channels means more opportunities for you than positioning and backlinks put together! Cross marketing is a strategy that brings many benefits. Some of them are:
– Cost-effectiveness - Cross-promotion is considered a very effective marketing strategy for a reason. It often brings a significant increase in revenues without any additional costs. If there are any, e.g. costs of joint advertising, they can be shared among themselves;
– increasing brand value - partnership with a non-competitor brand is seen as a proven way of business expansion into new markets. If you can link your business to a reputable brand through cross-marketing, you've hit the jackpot. Why? As a result, your brand will appear more trustworthy and your customers will be more willing to consider the purchase. After all, such a decision on their part seems justified. If you are recommended by a recognized company, this is tantamount to granting you a seal of approval;
– acquiring more customers - this is certainly one of the most important advantages of cross marketing. Before starting cooperation, however, make sure that both you and your partner are ready for active promotion your products / services, and that you both reach the same target group.
When it comes to the disadvantages of cross marketing, the two most important ones seem to be the most important. If you offer unique products - you sell specialized goods or services, finding the right partner can be difficult. The second issue is maintaining a coherent message and agreement as to the actions taken as part of cross-cooperation. Both parties must understand the goals and steps that each party must take to achieve them.
How to use cross-marketing?
First, you need to find a partner (s) willing to participate in cross-promotion. A great place to acquire an entity for cooperation is social media. Look for companies that are really active in them. Social media greatly shapes the decision-making process of consumers. As statistics show, nearly 46% consumers declare that they have an impact on them purchasing decisions. Also, cross-promotion on the web will not only increase the reach of your brand, but also appeal to the wallets of new customers.
Another tool of cross marketing is email, which is still seen as a powerful marketing tool. Almost all Internet users open their e-mail accounts at least once a day. Emails can further enhance the power of social media by integrating it into your strategy online marketing. Posts can, for example, be sent to an e-mail in the form of a newsletter. This will increase the number of views as well as overall engaging your audience.
Cross-promotion can also take place via content marketing. This popular online marketing tool reflects the behavior of many users by giving you insight into what information they are looking for online. Mutual promotion of content marketing is a very useful way to expand your reach to new markets.
Cross marketing - examples of activities
As you already know, cross marketing can be used to achieve different goals. The strength of his actions is realized by companies all over the world which by joining efforts multiply their profits. A well-conducted campaign is one that is not intrusive, but gives the feeling of a successful relationship. A good example is the cooperation of a manufacturer of household appliances, e.g. cooktops, with a company offering household chemicals. A well-matched pair is also a car concern and an oil or tire manufacturer. It is important that both industries offer products that are complementary to each other. Cross marketing understood in this way is a universal tool that can be used by virtually any entity. An attractive addition in the case of cross-marketing is the so-called command effectwhich aims to combine the values of both brands. An example may be the recommendation by a recognized manufacturer of household appliances a specific product to be used in their devices. The credibility of the referrer is then transferred to the detergent manufacturer, which gains the attention of new customers.
Cross marketing is an intelligent tool for reaching new communities and expansion into new markets. It's an approach that makes it even more so increases the effectiveness of marketing. If you are wondering how to use it - contact us. Together, we will develop the best strategy.