The business landscape is highly competitive and you
need to think differently when it comes to capturing the attention of the
audience. Apart from the conventional strategies, cross-promotion is a tactic
that has the potential to take your business ahead with quick and sustainable
results. Essentially, it is all about collaborating with another brand to tap a
new segment of potential customers. So you get access to a new opportunity with
the help of another business that already has a hold over that part of the
market.
Traditionally, large-scale cross-promotion was confined only to big companies. Smaller ones often focused on advertising, besides an occasional event sponsorship to gain some extra visibility. Partnership with other brands was just an afterthought for them. However, things have changed now as even smaller organizations realize the value and viability of this smart tactic. It is a symbiotic strategy that works for both the partners, so it can be a worthy proposition for both. Although cross-promotion sounds simple and effective, you need to follow certain rules to maximize the impact. Here are the ones you need to know about.
Stay close to your brand
The first and most obvious rule is to stay close to your brand as you explore partnerships. Essentially, you need to ensure that the ones you approach share your brand qualities and core values. Needless to say, both of you should share a similar target audience so that your campaigns stay on track. Venturing out of your zone elevates the risk of failure of the campaign itself as you will simply waste money on connecting with the audience that won’t be interested in your offering. Moreover, unethical partnerships may even damage the reputation of your business.
Steer clear of competition
No matter how promising a proposition to collaborate appears, never join hands with a competitor because they would ultimately want to bring you down. Ensure that you conduct extensive research of the market as well as the brand you consider for the partnership before going ahead. Never opt for ones with the same offering because they will try to ambush your market sooner or later.
Check them out
It is important to know about the reputation of a prospective partner because you wouldn’t want to be associated with someone who is not known for good reasons. There’s nothing wrong about checking them out before you connect them. In fact, cross promotion partnerships are all about proceeding with caution. While you may tap your contacts in the industry to find out about them, checking their reviews online is a great idea. A lot of negative reviews are a red flag.
Have an action plan before you start
Taking the plunge without second thoughts is not a good idea. Rather, you need a clear plan of action just as you would have for any other marketing campaign. Start by deciding the timeline and determining the product line that you would want to promote with a specific partner. Reaching them out through the right channel should be another consideration of the plan. If you are not great with networking, reaching out may seem challenging. The good news is that you can easily find potential opportunities and connect on social media channels these days.
Focus on trust
Trust is critical to the success of partnerships and this rule applies to cross-promotion partnerships as well. If you don’t feel comfortable with the idea of sharing the target audience with a random business, play it safe and move on. The relationship should sound warm and fruitful right from the first meeting. Listen to your instincts because they will probably give you the right direction.
Set clear boundaries
Before taking any collaboration ahead, it is vital to have clear boundaries and ensure that both parties know them well enough. A written contract that mentions all the clauses with clarity is a good idea to avoid any disputes at a later stage. Apart from the basics of the campaign, you would want it to define precisely how you would want your brand to be represented.
Keep clear records
Both partners should keep close track of customer data
during the campaign. Sharing it with each other lets you understand how well
the campaign is performing for both. It fosters trust and ensures a win-win
relationship for both businesses. If the collaboration involves financial
aspects, have all the paperwork in place and involve an accountant to keep
things clear.
Following these fundamental rules of cross-promotion will ensure that your campaigns are successful. Further, you can extend the partnerships with the same brands if the results are good enough and they are keen on the idea.
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