Cross promotion is an excellent way to build partnerships with a common goal—to increase sales. You can think of it as a win-win business situation. It involves finding a partner to leverage the power of your press release to its optimal potential.
What Is Cross Promotion?
Cross promotion isn’t a new practice. You probably see it every day. Look at the back of your receipt from the grocery store. You may see ads from other local merchants.
The investment on both sides is minimal which makes it a cost-effective way to promote a business. When you use it in conjunction with a partner, both of you benefit from the exposure.
For example, let’s say your business is introducing a new line of leather jackets for which you want to announce through a press release. A partnership with a local dry cleaner for a discount on leather gives you the opportunity to add value to your product while helping the other business boost its sales.
Benefits of a Cross Promotion
There are several benefits to cross promotion that make it worth the effort. Your customers will likely view the dry-cleaning discount as a perk from you. That can help build brand loyalty and spread goodwill which is vital in a world where the bad word gets out more often than the good.
It also allows you to tap into the things that consumers look for most often. According to the Consumer Barometer with Google, over 50 percent of online searches for local businesses focus on prices. A press release with a discount associated with it may bring in more traffic.
Target Your Audience
As a business owner, it gives you several advantages for making your marketing more effective. A wise choice of a partner allows you to target an audience that is more likely to be interested in what you have to offer.
You can hone in on potential customers rather than trying to lure others who won’t likely buy your product. It gives you the benefit of reaching out to customers in places they may look to buy, explains an article in Forbes.
Control Your Exposure
A cross-promotion campaign gives you control over distribution. For example, you can include the perk with your press release but make it a limited time offer. That can create a sense of urgency which may make a potential customer want to act so as not to miss out on a deal.
You can also control your exposure by reaching out to an audience more likely to buy by working with partners with a similar client base. Both businesses benefit by increasing their potential audience.
Create a Sense of Community
When you partner with another local business, you are creating a bond that speaks to the community at large. It’s a riff on the buy-local movement where you as a business are supporting another business owner. From a PR perspective that is priceless.
Your partnership can also build credibility among both of the businesses’ clientele. By reaching out to other merchants selling quality products or services, both benefit by reinforcing this powerful marketing message.
Give an Incentive
The hardest part of selling a product is getting the customer to take the first step toward learning what it offers them. When you work with your partner, you can also tap into the expertise of his sales staff by providing them with an incentive in the form of a discount or other perk.
Doing so acknowledges their effort to promote another product or service. And it can create the same type of brand loyalty with them as it does with potential customers. It also shows that you believe in your product which will speak volumes.
A cross promotion is an excellent way to build a partnership with other merchants to increase the effectiveness of your press release. It gives you more control while boosting the credibility and sense of community for all businesses involved.