With the economy tightening up, now is the time to consider how to squeeze maximum value out of those scarce marketing dollars. Cross-promotion immediately comes to mind as one of the easiest and most efficient strategies for achieving that goal.
At its core, cross-promotion is nothing more than joining forces with compatible partners so that all parties can more effectively exploit each others’ marketplaces. The potential marketing payoff is big because partners can successfully expand their business by capitalizing on one another’s existing customer base. It is a classic case of marketing synergism applied to attitude, strategy and marketing expense.
Cross-promotions include bundled offerings, cause marketing, co-branding, co-op marketing and shared space. They will often involve a frequent user program and tend to be more commonly applied in the consumer retail sector. But that’s not to say that they can’t work just as effectively in the B2B, government and not-for-profit arenas.
Is it worth the effort?