Product promotion has the potential to influence a business exponentially. Back to business basics, the point of taking a risk and going into business is for the promised reward of revenue, which in lay terms would be profit or net income.
A simple strategy for any business would be sell more, earn more. Well, in practice, that statement carries a loadful of bureaucratic framework, but regardless of theory or pragmatism, the bottom line for any venture is high sale volumes, more clientele base and yes, more online presence given that today’s consumer is smart and can be reached on the web.
This basic entrepreneurial instinct is the million-dollar idea behind the cross promotion concept.
What is Cross Promotion?
This is when a business runs a marketing program that is designed for a specific group of customers who buy a certain product, with the sole aim of selling them related products.
Marketing like this allows a group of customers to have the opportunity to decide what to do with the information put before them.
In light of that realization, a business should ensure that the information is:
- Brief and on point
- Portrays the incentive gained by buying both products
These products have to be related somehow that is to mean that the group targeted will find an incentive by buying them both as a single transaction as opposed to multiple transactions.
Whatever the incentive the business will offer depends on it, but ultimately, it should be aimed at making the consumer feel lured yet not strong armed into the deal.
To put it in practicable terms, an airline company such as Adagold Aviation could run an air charter business to cater for a group of customers who’d want private itineraries and aircrafts.
This is perhaps due to either urgency or sensitivity of time and the company gets in the market to fill that service need gap.
These FIFO flights are bound to attract travel enthusiasts with flexible itineraries to visit a historical city perhaps.
That being their first trip to that location, the travelers would require to do a lot of research on how things work there, find hotels, find rental cars and or hire a guide, file extra paperwork and organize medical insurance for the vacation period.
A savvy hotelier that has the ability to deliver such services to the travelers can seek to market their services to the airline customers (travelers).
This phenomenon is known as a joint marketing arrangement because the customer is only offered the product since he or she purchased the other related product (a FIFO charter).
Tips to promote a product or business through cross promotion based on above example:
Related offers: The hotelier business should make the offer to the travelers during or after booking the FIFO flight.
Joint newsletters: Production of a company newsletter which publish information such as core values, event calendars and company brands is widely subscribed to by airline consumers. The hotelier business can jointly release the e-newsletter to the airline in a bid to utilize its online presence to pitch their offers to subscribers.
Joint adverts: This is a wide area of cross promotion which is mainly done in social media. It can also be employed in traditional marketing like billboards. The spotlight goes to online marketing because of the current trend by consumers to find businesses online. The airline can then advertise its products alongside those of the airline, e.g. on their official website, Facebook page and press releases.
As an example:
What cross promotional initiates have you found most useful?