Cross promotion is basically cross posting, the act of promoting similar overall topic for your business or brand while doing so in a way that better suits the audience and interface of each media platform.
In particular, the motive of cross-promotion is to attract similar audiences that are not in competition for the different brands.
It helps promote products and services, generate leads, boost sales, and establish brand awareness.
Why to use cross promotion?
Many times, it is seen one brand promoting another brand’s goods or services in banner ads on websites, posts on social media, mentions in articles and videos. Recommendation in email newsletters, and more.
You have probably asked yourself why companies do this?
Brands which are not in competition with each other are more likely to cooperate for mutual benefit.
According to Partnerize’s research, 54% of companies mentioned that partnerships drive more than 20%
of total company revenue.
Cross promotion is pretty much convenient and profitable way to promote products. Being very quick and effective, cross promotion became popular during the financial crisis.
If a partnership is built right, it can double the audience.
The knowledge and varsatlity of ideas is shared during this collaboration by the companies.
This includes mentioning and advertising the collaborating company to their websites, social medi pages, and in emails, all while developing their promotional programs.
MAJOR BENEFITS OF CROSS PROMOTION.
• Improved reputation
• Audience growth
• Increased brand awareness
• Increased sales
• Lower advertising costs
• Improved sales
The right channels can make a huge difference in creating and generating huge profit, engagement or achieve a specific goal.
For cross promotion companies need to choose the channels that their audience prefers.
IMPORTANCE OF REFFERALS.
To boost the growth of a certain company referrals are the most important.
One must consider emails campaigns, guest blogging, mentions in articles, and social media platforms like facebook, Instagram, and twitter.
If the main focus is towards hiking the sales then channels to be focused should be blogs, mobile apps, conferences , webinars , and social media like Youtube, Instagram, and Facebook.
For the excel of brand awareness, podcasts, Youtube, Instagram, Twitter, Facebook.
STEPS OF CROSS PROMOTION.
1. Set goals.
When you are thinking about cross-promotion, it is critical to define your goals. Decide what you are trying to achieve: expanding the market reach of your product, creating a positive image, or increasing sales. It will also help to correctly layout the tasks you will need to complete to achieve your goals, as well as determine the key performance indicators (KPIs) you should monitor.
2. Choose the right partner.
Selecting a compatible and reliable partner for the cross promotion is must.
Firstly, consider the brands that don’t compete with you. Most likely to be the successful examples of partnerships is when the services or the products are complimentary.
For example, the collaboration between Spotify and Uber drove awareness, increased recognition, and expanded the audience. This partnership allowed users with Spotify Premium to listen to the music from the playlist in their Uber driver’s car. As a result, Uber users were eager to pay for Premium accounts on Spotify, and Spotify users booked vehicles from Uber.
Secondly, cross promotion generates most of the leads and expand most of your audience and as the conclusion it boosts your sales and brand awareness.
While, choosing a brand one should keep in mind the reputation and marketing value of the opposite company must be same or higher than yours. Also, the marketing messages by the company must be similar to yours.
3. Select channels.
Choosing a well-known platform for yourself is one of the basic key. It is completely upto you which cannel supports in the best interest of your business and serves the purposes of audiences as well as in the hike of business.
For instance, Youtube and email marketing can be considered as the major platforms for the type of marketing you are seeking for.
To sum up, when thinking about collaboration, choose a reliable partner with a good reputation, define what you are going to achieve, and what channels are a great fit for it. These are the points that will influence your brand and pave your way to success. Next, we’ll suggest several ideas for cross-promotion.