Two birds with one stone!
Two birds with one stone!
Why settle for one when you can easily reach for ten? Cross marketing is one of the age old tricks that brands and businesses have been adopting for a while to ensure better visibility, awareness and ROI. However, despite of it being a popular method of selling a product or a service, cross marketing has not been used as often as it should be. A symbiotic relationship between two businesses or brands is the crux of cross marketing and principles like ‘two heads are better than one’ and ‘if you scratch my back, I’ll scratch yours’ sum this up very well. Curiously, many people depend and use this principle without even realising it and apart from fostering a sturdy long-term partnership; this mutually benefiting business model works wonders for creating a solid brand presence in the market. It is said that people require different representations of a product before they finally settle on one and cross marketing does just that. If you’re running a business and if you’re wondering whether this route is for you to take, then perhaps these benefits of cross marketing will help you make up your mind.
When two brands get together to form a partnership that mutually benefits two separate products or services, one of the results that it yields is exposure. When done right, cross promotion offers to reach promising new markets while converting valuable consumers to become brand loyalists. At the end of the day, a brand runs on how much it is able to disrupt the market and when two powerful forces come together, the results are bound to be of epic proportions.
When a business starts out, they have a few things right on top of the list which must be achieved if they have any dreams to surviving in a cut throat market and brand awareness is one of them. Creating brand awareness is crucial to the success of any business because that’s what leads to forming your database of loyal consumers and with cross marketing, brands have the added advantage of tapping into a whole new set of people who they can convert into loyalists.
Assuming that one can’t change the fundamentals of what is being delivered to the market; businesses are left with two possible options with respect to creating added value – a) increase in sales per consumer and the more important of the two, b) consumer loyalty and retention. Once you figure out the right fit for your brand with respect to cross marketing, there’s no stopping the world from generating bigger and better value of the product.
Being cost effective is an essential part of any business, the more money you manage to save, the more you can expand your horizons. Of all the benefits of cross marketing, the fact that it operates on shared expenses thereby making it a very cost effective model, is perhaps the most significant one of them all. When you have two brands spending on one common goal, it makes the outcome more successful while ensuring that it remains economical.
Last but not the least, when you consider a theory without having proof that it actually works, more often than not, it’s left as a theory itself. However, when you have concrete evidence that something yields valuable insight as well as income, you automatically gain more confidence in implementing it. Cross marketing is one such theory that is backed by evidence that once implemented in the market, it actually works. Followed by some of the top brands in the country, with a partnership where two businesses are able to promote their own business’ products and services simultaneously, it’s pretty much a win-win situation.
Quality along with a shrewd understanding of how to yield optimum results makes the best business plan.