When is cross marketing a good idea?
I am considering cross marketing with a few different local companies that have approached me on the idea and have the same target market as me. What are the pros and cons of cross marketing? Thanks for sharing.
Target market is not the same as buyer persona. Demographics and psychographics are two very different elements. To market effectively, you must tell a great story and to connect your story to your buyers, you need to know what will emotionally engage them. The buyer persona is the key to telling a great, engaging story. The real key to cross marketing is to align with strategic partners who have identified similar buyer personas. For example, if you have a pet product that is high end, it makes great sense to cross-market with a pet food product. Don't pick just any company, pick one that specializes in your niche area and who has the same buyer personas, such as an organic market. They may be smaller, but conversions will be higher. Good luck!
The only con is that you might end up getting the smallest slice of the pie.
There is a saying "the fly travels faster and further on the tail of a horse". Cross marketing can be very effective. The key is to find the right horse (Partner) that is going to provide great leverage and exposure for you...and that you can provide equally great value for them. Especially when it comes to injecting your funds in a marketing effort. Be very disciplined when evaluating what return you will expect to work and yield from any effort you do...especially cross marketing.
You can get more clients with this strategy and also if you do not look after them really well you will loose them to your competitor. So always over delivered and offer special coupon like every month to keep them.
Assuming you're doing it correctly, the answer is ALWAYS. There's never a bad time to cross-market (again, assuming you follow the rules).
if done poorly, cross marketing can tarnish your brand by associating with bad (or sometimes just the wrong) partners.
Cross marketing is a great way to reduce marketing costs while increasing visibility. Are you familiar with the businesses, confident in their reputations? Will the marketing be a one time promotional campaign, or an ongoing relationship? Be sure the companies you partner with are committed to the success of all, and that the campaign/program will highlight all businesses equally.
I suggest that cross-marketing is a good idea if all the products and services involved are high quality, well-respected and very competitive. A chain is only as good as its weakest link.
As with all things in life whoever you partner with is critical to success. In general, cross marketing is a good strategy, but make sure you have a clear contract on exactly how it's going to work and how you are going to share the profits.
In general it is a no brainer, however as others have mentioned you need to make sure all are on the same game plan. If not it can become time consuming just checking everything instead of focusing on your own business.