The marketing industry can be tricky for most companies to navigate in an evolving digital landscape. As technology changes, the way people interact with each other and brands shifts as well. Social media and the internet have completely changed the way marketing is received and created – which is why brands need to be smart about marketing strategies. One of the best ways a brand can stay afloat in the marketing game is to make use of cross-promotion marketing tactics. In this article, we’ll explore how cross-promotion marketing can reinvent your brand image.
Essentially, cross-promotion marketing is using different brands with similar audiences to promote products. While the general marketing rule is not to promote someone else’s products, with cross-promotion marketing, you partner up with brands that are not in direct competition with your product. This strategy creates traction and boosts sales, recognition, and promotions for both brands involved.
A cross-promotion marketing strategy is a collaboration that generates attention and combines the target market of both brands to widen product promotion. According to Partnerize, 54% of companies mentioned that partnerships drive more than 20% of total company revenue. The teaming up of different brands also helps to drive new ideas and opens up new avenues for products and services. Let’s look at some of the other benefits of using this collaborative marketing strategy.
When companies opt for a cross-promotion marketing strategy, they understand the several advantages for all the parties involved. We’ve highlighted some of the main benefits of cross-promotion marketing:
While these are all great benefits, starting with cross-promotion marketing can be challenging for any brand. So, we’ve taken down some of the tips for using cross-promotion marketing in the right way for your brand.
To create this mutually beneficial relationship between brands, you need to first understand your brand properly. Your brand has its own needs, target audience, and goals. Once you fully understand what you want to achieve with your brand, you can identify your weak points and strengths.
Remember, cross-promotion only works if both parties are benefiting from the partnership. This means that you need to know what you can offer and how it matches up with the brand you want to collaborate with.
Naturally, you do not want to partner with any brands that might compete with you – don’t partner with an ice cream store if you’re selling ice cream. Instead, your partner brand needs to complement your products or services. For example, an ice cream store is partnering with a beach chair company.
Additionally, you need to choose the right channels to promote this collaboration. Try to engage with audiences on the channels they prefer to make the most impact. A lot of cross-promotional marketing these days relies on partnerships with celebrities or influencers on social media. Be sure of the channels your brand needs to connect through to make a genuine impact.
Now that we know what cross-promotion marketing is, we can explore some of the real-life successful examples of it. Many brands have used cross-promotion marketing to boost sales and create a bigger audience. These are a few examples of cross-promotion marketing success stories:
In 2014, Uber and Spotify decided to team up for the launch of a cross-promotion endeavor. The transport giant and music streaming service created a partnership that would allow Spotify Premium users to listen to music from their playlists during their Uber trips. This collaboration focuses on improving the Uber experience for users and boosting the number of Spotify Premium subscriptions.
Sourced from LinkedIn
In 2016, Nike and Apple collaborated to create the Apple Watch Nike. This new product was deemed ideal for runners – which boosts Nike’s sports apparel market – and ensures that Apple products are associated with sports and fitness – which introduces a new market for the tech company. The two massive companies joined forces and introduced an element of technology to fitness – fusing two diverse and growing markets.
Sourced from Apple
Since 1955, the McDonald’s fast food chain has been collaborating with beverage giant Coca-Cola. The brands both had a vision of expanding globally and combined their enormous resources to create a lasting partnership. Every McDonald’s establishment serves Coca-Cola drinks and the two brands have now become synonymous with one another.
Sourced from the Mirror
Another successful cross-promotional collaboration was between the action camera company, Go Pro and the energy drink brand, Red Bull. The brands found common ground by promoting sporting events where Go Pro products would capture all the action while Red Bull energy drinks were the main sponsors. The joint venture shared and targeted thrill-seeking audiences, sporting events, and more.
Sourced from GoPro
Sourced from Louis Vuitton
BMW and Louis Vuitton paired up to create a much more glamorous product line. The renowned car company created a sports car model called the BMW i8. In partnership, Louis Vuitton then designed an exclusive, four-piece set of suitcases and bags that fit perfectly into the car’s rear parcel shelf. This collaboration focused on traveling in style, comfort, and luxury.
Cross-promotional marketing tactics are ideal for any brand looking to expand its horizons and find its niche. Of course, to properly market any brand, you need the right tools and expertise for the job. That’s why TMG Global is the ideal choice to amplify your brand’s voice. Our esteemed array of professional writers can enhance your brand’s image and allow it to evolve with the times. Contact TMG Global today for a free content audit or to learn more about how we work to elevate copywriting into an art form.
