Marketing and promotional efforts can certainly be expensive. Subsequently, it can be a great idea to partner with another company to help minimize the costs of advertising. We know what you’re thinking: Why would I want to help another company advertise their business?
Believe it or not, synergistic advertising efforts with other companies can really help your business rather than harm it. You can reach broader markets – all without spending more on your advertising campaigns. For example, if you run a bridal dress boutique, consider a joint promotional campaign with a wedding florist. You could both exchange customer lists, as well as share the costs of a booth at a wedding show and a colorful mailer to new brides.
Here are some tips on how to create a joint promotional effort that really works:
- Never Work with Your Competitor – A joint promotional effort that results in you aligning yourself with your competitor is completely self-defeating. And by competitor, we mean any company that provides a service or product that is very similar to yours. Instead, a joint marketing campaign should work in one of two ways: either it should align your business with another company that provides a complimenting service or product to what you provide, or it consist of a coupon system where customers of Company A can use their receipts to get discounts with Company B and vice versa.
- Only Work with Quality Companies – Only embark on cross-promotional efforts with quality companies. Even if the entrepreneur is a friend of yours, don’t do anybody any favors. No one is entitled to ride your business’ coat tails.
- Keep in Touch – Even after the promotional materials have already been printed and the contracts are signed and completed, keep in touch with the other company to ensure that they are holding up their end of the bargain. If they are rejecting coupons or providing less than stellar service, it will make your company look bad. Remember, this is a partnership: They are obligated to ensure that that both parties are benefiting from the joint venture.
Of course, you are taking the risk by betting your company’s reputation on the excellence and trustworthiness of another brand. However, you will see that the payoff can indeed by quite rewarding.