What Is Cross Marketing?
Cross-marketing or cross-promotion is a marketing strategy when companies or brands come together to help each other increase sales. In other words, cross-marketing is the process of advertising a product or brand across multiple marketing channels. It’s a perspective strategy that helps to expand the reach of your brand and connects you with potential co-partners for further achievements for both collaborating companies.
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A prime example of cross-marketing is advertising your product in a famous TV show or running joint-advertising like Burger King and Pepsi Cola. This is a form of a marketing partnership that aims to benefit two partner companies.
How Cross Marketing Works
Cross-marketing takes data from one marketing brand and put it on a marketing reporting platform to analyze and optimize another marketing brand, which helps to expand the reach of your brand and create more targeted advertisements.
It is crucial to choose the right partner, otherwise, you will incur losses in your business, damaging your own brand. Finding the right partner is the biggest factor in gaining customer loyalty for both companies. It is key to transfer the customers’ loyalty from one brand to another, increase awareness, and boost conversion rate.
Effective Cross Marketing Strategies
First and foremost, companies starting to build up their marketing efforts should develop the most effective marketing strategies. Cross-marketing provides you multiple essential benefits. Here, discover the key strategies that we’ve highlighted for you to help you succeed.
1 Build Partnership With Prospective Companies
As we mentioned above, Cross-marketing is a strategy when companies or brands cooperate to help each other increase sales. When building an effective cross-marketing strategy, the first thing you have to implement is finding a potential partner company. With your future partner, you should share the same benefits and have similar customers. Try to use social media platforms to help you identify your cross-marketing partner taking into consideration based on the criteria you choose.
Never build a partnership with just anyone. Is your chosen company popular among customers? Do you share the same core beliefs and values? These are the main issues that should be taken into account and guided by them when building a partnership with other prospective companies.
2 Set Goals
There is no success in cross-marketing business without identifying the main goals. Highlight the key points where your business needs to grow and develop. Work on them without sparing any effort. Start from increasing your brand awareness. The more you increase your brand awareness the more people will discover it, and the more followers you will gain.
Goals will not be achievable if your partner does not share like-minded customers with you. Also, do not forget to share advertising or an event with your partner company, which not only increases brand awareness but also reduces costs.
3 Use Exit Intent Popups To Present On Other Platforms
Exit intent popups are integral components of any business promotion. There is a misconception that exit popups are more annoying than helpful on the way to success as no customer is interested to click on them. But the results proved the opposite. Website Exit popups display when the visitors are going to leave the page, which means no visitor to the website will be disturbed or annoyed.
Collaborate with companies that share the same interests using exit popups. We assure you that displaying a website exit popup on the website, will help you get multiple subscribers, customers from different continents, and gain world fame.
We have highlighted several additional strategies to help you develop your cross-marketing strategy, namely:
- Google Ads
Google Ads allows you to target visitors and open up new prospects. Due to search console data, Google shows the users’ search patterns, after which you can target your audience more efficiently.
- Facebook Ads
You can market your products or brands quickly to users of Gmail, sending messages right to their inbox using Facebook Ads. This is a profitable strategy that helps to increase your Facebook budget and guarantee that the majority of the budget is used by the customers who have already been interested in your message.
- RLSAs
After implementing Google and Facebook Ads, make sure you have taken care of another possible strategy as well. Creating Remarketing Lists for Search Ads is crucial for targeting possible clients. You can create RLSAs depending on your Facebook list results.
- Personalized Content
Talking about personal experiences can be crucial too for increasing your brand image awareness and developing trust towards your audience. If you add some personalized content in your advertisement, talking about your experiences and gains, about what you had and what you have now, you will create an outstanding image of your brand and this will make you stand out from any competition.
- Integrate new technologies
It is impossible to achieve great success without the use of new technologies․ You can stay loyal to your main goals and still have customization opportunities, by implementing CRM platform and data analytics software into your strategy.
- Testing
It makes sense that if you want to distinguish whether this strategy works for your business or not, you should definitely test it. Testing will both allow you to achieve success and հelps identify unhelpful strategies in a short period of time to avoid further declines․
Effective Cross Marketing Examples
Android KitKat
The brightest example of cross-marketing is the collaboration between KitKat and Google’s Android. More than 50 million chocolates were created in 19 countries together with Android branding. Buyers got the opportunity to win Google Play Gift cards and Nexus 7 Tablet.
McDonald’s and Coca-Cola
The partnership between McDonald’s and Coca-Cola is a huge achievement that has made both companies successful and demanded all over the globe. Coca-Cola is the world’s largest beverage company that owns over 1.9 billion beverage servings worldwide every day in more than 200 countries. McDonald’s is a world-leading global food retailer with more than 35,000 local restaurants serving over 70 million people in more than 100 countries.
Evidently, there is not only a joint mission between the most famous fast food restaurant and the carbonated soft drink supplier, but McDonald’s also had a very precise destination: first expansion in the US, and then worldwide with Coca-Cola.
Kanye West And Adidas (Yeezy)
The already famous and lovely Yeezy footwear was created thanks to the collaboration between rapper Kanye West and Adidas. Kanye’s popularity benefits Adidas by creating hype around his clothing․ The sportswear brand gives Kanye a solid platform to build his high-end clothing line.
Adidas’ co-branding collaboration with Kanye West has resulted in a stellar year for the company, with Adidas net profit surging 19.5% to $ 1.9 billion in 2019.
Conclusion
To sum up, Cross-Marketing can bring a lot to your business. It is important to find the right partner company that will become the business card for your brand growth and worldwide recognition. Set clear goals and always remember that risk is half the battle.