Retail, CPG and Logistics
Cross-promotion Strategies and Ideas for Businesses
In today's fiercely competitive industry, cross promotions have become a critical aspect of successful Trade Promotions Management (TPM) for businesses. By strategically designing and executing cross-promotional activities, businesses in the retail, consumer packaged goods (CPG), and logistics sectors can optimise their trade promotions for maximum impact and profitability.
In this blog, we will explore cross promotions, uncovering strategies and ideas for businesses to harness the full potential of this profit-driving concept.
Understanding cross promotions
Cross promotions are essentially a collaborative effort between businesses to mutually promote each other's products or services. This strategic alliance allows both partners to leverage their resources and tap into each other's customer base, resulting in a mutually beneficial arrangement. Through cross promotions, your brand can access new audiences, strengthen its market position, and deliver enhanced value to customers.
Why should your business embrace cross promotions?
Cross promotions offer a bunch of benefits for businesses of all shapes and sizes. By embracing cross promotions, you can:
- Expand your reach: When you partner with another business, you tap into its customer base, reaching people who might not have discovered your brand otherwise.
- Boost brand visibility: Collaborating with a reputable partner puts your name in front of their audience, boosting your brand's credibility and visibility.
- Create added value: By combining your products or services with your partner's, you can create attractive bundles that offer more value to customers.
- Form strategic partnerships: Building strong connections with other businesses can lead to exciting opportunities for growth and mutual support.
- Get creative with marketing: Cross promotions give you a chance to come up with fun and engaging ideas to excite both your customers and your partner company's.
Cross promotion ideas for businesses
Social media campaigns:
Harness the power of social media platforms to launch engaging and interactive promotional campaigns. You can leverage eye-catching visuals, compelling content, and creative hashtags to spark interest and encourage user participation. Encourage customers to share their experiences and participate in user-generated content contests, amplifying the reach of your promotions organically. By collaborating with partners, you can cross-promote each other's social media posts, widening the exposure and attracting new followers and potential customers.
Organise or participate in public events to showcase your products and engage with potential customers directly. Sponsor or host events relevant to your industry or target audience, offering exclusive promotions to event attendees. Partnering with other businesses for co-branded event sponsorships or booths can attract a broader audience and create a memorable experience for attendees.
Collaborate with complementary businesses to create cross-promotional displays in each other's physical locations. These displays can feature products from both businesses, enticing customers to explore new offerings and increasing foot traffic to both locations. Additionally, use eye-catching signage and promotional materials to inform customers about the collaborative effort and the exclusive benefits they can enjoy.
Send co-promotional emails:
Leverage your email marketing list and partner with another company to send co-promotional emails. Craft compelling offers that benefit both sets of customers, encouraging recipients to take advantage of the joint promotion. Personalise the emails to cater to each segment's preferences and increase conversion rates. This collaborative email marketing approach can result in higher open and click-through rates as customers perceive added value from the partnership.
Jointly invest in advertising:
Pool resources with a partner to jointly invest in advertising campaigns. This approach allows you to reach a wider audience and share the costs. Consider using digital ads, billboards, or print media to maximise visibility. By showcasing both brands prominently in the advertisements, you create brand association and reinforce the credibility of the promotions.
Share products with employees:
Encourage cross promotions among employees of both businesses. Offer exclusive discounts or product samples to employees, incentivising them to promote each other's products to their friends and family. Word-of-mouth marketing from enthusiastic employees can have a significant impact on customer acquisition. Additionally, consider hosting employee training sessions to educate both teams about each other's products, enhancing their ability to promote effectively.
Launch joint products:
Collaborate with a partner to create co-branded or joint products that combine the strengths of both companies. Launching unique products can generate excitement and attract new customers who are intrigued by the novelty and added value of the joint offerings. Utilise social media, press releases, and influencer marketing to build anticipation and create a buzz around the product launch.
Start referral programs:
Implement referral programs that reward existing customers for referring new customers to your business or your partner's business. Offer incentives such as discounts, gift cards, or exclusive access to promotions for successful referrals. Referral programs can lead to a steady stream of new customers while reinforcing customer loyalty. To optimise the impact of the referral program, ensure that both businesses actively promote and track referrals.
For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.
How can Infosys BPM help?
At Infosys BPM, we offer state-of-the-art TPM services that encompass advanced practices, solutions, and frameworks aimed at revolutionising processes. Our approach involves digitising and integrating industry-specific processes while harnessing the power of analytics and automation, all delivered with heightened agility and efficiency.
Our TPM operating model revolves around:
- Developing a comprehensive perspective of trade promotions from end to end.
- Ensuring precise and timely measurement of promotion performance.
- Accelerating trade promotions with the support of a suitable consulting partner.
In addition to these key aspects, we extend a range of comprehensive services to our TPM clients, including Business Process Consulting/Advisory Services, Managed Trade Promotions Services, Technology Consulting and Implementation Services, and Analytics Advisory and Data Consulting.