Howdy, Partner
Promotional partnerships can double your marketing punch.
Want to increase the scope of your marketing efforts without
spending any additional dollars? It may sound too good to be true,
but you can do just that by partnering with other small companies
that sell complementary but noncompetitive products and services to
your target market. In this way, you get twice the exposure at half
the cost. For instance, if you run a Web design firm, you might
link up with a local ISP that can pass leads on to you. Or if you
sell nutritional supplements, you could join forces with a local
gym and display information about each other's products and
services in your businesses.
You can also get together with other entrepreneurs whose
services complement yours and market a series of seminars. By
teaming with other business owners, you'll increase the number
of possible attendies.
Forming promotional partnerships or alliances for your product
doesn't necessarily mean that money has to change hands, but
sometimes joint promotions are an easy way to piggyback products.
These promotions can be a real bonus to your business, providing
additional exposure to consumers of the partner product, not to
mention reduced promotional costs since you share the expenses with
your partner. Plus, the partner you choose doesn't have to have
an obvious connection to your product or service.
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Here's an illustration of how a couple of completely
unrelated companies located near one another pulled off a joint
promotion. A greenhouse that handles both perennials and annuals
and a combination coffeehouse and bakery thought it would be great
to sponsor a "Stop and Smell the Roses" promotion, during
which anyone who made a purchase at either business received a
coupon good for 20 percent off another purchase at the
partner's business. The promotion only lasted for one week, but
it brought in lots of new customers for both partners.
Search for as many strategic marketing alliances as possible. By
teaming up with other business owners, you maximize your ability to
reach customers and meet their needs.
Try analyzing the types of customers you have. What types of
businesses are they in? What companies do they do business with? If
you spot a significant number of your customers coming from one
industry or one neighborhood, consider teaming up with other
suppliers or vendors from that industry or area that might also
supply your customers. Look into the future, and keep scouting for
unlikely but timely partners.