Power In Numbers
How to get big-time marketing on a small-time budget
One of the biggest challenges for any new company is building credibility and name recognition in the marketplace. An effective way to do just that: Join forces with an established company that has the visibility you want.
The concept of joint promotions is neither new nor unique-and you don't have to be a big company to do it. Gus Conrades and Bryan Murphy incorporated online automotive parts exchange Wrenchead.com in February 1999. Just six months later, they closed a deal with CBS Corp., exchanging a 22 percent equity stake in their company for $33 million of advertising, promotion and other consideration across CBS' media properties over four years. Wrenchead.com is also the national title sponsor of the United States Hot Rod Association (USHRA) Monster Jam, as well as other racing and concert events. Beyond sponsorships, Wrenchead.com uses joint promotions in other ways; for example, they recently held a sweepstakes and gave away a 2000 Chevy Silverado and two Suzuki Quadmaster 4x4 ATVs donated by the manufacturers.
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