It’s rare to find a company that isn’t looking to cut costs somewhere. Oftentimes small businesses will shave funds off the marketing budget to save money, but that isn’t necessarily the best route to take. After all, marketing is an integral part of building a brand and increasing profits.
There’s no denying that advertising can be an expensive endeavor – particularly for independently owned stores or other businesses. Luckily, there are several ways to improve your marketing efforts without increasing your spending. One great method is called fusion marketing or cross marketing.
What it is
Fusion marketing represents a specific type of strategic alliance. It often involves exchanging promotional materials with another business to use in store displays as a way to increase the exposure for both parties.
The ability for two stores to work well together is influenced by several factors, according to Entrepreneur magazine. When you’re considering which brands you could try fusion marketing with, consider what commonalities you have with each of them. Whether you have a similar marketing mix, share a customer base or have proximity on your side, cross promotions may be worth a shot. You can also seek out companies that sell related products or share social views that are important to business.
In addition to the increased visibility and cost savings that result from fusion marketing, the practice builds a brand’s credibility, Forbes magazine explained. You and your partnering business are vouching for each other when you offer references.
How to use it
Fusion marketing can be as simple as filling a Triple Divided Tray with business cards from other businesses. Other popular ways to promote another business include handing out coupons for the other store when you give customers their receipts or mentioning an ongoing sale.
You can also employ cross promotions with your online presence. Consider sharing your partner’s website link on your store’s social media pages or suggesting a guest blog that will appeal to both customer bases. You may want to include a note about their product or service in your next email newsletter, so they can reach all of your contacts without you compromising the privacy of your customers.
Entrepreneur reminded business owners to be mindful of the relationship’s give and take. It can quickly become an inefficient marketing tactic if one party isn’t holding up its end of the deal.