The cost of getting new customers has been rising for several years now – even before our current Covid/money printing induced inflation took off like an out-of-control rocket.
If you are looking to fight back against this – to help “preserve” your advertising and publicity budget – you could do worse than use a strategy often overlooked by general marketers…but often used by top direct marketers.
I’m talking about forming joint ventures, collaborations and partnerships.
For business owners, the benefits of doing this includes the opportunity to:
- Get your brand and offer in front of new audiences and customers…without having to spend money on media/advertising.
- Pool and share marketing resources.
- Compare notes on what has and hasn’t worked in the past.
- Piggyback on relationships other people have ALREADY built up with a group of buyers, allowing you to short cut the “getting to know you” / trust building part of selling.
The key, of course, is to team up with one or more reputable companies that:
✓ Don’t directly compete with you.
✓ Offer a product or service you’d be happy to endorse to your customers.
✓ Share the same values and mission as you.
✓ Have an identical or at least similar customer base as yours.
Once you’ve found suitable companies to partner with, the options available to you include:
- Co-branded marketing campaigns, where you run a joint marketing campaign to promote your respective brands and products/services to new customers.
- Cross-promotions, where you promote each other’s products or services to each other’s customer lists.
- Affiliate marketing, where you promote each other’s products or services and earn a commission on each sale made.
- Joint events, which can help you reach a large audience and offer potential customers a unique experience they can’t get elsewhere.
- Sharing resources, where you pool budgets, staff, expertise etc. to enhance your marketing efforts.
In today’s tough economic climate, it’s more important than ever to find creative ways to stand out and use marketing to help drive sales.
By tapping into partnerships and alliances with like-minded businesses that share an identical or similar customer base, you can add value to your own customers and reach new audiences… while at the same time helping to preserve your marketing and advertising budget.
For more suggestions on how to improve your current marketing effectiveness, go here to complete a marketing health check.
This will only take a couple of minutes of your time, so why not do it now before something else crops up?