It doesn’t matter what you’re selling as a retailer, be it products or services; you have to market it in some way, shape or form in order to make sales and generate revenue. There are many ways to market, with some proving more effective than others. And right now, cross-marketing appears to be bearing fruit for retailers.
You could suggest that because competition is so rife in multiple industries, rather than be lone wolfs, companies now see the benefits of working together and collaborating for the greater good, which is the essence of cross-marketing. In short, cross-marketing is when two or more companies, which can also involve influencers and others with a significant pull, team up to promote each other’s products or services in what should prove to be a mutually beneficial relationship.
One of the great ways that cross-marketing can work is when those collaborating aren’t from the same industry, but indirectly there’s a connection. So, for example, you could be an online PT who works with a company that supplies supplements such as protein powder or a business that deals in meal prep. In a way, the services and products are related, which could mean that via cross-marketing, someone may sign up with the online PT while also purchasing supplements or meal prep to help them on their fitness journey.
Another fantastic example of a cross-marketing strategy proven to work is capitalising on trends. Right now, gaming online is huge. You just have to look at successful bingo sites like Gala Bingo to see how effective linking up with them could be. Using bingo as an example, you must purchase tickets to play, which could be given away as part of a marketing strategy with another company. And in return, a bingo room could be named after said company or an event on a bingo site.
Undoubtedly, the internet has made cross-marketing more viable and certainly more advantageous. Because as mentioned above, it’s not just companies who can team up to work together in a mutually beneficial way. It’s also possible for cross-marketing to occur with influencers, YouTubers and streamers involved, which is fast becoming a common occurrence, with leading businesses now striking up marketing deals with internet personalities. Plus, internet personalities can use the opportunities to market themselves in the mainstream.
Cross-marketing is likely to be crucial to a retailer’s success for many years to come, especially with how integral the internet has become. What’s expected to change over time is how these cross-marketing relationships work, i.e., who companies strike up deals with. There will always be a preference to capitalise on trends and to market in a way that’s modern, innovative and relevant, which is what we see today. There could also be further learning towards the internet personality world, as it continues to provide great routes to market and to thousands, if not millions, of potential customers.
