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Marketing Marriages

Do you want to stretch your marketing muscle without stretching your marketing budget?

One way to get a bigger bang for your marketing buck is to enter into ‘marketing marriages’ or cross-promotional partnership.

Marketing marriages, or promotional partnerships, join two or more partners with different but compatible products or services who have the same targets, dreams and goals, to increase their sales without increasing their individual costs.

You may have seen a gas station promoting free samples or coupons from a fast-food restaurant while that same restaurant was offering coupons redeemable at the gas station. Both parties and their customers win!

If you mention your marketing partner in your advertising and your partner reciprocates, you can literally double your marketing muscle without increasing your marketing costs. And referrals from your marketing partners can dramatically improve your closing ratios!

But like many marriages, you’ll be navigating potentially stormy waters with each promotional partner having their own agenda.

Like any partnership where financial interests are at stake, you should craft a written partnership agreement to protect your interests and avoid future misunderstanding.