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Five tips for effective cross promotions
By Brenda Thomson
I buy our weekly fruit and vegies (and a number of other things too) from Aussie Farmers Direct. I found out about them from a $20 discount card I received in a show bag at a charity fund-raiser.
A few weeks ago in my weekly fruit and vegie box I found a $100 gift card for NakedWines. I redeemed the card, spent $67 plus delivery on a pre-selected mixed case of wine (which are remarkably good) and I’m now on the waiting list to become a wine Angel.
Two very clever pieces of cross promotion… so how can you make them work in your business and turn your alliance partners’ customers into your customers and raving fans?
Here are my five top tips for effective cross promotion…
- Know your numbers – you need to know your customer conversion rates, the lifetime value of a customer and how much you can afford to give away in customer acquisition costs.
- Look for a low cost/no cost irresistible offer. $20 off a fruit and vegie delivery is very low risk. No doubt the wines in my pre-selected mixed dozen wouldn’t have cost any more than $67, and I paid for delivery.
- Look for the right businesses to share your promotions. Make sure they share your target market and that your clients’ values and ideals are aligned. The original charity fund-raiser was for a foundation helping support a local cause. Wine Angels and Aussie Farmers Direct both support local business, something that’s very important to me – increasing the odds that I would utilise the gift cards and go on and become a customer.
- Make your offer stands out crowd and make sure it is attractive to your target market. In my case both the offers I received were on credit card style laminated cards… They looked valuable NOT cheap! Check out the image of the NakedWines card.
- Do something that engages your new customer to stick around after they have taken up the original offer… some sort of customer loyalty program or incentive. Naked Wines is particularly clever… you can check it out here
- Track results. Make sure you have strategies in place to see what’s working and what’s not.
Information on HOW to implement Strategic Partnerships and JVs effectively
Four steps to an effective strategic partnership plan
The 10 things you absolutely MUST know about creating strategic partnerships and joint ventures (JVs)
Is your business strategic partnership ready?
Seven steps to identifying the perfect strategic partners for your business
Strategic Partnership and JV Checklist
CEO and Founder, Synergy48 Group
Brenda has an honours degree in organizational psychology and a Graduate Certificate in training and development and she is an experienced trainer, facilitator and counsellor. She is a firm believer in mutual collaboration combined with a practical, hands on tools, strategies and systems as the most effective way to achieve real results in business.
Brenda has over 20 years of experience training in communication, team work, time management, productivity, organisation and strategic planning in large organisations. She is also the developer of the Business Benchmarking Toolkit used by Synergy48 Group members and clients to identify areas for improvement in their business processes.
Brenda is a sought after mentor, speaker and trainer in the areas of strategic partnerships and networking with a difference. She is passionate about actively giving back to the community. In addition to donating her speaking fees and a proportion of every Synergy48 Group membership to provide microfinance to help women in Malawi to start their own businesses, Brenda has climbed the Himalayas to raise money for Kids Help Line and helped lay a pipeline to supply water to a remote village in Tanzania.