Launching, developing and implementing a marketing campaign, as well as conducting target audience analysis and
on marketing trends, requires a lot of financial resources and time. In addition, sometimes even the most
marketing analysts encounter a problem when they lack new ideas and solutions to make the company and the product
offers stand out from the competition. In this case, cross-marketing comes to the rescue, striking the right
between audience reach and depth of impact.
The essence of cross-marketing is to bring together two or more companies with similar target audiences to collaborate on marketing. Companies develop a common marketing program and become partners.
Let's take a look at what types of cross-marketing exist (see Figure 1).
Figure 1 - Main Types of Cross-Marketing
If companies are focused on short-term cooperation, for example, a one-time joint action, the purpose of which is the urgent stimulation of product sales, this type refers to tactical cross-marketing. When companies are focused on long-term partnership, i.e. long-term cooperation, this type of cross-marketing refers to strategic cross-marketing. In addition, there is such a type of cross-marketing as cross-cultural marketing, which involves the cooperation of companies from different countries.
A cross-marketing campaign is implemented in 6 stages (see figure 2).
Figure 2 - Main Stages of Cross-Marketing Campaign Implementation
Thus, at the initial stage you need to set goals, they may depend on the stage of the life cycle of the business or product, you also need to determine the expected results, and then you can start looking for partners. When the question of finding partners is solved, it is necessary to develop a budget, to calculate costs, and then a marketing program is developed, a joint campaign is carried out. At the stage of analysis, the results are evaluated, if it is a long-term cooperation, the program can be changed.
In addition, the partners need to choose and agree on the format of the events, i.e. choose marketing tools, the main of which are presented in Figure 3.
Figure 3 - The Main Tools of Cross-Marketing
Collaboration in marketing can be of different formats, in particular, partners can hold joint events, various competitions, etc.
For example, such a format as cross-promotions, in this case customers can receive various bonuses or prizes, or discounts on the purchase of products of the partner's company. Such partnership, in general, has a long-term character, as an example, bonus programs, when customers get points for purchases, which they can then also pay for. And such a format as holding joint events can be a one-time event, i.e. it is a short-term collaboration. Co-packing is the production by partners of joint packaging for complementary products. Such a format as cross-competitions allows companies to increase the loyalty of their customers and acquire new ones. If companies enter into a partnership to co-produce products, this format is called co-branding.
Figure 4 shows the main benefits of cross-marketing.
Figure 4 - Main Benefits of Cross-Marketing
In today's highly competitive environment, establishing a mutually beneficial relationship with a marketing partner doesn't just mean lower costs, cross-marketing has the effect of reaching a wider target audience, and therefore has the effect of strengthening market positions.