How To Work and promote your business each other with Foxi Algo
How Work and promote your business each other with Foxi Algo
Conventional marketing ideas are an essential component of any marketing plan. There are of course ways that you can increase your results when using these conventional marketing ideas. This section looks at ways to increase the effectiveness of your everyday advertising. We’ll look at:
Cooperative advertising has many shapes and forms. Working with other businesses to jointly promote both businesses can be very effective. It provides a way to save money and to make your marketing budget go further.
For example, two retail shops that I frequent have reached an agreement. One is a shoe store and one is a menswear shop. Each business hands out the other’s promotional flyers to any customer that makes a purchase. The businesses concerned are not conflicting and they both serve about the same number of customers. The cooperative promotion goes one step further where customers are offered a 10 per cent discount for shopping at the cooperative company’s store.
This type of promotion can be effective. There is no reason why you could not have multiple cooperative marketing partners, as long as each business benefits.
Another example of this is at the local shopping centre where everyone who makes a purchase at the chemist receives a voucher for a free cappuccino coffee at a particular restaurant. The restaurant gets the extra business as a result of people coming in to redeem their vouchers and staying for a meal. The chemist gets extra business because everyone wants a free cup of coffee. This is the classic win-win situation where both stores are happy and the customer feels important and special because someone has taken the time to offer them something for free.
Theme parks and tourist attractions offer special passes where one ticket can cover admission to three or more attractions. There is a cost advantage in buying the special pass which gives the consumer incentive to buy the all- inclusive pass, and the companies involved get to spread their marketing budget more widely to attract more customers.
- Most businesses could form some kind of cooperative marketing allegiance.
- I recently noticed an advertisement where a seafood restaurant and a seafood market made a joint television commercial.
- The seafood restaurant explained how their key to success was the exceptional quality of the seafood that they purchased from the seafood market.
- Both companies are promoted for half the cost.
- Cooperative advertising has benefits for everyone involved. You can always work with more than one other business and in fact I often encourage three or four businesses that are non-conflicting to work together to promote their services. This makes their marketing budgets go much further and it creates more interest for the customer.
Finally, Cooperative advertising is only limited by imagination. Always be on the lookout for novel ways to work with other businesses that will benefit all involved.