You know, like when you’re lying on the operating table during open-heart surgery, things are not going so well and you see this light at the end of a long, dark tunnel.
And then, through the suxamethonium chloride (yes, it is a thing), you fire up what’s left of your synapses and remember you have a gazillion dollars, a (legal) lover decades your junior, and your own island in the South Pacific.
Yea, the Pearly Gates can wait. Queue normal heart beat…thumpa thumpa…
However, as we all know, business is nowhere nearly as dramatic as real-life (Ha.) In business, as long as you are not crossing the line with Internal Revenue Service IRS, double-crossing your partner, or crossing a picket line, you should be focusing on the magic that is cross-promotion.
The Magic that is Cross Promotion!
If the coupons on the back of your grocery store receipt were the first thing that popped into your head, I pity you. But I am going to suck it up, muster some hope even for you, and continue because this is important and why should you ruin it for everybody.
Here’s what I mean.
The Rules for Effective Cross Promotion!
The Rules for Effective Cross Promotion! There is only one. And it is not so much a rule as it is an algorithm. (Algorithm you say? What a coincidence. My next article is going to be on business algorithms.)
Anyway, yes, an algorithm. And it goes like this:
Mr. Blue sells something.
Ms. Purple sells something else.
Mr. and/or Ms. Green is the Mutual Potential Customer.
You can’t hear them where you are because this is radio, I think, but the Golden Arrows are saying “Hey, Person with Money, here is an incentive to go to my friend who Sells Something.” and “Hey, Person with Money, here is an incentive to go to my friend who Sells Something Else.”
(If the arrows seem to depict the Person with Money in the crossfire, that is strictly your imagination.)
So, what kind of cross-promotions can work? I am glad you asked.
The Kinds of Crossing Promotions That Can Work
First, what will not. Direct competitors. Yea, that would be bad.
Other than that, THINK. It’s likely that a good cross-promotion partner for you might be someone who sells to the same general demographic. This can be gender, income level, where they live, what they do, what they need. A higher-income person buying a diamond bracelet might surely be interested in an incentive for a luxury car dealership or an outstanding custom tailor like the magnificent The Tailory New York at 646.918.7777 – ask for Shao, the owner. (See what I did there.)
But cross-promotion can work at any level.
Sell bowling balls? Chiropractor.
Attorney? Bail bondsman.
Accountant? Bail bondsman. (Kidding.)
Commercial real estate rentals? Local restaurants.
The sky is the limit! (Skydiving lessons? Funeral home.)
Give it a try. Make a plan, get something in writing and develop quality materials. Train your staff to understand it and deliver it confidently, and consider incentivizing them to push the program.
And if you need help with a concept, call me. I know everybody.
Do not be chicken, cross that road.
(And I am really sorry about that.)
Frank Bastone can be reached at 718 662 8581, or schedule time for a chat here