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April 3, 2009, 08:24 PM
Joint promotion is an area of business ripe with opportunity. I believe it to be one of the most underrated marketing methods out there. With a struggling economy, businesses are holding their cash reserves tightly. Your ability to connect with brands for joint promotion, co-branded advertising or the equivalent can give you the exposure your company desperately needs. I scratch your back, you scratch mine.

For example, let's say you own the Crazy Tasty Granola Bar Company. Finding a strategic partner who is already tapped into your market could open up strong currents of commerce for your business. What if you got together with an exercise garment company or gym franchise and explored ways to give samples of your Crazy Tasty Bar to their customer base. You could simultaneously promote health with a shared approach.

By partnering with the gym franchise you get the exposure you need, in return they may use your product as a free giveaway for sign-up, have them as part of a sales event or a free quick snack for their customers in between sessions. The potential for a co-branded advertising campaign is there, but the messaging can be tricky to produce. Instead, could both companies host a 'Health Day' and provide educational sessions on diet and health?

When you find a partner, be sure to place high priority on comparing your target audience facts or stats and make sure there is an effective overlap for both parties. There are many iPhone users who, if they wanted a video camera would probably buy the Flip Mino camera and vice versa. Both products have similar target audiences. They share age groups and disposable income among other things. If you can confirm a strong base with shared demographics then you're well on your way to confirming a good partner business.

Could you find a partnership with another business who has customers that use your product or service? Does your target audience use computers? travel? need healthcare? or stay in hotels? The questions are worth seeking answers to.

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