Monday, August 30, 2010

3 Fast Ways to Increase Revenues NOW (Method 3 of 3)

So far we’ve talked about holding an event and sending a special offer to existing contacts as two ways to quickly increase revenues. Today I’m going to share perhaps the fastest way I’ve seen to boost sales over my 20+ years of marketing.

Method #3: Create a Cross-Promotion

Cross-promotions are fast and effective because 1.) they make use of your greatest asset—your existing client base, and 2.) they leverage others’ client bases as well.

In its simplest form, a cross-promotion is simply a promotion in which two parties make offers to their audiences with a freebie attached from another party. A restaurant and a dry cleaner can run a cross-promotion. Each gives gift certificates to their clients for the other’s business. This works for service providers, retailers, internet-based businesses, wholesalers, and just about anyone else you can think of. A car wash can give a free oil change away with the purchase of a five-pass carwash book, while the oil change shop can give away gift certificates for a free upgrade to a super-wash at the car wash. The possibilities are endless.

Two important points to remember: 1.) Your cross-promo partners reflect on your company. Choose carefully! 2.) Gift certificates work much, much better than coupons. Don’t make the cross-promo a dollar-off deal, make it free or value-added offer.

Cross-promos can be created and launched in a matter of a few hours of work. They instantly tap others’ audiences for the benefit of your company. They make both (or all) partners in the cross-promotion look good because they add value all the way around and create client loyalty.

Get your team together. Identify five cross-promo opportunities your company has right now. Don’t have a team? Brain block on cross-promo opportunities? Need more direction? No problem! Ask your questions below and let's get your cross-promos going RIGHT NOW!

Here’s to your marketing success!

Bryan Waldon Pope

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