Cross-marketing, also known as cross-promotion, is a strategic collaboration between two or more companies to promote each other’s products or services, or even create joint products. The primary objective of cross-marketing is to enhance brand awareness and drive sales for all the parties involved. By partnering with complementary businesses, you can reach new customer segments that align with your target market.
There are various ways to execute cross-marketing campaigns, such as cross-selling products, engaging with your target audience, and leveraging your marketing efforts to promote joint ventures or affiliates. Today, we have the privilege of speaking with Tanvir Osman, who happens to be one of the directors of OST Holdings LLC, the parent company of many thriving enterprises including RBT Distribution (https://rbtdistribution.com/ ), All Marine Wholesale (https://allmarinewholesale.com/) , and GIS Wholesale (https://giswholesale.com/). All 3 companies are wholesale distributors with RBT Distribution (RBT) specializing in the Automotive category, while All Marine Wholesale (AMW) focuses on marine products and GIS Wholesale (GIS) serves the Tool and Hardware market. In this interview, we delve into how these companies have collaborated synergistically, leveraging cross-marketing strategies to achieve remarkable success.
Let’s explore some of the benefits of cross-marketing. According to Tanvir Osman, “Cross-marketing offers numerous advantages and is beneficial for businesses of all types and sizes. It has greatly improved our brands’ awareness and reputation. When a company collaborates with reputable businesses or those with loyal customer bases, its target audience begins to associate their company with quality marketing and distribution efforts. Furthermore, cross-marketing helps reach new markets by enabling effective campaigns that appeal to different demographics. For instance, established companies may partner with emerging brands or influencers to engage younger audiences. Additionally, cross-marketing has proven to lower advertising costs. By teaming up with competitors who share a similar audience, both parties can reach a larger customer base while optimizing marketing expenses. Nonprofits also benefit from cross-marketing through soliciting free trades or sponsorships from local businesses to support fundraisers or charity events, therefore raising awareness for small businesses.”
We asked Tanvir Osman to share some tips to help ensure successful cross-marketing promotions.
Encourage customer involvement with your company.
“Engaging the new audience, you reach through cross-marketing is essential. You can achieve this by organizing giveaways on your social media platforms or offering incentives, such as stocking discounts and promotions to new customers who sign up for business emails within your marketing campaigns.”
Establish clear goals for your cross-promotion campaign:
“Setting goals allows you to measure the success of your partnership. Consider how you will capture new dealers or suppliers and establish key performance indicators (KPIs) to track important metrics such as new followers or increased sales.”
Find the perfect logistic and strategic partner:
“To maximize the potential of your cross-promotion, it’s crucial to find a compatible business associate. Look for potential collaborators who possess digital marketing expertise and have a substantial following already. This will enhance the effectiveness of campaigns run by the sales teams.
We also asked Tanvir Osman to share some creative cross-promotion ideas:
Host a joint venture sale:
“Organize events in collaboration with your affiliates where customers from both companies can come together to make purchases. This presents an opportunity for networking, exchanging business cards, and gaining insights into each other’s vision.”
Conduct social media giveaways:
“Engage your audience by offering giveaways on social media platforms. To participate, viewers must follow the social media accounts of both companies. This approach not only increases company exposure but also attracts new customers for both entities.”
Collaborate on a project with a sponsor:
“Work closely with your marketing partner to create a podcast or webinar that caters to your customers’ needs. This joint effort allows you to share each other’s goals with new prospects, expanding your reach”
We would like to thank Mr. Tanvir Osman for taking the time out to have this conversation with us. Hopefully, you enjoyed it as much as we did and if you are interested to learn more about him then please visit his website: www.tanvirosman.com