Advertising costs going through the roof? It’s a common problem for a growing business. You can’t live with it and you can’t live without it, as the saying goes. But there is solution for bringing advertising costs down to reasonable levels while maintaining the level of exposure that you need.
It’s a solution that’s been around for some time, but that is frequently overlooked. This is strange because in your daily life, you are sure to see examples wherever you go. Airlines recommending hotels, hotels doing special deals for airline passengers. Restaurant chains and coffee brands working together to advertise a complete and appetizing offer. Yes, it’s that classic tactic of co-op advertising. Two organizations working together to provide a full solution that’s attractive to the customer.
Note how the pairing works in the examples above. Coffee is a very common component of a restaurant meal. Make a special point of the quality and the taste, and the coffee manufacturer will also pick up more sales from other outlets, while the restaurant chain will be opening its doors to more people. In this situation, the two companies have found a mutually profitable opportunity and are sharing the advertising costs.
That’s the model that can work for you as well. Some observation and some imagination will start to show you possible directions. Are you running an office cleaning service for example? See if building security firms or plant care companies would like to join you in an advertising initiative. Or maybe you’re offering work at home courses and consulting, and your market would see the benefit of easy-to-use home-office software from a suitable partner vendor.
When you’ve identified suitable partners, get to work on your approach. The business angle is usually based on an equal split of costs between the participants. Your approach to partners will typically be a well thought out pitch, that explains why the market addressed corresponds to their target for selling, what the benefits will be to them of sharing in the advertising (more sales, more market share, according to what you’re offering), and what the price-sharing is. Remember to show a sample ad as well.
An initial phone call to identify the right contact and ask if you can send details by email or through the post is good. Don’t expect to get an agreement other than “yes, please contact me” at this stage. Send the information and follow up a few days later to see what response you get. If the companies that you’ve selected are enthusiastic about participating, then arrange for payment in order to put the advertising into action. If you take payment on their credit card for their share and then pay for the total with your credit card, this gives a measure of security to all concerned and gets the ball rolling to lower cost advertising and more sales.