When looking for an item or service, consumers look to a trusted source for recommendations or suggestions. Receiving these insights from a “trustworthy” (as deemed by the consumer) source can be beneficial for brands looking to increase brand awareness and sales.
Buyatab encourages brands to create cross promotions. Using e-gift cards in cross promotions, brands can easily partner together and grow both their gift card programs.
A cross promotion is the joining of two or more businesses to create special promotions benefiting all joint parties and their respected audiences. Brands utilize each other’s strengths and create partnerships that are either similar in interests or completely different, offering customers a wider variety of perks, benefits, or exclusive deals. This is an effective way to increase your audience reach and unlock new target audiences.
What Are the Benefits?
Benefits are reaped both by the consumers and brands. Brands can leverage complementary strengths, while consumers benefit from double or even triple the discounts offered. Through various discount codes like bonus codes, promo codes, BOGOs, or coupon codes, consumers can access exclusive products or discounts. Cross promotions can increase brand awareness with new consumers and brand loyalty with existing customers.
The cost effectiveness of cross promotions is appealing because costs are relatively low, while brand exposure grows. Low cost combined with added revenue opportunities make this the ideal strategy to implement. It can unlock new possibilities, such as fresh customer segments that are valuable to your brand or it can even re-affirm or establish one’s positioning as a brand.
Choosing your partnerships is something to carefully consider. When partnering with another brand, the speculations and values associated with the other brand are automatically associated with your brand and vice versa. With this said, questions like “What kind of customers do I want to attract?”, “What is our target market?”, “What is their platform?” are important to answer beforehand .
The most ideal partnership is one that is complementary to both brands – through product, values, or even industries. Some examples are a designer or celebrity and a fashion store launching a limited collaborated collection, Apple and Mastercard making ApplePay possible for Mastercard users, or GoPro and RedBull . The success of one brand brings success to the other brand, boosting awareness and breaking into new markets – a win-win situation!
When launching a partnership, another aspect to consider is how to track the success of your cross promotion. Having KPIs and set metrics will allow brands to see the positive benefits and success of each partnership. These KPIs and set metrics are set after deciding the goal of each cross promotion.
How Can Buyatab Help?
With Buyatab’s support, brands can utilize cross promotions and create custom designs for a limited time and use our features, such as promo codes to unlock further discounts, double bonuses, or set spending amounts to unlock bonus cards to target specific audience segments.
For example, Brand A and Brand B want to launch a cross promotion. Brand A is a family-friendly lifestyle brand, while Brand B is an amusement park. By buying a $100 e-gift card for Brand B, this unlocks a $10 bonus e-card for Brand A. These brands may not traditionally work together, however, by engaging in a cross promotion, this would be mutually beneficial for the brands and their respective audience. Brands would receive exposure and likely gain new customers, while consumers would take an interest in the other brand, possibly converting to future sales.
The success of each partnership can be tracked through Buyatab’s reporting capabilities. These metrics can determine the success of the partnership, or even provide data to further their sales and growth. Buyatab generates reports for cross promotions, highlighting key insights such as, card issuances, amount spent, and activation reports.
Buyatab’s goal is to ensure that brands work together seamlessly to grow their e-gifting platforms through cross promotions. If you are curious about how we have set up our clients to build successful cross promotions, reach out to Buyatab at firstname.lastname@example.org for further information and assistance.