Cross-Promotion: Changing the Way We Do Business
Saturday, November 8th, 2008
7-Eleven and J.C. Penney Co. experimented with cross-promotion over the weekend after Thanksgiving. J.C. Penney handed out coupons for a free cup of coffee at 7-Eleven stores. Likewise, 7-Eleven stores featured displays at the checkout stands with a tear pad coupon good for $10 off at J.C. Penney stores. 7-Eleven and J.C. Penney? A convenience store and a major department store? Not two companies that I would typically think of as going together. However, more and more companies and brands are coming up with unique ways to market in the face of the economic crisis this holiday season.
Cross promoting can attract more customers. It is a way to stand out amongst the clutter and provide a value to the shopper. As consumers are looking for the best value, they are also being bombarded my multiple messages. If retailers and brands can find creative ways to engage the consumer, they are more likely to stand out. For example, many retailers are providing bundled “meal solutions” in an effort to make it more convenient and cost effective for the consumer to purchase good meals for their family. Other retailers are doing holiday bundling for an increased value to the consumer (e.g. a child’s bike, with helmet and knee pads for a discounted price).
A few years back Land Rover partnered with Ralph Lauren to do a cross-promotional window display. Two companies that had identified that their target consumer overlapped. Is this the wave of the future? Will we see various brands and retailers coming together in unique ways?
– Contributed by Tera Gill