With the economy being what it is and growth for ’10 in the construction, industrial and MRO markets being minimal at best, what could/should manufacturers do to work together? Here’s an idea. If you’re two non-competing companies that serve that same market, why not do a cross promotion for both Product A and B? For those manufacturers who belong to a buying group, this should be a “No Brainer.” They are already preferred suppliers and they should welcome this kind of promotion. Here are 3 reasons why you should consider such a concept:
- Creates buzz at both the user and distributor level. From the user perspective, they could offer better deals on specific packages if bought in conjunction with the promotion. Distributors can have more of an “event” atmosphere .
- More reach – Both companies can promote the event on their respective web sites and print ad campaigns.
- Better utilization of assets – Direct mail and e-mail can use combined creative and share the costs. Imagine if you have an e-mail list of 50,000 user names and the other manufacturer had the same. Let’s also assume there’s a 20% overlap in names. The bottom line is you now have 80,000 names to send to. Having these joint events at both user and distributor levels allows you to share the costs as well as the limelight.
I’m sure you could add to this list, and I’d like to hear from you. Let’s think outside the box.