Working in the Real Estate Industry grants you access to a whole network of people. You’re constantly crossing paths with mortgage lenders, contractors, insurance agents, home inspectors, and real estate agents. It’s time to start utilizing those connections through cross-promotional marketing!

THE BASICS

Cross-promoting is an easy and dependable marketing tool. It’s the concept of using one service or product to promote another and can be done internally or by working with another company.

If your business offers multiple services or sells a variety of products, you can cross-promote without directly involving another business. Let’s say your inspection company offers multiple services. You’ve just finished the final inspection report, and you’re ready to send it out to the client. You can cross-promote by including a weblink to your company’s additional services at the bottom of the email.

When you cross-promote with another company, you work together in a way that is beneficial to both. Basically, you are agreeing to share your audience. You form marketing campaigns that involve the other company. A home inspection company and real estate agency creating a joint ad for the local newspaper is an example of cross-promoting.

THE BENEFITS

Cross-promoting is an easy and effective way to save money. Teaming up with another company will reduce your marketing costs by half, while simultaneously expanding the marketing reach of your product or service.

It’s also a great way to build relationships with other people and businesses in the industry, which can go a long way. Forming strong business relationships will give you a more well-rounded knowledge of the market. Other companies are pools of information!

WORDS OF WISDOM

When you cross-promote with another company, you are closely associating your business with theirs. That being said, don’t strike up a marketing agreement with just anyone. Choose trustworthy, reputable people and businesses to work with.

LET’S GET STARTED!

Now that you’re up to speed with the ins and outs of cross-promotional advertising, let’s take a look at a few ways you can implement it into your marketing campaign:

-Use social media. Add comments to each other’s page, Tweet about each other’s company, or write a guest blog for each other’s sites.

-Create a joint ad. Develop an ad to distribute throughout the community or for the local newspaper. Whose services would fit well with yours?

-Hand out your partner’s business cards to interested customers.

-Make referral arrangements. Word of mouth goes a long way. Recommending your partner’s services to your client can be very effective.

-Run a contest with prizes consisting of your partners’ services.

These are just a few ways to get started. The possibilities of cross-promotional advertising are endless! Sit down with your partner and brainstorm what will work for you. If you’re unsure of what business you should form a partnership with, think about your audience. What audience are you not currently reaching, but would you like to reach? What business do you know of that is already targeting this audience?

Still unsure? Check out our agent-friendly article: 5 Must Have Business Partnerships for Realtors.

OVERVIEW

Cross-promotional advertising is a great marketing because it offers low-risk and high-reward.

Why should you implement cross-promotional marketing?