Whenever we talk of marketing, we are always on a lookout for strategies that require the least investment. This is natural because of the desire to earn more lies within each one of us. However, the search for such a strategy just ended because the solution is simply piggyback marketing. It is a very low-cost scheme and strategy.
In piggyback marketing two companies form an alliance. Thus, they both help each other to promote certain products which are complementary to each other but not competitive in nature. For example, a car company can promote another tire company. In such a situation, the products are complementary because cars need wheels, but they are not competitive in any way. It is not likely that someone will buy tires and start making a car of his own.
Advantages of Piggyback Marketing
1) Easy international entry :
First of all, it must be noted that there are two parties involved whenever we talk of piggyback marketing. One company relies on the other for their services. What now happens is that if you enter into a deal with an international company, it gives you an upper edge. This is the chance for you to enter into international markets and establish your name and reputation there.
What usually happens is that no one enters into such a deal until and unless you are exceptional. This is because neither of the parties would wish to ruin their impression amongst the masses. The moment an international company agrees to your offer, it goes to show that you are on par with them and they appreciate your products. This can be huge for you.
2) Online marketing :
You must be well aware that the world is going digital. The cyber fever is catching on and almost everyone we know is relying on the internet for either social networking or getting information on search engines. The world wide web has now become a vital aspect when it comes to marketing.
This is because since everyone is hooked on social media for entertainment or just to spend time, you get a chance to reach out to them through such sites and applications. One of the most common ways of social media marketing is to post advertisements. While scrolling the web, you must have often come across Google ads.
While on Facebook, you must have seen company ads. That is what I am talking about. This means that you have to pay up a certain amount for your ad to be visible to the target audience and this amount depends on the number of days and the scale of your advertisement reach.
3) Reach the target audience :
It often happens that you employ all the marketing tricks and gimmicks and yet fail to get the attention that you desire for. This is because you have been unable to reach the target customers. Thus, piggyback marketing helps you reach them.
If you are wondering how then keep reading. In piggyback marketing, you tie up with another firm who is in a related field as you. Though they are not your competitors, you two essentially serve in the same line. Thus, if you sell cartoon printed bedsheets, you can tie up with a company who sells beds for children. That is how you will be able to reach out to the target audience and they will be able to identify you as well as recognize you.
3) Increase sales :
The aim of all marketing gimmicks is to improve sales and increase profits. You make the profit only after you are able to successfully sell your products. Thus, piggyback marketing is one of the best ways to achieve this. This is so because you get the opportunity to take the help of another company.
Usually, this is a leading company in the market which helps you to establish your name and reputation. In fact, it may also so happen that when the name of the other company is taken, your name also automatically seems to get associated with it.
Things to consider before going for Piggyback Marketing
1) Target audience :
The most important thing to consider before piggyback marketing is the target audience. This means that you should be able to connect to mostly those who fall under the category of your potential buyers. Thus, you must only pick the relevant company.
For example, if you are a shoe brand that sells only formal shoes, then you must associate yourself with a company that sells suits and blazers. It would be pointless if you got in touch with a brand that was known for curtains of the house. You see, the target audience need to be able to know about you.
2) Region :
The region where you operate is very important. This is because while some companies are regional and national, some other companies are international. This means that you need to be sure of your scale of operations as well as about the company that you are tying up with.
It would be pointless if they promoted you in the international market and you are actually unable to meet the demands of such a huge population. That would put a huge question mark on your ability and well as the other company’s reliability. Loss of face is a big no. Also, you need to be sure that not just production is on point, but also the distribution channels that you have fixed. You must always have a backup option in case one means of transport is unavailable on a certain day or time.
3) Time :
This means the time of the economic period. A company may be doing very well at one time, but may suddenly experience a dip in work due to the emergence of a competitor. In such a situation, you need to be aware of the company that you are choosing and their present market status.