Like most successful marketing tactics, piggyback marketing has been around for some time but is often a commonly overlooked strategy. When implemented correctly, it is a very resourceful marketing technique.
According to Business Directory, piggyback marketing is defined as:
“A low cost market entry strategy in which two or more firms represent one another’s complementary (but non-competing) products in their respective markets.”
It’s focused on finding organizations that can benefit mutually from a relationship that offers complementary products or services. These are organizations that aren’t competing with each other in the marketplace but rather can give each other a leg up while sharing the cost of advertising.
This is not limited to tangible products or services. Online piggyback marketing can be extremely effective by sharing each other’s digital content to help increase foot traffic and brand awareness. Increasing traffic to both an organization’s social media platforms and website is a great cost-effective way to use piggyback marketing.
How creative can you get with piggyback marketing? Originality and convenience will go a long way. Here are some examples:
•A convention center partners with a Hotel to offer a meeting planner’s package with break out rooms and complimentary hotel rooms while sharing the cost of promotion.
•A local photographer teams up with a salon and offers packages for senior pictures that include professional hair and makeup for the photoshoot.
•A car repair shop advertises for a tow truck company on their social media pages for people to call.
•A non-profit organization partners with a for profit business to both raise money and brand awareness. (Here is a great example of a video where Nike teams up with eBay for a Back to the Future themed fundraiser.)
So what does your organization have to offer another company? Build your list of complementary businesses and brainstorm ways that you could work together to generate revenue. Don’t be afraid to channel your inner salesperson when you pitch your ideas for piggyback marketing. It may take some time to find the right partner and the right opportunity, but the payoff could be worth it.
Keep it targeted.
*Updated article on 5/16/19