Benefits of Cross Marketing for Race Directors
Cross marketing, also known as collaborative marketing, is a marketing strategy that involves two or more businesses working together to promote their products or services. This type of marketing has become increasingly popular in recent years, as businesses look for innovative ways to reach new customers and expand their reach. In this article, we will explore the benefits of cross marketing and provide specific examples of races that mutually benefited from this type of marketing.
For many Race Directors, cross marketing sits adjacent to sponsorship, but don’t forget you can also cross market your races with other local events in your region. Most of the time, you’re not competing for the same participants (unless on the same weekend) – so make sure that your participants can enjoy the other events and happenings in your region (and make sure they promote your race as well)!
The Three Key Benefits of Cross Marketing
1. Access to a wider audience:
When businesses collaborate on marketing initiatives, they have the opportunity to reach a larger audience than they would be able to on their own. This can be particularly beneficial for smaller businesses that may not have the resources or budget to reach a large audience through traditional marketing channels.
2. Increased brand awareness:
Cross marketing also helps to increase brand awareness for both businesses involved in the collaboration. By working together, businesses can leverage each other’s existing customer bases and reach new customers who may not have been familiar with their brand before.
3. Cost-effective marketing:
Collaborating on marketing initiatives can also be a cost-effective way for businesses to promote their products or services. By sharing the cost of marketing materials and promotional activities, businesses can save money and maximize their marketing budget.
Two Race Case Studies Describing the Benefit of Cross Marketing
The New York City Marathon and Airbnb:
Way back in 2016, the New York City Marathon teamed up with Airbnb to offer race participants discounted accommodations through the Airbnb platform. This collaboration not only provided runners with a convenient and affordable place to stay during the race, but it also helped to increase brand awareness for both the New York City Marathon and Airbnb.
The TransRockies Run and the Grand to Grand Ultra:
These two races are both multi-day stage races that take place in different parts of the world (TransRockies in Colorado, USA and Grand to Grand in Utah, USA). Despite their differences, they promote one another on websites and social media channels, recognizing that many trail runners are interested in participating in both types of events.
Conclusion
Cross marketing is a powerful marketing strategy that can help businesses to reach new customers, increase brand awareness, and save money on marketing initiatives. By collaborating with other businesses, organizations leverage each other’s resources and strengths to create mutually beneficial partnerships. The examples of races that we have provided demonstrate how cross marketing can be successfully implemented in the sports industry, but this strategy can be widely applicable to a range of industries and businesses – get cross marketing today!
