Cross-marketing: will it work for your firm?

February 25, 2020

diverse group of professionals give high fives to one anotherCross-marketing can be hugely beneficial to business development—it can save both you and your clients a lot of time and money. But it’s not an effective strategy for every company or situation. How can you know if cross-marketing is right for your situation?

Berry Still recently wrote an article for Zweig letter covering this topic. There are two important questions to ask before you decide to cross market:

  1. Does your firm have diversity—either in services, clients, or geography? If the answer is no, you’ll have nobody to cross market to.
  2. Does your firm have a “one company” culture? If not, this can be a huge roadblock to cross marketing, because staff won’t want to pour time in energy into something if they can’t see how it will benefit them.

Let’s say the answer to both these questions is yes—now what? Well, now you have a couple of options:

  1. Cross-market to existing clients.
  2. Pursue new clients outside your service line.

Option one is generally the easiest way to go—it allows you to avoid high marketing and logistical costs of breaking into a whole new market.

Cross-marketing is mutually beneficial to both you and the client. If you decide cross-marketing can work for your firm, it’s a true win-win. You can read more about this topic here.