If a business wants to expand its customer base a novel way
it can is by using buddy marketing. Before learning how a business can benefit
from buddy marketing, it’s important to understand what buddy marketing is.
Buddy marketing creates awareness about a business through a complementary
business. A small business that sells sleeping bags may become buddies with a
small adventure tour operator that conducts expeditions.
How is it Relevant
A business that sells sleeping bags won't reach everyone
nearby who wants to buy sleeping bags. However, those who visit its buddy
adventure tour operator will learn about it. Many who are informed by the
adventure sports operator will visit the sleeping bag manufacturer looking for
a good deal. The buddy system works both ways. Many who visit the seller of
sleeping bags will be guided to visit its buddy adventure tour operator. The
purpose of buddy marketing is to reach consumers who would be interested in
one's products but aren't part of the existing base of customers.
Social Media Blitz
Everybody uses social media which is why the buddy system
serves as a force multiplier for businesses. A company can share links to its
complementary buddies businesses on its social media site while its buddy can
do the same for it.
On average people in India spend 3 hours online a
significant amount of which is spent using social media. Clearly, social media
is a crucial medium to reach new businesses and its relevance is growing each
month as more people get online and on social media. Buddies can not only share
links to each other’s sites on social media they can also share attractive
offers for each other’s products. This will incentivise customers who visit one
business to buy products from its buddy.
Buddies Become Affiliates
A sharp way to encourage sales using buddy marketing is by
allowing buddy companies to earn commissions on sales using affiliate links. A
business that wants to attract customers can share affiliate links allowing any
purchase made using the link to earn a commission for its buddy. This is an effective way to incentivise other
companies to display affiliate links on their sites.
An advantage of affiliate links over digital advertising is
commissions are paid only when purchases are completed.
Buddies Say Good Things about Your Business
Even when an average person spends 3 hours online, he or she
still spends the remaining 14 waking hours in the real world. So while being
online is important, creating a buzz about a business offline is crucial as
well. This is where buddies can help each other. A buddy can spend a positive
word of mouth of its buddies business and the vice versa. When consumers
receive a positive word of mouth about a business from another business they
trust, they’re likely to buy the products of the former.
Use People Skills to Your Advantage
Buddy marketing has other advantages that make it important
to business owners. Digital marketing can be executed using the help of
professionals. Hence a competitor has a good chance of success if it hires
talented digital marketing professionals. On the other hand, buddy marketing
demands a nuanced understanding of business and outstanding interpersonal
skills which competitors may lack, especially if they’re new to an industry.
This grants those who have a solid understanding of their business and an
ability to persuade others to join in a buddy marketing relationship an
advantage. When others fail in creating buddy marketing schemes those who
succeed in doing so gain an edge.
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