Articles, Starting a Business

Piggyback Marketing Techniques to Grow Your Online Business

Valuewalk Written by: Valuewalk
Mike Reyes Edited by: Mike Reyes
Last Updated January 30, 2024
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a man becoming an entrepreneur

If you canโ€™t beat โ€˜em โ€ฆ

As a smart marketer, you donโ€™t want to obsess over โ€œbeatingโ€ the competition. Thatโ€™s a waste of time and energy.

Piggyback Marketing Techniques

You want instead to focus on forming productive alliances, conserving your valuable resources, and optimizing growth โ€“ for both you and your business collaborators.

And thatโ€™s what piggyback marketing is all about.

Get A Leg Up

No, itโ€™s not a new thing. Itโ€™s been around for a while โ€“ but with the explosion in digital resources, itโ€™s a strategy that growing numbers of online marketers are tapping into.

Piggyback marketing is a low-cost strategy whereby two (or more) companies represent each otherโ€™s non-competing but complementary products within their respective markets.

A few examples:

  • A convention center collaborates with a hotel in hosting an event plannersโ€™ package, offering break-out rooms and free accommodation while sharing promotional costs
  • A car repair shop advertises for a tow truck company on its social media pages, providing contact information for potential new customers
  • A non-profit organization partners with a for-profit business. The non-profit raises funds, and the for-profit heightens its reputation and brand awareness by being involved in a good cause.
  • A skincare brand conducting an interactive giveaway in collaboration with a leading e-commerce giant
  • In the digital world, there can be a unique synergy. Tools like Hootsuite and Buffer ride on Instagram’s success, and tools like Bulkly, in turn, ride on Buffer’s success. The company that provides a coattail for one gets a ride from another.

These partnerships allow collaborators to give each other a leg up while sharing costs and benefits. In other words: itโ€™s a win-win.

Establish Your Presence

These cooperative interactions allow collaborators to leverage each otherโ€™s strong points while maintaining their own energy and resources.

Finding the right piggyback partner can do great things for your online presence cost-effectively. When you connect your business to an established brand, customer acquisition costs can be minimized, while organic growth potential can be maximized.

As always, a strong and efficiently managed social media presence is critical in maintaining your business profile and building your reputation. You (should) regularly review and refine that presence because you want it to be as widely viewed as possible.

By partnering strategically, youโ€™re opening your digital door to local and international customers who might otherwise have passed you by. Be prepared to do a digital reboot to add a definition to your profile.

Find A Place To Perch

Your brand awareness and foot traffic can increase simply by finding the right place to perch. If you choose wisely, you and your brand can become visible to your target audience without breaking a sweat or the bank.

Some apps built for Shopify, for example, have done no marketing. Theyโ€™ve simply listed โ€“ and boom, they grow their enterprise.

Piggybacking also minimizes the risk of hit-or-miss marketing.

With a partner whose market is established โ€“ users of a particular software, for example – youโ€™ll know exactly who to target.

Be A Smooth Operator

Planning to partner means youโ€™re planning to grow.

And that means youโ€™ll need to have your marketing management operations humming smoothly.

Marketing management software can be an invaluable tool for optimizing your operationโ€™s marketing capabilities.

But youโ€™ll want to look beyond your own four walls if marketing management is your focus. Reach out to connect with users of sites like Marketo or Salesforce for potential leads and collaboration. Same ecosphere, complementary services. Works out nicely.

Bottom Line Math

Thinking strategically also means calculating potential benefits from being associated with particular brands.

Do your research to get the right fit. Youโ€™ll want to know how a specific target group can benefit your bottom line. Whatโ€™s the potential value to you of having them as customers?

There are a couple of important metrics to remember when considering a partnering strategy: Life Time Value (LTV) and Customer Acquisition Cost (CAC).

Itโ€™s pretty simple: the higher your target groupโ€™s LTV (the revenue they can bring to you as customers), and the lower your CAC (the amount youโ€™ll need to invest in acquiring them) – the faster you can grow

Do the math โ€“ or get a software tool to do it for you. Itโ€™ll allow you to make smarter decisions about what youโ€™re willing and able to spend to acquire new customers.

And itโ€™ll also help you more effectively target potential customers, and identify the businesses that can connect you to them.

Reach Out

If youโ€™re considering piggybacking itโ€™s because you want to scale up and grow your business.

But in the early stages of your journey, you may feel overwhelmed by the prospect of identifying and connecting with many as-yet-unknown users.

Thereโ€™s not really an app for that, but real people will be happy to tackle the job for you.

Theyโ€™re called freelancers. So outsource! Check out some of the many online freelance job boards to find a good fit for the work you need done.

Build Better

Meantime, youโ€™ll be able to concentrate on finessing your future.

Keep your eye on the horizon. What are the popular and emerging trends and tools?

Use resources like Chromeโ€™s Builtwith โ€“ a profiler tool that displays all the technologies used in a websiteโ€™s construction โ€“ to see what makes that website tick. Then figure out how to do it better โ€“ and what you can contribute to optimizing its operations.

Anticipate: be the first to build integrations and apps for trending tools and services. That way, as they grow โ€“ so does your business.

Pairing Up

Relationships are a two-way street. Bring something to the table.

What can your enterprise offer to another company? Draw up a list of businesses that might complement yours, and brainstorm ways the two of you could work together for mutual benefit.

Be bold. Summon your innate sales grit and make your pitch. Chances are youโ€™ll sift through plenty of โ€œswipe-leftโ€ candidates before you find The One. But be patient.

Do your research, keep your eye on the prize, and find a fit that works.

It could be the beginning of a beautiful symbiotic friendship.

1 thought on “Piggyback Marketing Techniques to Grow Your Online Business”

  1. BBA is also called Bachelor of Business Administration. BBA program deals with all knowledge, information, and training in management and administration of trading by imparting managerial and entrepreneurial skills to management aspirants from any stream such as Science, commerce, or arts.

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