Cross-store selling is a relatively new concept and it can be very daunting for brands to get started with this innovative co-marketing strategy. Thankfully, the CrossMyStore software keeps the process simple, streamlining the process of contacting other brands and setting up your first partnerships while doing all the hard work of automation for you.
With all this in mind, keep reading as I explain a few tips on how to get started, create your first brand partnerships, and make the most from the platform!
If you want to be a supplier…
If you choose to act as the supplier in the partnership, you’ll provide your items for another brand to sell in their online store, staying in charge of your inventory while leveraging their storefront and marketing techniques to reach a whole new audience at no extra cost. There are a couple of strategies I recommend implementing to make the most out of this role.
Partner up with similar brands:
Use the CrossStore directory to browse for brands similar to your own that sell products complementary to your inventory, and request to partner up with them. I especially recommend looking for businesses that fit into your brand’s category or that target a similar demographic, but don’t specialise in the same products that you provide.
In this way, you’ll be able to integrate your stock amongst their existing collections, filling a niche that they’re lacking while keeping consistent with the rest of their category or theme. You’ll guarantee that their existing audience will be interested in your products, gaining new leads and increasing your sales.
Integrate your existing dropshipping strategies into your Cross-Store Sales Solution:
I’ve explained in another article the advantages of cross-store selling over traditional dropshipping methods. Compared with the inefficiencies, small margins and risky uncertainty of drop-shipping, cross-store selling lets you keep control of your stock and guarantee its quality, all while turning a much greater profit. With all this considered, why not integrate your existing drop-shipping techniques into your cross-store sales strategy?
You’ll still be selling your products through your partners’ stores as you would with drop-shipping, but without the same commitments, risks and hassle. Invite them to join the CrossMyStore software and integrate all of your multi-brand strategies into one single omni-channel marketing strategy.
The same goes for any wholesaling agreements you have. With less commitments, less paperwork and less risks at every step of the buyer’s journey, it just makes sense!
Elevate your brand partnership with co-marketing strategies:
Once you’ve established your first brand partnerships, you can begin to take them to a whole new level by integrating your partner into your marketing and branding strategies. This is an excellent way to leverage their visibility and brand recognition for your benefit, putting your brand name into view of their audience to gain new leads.
Known as co-branding and co-marketing, these are great techniques for sharing your audiences for mutual benefit, integrating the other’s products into your existing marketing channels so that you both grow.
For example, you could design specialised products to be sold in their storefront, or create dedicated co-branded collections to focus your audience’s attention on your partnership.
By elevating your relationship beyond a simple transactional agreement, you’ll be able to use their storefront as a new key part of your marketing strategy.
If you want to be a retailer…
By taking the role of retailer in the partnership, you’ll integrate your partner’s products amongst your own collections in your storefront, avoiding all inventory management costs while increasing your Average Order Value (AOV) with complementary products. Here are a few tips to drive sales and get the most out of your new products.
Use your partner’s products to cross-sell:
As I’ve explained in another article, cross-selling involves selling related or complimentary products to a customer on top of their existing purchase to increase your AOV.
By integrating your partner’s products into your existing collections, you’re able to cover a much wider range of niches that your own products might not touch, allowing for many more opportunities to cross-sell.
For example, if your business specialised in jeans, you could partner with a brand selling shoes and integrate them into your storefront, offering a wider selection of complementary products to a customer, increasing the likelihood of a cross-sale and giving them a true omni-channel shopping experience.
Test out new products in your store:
Thinking of starting production of a new product? This can be an expensive and time-consuming task for any business, and runs the risk of being a waste of time and money if it flops.
The solution? Partner up with a brand that already sells products similar to the one you want to create, integrate it into your store, and see how your audience responds.
You’ll avoid the expenses of development and production and it will provide you with valuable insights into what works at no extra cost. You’ll be left with the information you need to layout your product development plans and, since it’s coming from your real audience as supposed to trend predictions, you’ll know it to be accurate.
Create dedicated collaborative collections and bundles:
Bundles are an excellent way to capitalise on your partnership, giving benefits to both you and your customer. You’re able to guarantee mutual success by selling you and your partner’s products all together, and the customer saves time by getting everything they need all in one place.
Make sure you combine complementary items in your bundles for maximum effectiveness. They’re the perfect way to drive up your AOV and motivate more sales!
Of course, all of these tips are simply suggestions and guidelines to get you started. Once you’re comfortable with the platform and have set up your first partnerships you can evolve your strategy any way you want!
You could act as both supplier and retailer in one collaboration, agreeing to swap your products for mutual benefit and develop your co-branding strategy even further. You could create unique co-branded products with your partner to elevate your relationship. The world is your oyster!
If you want to make use of these strategies to grow your business commitment-free, don’t hang around! Sign up to the platform now.