• by Nadia Digilov , June 2, 2009

Let's face it, the country is in a recession and, although it's slowly beginning to regain momentum, now is the time to take advantage of all the hidden opportunities (hidden treasures, we at CinS call them) that sprout up as a result of a bad economy.

These hidden treasures make right now the best time to grow your business without incurring tremendous costs, thus propelling your business ahead when the economy is fully recovered. Strategic promotion of your product or service is crucial to getting the attention of your target audience. The million-dollar question, however, is how do you pass the message to your target audience when advertising and promotional events can be so expensive?

I always begin any event by using the "VTAR method" as the basic outline (Vision, Team, Action, and Results) and keep it in mind while digging through my resources.

Creating an effective, efficient and memorable promotional event without sacrificing quality or burning a hole in your pocket is best done through Cross Promotion.

Cross Promotion is another way of saying "I scratch your back, you scratch mine." During difficult times we all need to work together to achieve results. When businesses agree to collaborate on ventures that target the same audience, the results are win/win for everyone involved. Below are some examples of cross promotion:

• Sharing Your Idea

Never underestimate the value of a great idea. If your event concept is a great idea, simply reaching out to other brands that may be interested in participation line an event space can bring great budget friendly results. If an event space is hoping to promote itself to a new demographic, why not agree to invite 100-200 key people who might be interested in utilizing the space for their own purposes in the future. In exchange for lending the space or discounting the price for your event, the venue receives free word of mouth in the appropriate demographic, which is always significantly more effective that a billboard aimed at a random and not strategic audience. Thus, the service you offer in return is priceless!

• Sponsorship

Thi is a way to cross promote brands. Whether you are already planning an event or have a product that you want consumers to experience, sponsorships are a great money saver for brands looking to reach their target market. For instance, if you're promoting the opening of a gallery, the biggest expense you're likely to incur is food and beverage. Why not cut that cost by contacting food and beverage sponsors who can donate product and at the same time promote their brand to people that are likely to become customers in the future. Both sides get exposure with zero the cost (the food/beverage company avoids a venue fee and the gallery avoids a refreshments fee).

• Partnership

There is no doubt that large scale events incur a number of costs in addition to food and beverage such as invites, staff, and entertainment. A partnership of two non-competing brands could be a great way to minimize those costs and cut them in half by dividing all expenses between the two parties. For instance, a fashion brand could easily partner with a make-up brand to produce a consumer, press, or influencer event that would attract a similar audience.

The power of your mind and your contacts are priceless, so never underestimate these resources. They can work wonders for your business especially in the worst recession!

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