“Lateral marketing meaning”

Describe Lateral Marketing?

Lateral marketing is an alternate form of marketing where two companies with complementary products, services or initiatives come together to gain a competitive advantage in the market. It is also known as collaborative marketing, co-marketing or alliance marketing. The aim of lateral marketing is to leverage each other’s existing customer base and resources to increase the visibility of both brands in various channels and develop new customer touchpoints.

Key Principles of Lateral Marketing?

Lateral marketing is based on a few main principles:

• Focus on Similar Target Customers: The key to lateral marketing is finding a brand partner that caters to the same target customers as your own business.
• Leverage each other’s strengths: It is also important to make sure that the two companies have complementary strengths. For example, one company may have a strong social media presence, while the other may have better digital advertising capabilities.
• Work together to Achieve Synergy: The aim of lateral marketing is to create synergy between two brands and leverage each other’s existing customer base and resources to create more reach.

Benefits and Challenges of Lateral Marketing?

Lateral marketing offers a number of benefits to businesses, such as:

• Boosts Brand Visibility: Lateral marketing campaigns help to expose your brand to a broader audience, resulting in improved brand visibility and increased customer engagement.
• Reduces Cost: Collaborating with another brand helps to reduce marketing costs as both companies can leverage each other’s existing resources and assets.
• Increases Reach: Working with a brand partner provides an opportunity to extend the reach of both companies and appeal to a wider audience.
• Identifying the Right Partner: It is essential to find a brand partner that is a good fit for your business.
• Managing Different Teams: When two companies team up, there will be different teams working on the same project.
• Agreeing on Strategies: Both partners must be on the same page when it comes to strategies and shares similar goals for the project.

Write an Example of Lateral Marketing?

One example of lateral marketing involves the collaboration of a popular food chain with a well-known appliance store. The food chain offered gift cards for purchases made at the appliance store and in exchange, the appliance store ran a promotional campaign for the food chain on their website and social media channels.

FAQs

What is the difference between lateral marketing and traditional co-marketing?

Lateral marketing is a form of marketing where two companies with complementary products, services or initiatives come together to gain a competitive advantage in the market. This is different from traditional co-marketing which involves two brands creating a single shared campaign.

What are some creative ideas for collaborative campaigns through lateral marketing?

There are many creative ways to use lateral marketing to create collaborative campaigns, such as offering joint discounts/promotions through both companies, running a social media influencer campaign, creating a joint podcast, or running a competition or giveaway.

How do I identify suitable partners for a lateral marketing campaign?

When looking for suitable partners for a lateral marketing campaign, it is important to find a brand that is a good fit for your own business. This means finding a company with complementary products/services and similar target customers. It is also important to consider the strengths and weaknesses of both brands to make sure that both companies can leverage each other’s resources and assets to create more effective campaigns.