Cross marketing, also known as co-marketing, is an increasingly popular way for small businesses to quickly share core competencies with peers in the Korean startup industry.
On Sept. 19, the cross marketing strategy “GET IT STYLE, COUPLE WEEK” was successfully run at COEX Mall Lounge F showroom with more than 10,000 in attendance. Lounge F planned an event where people can try on and purchase items from online shopping malls. Furthermore, customers from BIND, Seoul Date Pop, Yanolja and other service companies participated in the “Couple Look Styling and Gifts” event. According to the Lounge F planner, there were over five times more than the usual crowd who showed up for the event.
According to Nam Yeong Woo, the CEO of Lounge F, this cross marketing strategy was especially innovative because it connected mobile services to offline stores. Since all the companies that participated target women in their twenties, even though they provide different services, they expect to be able to collaborate on future cross marketing events.
A short movie pamphlet service company, “Plot in Two” is having a cross-marketing event with “Maer TV,” a dubbing contents platform, to select voice actors.
Cross marketing efforts between large companies and start-ups are active as well. Finally Speak, the number one app in the education category, is having a cross marketing collaboration with Naver to give out discount coupons and display webtoon advertisements. Naver and many starts-ups are actively engaged in cross-marketing practices in order to help strengthen each other’s marketing performance.
Min Seok Kim, the General Marketing Manager of Lounge F said because start ups are based on cooperation, open mindedness and execution, they are flexible in incorporating cross marketing. He also predicted that in the future there will be more cross marketing within different businesses, and between online and offline businesses.