Definition of Cross-Promotion
A marketing strategy where two or more companies promote each other’s products or services.
Explanation of Cross-Promotion
Cross-promotion is a marketing strategy where two or more businesses collaborate to promote each other’s products or services. This approach leverages the strengths and customer bases of each partner to increase exposure and drive sales. Cross-promotion can take various forms, such as joint advertising, co-branded products, or bundled offers. For example, a coffee shop might partner with a local bakery to offer a discount on pastries with the purchase of a coffee. This strategy benefits both businesses by providing mutual support and access to new customers. Cross-promotion helps build brand awareness, enhance customer loyalty, and create synergies that drive growth.