What is cross-promotion in marketing?

Cross-promotion in marketing refers to the strategy where two or more brands collaborate to promote products that complement each other. This approach allows brands to leverage each other’s customer base and enhance their visibility in the marketplace. For example, a soft drink company might partner with a fast food restaurant to offer special promotions that encourage customers to buy both products together.

This strategy is effective because it creates added value for consumers, who see the connection between the products and may be more inclined to purchase both. It also helps in cost-sharing for marketing efforts, as both brands benefit from the collaborative promotion without bearing the full expense alone.

The other choices describe different marketing strategies that do not encapsulate the essence of cross-promotion. Alternating advertising platforms denotes a change in the medium used for a campaign, offering bundling discounts pertains to pricing strategy for a single product, and using one marketing medium exclusively describes a more focused approach in advertising rather than collaboration. Therefore, the definition provided by the correct answer accurately encompasses the practice of cross-promotion in marketing.