What does cross-promotional marketing involve?

Cross-promotional marketing involves collaborating with other brands to promote products or services that complement each other. This strategy leverages the strengths and audiences of both brands, allowing them to reach new customers and enhance their market presence. For example, a gym might partner with a health snack company to offer discounts on each other's services or products, benefiting both parties by attracting health-conscious consumers.

This collaboration not only broadens the reach of both brands but also creates added value for customers, who appreciate the combined offerings. By promoting complementary products, businesses can also improve customer loyalty and increase the overall effectiveness of their marketing efforts.

The other options do not align with the essence of cross-promotional marketing. Rebranding focuses on altering an existing product's image, competing solely on pricing prioritizes cost reduction over collaborative marketing efforts, and concentrating on a single marketing channel restricts the breadth of engagement that cross-promotion aims to achieve.