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Questions and Answers
What is the key advantage of cross-promotion over traditional advertising?
What is the key advantage of cross-promotion over traditional advertising?
- It is more expensive than traditional advertising
- It allows for better targeting of customers (correct)
- It requires a large team to execute
- It can only be used for special events
Which business is used as an example in the passage to illustrate the concept of cross-promotion?
Which business is used as an example in the passage to illustrate the concept of cross-promotion?
- Jewelry store
- Restaraunt
- Flower shop
- Tuxedo shop (correct)
What does the author suggest doing with multiple jewelry stores?
What does the author suggest doing with multiple jewelry stores?
- Avoid working with jewelry stores altogether
- Only partner with the largest jewelry store
- Compete with them to get more business
- Try to set up a cross-promotion with each of them (correct)
What is the cost associated with cross-promotion, according to the passage?
What is the cost associated with cross-promotion, according to the passage?
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What is the main benefit of identifying a special event for cross-promotion?
What is the main benefit of identifying a special event for cross-promotion?
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Study Notes
Benefits of Cross-Promotion
- Cross-promotion can be applied to any business, and it's not limited to a specific industry or type of business.
- The key to cross-promotion is to identify potential partners, such as complementary businesses, and collaborate with them to promote each other's services.
Setting Up a Cross-Promotion
- Identify a specific event or occasion that triggers the need for your product or service, and then find other businesses that cater to the same event or occasion.
- Approach potential partners and suggest a joint promotion or collaboration.
- Ensure that the partnership is mutually beneficial and that both parties will gain from the collaboration.
Advantages of Cross-Promotion
- Cross-promotion is a cost-effective marketing strategy, requiring only minimal printing costs.
- It's a highly targeted approach, unlike traditional advertising, which can be untargeted and wasteful.
- Direct mail and telemarketing are other targeted marketing strategies, but cross-promotion offers a unique advantage.
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