Brand Partnerships Examples and Importance
Co-branding is the strategic utilization of at least two brands to accomplish shared promoting benefits and to formulate techniques on how to work together in the best possible way.
With new products and services launching at a fast pace in the present market, it becomes an absolute necessity for a brand to highlight its Unique Selling Point. A powerful way to achieve this target is to collaborate with other brands for co-branding. The key to this marketing strategy is to collaborate with a brand that will complement your goods & services.
Benefits of Co-branding
Increasing the visibility
When two brands agree to join forces for a co-branding partnership, they can access to gain the interest of each other’s target audience. Accessing the target audience of another brand helps to increase their reach and visibility to a market which they didn’t have access to before the co-branding strategy.
Co-branding enables organizations to assemble or improve their image by collaborating with another business. Two brands collaborating increase credibility because each organization can accentuate the best parts of its co-brand and can strengthen their position in the market.
Reduces the operating cost
Organizations comprehend that promoting items can be exorbitant consumption. A reward of co-brand is that the expenses are normally split between the two players. Co-branding partnerships allow businesses to create new ideas and opportunities to increase the visibility of their goods and services resulting in a greater return on investment.
What makes Co-branding successful?
There are numerous benefits associated with Co-branding partnerships. For instance profit enhancement and reaching out to an all-inclusive client base. When executed accurately, B2B organizations can help increment your deals and income with increased visibility in the market.
However, there are certain tips to keep in mind while collaborating with a brand.
Before collaborating with an organization, you should define your organization’s goal and value proposition. It is of most extreme significance that your business has shared goals with your potential marking accomplice, regardless of whether the organization reaches out over different ventures.
Through your brand, you may have most likely build a good reputation among your clients. You must always ensure that your partnership has a clearly defined and shared goal for long term influence within your existing customer base.
Identify your USP
The general objective of a Co-branding partnership is to represent your business in an exceptional way to draw in an all-inclusive crowd that will eventually convert into a client base.
Co-branding expects you to look for an accomplice that would create new opportunities for you in the market, particularly on the off chance that you are targeting a new customer base. Co-branding is aimed at expanding crowd consciousness of your image while at the same time positioning you in front of your competitors. Focus on creating a unique brand offering exclusively for this brand partnership.
Collaborate with a prominent brand
Before the collaboration, ensure that you are joining forces with a marketing company having a promising record. This may incorporate running historical verifications, auditing fiscal reports, or conducting market research on their reputation. This will assist you with dodging any alliances that may be conceivably negative in the long run. It will be hard to unravel your image and business from an organization once you’re doing business with it. If your B2B association is effective, it will strengthen your influence in the commercial camp while increasing your income. Let us quantify the statements using some brand partnership examples.
Some successful brand partnership examples
GoPro & Red Bull
GoPro is not just a camera brand and Red Bull is not a mere caffeinated energy drink. These products have established themselves as the brand for adventure-loving people.
The organizations have collaborated to put on epic events, such as mountain biking races and ski slaloms. Take “Stratos,” a co-marked function in which Felix Baumgartner hopped from a space case 24 miles above the surface of the planet, creating three world records all the while.
Adidas & Kanye West
Talking about style, it’s difficult to envision a trendier couple than athletic organization Adidas and Grammy winner Kanye West, who collaborated with Adidas to build up a luxury brand of footwear called Yeezys. Kanye’s name gave Adidas VIP clout, while Adidas gave Kanye a huge stage to launch an apparel line.
Apple & Nike
Nike has taken a tech-savvy course while seeking co-branding partnerships and, simultaneously, has produced valuable items for its clients.
The athletic organization joined forces with tech giant Apple in the mid-2000s to build up a progression of Apple-compatible exercise applications and clothing items that began with Nike+iPod, a wellness tracker, shoe, and garments brand that empowered individuals to synchronize their exercises to their iPods while tuning in to music.
The association has since become Nike+, which integrates activity tracking technology into shoes, armbands, and even basketballs to measure a huge number of wellbeing related information such as distance covered, pulse rate, and calories consumed.
We hope these brand partnership examples will help you get the grasp of this growing phenomenon even more.