All You Need To Know About Brand Partnerships
Everyone has a favourite brand that they stick to, but there's a strong chance that your favourite products are the result of two different brands coming together.
That co-branded item is amazing because it combines two iconic companies into one delectable experience for both baking and chocolate lovers. These companies continue to develop fresh co-branded goods today.
What is a brand partnership?
Co-branding is a method of strategically partnering two companies in marketing and advertising so that one brand benefits from the success of the other.
Co-branding can be a successful strategy for expanding your clientele, raising brand awareness, and entering new markets. However, for a partnership to be successful, it must benefit all parties involved. Like the fans of Betty Crocker and Hershey's who love chocolate, both audiences need to discover value.
What to take into account when considering a brand partnership?
A brand partnership has the potential to positively and negatively affect your company in equal measure. It can improve your audience, reputation, and overall brand message. It's crucial to first think about what to think about when considering a brand relationship. Again, a brand collaboration doesn't have to be "an obvious decision," but it must be supported by shared values that enable both brands to bring out the best in one another. A few things to consider when looking for the ideal mate are listed below:
1. Comparable values
This is what will determine the basic foundation of the partnership, regardless of whether these values intersect in a way where the companies both strive to deliver something comparable, such as low pricing or luxurious quality, or both have the same beliefs or even just ethical standards.
2. Similar aims, objectives, and targets
While separate businesses will have distinct targets, for example, a collaboration between Starbucks and Spotify still has Starbucks trying to sell coffee and Spotify wanting to sell music, both are aiming to increase exposure and increase sales with a similar set of targets, objectives, and goals. The alignment of the desired results is crucial.
3. Customer interest
Co-branding can reach a larger audience, but there must also be some consumer relevance. A partnership with a company that cannot in any way relate to your audience will not be beneficial to your brand.
Although it may seem obvious, you and your brand partnership must be able to trust one another and act honestly toward one another throughout the process.
Examples of successful brand partnerships
Nike and Apple: Apple Watch Nike+
This is particularly successful cooperation because it brings together two industry leaders from quite different fields—one from the world of technology and the other from the world of sports.
This cunning alliance makes use of one another to influence the other for the better. While Nike has the brand recognition and motivational power to influence fitness enthusiasts to adopt Apple into their routines, Apple has the potential to transform the world through technology.
Stratos by Red Bull and Go Pro
Go Pro and Red Bull have developed a fantastic brand partnership. Go Pro provides the equipment for extreme sports events like races, stunts, and sports, while Red Bull supplies the necessary energy.
They share the belief in the excitement of adventure and a fast-paced approach to life as a core value. The film "Stratos," in which skydiver Felix Baumgartner leaped from a spacecraft more than 24 miles above Earth's surface while wearing a Go Pro, has achieved the most success thus far.