3 of the best co-branding examples from recent times. Are you looking to reach a wider audience, gain more market share or extend your brand into a new space? Then co-branding can be an effective way to do this and in this video, I look at 3 recent co-branding partnership and explain what co-branding is, what impact it can have and how you can use the same idea for your business.
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Are you looking to increase your brand’s reach, gain more market share, or enhance your brand’s reputation? Well, in this video, we look at how co-branding can help you to build your brand.
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So what is co branding? Co-branding is a marketing strategy that utilizes two or more brand names on a product or service to create a strategic Alliance. Co-branding can boost the reputation of two or more brands depending on the strategy used, but there are four distinct strategies at play. When you start to do a co-branding project, these are to gain market share, global brand, brand reinforcement or brand extension strategy.
Co-branding examples, Starbucks and Spotify. So in 2015, Spotify and Starbucks teamed up on a co-branding project. As part of the agreement, Spotify gives premium subscription to all Starbucks employees. This allows them to curate playlists that serves as a backdrop while their customers drink coffee, the customers can access these playlists.
Through the Starbucks app while Spotify also offers them discounts on premium subscription. This is a great example of co-branding being mutually beneficial to both brands and providing a unique ecosystem for those brands to live in and service the same audience.
Kanye and Adidas. The Grammy award winning rapper, Kanye West teamed up with Adidas to create a line of footwear called Yeezy and with the combination of Kanye celebrity platform, the Adidas brand, and the fact that the products are quite exclusive.
So there’s few rollouts every year, this brand, or this Yeezy brand combination of Adidas and Kanye has amassed a cult-like following and continues to grow in popularity year on year. It’s a great collaboration between the two adidas has got that creative spirit. Uh, Kanye’s music is very creative.
The two coming together has created a really good product in its own. Right.
So Nike and Apple. So back in the early two thousands, Nike and Apple teamed up together to produce a range of fitness tracking apps, clothing, and products. And this was started with their flagship product, Nike+ iPod, which was a fitness tracker, clothing and workout brand that allowed users to sync their workouts to their iPod.
Whilst listening to music. Now, this co-branded project is actually developed now into Nike+, which is a brand that produces active tracking. On sports, clothing, sports equipment, and sports apps and wearables that allows you to measure all sorts of fitness and health data and store that in those devices.
Another great example of co-branding to two brands strengths. So you have the fitness side Nike and you have the tech side with Apple and the two merge together really nicely. And it’s done a really great job of creating a co-branded brand and products that work to each other’s strengths.
Comment below with your favorite examples of co-branding either from some of the ones that I’ve shared or others that you know of, or if not, then can you come up with some really interesting co-branding examples that you’d like to see the most creative I will highlight and mention in our Instagram story?
What does this mean for your business? Well, it’s a great strategy to employ. If you’re looking to build your brand awareness, improve your brand’s perception or grow your customer base by teaming up with another brand, you’ll have access to that audience as well as building trust by association. You’ll also have the added benefit of two marketing efforts on that particular co-branded product or service, you could also come together and move into a different market than the one you’re currently serving by teaming up with a strategic partner that could provide a co-branded offering into that different market. And with a year we just had, and the year that’s looking ahead of us, hopefully getting back on track some strategic and innovative ways that you can move forward. As many strings to your bows, you can have are only going to be good for your business.
A few key takeaways. If you’re looking into co-branding, you need to make sure that it is in line with your brand and it is strategic. And that you share the values with the other brand you’re looking to partner up with. There’s nothing worse than partnering up with a brand. That you don’t share values with that can get messy down the line.
You don’t have to have a huge brand to do co-branding. You can do this at any size. In fact, it could be good to utilize it in early stage. With a particular strategic partner, especially if you’re looking to come together and look at other markets or ways to develop your existing brands, so think about how you can create a new product or service with a co-branded partner and how you could use that to potentially target a new niche, or you could combine a set of services into a hybrid service that is co-branded that you can use to target a similar audience or a differentiated audience than what you’re already using, or you could combine a set of complimentary services and put them into a hybrid and co-branded hybrid as a new package service offering.
To Co-brand and effectively make sure you utilize both brand’s strengths when putting together that new product or service.
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