Co-Branding

 Co-Branding

Co-Branding is a marketing strategy that utilizes multiple Brand names on a good or service as part of a strategic alliance. Also known as a Brand partnership, co-Branding (or "coBranding") encompasses several different types of Branding collaborations, typically involving the Brands of at least two companies. Each Brand in such a strategic alliance contributes its own identity to create a melded Brand with the help of unique logos, Brand identifiers, and color schemes.

The point of co-Branding is to combine the market strength, Brand awareness, positive associations, and cachet of two or more Brands to compel consumers to pay a greater premium for them. It can also make a product less susceptible to copying by private-label competition.

Understanding Co-Branding

Co-Branding is a useful strategy for many businesses seeking to increase their customer bases, profitability, market share, customer loyalty, Brand image, perceived value, and cost savings. Many different types of businesses, such as retailers, restaurants, carmakers, and electronics manufacturers, use co-Branding to create synergies based on the unique strengths of each Brand. Simply put, co-Branding as a strategy seeks to gain market share, increase revenue streams, and capitalize on increased customer awareness.

Co-Branding can be spurred by two (or more) parties consciously deciding to collaborate on a specialized product. It can also result from a company merger or acquisition as a way to transfer a Brand associated with a well-known manufacturer or service provider to a better-known company and Brand. Co-Branding can see more than just name and Brand associations; there may also be a sharing of technologies and expertise, capitalizing on unique advantages of each co-Branding partner.

Companies should choose co-Branding partners very carefully. As much as a company can benefit from a relationship with another Brand, there can also be risks. A good strategy is to slowly roll out a co-Branded product or service before publicizing and promoting it, thereby giving the marketplace time to vet it.

 

Co-Branding vs. Co-Marketing

Co-Branding and co-marketing are similar concepts in that both involve partnerships between Brands that seek to bolster their marketing efforts, but they differ in how they are executed. Co-marketing aligns the marketing efforts of two partners but does not result in the creation of a new product or service. Co-Branding, by design, is based on the creation of a new product or service.

Successful co-Branding partnerships

1.    GoPro & Red Bull

2.    Pottery Barn & Sherwin-Williams

3.    Casper & West Elm

4.    Kanye and Adidas

5.    BMW & Louis Vuitton

6.    Starbucks & Spotify

7.    Apple & MasterCard

8.    Airbnb & Flipboard

9.    Uber & Spotify

10.   Levi's & Pinterest

 

Priya Kesharwani [MBA]

Marketing Manager

https://www.portrait-business-woman.com/2022/07/priya-kesharwani.html 

priya.aircrews@gmail.com

https://pa.vcardinfo.com 

aircrews.priya@gmail.com

 

CO-BRANDING

 CO-BRANDING

Branding- is the process of developing a unique name or identity for a product or business. A brand particularly consists of a name, logo, other visible features including logo, images, symbols, etc.

It is important since it ensures awareness and loyalty among the customers. Having a unique brand is crucial as it differentiates a product from its competitors and it is critical to brand a product to attract the customers. There are 4 steps to create a successful brand: -

1. Define how one wants to be perceived by the customers?

2. Brand is a promise that makes it different from others. Business should be organized based on this promise.

3. The promise should be communicated through branding campaigns like advertisements, social media etc.

4. The business should be consistent in completing the promise.

These 4 steps lead to a great brand.

Let us talk about the very important and trending type of branding, i.e., Cobranding.

Cobranding is a type of branding where two brand are associated with each other as partners and where success of one brand brings success to the other. It can boost the reputation of two or more brands depending on the strategy used. There are 4 strategies at play: -

•

To gain market share

• Global brand

• Brand reinforcement

• Brand extension

Following mentioned are some examples of co-branding: -

1. Starbucks and spotify

In 2015, spotify and starbucks teamed up as co brands. Under this, spotify gave premium subscription to all starbucks employees. This also helped the customers to hear the playlist on spotify while they are at starbucks through the starbucks app. While, spotify also offered dicounts on its premium subscription. This is a great example of cobranding as it was beneficial for both the brands in the long run.

2. Nike and Apple

Back in early 2000, Nike and Apple merged as a co-brand to provide fitness watches and clothin. Nike’s fitness side and Apple’s tech side played to their advantage and was a huge success.

3. Redbull and GoPro

4. Uber and Spotify

5. Visa and Mastercard

6. Dairy milk and oreo

For co-branding, the situation should be a win-win for both the brands.

Benefits of Co-Branding

• Builds brand awareness

• Improves your brand perception/ grow your customer base by  teaming up with another brand

• Builds trust among the customers

• Two marketing efforts on the cobranded product or service

Ishita Bagga

Manager Mktg

AirCrews Aviation P Ltd