One of the most memorable tactics a brand can do is to partner with another brand. Red Bull and GoPro. Uber and Spotify. Nike and Apple. Simultaneously promoting two brands and the same time utilizes both parties audiences and followings. This can also be a great way to break into new markets. Co-branding strategies allow brands to think “outside of the box” to create an innovation solution for their customers, together.
Here is a quick guide to effectively co-branding:
1. Pick a brand that can pair well with your already established brand. For example: Red Bull promotes crazy adventures, and GoPro captures them. This is a great pairing for two well-established brands to work in tandem together.
2. Position your brand by co-branding - By picking a brand to co-brand with, consider their mission and values. Do they match your brand’s values? Or can they position you into a new spot and positively alter your look.
3. Beyond the outside facade, co-branding can also be an effective partnership between two brands. MasterCard and Apple Pay teamed up, which allowed customers to store their card information on their iPhone. This worked well for the usage of both Apple Pay and MasterCard. MasterCard was the first card to be utilized on Apple Pay, which revolutionized the way customers could use their Apple wallets.
4. By working alongside another brand, you can create innovative and creative marketing campaigns together, with twice the exposure. Utilizing both audiences, you can promote your business to new and old audiences, alike. Co-branding is mutually beneficial for this reason.
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