Nowadays, it is not difficult for you to see two or more brands appearing together in one advertisement… and this is what people normally call as ‘Co-branding’ or ‘Brand partnership.’ As the terms say, it means the collaboration between brands, the partnership among brands. They are combined to work together to strengthen the products or services which in return creates marketing synergy.
There are many reasons out there for brands to engage in this, and one of them is to portray a better image to consumers. An image will be shared among brands when they go together. For example, when Nike and Apple… the two well-known brands combined together, they projected a premium style to their products. But of course, choosing the right one to share the image with is very crucial. You have to choose a brand that is similar to your positioning in the market in order to avoid confusion. If the partner is not well matched, it might bring harm to your existing brand instead of enhancing it. Hence, it is essential for you to choose the partner brand correctly and carefully as it can either help or screw up your brand.
Besides that, it can also help a brand to explore new markets with minimum expenditure. This is because when you collaborate with other brands, you are given an opportunity to tap into their target market at the same time. Therefore, co-branding will get your current target market expanding as well. It not only can help in increasing your brand’s awareness, but it can also help to gain more benefits to your brand. In addition, alliance with another brand can provide you with competitive advantages in this flooded marketplace because when you combine with another brand, you are actually combining the strengths of two brands. Their resources are being shared when joined. Combined brands can share each other’s knowledge and technology that allows the them to grow bigger and stronger with minimum costs. For example, the combination of Dell computer with Intel processor for advanced technology from both of these excellent companies has enabled consumers to enjoy great products today.
In short, brands that are engaged in co-branding activities can enjoy a win-win situation if the strategy is well planned. With positive association, they not only can increase their sales volume, but they can also enjoy many benefits that they could not get when doing it alone.
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