How to effectively expand your business and win the hearts of new customers? Cobranding can be the solution. What is it and why is it worth using?
What is cobranding?
It is a strategic partnership between two (or more) brands that benefits both sides. In other words - it is a business cooperation model based on the win-win principle. This is a good solution for those brands that want to strengthen their position on the current market or conquer new markets.
How to get it, or the types of cobranding
This strategy should be implemented in several ways:
- reach-awareness cobranding – one of the partner brands is promoted in target audience second brand,
- complementary competence cobranding - brands create something new together, using their greatest strengths,
- value endorsement cobranding - brands support the same values, e.g. ecological,
- ingredient cobranding - a brand increases the value of its product by emphasizing the great value of one of its components.
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What benefits can be expected?
Well-conducted cobranding can bring many benefits for both parties. First of all, it gives you a chance to reach a new audience as well as on building brand awareness on a different market. This, in turn, may translate into an increase in brand recognition.
It is a way to strengthen the elect brand attributes and refreshing the image. The company may become stronger, more competitive in its market, and more interesting for customers.
Market giants use cooperation with smaller brands to strengthen the created message, positively influence the loyalty of recipients and gain new customers. Global brands often do not have access to a niche audience, and the values they promote may be blurred. A partnership with a small company gives you a chance to influence a narrow segment of the market, which is of great importance for a large brand. For a small brand, it is a great way to grow.
An interesting form of cobranding, based on a well-thought-out, well-constructed plan, is a recipe for success. By joining forces, you can achieve much more than alone!
