Co-branding and collaboration - joining brand forces
Partnering with other brands can leave marketers feeling vulnerable - but increasing reach and leveraging another brand can have a positive impact on your brand engagement and bottom line.
Co-branding or collaboration involves partnering with another brand to create a new product or service that showcases the strengths of both brands. This not only helps to build brand awareness but also opens up new markets and customer segments.
Remember when Boost Juice teamed up with Vegemite for a limited edition smoothie? That was a collaboration no one saw coming! The two Aussie icons joined forces in 2018 to create the Vegemite Boost smoothie, which combined Vegemite with chocolate, banana, and vanilla yoghurt. While the flavour combo might not be to everyone's taste, it certainly got people talking and brought attention to both brands.
Fashion brand Gorman recently partnered with Birkenstock to create a limited edition collection. This was an instant hit, appealing to fashion-forward customers who appreciated the blend of art and style.
Joining forces with another brand can raise your brand awareness and introduce you to new audiences (and of course offering the same benefits to your collaborator).
Collaborations can open up entirely new market segments or industries by leveraging the combined strengths and expertise of both brands, increasing potential customer acquisition and revenue streams.
Of course, shared resources and costs: is a smart thing to do in today’s climate: marketing budgets, production facilities, and distribution networks can all be leveraged, leading to reduced costs and increased efficiency in bringing products or services to market.
Collaborating with a respected or well-known brand can elevate your brand's image, borrowing credibility and trust from the partnering company. And one of the biggest benefits is the creation of unique offerings. Co-branding can lead to the creation of innovative products or services that combine the best aspects of both brands, providing customers with unique and compelling offerings that differentiate your brand from competitors. Think “Sample Brew Coffee Stout” a collaboration between craft beer producer Sample Brew and coffee roasters St Ali.
Being open to collaborations can ratchet your brand up the Engagement Pyramid, achieving that coveted status of Devotion. And in today’s economic climate combining resources and joining forces seems like a smart thing to do.
Dovetail is a pioneering branding and agency with offices in Perth and Melbourne, serving clients across Australia. Our unique approach unites three key areas of branding – consumer brand and marketing, HR and employee branding, and events – to create tailored solutions that drive business success. By leveraging our expertise in these interconnected fields, we empower our clients to build strong, consistent, and memorable brand experiences, fostering deeper connections with their customers, employees, and stakeholders. Partner with Dovetail and discover the unparalleled advantage of a holistic branding strategy which moves your brand to the apex of the Brand Engagement Pyramid.