Co-branding: A win-win for two
Co-branding and collaborations: when done right, joining forces between two brands can often reap impressive rewards. Research suggests that when one brand collaborates with another, the consumer will usually associate the positive aspects of each with the other – so how can we make the most of this?
In a nutshell, thinking outside the box is key. Studies show that 71% of consumers enjoy co-branding partnerships, but they need to be relevant, interesting and offer something of value. It’s really important to consider the reputation and brand equity of both sides to ensure it’s a credible and impactful partnership.
At Conker, we’re always on the lookout for brand alignment, whether it’s across our current client roster or further afield. Here’s what we’ve learnt from our experiences…
• Audiences should be similar…
For a campaign to have biggest impact on both sides, it’s obvious that there should be similarities and shared interests in the target markets. When matchmaking brands, we look out for similar target demographic like age and socio-economic status, as well as shared interests and motivations.
• But they should be different, too.
To really get the most out of this cross-brand cultivation, the target market should have some key contrasts – otherwise, you’ll be singing the same tune twice to one audience and won’t benefit from the fresh look and messaging that the other brand brings. 43% of consumers say they would be persuaded to try a co-branded product from a brand they’re already a fan of – so why not try using one brand to target an audience in a new region, or combining two products from different categories?
• It’s a learning opportunity!
This is a win-win – and it goes without saying that there will be lots to learn from each side too. Pooling of resources and intel is crucial to make sure you get the most out of budgets, tech and shared knowledge.
In a recent real-world example, last month we connected two of our B2C clients whose audiences were ripe for cross-pollination; north west milk and food delivery service Creamline Dairies and Boltholes & Hideaways, who offer unique holiday cottages across North Wales.
The end result? Boltholes secured hundreds of new subscribers from a highly targeted audience as well as over 10k new eyeballs on its beautiful brand. Creamline was able to serve up added value content and a gorgeous opportunity with an exclusive prize incentive as a thank you to their engaged customer base. And attracting new newsletter sign ups along the way was an added bonus.
Fancy exploring how the ‘science of alliance’ might work for your brand? Drop us a line to see how we could make it work for you.
