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February 2022

Mohammad Anas Wahaj | 27 feb 2022

Investopedia defines co-branding as a 'marketing strategy that utilizes multiple brand names on a good or service as part of a strategic alliance...Each brand in such a strategic alliance contributes its own identity to create a melded brand with the help of unique logos, brand identifiers, and color schemes. The point of co-branding is to combine the market strength, brand awareness, positive associations, and cachet of two or more brands to compel consumers to pay a greater premium for them.' According to the Visual Objects survey of 501 US consumers conducted in May 2021 to determine which components of co-branding partnerships best appeal to audiences and yield successful products - 71% of consumers feel positive about co-branding partnerships, making partnership opportunities appeal to prospective brands; 61% of consumers avoid purchasing products with a negative brand reputation at least sometimes, emphasizing the importance of wisely selecting a co-branding partner; 43% of consumers would likely try a co-branded product from a company they already liked, making co-branding a solid opportunity to reengage returning consumers; 41% of consumers think a brand's values are essential for purchasing decisions, indicating that co-branding partners should spend time discussing values alignment. Essentials for co-branding success include - (1) Positive Brand Reputations: 2/3rd of consumers (61%) avoid purchasing products associated with a negative brand reputation at least some time. Jerry Han, CMO of PrizeRebel, says, 'Before we partner up with a company and offer rewards or discounts on their behalf, we make sure that the impact on the customers will be a positive one and would make them feel excited [to receive our services].' (2) Audience Alignment Between Brands: It is important to bring together customers of partners in co-branding efforts. Samuel Klein of Astor Chocolate says, 'A co-branding partnership should have shared goals for the type of people they want to reach. There needs to be an overlap in target audience size such that neither party is risking too much by choosing this particular business arrangement.' (3) Appeal To Loyal Customers: 43% of consumers would try a co-branded product from a company they already supported. John Li, co-founder of Fig Loans, says, 'Co-branding can help loyal customers venture out and try new products. If they already have trust and loyalty with you, they're more likely to trust your recommendations.' (4) Brand Values Agreement: 41% of consumers think that brand values and mission statements help inform purchasing decisions. Terri Rockovich, co-founder and CEO of Jinx, says, 'Value alignment should be at the core of a co-branding project since both brands will be inextricably linked. If you focus on just connecting a growing audience with a co-brand initiative, the partnership can feel inauthentic and strained for both a brand's current audience and their partner brand's audience. The best collaborations are those that truly bring value to both sides, elevating the values of the other and complementing each others' offerings with something unique that is created through the partnership.' Read on...

Visual Objects: 4 Essentials for Co-Branding Success
Author: Sydney Wess



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