As technology and our lifestyle evolves, marketing specialists develop innovative strategies to adapt and stay on top of mind of the consumers.
We are already familiar with different forms of marketing, but this journal will focus on co-branding. It is a when 2 brands form an alliance to tap into each other's market base. Just like the other techniques to promote a brand, this form of strategy allows the brands in partnership to pique the interest and raise awareness to those who weren't initially their target audience, this is also an effective way to improve the consumer's perception of the brand's image.
I have briefly discussed about the benefits of co-branding, but just like any execution, there are also setbacks in co-branding strategies. If the brand A and brand B are in alliance, if brand A's product result was a flop, or if brand A's reputation was tarnished during the partnership, it will affect brand B just the same. Co-branding means both brands were able to investigate the image of the company, they are reaching for the same objectives, and most of all, they have agreed on the outcome of the products or experience.
Basically, co-branding lets two brands be able to develop a new product or service for their consumers, just like the limited edition items that are usually priced higher than those of the regular products/services of the brand. Usually these items are the ones prioritized to make noise on social media, digital and print platforms.
Brands also leverage on Influencers on co-branding. One example is Colourette and Andoks Lechon. The insight was that people are craving for their all-time favorite, the Andoks Lechon and they also want to stay looking pretty even after they have eaten the dish especially when they're not in the comfort of their homes. The consumer friction was that Andoks Lechon was so oily to eat and it usually ruins the lipsticks for women. So Colourette, with their claims of having the lipstick kiss-proof, they put it to the test to prove to their consumers about the claim. They have invited influencers to wear their preferred Colourette lipstick shade and eat Andoks Lechon. Until they're done eating, they can compare to see and prove that Colourette really was a kiss-proof brand of lipstick.
During the campaign, they Andoks Lechon and Colourette was trending and people wanted to jump in on the hype and it resulted to the skyrocket of sales for both brands. It hit three birds in one campaign, the increase of sales, customer awareness and
There are other versions of co-branding, one example is Ingredient co-branding. This is usually seen in FMCG fusions, like Biscoff Milktea, a partnership of a milk tea brand with Biscoff as their main ingredient. These are the ingredients you add to a well-known brand to make a new product line, these are ingredients with unique qualities and products protected by patents.
Next category is the same company co-branding. Could be like the strategy of P&G with Safeguard and Joy, both are under P&G as parent company and during the pandemic, everyone was frantic about the virus and Safeguard as the leading product in the country to kill germs up to 99.9 percent. Joy was able to take advantage of this and released visuals of how washing with Joy infused with Safeguard will surely kill germs that were stuck on your plate or dish sponges.
Third category of the co-branding strategy is National to local-co branding. It is when international companies partner with small businesses or enterprises to increase their brand awareness internationally like credit card promos with groceries or malls.
One of the best example of this is between Nike and Michael Jordan. When they started the partnership, Michael Jordan was still a rookie. The partnership included Nike curating shoes inspired by Michael Jordan. His fame was rising due to his game play in the court.
Two years after, Nike had sold out their Jordan shoes and have decided to spin it off as its own brand.
Although I have mentioned here previously about the successes of co-branding, it doesn't fly 100% of the time. There are times when co-branding doesn't work especially if the two brands are not tone deaf or doesn't relate with their target audience, just like the campaign by Atkins and Forever 21 in 2019. Atkins was known as a diet bar and it made Forever 21 seem only fit for skinny people so instead of having more loyal customers, they received backlash.
It shouted discrimination and many from their audiences called them out. The rolled out campaign tactic was to send whoever ordered online at Forever 21 an Atkins weight loss bar. Naturally, those who ordered plus size items from Forever 21 have felt body shamed as if the brands are pushing them to slim down.
Most of the reasons that co-branding strategy won't work aside from being tone deaf, is when brand stories and objectives don't align. A clothing line shouldn't give the impression to their audience about needing to gain or lose weight, or a brand that voices out eco-friendly messaging then partners with a brand that is the most source of pollution or nature destruction. Aside from the campaign not coming off as genuine, it can trigger their customers to switch brands. From the get go, the two brands shouldn't just take benefit from each other, they should also align on how to convey their messaging and stitch their goals into one which in the end is still considering the welfare and views of satisfying their customers' needs.
No comments:
Post a Comment