By Caitlin Chalke, Publicity Club of New England
We all know that it’s getting harder and harder to reach consumers and raise awareness for your brand with so many things changing and launching these days. So, what’s a successful way for your brand to reach a new audience?
Co-branding, also known as brand partnership, is when two brands work together to create a marketing collaboration. The best partnerships come from brands that target similar audiences, but are in different categories like an entertainment company and a paper store with invitations. Depending upon the objectives, co-branding can include cross promotion in catalogs and education materials, social media promotions, and more.
Below are some recent examples of brands working together to reach a wider audience:
- Land Rover and Barbour – two iconic British companies that target stylish individuals.
- Pottery Barn and Benjamin Moore – two companies looking to make every person’s home their dream home.
- Balance Bar and J.R. Watkins – two companies in the wellness category that target healthy women.
Brand partnerships can come at all costs depending upon how big your company is and who you want to work with. If your brand and your potential partner are on the same awareness level, there is a chance you can cut all costs except for the creation of the promotional materials. While other partnerships may cost more if you want to partner with a larger brand.
In my experience, co-branding has been very successful with helping to grow social channels and share of voice, and giving you the opportunity to engage with a new audience to spread your brand’s message. So if you’re looking into co-branding, here are some great tips from Fast Company*:
- Define realistic goals
- Co-create value
- Find natural areas of interest
- Be committed
*Even if you’re not partnering with a celebrity, these tips are still valid for your brand and company.
Caitlin Chalke is a Director at 360 Public Relations.