When two or more brands partner up in a special collaboration, the results can help them boost awareness of their products or services in new markets and potentially gain new customers. In the upcoming holiday season, brands that combine their marketing efforts can get their offerings in front of more consumers, capture the attention of those who are in the shopping spirit and drive business and increase fourth-quarter revenues.
To create the most effective co-branding strategy, brands must be able to lean on the strength of each other’s names and reputations, and ensuring this synergy requires careful planning and strategic thinking. Here, 12 members of Forbes Agency Council offer expert advice on how two brands can launch a symbiotic marketing partnership that will leave their companies in the black after the holiday shopping rush.
1. Start By Defining The Offering
What can two brands bring to the marketplace together? Does it make sense for the offering to be a cooperative initiative? Who would the ideal audience be? What retail or online channel would be ideal? And finally, will the offering be exciting enough to increase traffic in a retail store or online? Then, branding, planning and execution will dictate the success. – Peter Belbita, Noble House Media
2. Seek To Inspire Discovery And Joy
Find a partner that inspires discovery and unexpected joy for your customers. Coming out of the pandemic, people are vacillating between uncomfortable feelings of uncertainty stemming from a new sense of vulnerability and the idea of what is possible tomorrow, which could be different and better. As a result, they will be seeking to explore with familiar guardrails. – Cheryl Policastro, TPN