Engaging in a brand partnership can do amazing things for your company. It expands your target market, garners new ideas, and increases your visibility with little effort. Business of all kinds have caught onto this ingenious marketing scheme, and cobranding can be seen in almost every type of retail business. Finding examples to learn from is easy; multiple companies have joined forces to create a mutually beneficial relationship. Peruse this list of companies that have cobranded with much success and read our tactics on how to best engage in a brand partnership.
- Find a Company with a Similar Target Market
You can easily capitalize on a similar target market by partnering up with another company. The famous Caesar’s Entertainment recently did this with NJOY. Caesar’s is the largest gaming company in the U.S., and NJOY is the largest independent e-cig and vape company. Their similar target markets formed a match made in heaven.
Many of those who frequently visit casinos tend to be smokers, and NJOY.com provides great substitutes for those looking for a cigarette feel with less toxicity. This match was beneficial for both companies. NJOY’s products don’t burn, don’t produce smoke, and are easily reused. Because of this, Caesar’s has less clean up to deal with and a smaller amount of air pollution. Caesar’s and NJOY also partnered to create a vaping bar in Vegas, where customers can go to try out a variety of vape flavors. NJOY’s products are seen and experienced by new users, and Caesar’s can profit from those who are already vape pen and e-cig aficionados.
- Find Something That Sets You Apart From Competitors
If you’re involved in a highly competitive market, it’s in your best interest to find a partnership that will help set you apart. Take car service Uber and music provider Spotify for example. Uber was one of the first of its kind, offering a private car service that was less expensive than taxi rides and more accessible. The idea was a great one, and many competitors have come onto the scene, making the market a competitive one. Uber sought to set themselves apart; they enlisted music streaming service Spotify—now riders can sync their personal playlists in the cars of their driver, making for a more personal experience.
- Tap Into New Types of Consumer
You can strategically join forces with a completely unrelated product to find yourself a new market sector. Soda powerhouse Coca Cola recently partnered with nail polish company OPI to create a cola-themed line of nail products. By aligning both of their products as “happiness in a bottle” they forge a connection and appeal to a wider variety of consumers.
- Make it an Exclusive Collection
Macy’s and Karl Lagerfeld joined forces for an exclusive collection of his designs. This enabled Lagerfeld to make the leap to a mainstream market; his normal wares are far too pricey to have ever made it to the general public. Macy’s was able to draw in customers looking for high-end items at lower costs, and Lagerfeld’s name alone could draw in curious shoppers. He was able to spread his designs to the general public and further cement his brand as a valued choice.
- Cobrand with Similar Belief Systems
Like TOMS and Element, cobrand with a company that has similar aims. These two companies sought to combine their community outreach efforts and created a One for One skateboard program. For every Element and TOMS skateboard purchased, Element promised to give a needy child a skateboard in South Africa. For this, Toms created a special line of their shoes, making it an enticing deal both for exclusivity and charitable purposes. They took the offering a step further: contest winners can win a trip to South Africa to be a part of the shoe and skateboard drop.
Generate sales and spread your visibility by creating a successful cobranding relationship. With proper selection, your business stands to profit immensely. Partnerships are essential for the continued growth of your target market, and used in every sector of business. From charity to food, cosmetics and technology, businesses across the globe are increasingly banding together to create better sales and push forward company ideals.