Today’s marketing landscape is continuously changing. What is effective before may not be as helpful now. This is why companies are steadfast about keeping themselves updated when it comes to latest trends in the industry. As a result they’ve discovered tons of alternative strategies to promote their brand. Among those methods comes the appearance of collaborative marketing which is also known as co-branding.
Co-branding for those who are still unfamiliar with the term is a type of a marketing practice which involves partnership between two brands. It came into popularity as far back as the late 1990s, but it might’ve hard way back in time. Due to its continuous success over the past years, businesses are more than willing to try their hands on this type of marketing. Aside from offering awareness to brands, it also creates long-lasting partnerships among like-minded entrepreneurs.
However, in order for them to achieve and ensure the success of this campaign, they have to be careful when it comes to planning and execution. To do that, there just a few important things companies have to keep in mind. Below are some of them.
Establish a Clear Set of Goals
Prior to making partnership with other brands, it is important that both companies have a clear understanding about the purpose and objective of the collaboration. It’s necessary that both parties are on the same page to avoid conflicts and miscommunication along the way. Having a clear set of goals would allow the collaborating brands to follow up on the progress of their partnership. It’ll give them key metrics as to where their campaign is standing. Failing on this step would lead to ineffective marketing strategy which can harm and damage the brand immensely.
Remember, the goals must be understood by those who are involved. Once this has been established, it is easier to work together. It also ensures that brands are headed towards the same direction. Thus, avoiding any confusion or disagreement as the collaboration between companies take place.
Make Use of Available Technology
The continuous advancement in technology has offered great convenience in today’s society. Thanks to this, collaborative projects have been easier. Now, employees can do more than just email, they can also use the convenience of video call or chats to communicate. This is a huge jump as compared to having to schedule meetings or appointments in person. It does not only improves the efficiency of workflow, but also provides a direct and clear line of communication. As mentioned before, having a channel to talk and be in touch can greatly influence the success of this strategy. Since it is method which requires the participation of two or more companies, having a steady line of communication is necessary.
Create a Standard Process Everyone Can Follow
Along with a good line of communication, another important element companies must pay attention to for this strategy is the workflow. To prevent confusion and mix up in the process, it’s important to set up a standard procedure where everyone could look at. It’s crucial to set up a series of steps everyone can follow. This can help them in monitoring the progress of the campaign as well as allow them to remain intact with their goals. For this particular strategy, it is always necessary to ensure that those who are involved are in the same page. It’ll also allow companies to monitor the development of the campaign.
Consider Looking at the Target Market
Spreading awareness is among the top reason why corporations are diving into collaborative marketing. Most, if not all, have specific type of audience in mind they’d want to appeal to. Once they do determine who are they targeting, it’s easier to choose and find a brand to partnered with. Let’s take the Nike and Apple partnership as an example. For this campaign, the co-branding started as a simple way for Nike patrons to listen in to some good music through their iPods. As the partnership goes on, these two brands have managed to create an app where every time the user works out, the Apple app would track it. Thanks to this collaboration, it’s easier for athletes and fitness pro to monitor their progress.
For that example, it’s clear that both Apple and Nike are trying to promote their brand to people who are interested in fitness. Since they’ve brought something fresh and new, it has become a successful partnership. In other words, as a business owner, you need to think everything through especially your target audience. As it would help widen the span of brand reach, as well as gain them potential loyal customers in the future.
Collaborative marketing has become the next big thing for many companies wanting to expand their influence throughout the society. This is not a surprise considering how it offers great success rate to many businesses. This is why to ensure the campaign will succeed, it’s important you incorporate the elements mentioned here perfectly. Once you do, greater results will surely be on its way.
