Branding- is the process of developing a unique name or identity for a product or business. A brand particularly consists of a name, logo, other visible features including logo, images, symbols, etc.
It is important since it ensures awareness and loyalty among the customers. Having a unique brand is crucial as it differentiates a product from its competitors and it is critical to brand a product to attract the customers. There are 4 steps to create a successful brand: -
1. Define how one wants to be perceived by the customers?
2. Brand is a promise that makes it different from others. Business should be organized based on this promise.
3. The promise should be communicated through branding campaigns like advertisements, social media etc.
4. The business should be consistent in completing the promise.
These 4 steps lead to a great brand.
Let us talk about the very important and trending type of branding, i.e., Cobranding.
Cobranding is a type of branding where two brand are associated with each other as partners and where success of one brand brings success to the other. It can boost the reputation of two or more brands depending on the strategy used. There are 4 strategies at play: -
To gain market share
• Global brand
• Brand reinforcement
• Brand extension
Following mentioned are some examples of co-branding: -
1. Starbucks and spotify
In 2015, spotify and starbucks teamed up as co brands. Under this, spotify gave premium subscription to all starbucks employees. This also helped the customers to hear the playlist on spotify while they are at starbucks through the starbucks app. While, spotify also offered dicounts on its premium subscription. This is a great example of cobranding as it was beneficial for both the brands in the long run.
2. Nike and Apple
Back in early 2000, Nike and Apple merged as a co-brand to provide fitness watches and clothin. Nike’s fitness side and Apple’s tech side played to their advantage and was a huge success.
3. Redbull and GoPro
4. Uber and Spotify
5. Visa and Mastercard
6. Dairy milk and oreo
For co-branding, the situation should be a win-win for both the brands.
Benefits of Co-Branding
• Builds brand awareness
• Improves your brand perception/ grow your customer base by teaming up with another brand
• Builds trust among the customers
• Two marketing efforts on the cobranded product or service
AirCrews Aviation P Ltd