Co-branding Means Endless Possibilities
The Digital Era is where storytelling becomes reality, and the fantasy that we create in the story becomes so desirable that it will make you buy it if you have the power. Sometimes having a Good Idea or a good product is not enough. Like the old, Wiseman said; if you want to go fast go alone if you want to reach farther go together.
It applies to every aspect of life and business. At this time, we are going to talk about how going together takes you farther. Few people have heard of Co-Branding, others have seen short catching story’s with two or more products. When you are watching you are not only looking at these products, you wish and desire to have the lifestyle and influence that these things can give you.
Let us stop for a moment and land our imagination and take it to the analytical part. “The point of going together is for combining the market strength, brand awareness, positive associations, and cachet of two or more brands to compel consumers to pay a great premium for them.” According to Investopedia.
To understand how this catchy full of imagination Ideas you have to get deep into a strategy, either for seeking to increase customer base, profitability, market share, customer loyalty, brand image, perceived, value, and cost-saving.
Therefore, we introduce you four different strategies:
- Market penetration strategy: A conservative strategy that seeks to preserve the existing market share and brand names of two partnered or merged firms.
- Global brand strategy: Seeks to serve all customers with a single, existing global co-brand.
- Brand reinforcement strategy: Exemplified by the use of a new brand name.
- Brand extension strategy: The creation of a new co-branded name to be used only in a new market.
Co-Branding: The GoPro and Red Bull Case Study.
The human imagination has no limits and for some of us the sky is the limit. For GoPro and Red Bull the limitations imposed by simple Illuminati were not enough to stop them and send a man beyond the stratosphere over New Mexico, in the US. Felix Baumgartner in October of 2012 flew approximately 39 kilometers (24 mi) from a Capsule in the middle of the outer space. He reached 1,356 km/h (843.6 mph) jumping from an altitude of 28,969 m. Baumgartner broke two other world records.
How Co-branding made this energy, Drink brand together with the sports brand successfully held one of the most impressive stunts and succeed?
Both of these brands were brave enough to aim high and bring this event with a tight budget.
They were dedicated to their idea: always demonstrating a commitment to their goals. Showing determination and dedication to the idea.
Creating a captivating story, at the same time dramatic and dangerous.
The brought an idea which not only had aimed to bring brand awareness, they were also focused on providing data for further scientific goals such as provide data to advance in space travel in the future.
At that time, they tried successfully to use live streaming on YouTube. They did a groundbreaking for what it would be a successful game-changer strategy.