Which type of collab do I choose best for my brand?
Collaborations or partnerships between brands are a prime opportunity to create marketing opportunities. Through a partnership, you can expand each other's target audience, enhance each other's services/products, or even innovate together. The beauty of it all? Both parties can increase their brand awareness and engagement with their respective audiences.
Partnerships can take various forms, both public and private. Here are some examples:
Co-branding involves two brands collaborating on a joint service or product. For instance, consider clothing brands. Both partners have established expertise and recognition in the fashion world. It can be valuable to give a new twist to their top-selling product or to set up an 'outside-of-the-box' project. An example is rapper Ye West, who teamed up with Adidas to launch a sneaker line. What started as a fun collaboration quickly evolved into a permanent line, known as Yeezy.
The second form, co-marketing, is a more subtle way of advertising. In this approach, two brands link themselves together by mentioning each other and appearing together in marketing materials. For example, consider a Coca-Cola can placed next to a Big Mac. Have you ever seen a different drink positioned alongside a Big Mac?
Product placement is one of the most common forms of marketing we encounter. In this strategy, brands collaborate by featuring each other’s products. This can range from showcasing a product in a film or TV show to using each other’s products in advertising campaigns. In blockbuster films, this might be a billboard on the side of the road, while in everyday scenarios, it could be a jar of Nutella on a table. Often, you might not consciously notice these promotional stunts, but they work on your subconscious mind.
In licensing, brands grant licenses to another brand, essentially lending out their trademark to a different brand (with clear agreements). A few simple examples that everyone has seen include: Pepsi being mentioned in a Lidl booklet, or "This event is sponsored by X, Y, and Z..."
Brands can also collaborate in the field of technology. This might involve integrating their products or jointly researching and developing new technologies. Technological collaborations are common in the automotive industry. A well-known example is Toyota and Tesla. Since 2010, Toyota has held shares in Tesla, as their team of experts has worked on Tesla engines. Over the years, the two brands have actively strengthened each other’s products, albeit behind the scenes.
Collaborations are interesting for various reasons. The foundation of a successful partnership lies in good communication, clear agreements, and applying the right type of collaboration.
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