Posted on : 2023-12-10 21:30:38
Article : 11th Dec 2023-Good morning Monday Management solution to TASK 271 - By collaborating on a product/brand, partners can capitalize on the reputability.
Articles would be more interesting and useful when we study them with real time examples. Maintaining the same view here in this solution part we are sharing two types of co-branding Topics examples for Alliance co-branding and Joint venture co-branding.
For the brands that couldn’t exist individually, Alliance co-branding would be a better answer. A tie-up with Absolut helped Heinz turbocharge sales by 50%-In 2022, Heinz decided to branch out into tomato pasta sauces, looking to shake up a category dominated by own-label. The launch generated buzz and talk ability, but Heinz’s marketers believed there was room to expand. On a mission to accelerate brand and category growth, the team wanted to keep Heinz’s pasta sauces firmly in the public consciousness. Inspiration came from social media and the enduring trend for ‘penne alla vodka’ first sent viral by model Gigi Hadid two years earlier.
However, while Heinz was well known for its tomatoes, the company had no credibility in the drinks industry. The team was convinced vodka giant Absolut would be the perfect partner, presenting an “iconic brand” on a par with Heinz. Believing the campaign idea should relate to Absolut’s print campaigns of the 1980s and 1990s, the creative merged Heinz’s ‘Ridiculously late, ridiculously good’ launch advert with Absolut’s old-school ads to unite both brands.
Not only did the limited-edition tomato vodka pasta sauce sell more than 55 units per store per week compared to a category average of seven, the range overtook ketchup to become Heinz’s top-selling product. The campaign stoked social media buzz, with #AbsolutelyHeinz notching up 6.6 million TikTok views and more than 200 influencers asking to be involved. Heinz claimed a 24% market share during the launch period, making it the leading supermarket pasta sauce brand. This tie-up delivered 52% sales uplift across than pasta range, selling both online and in-store.
BMW & Louis Vuitton brands joint venture Co-branding Campaign: The Art of Travel. Car manufacturer BMW and designer Louis Vuitton may not be the most obvious pairings. But if you think about it, they have a few important things in common. If you focus on Louis Vuitton's signature luggage lines, they're both in the business of travel. They both value luxury. And finally, they're both well-known, traditional brands that are known for high-quality craftsmanship. These shared values are exactly why this co-branding campaign makes so much sense. In their partnership, BMW created a sports car model called the BMW i8, while Louis Vuitton designed an exclusive, four-piece set of suitcases and bags that fit perfectly into the car's rear parcel shelf.
Although the four-piece luggage set goes for a whopping $20,000, the price is right for the target customer, as the BMW i8 starts at $135,700. A price like that kind of makes that luggage set seem like a drop in the bucket. Not only does the luggage fit perfectly size-wise, but its design and appearance fit perfectly with BMW's image: sleek, masculine, and high-quality. Turns out both the luggage and some parts of the car's interior use carbon fibre, strong-yet-light composite material.
Both brands knew their target market desired luxury and meticulous craftsmanship. By selling complimentary high-quality products, the brands successfully garnered attention from respective loyal customers.
End point-Business managers, directors, and CEOs looking to strategically grow their companies understand that generating brand awareness and accessing new markets plays a big part in that business growth. One of the easiest ways to accomplish those awareness goals involves seeking strategic alliances and partnerships, and to create new, co-branded products. By doing so, the loyal customers of one brand are introduced to the other, helping both partners improve their company image and gain market share.
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