A few years ago, many people may have seen the phenomenon. #SAVEPurplePipo on social media platforms Not long after that, Pipo collaborated with M150 to launch Pipo M150 scent which became popular all over the world. There is also a collaboration between Lego and Netflix “Stranger Things,” creating Lego-style Stranger Things characters, which has become a collection that has doubled in interest. The strategies from these two examples are called That’s “Collaboration Marketing.” So what is Collaboration Marketing? Are there any businesses that use this strategy? Don’t wait, read on!
What is Collaboration Marketing?
Collaboration Marketing, or as many people call it, Collab Marketing, is a marketing strategy in which businesses with similar goals agree to work together to make those goals come true. It benefits both parties (Win-Win Situation), which usually begins with a business being interested in creating a partnership with another business. There are several formats for creating partnerships, including:
- Shared Target Market
- Similarities in characteristics of buyers (Buyer Personas)
- Integration of brand identity (Complimentary Brand Identity)
- Have the same marketing goals (Similar Marketing Goals)
- Strengthen the image of the brand (Brand Image)
Collaboration Marketing VS Co-branding
Collaboration Marketing and Co-branding are both marketing strategies that rely on the cooperation of brands. Together, it is not strange that many people are confused about how these two strategies differ.
Collaboration Marketing
Co-branding
Advantages of Collaboration Marketing
Expand new customer base
Collaboration with other brands It will help our brand reach new customer groups. Even more, causing an exchange of customer groups of each brand. As for the case where our partner brands are from the same business group, such as Tivoli x Ovaltine Each of which has a target audience of children, teenagers, new generations, working people, it will help both brands to capture new target groups that want to try something new, helping both brands to reach new target groups.
Increase sales opportunities
In addition to the marketing strategy Collaboration It will help in expanding the customer base and will also result in both brands being able to increase the opportunity to sell more products. This is because as the customer base increases, more customers become interested in the brand’s products and services, so the opportunity for sales increases based on the aforementioned factors.
The brand is in trend and is widely talked about.
Collaboration between brands Often creates a trend of interest among consumers. This is because it is a pairing of brands that may not have been expected or seen before. Consumers are therefore often interested in following and participating in discussions about such campaigns. These trends will help create brand awareness (Brand Awareness) and brand interaction (Brand Engagement) in the wider circle as well.
Collaboration Marketing often leads to the creation of new and unique products, services, or campaigns between two brands. This creates a modern image for the brand because it communicates that the brand is constantly adapting to the times. Moreover, such products are usually available in limited quantities that combine the strengths of each brand, giving both brands an image superior to competitors in the same industry. And these limited edition items often sell well and are popular among collectors. Because they are difficult to find and will increase in value in the future, such as Omega
Cr. Beartai
Reduce costs
Normally, when a brand creates a campaign, Or launching new products and services usually has a relatively high cost. On the other hand, if the two brands work together, it will help reduce costs in many parts. Including marketing costs, production costs, and others, because the cooperation of the two brands will help each person divide the budget appropriately.
4 steps to make Collaboration Marketing effective
Having clear marketing goals
The first step is to clearly define your campaign objectives. By the purpose of Collaboration Marketing may vary, such as expanding the customer base. Reaching new customers Creating awareness or interest for the brand or adjusting the brand image to look more modern
Choose the right partner brand
Choosing a brand to collaborate with is critical to the success of your campaign. You should choose brands that have the same marketing goals so that the campaign can effectively achieve them. In addition, brands should choose brands that have the same image and values. So that the campaign can create an impression on consumers.
Plan your campaign carefully.
After choosing a brand to collaborate with Campaigns should be planned carefully. The campaign plan should cover factors such as target audience, objectives, budget, duration, and communications.
- : Set a budget for your campaign to suit your available resources.
- : Set the duration of the campaign to suit your goals.
- : Plan effective campaign communications In order to reach the target group as much as possible
Measure success
The final step is to evaluate the success of the campaign. The success of the campaign can be measured by various factors such as sales, website visits. Total engagement on social media and consumer opinions
Case studies of famous brands that use strategies Collaboration Marketing
BTS x McDonald’s
Cr. TheStandard
The BTS x McDonald’s campaign launched on July 16, 2021 in over 50 countries around the world. It includes a special meal set, “The BTS Meal,” which includes 10 chicken nuggets, french fries, and a Coke. The two sides also collaborated to create a special collection of merchandise, such as food containers, drinking glasses, and BT21 dolls. The campaign has received overwhelming interest from BTS fans around the world, resulting in an increase in sales for McDonald’s. For example, in the United States, McDonald’s sales increased 20% during the first week of the campaign’s launch.
Uber x Spotify
Cr. USAToday
Uber and Spotify are partnering with Uber to allow customers to connect to Spotify through their in-car app. This builds on the great experience that Spotify provides to Uber’s customers. Additionally, both brands are running promotions that benefit customers on both sides, making the collaboration campaign widely talked about and spread.
Nike x Apple
Cr. Apple
Nike collaborates with Apple to release the Apple Watch with a Sport Band strap and a Nike logo to expand the customer base among health lovers who are interested in exercising. It may also cause people who already use the Apple Watch on a daily basis to become more interested in and choose Nike products for exercising. People who are Nike fans will have an open mind in choosing the Apple Watch to enhance their exercise experience.
Summary
In the midst of a rapidly changing era and increased business competition, maintaining the existing customer base by releasing the same style of products It may not be enough anymore. Strategy Collaboration Marketing is therefore considered another option that will help businesses maintain their existing customer base while expanding their new customer base at the same time.
