The Power of Co-Branding When It Comes to Brand Experiences

Does your brand partner with other brands? 

If done right - meaning that the partnership makes sense to your customers, fans, and stakeholders - then co-branding is an effective brand-building strategy for all brands involved.

According to Investopedia, "Co-branding is a marketing strategy that utilizes multiple brand names on a good or service as part of a strategic alliance. Also known as a brand partnership, co-branding encompasses several different types of branding collaborations, typically involving the brands of at least two companies. Each brand in such a strategic alliance contributes its own identity to create a melded brand with the help of unique logos, brand identifiers, and color schemes. The point of co-branding is to combine the market strength, brand awareness, positive associations, and cachet of two or more brands to compel consumers to pay a greater premium for them...Simply put, co-branding as a strategy seeks to gain market share, increase revenue streams, and capitalize on increased customer awareness."

Here are some examples of co-branding:

(1) Taco Bell's Doritos Locos Tacos: Specialty food item co-developed by Yum! Brands, Inc. and PepsiCo's subsidiary Frito-Lay, Inc.

(2) Citi AAdvantage cards: Citi credit cards that earn American Airlines miles with qualifying purchases.

(3) Nike+: A Nike, Inc. and Apple, Inc. partnership that connects activity-tracking technology in athletic gear with iPhone apps and the Apple Watch.

(4) Dawn Dishwashing Detergent: For more than 40 years, Dawn Dishwashing Detergent has worked with the International Bird Rescue to help wildlife impacted by oil spills and other disasters. The bird rescuers use Dawn to wash sticky oil out of birds' feathers, and Dawn donates thousands of bottles of detergent to the nonprofit.

(5) Ford's Eddie Bauer Editions: Eddie Bauer edition Ford vehicles feature snazzy amenities including signature body cladding, illuminated running boards, and two-tone leather. Eddie Bauer's name lent style and class to Ford, while Ford helped the outdoors brand reach a wider audience.

Check out this recent co-branding initiative featuring two iconic Atlanta-based attractions:

"From June 2nd to June 30th, double your bubbles by experiencing two Atlanta icons with one unbelievable deal that takes you from bubbling ocean discovery to Coca-Cola's signature fizz. This two-for-one combo ticket gets you one-time admission to both Georgia Aquarium and World of Coca-Cola. Begin to beat the heat this summer by marveling at manta rays, waddling with penguins, and maybe even getting splashed by dolphins at the Aquarium. Then head to World of Coca-Cola for a refreshing sip in the Coca-Cola Global Beverage tasting room, plus visit the Vault of the Secret Formula, and snap a photo with the Coca-Cola Polar Bear. For one price, you'll experience two world-class attractions. This exclusive summer deal ends June 30th." (Note, the $75 price was a twenty percent discount of regular anytime ticket prices.)

The Georgia Aquarium is known for its 11-million gallons of blue wonder, where visitors can walk through a 100-foot tunnel surrounded by whale sharks, manta rays, and thousands of fish. At World of Coca-Cola's Beverage Lab, visitors can experiment with different flavors to create a unique drink.

During June, Atlanta-area locals and lucky tourists were able to experience two Atlanta attractions at a discounted price due to effective co-branding.

What can your brand learn from this co-branding example?

Image Credits: Georgia Aquarium and World of Coca-Cola.