Co-Branded Products: An Effective Strategy for Reaching New and Loyal Audiences
Co-branded products are a marketing strategy that has gained popularity in recent years. A collaboration between two brands is an excellent opportunity to maximize strengths and create something more significant than what each brand can offer on its own.
Co-branded products are valuable tools in the food & beverage industry, allowing brands to introduce new products that reach new and loyal audiences. When setting up a brand partnership, companies should aim to appeal to loyal customers just as much as new customers.
Visual Objects found that 43% of consumers would try a collaboration product from a company they already liked. While brands often seek to break into new markets, research shows that increasing customer retention rates by 5% can increase profits by up to 95%.
Chunky Dunky
One example of brand collaboration is the the Chunky Dunky collaboration between Ben & Jerry's and Nike which was a highly anticipated release that sold out within minutes. The shoe featured a colorful and playful design inspired by Ben & Jerry's famous ice cream flavor. The limited edition bold design made it a hit with sneaker collectors and fans of the ice cream brand alike.
Deep, Dark and Salty
TCHO, based here in Berkeley, collaborated with the Monterey Bay Aquarium to create a new chocolate bar called Deep, Dark and Salty. This bar is made with sea salt and seaweed, giving it a slightly crunchy, salty taste that complements the fruitiness of the dark chocolate.
TCHO's chocolate maker and the aquarium's executive chef designed the bar for the aquarium's "Into the Deep" exhibit, with 10% of the price of the bar going to support the aquarium.
This collaboration combines the strengths of TCHO's expertise in chocolate-making with the Monterey Bay Aquarium's reputation for sustainable and ocean-friendly practices, creating a unique product that appeals to both food and nature enthusiasts.
Video production is an essential tool for promoting co-branded products. By showcasing the collaboration and the unique aspects of the product, brands can create an emotional connection with their audience and encourage them to try the product.
Video can (and should) be intergrated into a launch strategy for a collaboration to create unique and successful products. Here’s some sample collab ideas:
Limited edition flavors
Recipe collaborations
Bundle deals
Co-branded packaging
Charity collaborations
Influencer events
By partnering with another brand, companies can leverage each other's strengths and create a unique product that stands out on the shelves. With a range of collaboration ideas and the potential of video as a powerful marketing tool, the possibilities for co-branded products in the food & beverage industry are endless.
