in

What Are the Top 10 Most Effective Marketing Strategies?

What Are the Top 10 Most Effective Marketing Strategies?

Cobranding, Affinity, and Cause Marketing

Co-branding is a marketing methodology in which at least two brands join together to promote and sell a single product or service. The brands lend their collective credibility to increase the perception of the product or service’s value, so consumers are more likely to purchase and willing to pay more at retail. Secondarily, co-branding may dissuade private label manufacturers from copying the product or service. Similarly, affinity marketing is a partnership between a company (supplier) and an organization that gathers persons sharing the same interests — for instance, a coffee shop that sells goods from a local bakery.

There is no shortage of co-branding partnerships, but several more recent examples demonstrate particularly good natural brand alignment including the adventurous GoPro and Red Bull, luxurious BMW and Louis Vuitton, and fashion-forward Alexander Wang and H&M.

Likewise, cause marketing leverages and enhances brand reputation. Cause marketing is a cooperative effort between a for-profit business and a non-profit organization to mutually promote and benefit from social and other charitable causes. Cause marketing is not to be confused with corporate giving, which is tied to specific tax-deductible donations made by an organization. Cause marketing relationships are “feel goods” and assure your customers you share their desire to make the world a better place.

Fast Fact: Customers interpret co-branding as a value endorsement from a brand they already trust, creating a potentially lucrative halo effect.