More and more companies are engaging in influencer marketing. In fact 63% of marketers want to increase their budget for this purpose in 2022 (source: Influencer Marketing Hub). In addition, in order to carry out their campaigns, companies do not hesitate to join forces, in particular by implementing a co-branding strategy that creates positive synergies.
How to establish a co-branding strategy?
First of all, co-branding is a temporary marketing strategy between two brands with the main objective of reaching a common audience through a new offer created with the products or services of each company. To do so, they establish a common brief by setting similar objectives (better visibility, asserting their positioning, etc.). To execute this strategy, you can partner with a different brand to reach potential new consumers. Alternatively, you can collaborate with a complementary brand to yours to reinforce your positioning. Indeed, one brand should not overshadow the other.
Thus, the strategy must be based on :
- A clearly defined target;
- A unique offer that brings value;
- An equivalent endowment;
- A promotion that highlights the products of both brands.
The ideal moment to launch your offer? During a strong commercial moment such as Christmas or Grandmother’s Day.
Promote your co-branding campaigns thanks to micro-influence
Micro-influence is the best channel to bring visibility to your co-branding campaign. So it is essential to propose an endowment that brings added value in order to be attractive. Moreover, you can considerably boost this co-branding strategy by calling on micro-influencers, with between 5,000 and 100,000 subscribers, who are real prescribers. To do this, it’s important to target influencers correctly because each niche community is different. You definitely need to find the right influencers that reflect your consumers. Once the influencers have been selected, it is important to establish the way in which the endowment will be promoted, in a short, clear brief that allows the creativity of the chosen influencers. The promotion of this unique collaboration can be done through a photo publication or a story on Instagram where the products of each brand are clearly identified, or in a detailed blog post.
For example, last December, the french jewelry brand Cléor and the phone cases brand Oh My Case partnered via the influencer platform by SKEEPERS, to offer a series of products to be won through a Giveways (during the holiday season). On one hand, Oh My Case offered 3 phone cases and on the other hand, Cléor offered a necklace and a pair of earrings. These two brands, however different, offered an interesting and seductive products, for the influencers and their followers. Thanks to the publications nicely worked by the micro-influencers, the image of each brand was highlighted.
An alliance with multiple benefits
This marketing strategy has several advantages. Benefits that are amplified when influencers are involved:
- This alliance improves the visibility of both brands. Indeed, the respective consumers of each brand are exposed to a brand they don’t necessarily know, which allows to extend the audience of each one (source: HubSpot).
- Each brand strengthens their image by being associated with a brand that shares the same values (for exemple sustainable commitment). In addition, the notoriety of each brand is reinforced by the storytelling of influencers who testify with authenticity about the proposed offer.
- Co-branding creates a win-win situation. By creating a unique endowment and being promoted by influencers, no brand is disadvantaged by this alliance.
Influencer marketing and co-branding: which KPIs should you focus on?
The engagement rate
There are different ways to calculate the engagement rate, SKEEPERS Influencer Marketing use the following formula: number of “likes” plus the number of comments divided by the number of subscribers. In the case of co-branding, being associated with another brand and therefore being mentioned next to that brand helps to engage communities that are sensitive to content related to both brands. The importance of knowing the preferences of your subscribers is therefore necessary because you will know how to capture their attention and therefore encourage them to interact with your content.
Reach is the number of people reached by your digital campaign. More precisely, the reach allows you to analyze the performance of your campaign by studying the extent of the audience that you have reached. In the medium and long term, this indicator allows you to improve your campaigns by comparing several publications in order to know which content your followers like.
In the case of co-branding, the reach will allow you to know if you have managed to reach a larger audience than usual thanks to the visibility of the brand with which you collaborate. Finally, the reach reflects the importance of your brand image.