Cobranding, Affinity, and Cause Marketing
A marketing strategy known as co-branding involves at least two brands working together to market and sell a single item or service. Consumers are more inclined to buy and are more ready to pay more at retail when the brands contribute their collective credibility to elevating the perception of the worth of the good or service. Additionally, co-branding could deter private label producers from duplicating the item or service. Similar to this, affinity marketing is a collaboration between a business (supply) and a group that brings people together with similar interests — for example, a coffee shop that sells items from a nearby bakery.
Co-branding alliances abound, but a few more recent instances show particularly strong natural brand alignment, such as the daring GoPro and Red Bull, opulent BMW and Louis Vuitton, and stylish Alexander Wang and H&M.
Similar to this, cause marketing strengthens and leverages brand reputation. A for-profit company and a non-profit organization work together in cause marketing to promote and benefit social causes and other humanitarian endeavors. Contrary to corporate giving, which is linked to particular tax-deductible contributions made by an entity, cause marketing is not the same thing. Relationships in cause marketing provide your consumers “feel good” assurance that you share their goal to improve the world.
Fast Fact: Customers view co-branding as a value endorsement from a company they are already familiar with, which may have a profitable halo effect.
Simply said, conversational marketing is a dialogue. Real-time communication via a chatbot or live chat puts the appropriate information in front of potential clients and customers at the appropriate moment, enables self-service, and provides prompt answers to queries. The user experience is significantly improved by personalized, pertinent involvement. Conversational marketing is particularly beneficial for B2C companies since it expands customer service and often reduces the amount of time customers spend in the sales funnel. Because relationships are built faster, conversions happen more quickly.
Marketing through conversation is successful because it:
- Removes layers of impersonal lead capture and creates an authentic, personal customer experience
- Promotes straightforward communication since customers can more easily express their demands and companies can more easily comprehend and help when the request is made in the proper context.
- Relationships are strengthened because bots may suggest more material or goods that are pertinent to customers based on their previous activity.
Fast Fact: 90% of consumers desire a chat option, although messaging is still the most popular way for customers to communicate with businesses.
Brand storytelling engages customers on an emotional level by using a well-known communication structure. Instead of merely regurgitating data, storytelling enables you to create an engaging narrative about your business, what it does, how it solves issues, what it values, and how it engages with and benefits the community and the public at large.
Fast Fact: In a recent poll, 91% of participants said they had at least one brand with which they felt positively.