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The concept of Brand Collaboration:
Brand Collaboration is a strategy between two or more brands for curating a unique and specific product or service with an intention to carve a niche and attain a competitive advantage at the marketplace. In recent years, Collaboration marketing is on the rise.According to Glossy,a recent survey of 117 fashion and beauty brand executives indicated that 38% think collaborations are the greatest marketing opportunity for the brands they work for in 2019.It is safety to say that brand collaboration is one of the most important elements of the brand management and the overall business strategy.
Over the last few years, the business have been exposed to the most dynamic and volatile conditions of the market because the government policies ,the preferences of customers and the competition of marketing was changing.Thus brands have to do take some measures to meet the increasingly divers need of consumers and the market .So the brand came up with brand collaboration to retain the loyal set of the consumers base and target at the potential consumers.
Advantages of Brand Collaboration:
1) Increased market share
When two brands come together with an objective of Brand Collaboration, the main objective is to share the expertise and offer the unique and innovative product to the customers that will help them gain the competitive edge and advantage in the market increasing the market share by manifolds.Meanwhile, both of them would create a unique product together by knowledge sharing.
3) Higher profits
The main and primal objective of any business is to generate higher revenues and profits by increasing the sales of products using various means and alternatives. And Brand Collaboration is one of the best strategic tools for them to gain the higher amount of profits as getting attached to the other powerful brand name .As a consequence, brand value would be enhanced and more profit would be created.
4) Expanded customer base
A strong collaboration bring uniqueness and fun for customers that would appeal more potential customer base.The co branding of the two brands first meet the need of followers and customers who are loyal to the brand and also appeal more potential customers through providing its various offerings. Generally speaking, the collaboration helps both the brands to widen their customer base as the target market .
5) Increased brand reach
The Brand Collaboration not only grabs the eyeballs of the industry veterans, peers, and market insiders but the customer base of both the brands are equally excited about the outcome of the collaboration. The brands use the potent mix of traditional and modern media and marketing channels to make the customers aware of the alliance and what is in store for them.
Conclusion
To sum up, in today’s dynamic markets and the ever-changing business scenarios, it is very important for the brands to survive and thrive in the market retaining the loyal set of customers by offering the products that are unique and innovative to make more competitive.