Co-branding is a synergistic marketing strategy involving two or more brands that can each benefit by expanding their marketing reach because they share the same target market and the same brand values. The challenge of successful co-branding is picking your co-branding partners wisely so that you do not confuse your ideal clients or customers. Co-branding is an excellent strategy for leveraging marketing your marketing dollars and it is underutilized by luxury real estate marketing professionals.
The idea behind co-branding is to act cooperatively and leverage the strengths of the each brand. It is a great way to differentiate products and services in a highly competitive marketplace.
We offered an example of successful co-branding in our post about two Italian brands, Pellegrino and Bulgari, who teamed up to create colorfully bejeweled bottles of the sparkling water at Holiday time. An example of a co-branding fiasco was covered in our post about Barney’s (an edgy New York based high fashion brand) and Disney (traditional family brand) who triggered extreme controversy that tarnished each of their brands in the process.
This picture (above) is an example of a co-branding that is harmonious and works extremely well. Stuart Weitzman is an international high end shoe company. This company is known for using unusual materials in manufacturing shoes such as cork, vinyl, Lucite, wallpaper and 24kt gold. Their attention to detail has created a worldwide following.
Stuart Weitzman teamed up with Swarovski, the premier manufacturer of crystal. Swarovski is well known for their sparkling crystals designs in sculpture, chandeliers, and jewelry. This is a perfect match. Adorning evening and holiday footwear with Swarovski crystals fortifies the unique shoe perspective of Stuart Weitzman and also promotes the sparkle of Swarovski.
How can you co-brand with luxury services and products that are harmonious to your luxury real estate marketing practice and leverage your marketing dollars by doing so?
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