The power of brand collaborations in building brand equity

In brand management, it is widely acknowledged that building brand equity hinges on creating strong emotional connections with consumers. This foundational belief extends to all facets of a business, encompassing product development and the execution of marketing promotions.

Brand collaborations represent a natural progression of this philosophy. It is not just a buzzword but an important tool in the brand's value-creation journey.

The core of this strategy involves identifying the right partners who share this vision.

Successful brand partnerships are a well-thought-out convergence of shared values, aspirations, and ethos of the brands coming together. In fact, only when these elements align, such collaborations can effectively contribute to shaping and expanding the appeal of the brands involved. 

Moreover, brand collaborations have the potential to tap into a broader and more diverse audience. This expanded reach allows both brands to deeply connect with customers they might not have reached on their own, further increasing customer engagement.

Brand collaborations foster an environment of innovation and creativity. The idea should be to tell a story about the brands that goes beyond their individual identities and creates an extraordinary experience with consumers at the forefront.

The objective is to leverage each brand's strengths to seamlessly complement one another's product offerings to consumers. This pooling of expertise of two brands not only creates a buzz but also allows the brands to tap into each other’s consumer bases while simultaneously strengthening connections with their existing consumer base.

These collaborations can be in the space of creating a new product or range of products together. While limited edition products are always exciting, collaborations don’t have to be restricted to product offerings, they can go beyond the product to the experience both in the offline and online space for maximum eyeballs and benefits.

An example of what worked well for us at Baskin Robbins India is a collaboration we did with Warner Bros’ movie Barbie. This collaboration encompassed a holistic experience for the consumers with a product offering and marketing initiatives in both offline and online channels.

It generated considerable excitement and anticipation within the market. The collaboration served as a testament to both the brands’ dedication to creativity, innovation, and delivering extraordinary experiences for its consumers.

Establishing a successful partnership has the potential to boost your business's revenue, enhance brand recognition, and bolster customer loyalty. The most successful brand collaborations are when both brands complement each other. Aligning marketing goals and pooling marketing budgets allows the brands to amplify their reach for maximum benefit and awareness.

Moreover, brand collaborations often enable companies to share resources related to product development, manufacturing, and distribution. This sharing of costs and resources can lead to substantial savings, particularly for smaller businesses that may have limited budgets.

However, brand collaborations are not just about business, they are about the art of crafting memorable experiences and building enduring brand equity. The resulting customer loyalty and advocacy are invaluable assets that resonate long after the collaboration itself and they pave the way for a brighter and more interconnected future in the world of business.

(Our guest author is Aleesha Desai, Deputy General Manager of Marketing at Baskin Robbins India)