While branding efforts can help maintain consistency and enhance customer trust, co-branding can help reach new audiences and gain their trust.
With studies indicating that branding plays a crucial role in influencing consumers’ purchase decision, it is imperative for companies to invest in branding efforts. Branding efforts make brands memorable, help share values easily, boost employee morale and pride, support marketing and maintain consistency.
Because of branding efforts, businesses can easily launch new products and services, and experience higher return on investments as well as increased profits. On the other hand, co-branding generates excitement among existing and potential customers.
If a sports company collaborates with an athlete, the brand will experience increased brand awareness, attract new audiences and increase their follower base. Not only is co-branding cost effective but also helps build trust with new audiences to retain them.
[7 minute read]