Co-branding is a synergistic marketing arrangement between two or more brands. The idea is to act in cooperation in a way that combines the strength of the brands. It is also a way to differentiate products and services in a highly competitive marketplace. Co-branding is an excellent strategy that can give you a competitive edge because most luxury real estate marketing professionals under utilize it.
Here is an example that reflects a wonderful co-branding arrangement between Sephora (a LVMH* company) specializing in selling beauty products) and Pantone, a 50-year-old company known for its universal color systems in graphic design (web and print), fabrics and more.
Sephora stores are like the cosmetic section of a department store. They carry a multitude of known brands. Now they also want to market their own Sephora branded products.
According to Pantone, Inc. they are “the provider of color systems and leading technology for the selection and accurate communication of color across a variety of industries. The PANTONE® name is known worldwide as the standard language for color communication from designer to manufacturer to retailer to customer”.
In our own work as luxury real estate brand strategists and website designers we communicate via Pantone colors with our clients, graphic designers, web designers and printers. We give our clients a complete Pantone profile of their brand’s color theme.
Every year Pantone announces the Color of the Year. For 2013, the color is Emerald Green (Pantone 17-5644).
The photo above shows an eye -popping display in the Sephora window displaying makeup they created using Pantone’s “Color of the Year”. Pantone becomes an endorser brand giving additional credibility to Sephora’s new makeup line. Pantone benefits by expanding their influence, their product line and their consulting services into yet another industry: cosmetics.
Inside the store, in this picture, you can see that Sephora has developed an eye-shadow trio, mascara and an eye liner pencil in emerald green. Consumers can derive social currency because they are wearing the color of the year.
Think about ways in which you can co-brand with other non-competing businesses in your luxury real estate marketing practice. It is a great way to stand out from the crowd.
*LVMH -Louis Vuitton, Moet, Hennessey
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