That's what Sherwin-Williams and Pottery Barn did when they got together in 2013. But that discrepancy in pricing is exactly why the two brands decided to partner with one another. And the cleverness of this partnership is evident in the answer. Although it makes sense for a company to team up with celebrities who can promote their product, Tim and Eric's comedic style is incredibly random and unique. Bonne Belle first debuted Lip Smacker, the world’s first flavored lip balm, in 1973, starting with flavors like strawberry, lemon, and green apple. Learn More Related Books A partnership needs to be a win-win situation for both sides in order for it to be successful. Amazon is looking to improve the way small businesses sell on their platform, so they've partnered with American Express on a co-branded credit card. Although they initially argued a lot, they successfully collaborated on a research paper about a hypertextual web search engine. Sometimes all you need is a sense of humor and creativity. And CoverGirl hopped on the "Star Wars" advertising bandwagon that took over the internet, stores, and TV leading up to the film's release. The store is named F&M Bakery. This smart co-branding partnership helps fans of Uber and Spotify alike enjoy better experiences thanks to the app. However, they have several traits in common. For one day, Burger Kings across Argentina and other countries took the Whopper off their menu in an effort to encourage people to buy a Big Mac from McDonald's instead. John Investment: $8,000 (36 Months) 2. By the way, you can get your child a Kid Power band here. hbspt.cta._relativeUrls=true;hbspt.cta.load(53, '39441929-8c6f-4361-849c-69692c8ed5c4', {}); Originally published Sep 1, 2020 9:00:00 AM, updated September 02 2020, 21 Examples of Successful Co-Branding Partnerships (And Why They're So Effective). Partnerships help businesses expand to new territories, reduce the cost of production, enter new markets to expand the customer base. For this campaign, the folks at Best Friends Animal Society wanted to leverage BuzzFeed's readership of over 200 million people. To make the partnership work, GoPro equips athletes and adventurers from around the world with the tools and funding to capture things like races, stunts, and action sport events on video -- from the athlete's perspective. The content of the partnership agreement outlines the rights and benefits of each member in the partnership program. It helps both brands appeal to a broader group of shoppers -- after all, Casper doesn't sell furniture, and West Elm doesn't sell mattresses. Partnership. Lucasfilm captured more attention and got CoverGirl shoppers (many of whom are young women) excited about the film's release. In this agreement, two partners are involved and both of them make capital contributions to help in running their new entrepreneurial venture immediately the partnership is formed. Bonne Belle first launched the first flavored lip balm in the world, Lip Smacker, in 1973. A strategic partnership is an agreement between two companies that is relevant to the strategy of one or both firms. At the same time, Red Bull uses its experience and reputation to run and sponsor these events. When a company seeks a partner in its business, it first needs to entice the partner company to join in. Some co-branding campaigns are more complicated than others. Although they're pretty hilarious, as a marketer, you might wonder how this type of comedy style translates into a mattress marketing campaign that actually generates revenue. By selling this fun, inexpensive fitness product, Target encourages children to embrace a healthy lifestyle and uses kids' successes to supply underserved communities with the resources they need. The most common is the general partnership . Was this document helpful? The "legal entities" that form the partnership may be individuals, corporations, trusts, or partnerships. To get out ahead of its competition, MasterCard became the first credit card company to allow its users to store their credit and debit cards on Apple Pay. Together, the two brands created an exclusive product line of paints, and then added a new section of Pottery Barn's website that helped customers easily select paint colors to complement their furniture choices. Adidas to develop a high-end footwear line called Yeezy award-winning entrepreneurs, Holly and! Out other things as well their new slogans to promote the lip balm per fiscal year Purple! 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