Market competition is increasing with multiple brands fighting to become leaders.
Especially during COVID-19 increasing revenue is challenging with organizations shying away from an extra spend.
It’s a different subject when that extra spend can eventually turn out to be a holistic cost saving – read more on how you can do that here.
So how do you increase revenue in these difficult times?
There are multiple strategies, but I’ll focus on how you can increase your revenue by Complementing another brand in this article.
Businesses can benefit by collaborating with non competing but Complementing Brands.
For example, Nike is a leader in sports equipment and is famous for running shoes along with it’s other equipments.
It’s collaboration with the Apple Watch simply added value.
Both Apple & Nike equally benefited from this strategy helping provide equal brand visibility potentially targeting loyalists of both brands together.
I love Apple & love Nike, I was really inclined towards getting the Nike Apple Watch when it had launched.
Since I had moved on from using iPhones in 2018 (read the story here), I didn’t end up buying the Apple Watch as it wouldn’t work without an iPhone.
Things have since changed, the Apple Watch would now work without an iPhone, but more on that later.
Coming back to complementing brands.
This strategy does not poach into each other’s territory and protects customer conflicts.
At the end of the day, a customer would make a purchase if they trust your Brand. By collaborating with a popular non competing brand can propell you into making increased revenue.
This tactic would work for brands who are equally trusted by different audience segments but are distinct.
Pairing them changes the game.
For smaller brands or companies you can leverage on the referral or affiliate models of marketing.
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