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Co Branding As A Tool For Customer Accquisition

3434 words - 14 pages

CO-BRANDING OF CREDIT CARDS: AS A TOOL FOR CUSTOMER ACCQUISITION

Contents
CO BRANDING: .......................................................................................................................................... 3 INTRODUCTION: ....................................................................................................................................... 3 TYPES OF CO BRANDING: ...................................................................................................................... 4 Reach & Awareness Co-branding ............................................................................................................. 4 Value Endorsement Co-branding ...view middle of the document...

...................................................................... 11 ICICI AND KINGFISHER AIRLINES MASRTER CARD: ................................................................. 12 CASE: ..................................................................................................................................................... 13 Delhi Metro and Citibank Launch Co-Branded Transit Credit Card ...................................................... 13 Conclusion: .................................................................................................................................................. 14

2

CO BRANDING:

"Co-branding is a form of co-operation, in which all the participants' brand names are retained."

And Kotler defines co-branding as, "two or more well-known brands combined in an offer" and each brand sponsors expect that the other brand name will strengthen the brand preference or purchase intention and hope to reach a new audience.

INTRODUCTION:

Today's consumers have many more choices than ever before. They look for products and services that simplify their lives and express their individuality. A co-brand partnership is designed to strengthen the bond with your customers. It can increase loyalty, attract promising new customers, lower your acquisition costs and help keep your company top-of-mind. All can add profits to your bottom line.

Most companies have explored co-branding at one time or another. But few have realized its full potential. While there are many forms of co-branding; before a company can decide which option makes the most sense for its situation, it must fully explore four main types of cobranding.

Each is differentiated by its level of customer value creation, by its expected duration, and perhaps most important, by the risks it poses to the company. These risks include the loss of investment, the diminution of brand equity and the value lost by failing to focus on a more rewarding strategy.

3

TYPES OF CO BRANDING:

Reach & Awareness Co-branding This is the lowest level of shared cooperation in a co branding exercise and its objective is to rapidly increase the awareness of the sharing brands through each other's strength in the respective domains. The example for this type of co-branding is found in the credit cards.

In fact co-branding of this type finds the maximum utility of co-branding. In the Indian context, we have already observed a spate of co-branded credit cards between Citibank and Jet Airways, Standard Chartered Bank and Indian Railways, Indian Oil and Citibank, and Citibank and The Times of India.

The benefits of co-branded cards to the cardholder is that he gets points whenever he uses it and he can get these points redeemed for additional products or services for free. Thus, it builds loyalty to the brand or service in use by the customer. This is a sort of affiliate marketing between three brands, viz., a payment service franchiser...

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