New, small or little-known organisations or events may benefit from taking their time to build relationships with brands especially if they are seeking to partner with a well-known national or global company. This type of partnership may not generate great monetary returns to begin with, but it can be used to leverage brand equity, which is invaluable.
What do I mean by ‘brand equity’? Well, with the help of Wikipedia, brand equity is a phrase used in the marketing industry which describes the value of having a well-known brand name (based on the idea that the owner of a well-known brand name can generate more money from their products than from products with a less well-known name.) The idea is that consumers believe that a product with a well-known name is better than products with less well-known names. Therefore brand equity refers to the value of a brand. Make sense?
The Australian College of Midwives (ACM) – a not-so-well-known, but truly worthwhile peak professional body for Australian midwives – has partnered with global wellness brand ‘Swisse’. Running for several years now, both Swisse and the ACM have found this partnership to be mutually beneficial – the ACM has allowed Swisse to use the ACM logo on Swisse’s pregnancy supplement.
In turn, by allowing Swisse to use their logo, the ACM has been given exposure to a much larger audience through supermarkets and chemists than they would have ever been able to reach alone. Swisse’s powerful brand, marketing and distribution channels have significantly boosted the ACM’s brand equity – conversely, the ACM has added invaluable credibility to Swisse’s pregnancy supplement.
Could your organisation use this kind of exposure?