It’s one of the oldest tricks of the trade in the business world. Find something that’s successful and try to figure out how you can jump on the gravy train. The modern internet age makes this strategy easier to implement than ever, as there are so many different platforms and ways to reach audiences.
Businesses can sometimes take inspiration from popular products, or they can come up with related offerings. There’s also the possibility of investigating ways to co-brand or form partnerships with thriving companies.
Casino Games Often Inspired by Pop Culture
The online casino market is one of the best places to find products that are piggybacking on the popularity of other brands. If you look through the Slingo games at Paddy Power, there’s Paddy Power Bingoton Slingo, which is aiming to attract fans of the hit series Bridgerton. There’s also Tetris Slingo, which uses the world-famous IP and its distinctive style to draw players in.
Slot developers have realised that players are attracted to familiar offerings, so it makes a lot of sense to make games that remind them of well-known products. Players are spoilt for choice when browsing sprawling lists of games, so studios need to piggyback on the success of other offerings to ensure that players click on their games. It’s a clever marketing tactic and one that can be extrapolated to other areas of industry.
Co-Branding and Partnerships
Co-branding is a common method of combining the strengths of two companies. For this to work, however, both businesses already need to have some clout of their own, and it should be beneficial for both parties. A great recent example of this was the Nike and Apple partnership. The two legendary brands have created various product lines together, including sportswear and Apple Watch designs.
Another unique collaboration was between Uber and Spotify. This move allowed Uber passengers to play their own Spotify playlists during rides. Along with enhancing the customer experience of the ride-sharing service, it also promoted the music streaming service to people who may not have used it before.
There are countless other examples of businesses using each other’s success and notoriety to elevate their reach. Some other partnerships include Apple and Hermes, Doritos and Taco Bell, and BMW and Louis Vuitton.
Complementary Products
Another excellent strategy to jump on the craze of another successful product is to create a complementary offering that can be used alongside it. For instance, throughout the rise of the smartphone industry, various companies have emerged that provide accessories to use with mobile devices.
OtterBox and Anker are two successful businesses in this regard, with an article in Amazon Ads noting that the latter managed to grow by 30x in five years. The two companies offer protective cases and portable chargers respectively.
If you’re a business owner looking to get an extra leg up, it may be worth looking into ways to capitalise on the success of others. Whether it’s using another brand as inspiration or forming a collaboration, there are loads of ways that companies can help each other.
