GoPro just entered into a partnership with Red Bull. They provide Red Bull cameras, thus obtaining a guaranteed customer for their products. A strategic alliance is essential for businesses wanting to scale up the market faster. In May, GoPro joined forces with Red Bull for a multi-year partnership connecting two of the world's most beloved brands to innovate, produce and distribute world-class content to a massive worldwide audience. Investopedia provides a good explanation for both concepts and how these are differentiated, as follows: Co-branding is a marketing strategy that utilizes multiple brandnames on a good or service as part of a strategic alliance. GoPro stock ended. All rights reserved. While GoPro and Red Bull have collaborated on many events and projects together, perhaps the biggest collaboration stunt they've done was "Stratos," in which Felix Baumgartner jumped from a space pod more than 24 miles above Earth's surface with a GoPro strapped to his person. Thus, instead of working as just customers, the two decided to work as partners. BusinessEssay. About Red Bull (including Red Bull Media House): Red Bull is the leading global energy drink available in more than 169 countries, giving wings to people and their ideas. 2023 TheStreet, Inc. All rights reserved. While weve worked closely for many years, as official partners well be able to more effectively help one another execute our shared vision and scale our respective businesses. "This partnership is very strategic for GoPro," said GoPro founder and CEO Nicholas Woodman in a statement Tuesday. Each strategic alliance has a different purpose based on its type and project ventured. The type of alliance is more accessible and informal than a partnership with equity (Newmeyer et al., 2018). Available on iOS + Android, Pro stabilization + 360. Average salary for Red Bull Partnership Manager in Godalming, England: [salary]. This kind of alliance is that one company, Red Bull has equity shares in GoPro (GoPro, 2016). span.prnews_span
This is also a chance for GoPro to be innovative and develop new products to meet the needs of Red Bull services. color:black;
"As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate.". This 2021, GoPros revenue for the first quarter was $204 million, compared to $119 million in Q1 2020, up 71% year-over-year. B. The two firms set their objectives and analyze expected risks, benefits, and outcomes in undertaking the task (Ramadan, 2019). One of the benefits is that the two partners are working together without making investment capital for an independent business (Mtonga, 2020). By joinning strengths, these two big brands expect to boost up the quality and global reach of their content and products. GoPro sells more cameras than energy drinks, whereas Red Bull sells more drinks than anything else. To help explore this concept, we will examine the highly successful brand partnership of camera brand GoProand energy drink Red Bull. GoPro and Red Bull have formalised their close working bond, signing a multi-year global partnership which will span content production distribution, cross-promotion and product innovation. In 2014, the company signed deals with BMW, Mini, and Toyota. }
RedBull sponsors a number of extreme sporting events and is one of the most popular energy drinks worldwide. Spice up your small talk with the latest tech news, products and reviews. The two businesses have successfully worked together for many years; hence, official partners will be more effective as they help one another meet their vision and scale the businesses. font-family:"Arial";
As we know "Content is King", so is your article that determines the thoughtfulness in articulating the information concisely by depicting the strategic alliance in such a detail oriented way. All rights reserved. The two businesses combined their efforts to create a global and multi-year partnership which included product innovation, production, cross-promotion, and distribution of their resources (GoPro, 2016). 2023. This partnership would be referred to. This is how spectacular the new partnership looks: Motocross star Ronnie Renner is filmed with a GoPro camera from the first person perspective.
Co-marketing aligns the marketing efforts of two partners but does not result in the creation of a new product or service. Last week, GoPro and Red Bullannounced their new global partnership.
The partnership worked because both brands cater to the same audience - the action . But before we talk about these brands, lets understand the concept of co-marketing, as well as the related concept of co-branding. In this blog, we will do something for the first time. The sport camera expert will have access to Red Bull's network of over 1800 international sports events. I am passionate about technology, marketing and visual imagery. Red Bull has been making a dent in Elitest and Extreme sports from Formula 1 to Red Bull Cliff Diving. This partnership is very strategic for GoPro,, First person perspectives, breathtaking images and cutting edge cinematography are the hallmarks of every story told within Red Bulls portfolio of productions and live broadcasts,, As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate., adobo Talks x Branding Nerd: THE BRAND ARCHITECTURE | What it Takes to Build a Brand That Lasts, Gojek: A Brand with a Clear Focus to Remove Friction From PeoplesLives, Netflix: A Brand that Secured Global Market Leadership through ProductEvolution, Red Bull and GoPro: A Brand Partnership that has Defined the Meaning of Co-MarketingExcellence, Sperry: An 86-year old Boat Shoe Brand Connecting with Todays Youth Through Micro-Influencers and Co-Branding Branding Nerd, LifeWearMagazine: How Uniqlos Promotional Strategy Became a Brand in Itself Branding Nerd, Swatch: Re-Booting the Brands Playful & Collectible Positioning to Attract New Market Segments via Co-Branding with Omega Branding Nerd, Brand partnerships types and activities - content, Brand partnership strategy: Brand partnerships types and activities, Maximum Vertical Speed 1,357.6 km/h (At Mach 1.25, Baumgartner broke the sound barrieron his descent, becoming the first human to do so without any form of engine power. Find the perfect setup for your next adventure. Journal of Brand Management, 26(6), 705-716. There are easier ways to make money than buying GoPro. Today, we're excited to announce the next phase of our partnership: the launch of The GoPro Channel on Red Bull TV. Both parent firms maintain the new company by sharing resources and signing an agreement. Its our way.. VIEWS ON EFFECTIVENESS OF RED BULL'S SPONSORSHIP Stratos is being used as means of having their slogan "Red Bull gives you wings" Sponsoring high energy events helps in promoting the concept that Red Bull drinks can invoke such high energy and power to consumer Company should draw a line when costs of sponsorship are very high and do not
Red Bulls Giving You Wings and GoPros Be a Hero slogans provide us a clue on why the co-marketing partnership of these two brands have become so successful. Its adjusted EBITDA for Q1 2021 was positive $11 million, compared to negative $41 million in the same period a year ago during the height of the global pandemic. International Journal of Business Administration, 8(3), 1-9. Disadvantages of the Red Bull and GoPro Strategic Alliance can be: 1. Early bird rates ends on August 16, 2021. They both have a large range of media channels where they share their content, and their own media licensing platforms. }
Click here to see how easy it is to collect thousands of dollars in "Free Money" every month. Dhir, S., & Sushil. Average salary for Red Bull Partnership Manager in Kidderminster: 43,489. This is an advantage because even though the alliance would end, no firm would lead to closure. Russo, M., & Cesarani, M. (2017). True to the first quote in the post! This partnership is very strategic for GoPro," said Nicholas Woodman, founder and CEO of GoPro. I believe this video perfectly sums up how GoPro and Red Bull complement each other and how GoPro is developing into a brand which offers more than extreme sports shooting. ! Strategic alliances influence on innovation performance: The moderating role of human capital. Partnership marketing (sometimes called partner marketing) is collaboration between parties that benefits both entities and helps them achieve their business and marketing objectives. This partnership is very strategic for GoPro, said Nicholas Woodman, founder and CEO of GoPro. Synergy is better than my way or your way. But these deals did not involve the rights to insert GoPros as backup cameras, which would have made the most sense for a camera company. Master the Modes: New Firmware Coming for HERO10 Black, Master the Modes: HERO10 Black Resolutions + Frame Grabs. By taking over Red Bull's production and imaging needs, GoPro has blocked its competitors against Red Bull as a customer (GoPro, 2016). AboutGoPro, Inc.(NASDAQ:GPRO)GoPro, Inc.is transforming the way people visually capture and share their lives. Although one is an energy drink and the other is a gadget, both brands target an adventurous and active audience, so collaborating on a thrilling space jump was a great way to reinforce each brand's image. Brands fast-food chain Taco Bell originally launched on March 12, 2012 in a Taco Bell store in Toledo, Ohio. Two companies that are so distinct from each other yet share some traits, showing symbiosis. The GoPro Channel will feature new clips and legendary videos from these arenas, and many more. For BMW and Mini, GoPro supplied technology to allow vehicle owners to connect backup camera to their iPhones. The launch of Red Bull Media House in 2007 enabled Red Bull to formalize its content offerings, from production and collection to distribution and turn it into a new business. Alphabet and Twitter areholdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate.. Available on Mac + Windows. And yet, this concept of co-marketing can have an extraordinary and far-reaching effect on the brand equity of both participating brands. .