INNOVATIVE DIGITAL BRANDING STRATEGIES IN UKRAINIAN BUSINESS: ANALYSIS AND RECOMMENDATIONS

Abstract

The article discusses the importance of implementing innovative digital branding strategies for Ukrainian companies. It is noted that unlike international brands, which pay more attention to partnership promotion of goods or services, Ukrainian brands prefer to carry out such activities independently. However, in the current conditions of functioning of brands in Ukraine it is important to spread and implement partnership promotion, which is characterized by minimal resource expenditure with the most effective results of promotion of goods or services in a competitive market. In particular, the article shows that two innovative partnership-based digital branding strategies are appropriate for Ukrainian companies: co-branding and affiliate branding. Co-branding is a joint strategy for promoting two brands by creating a common product or service or using a common channel of communication with consumers. Affiliate branding is a strategy in which one brand leverages the awareness of another brand. The goal of both of these strategies, in addition to promoting goods and services, is to increase the target audience, sales, and profits of both brands. The success of co-branding and affiliate branding lies in the associativity of emotions that arise in regular and potential consumers. The main advantages and disadvantages of the implementation of co-branding and affiliate branding for Ukrainian well-known and not so well-known brands of goods and services are studied. It is established that the advantages of the analyzed innovative strategies in terms of synergy effect are much greater than their disadvantages. With proper implementation of such strategies it is possible to achieve a result where the disadvantages are minimal compared to the effectiveness. Successful examples of co-branding and affiliate branding of international and Ukrainian brands are analyzed. Recommendations for Ukrainian brands on effective implementation of these strategies in practice are developed. It is important to take into account five main parameters of interaction: target audience, responsibility in the strategic perspective, complementarity of goods or services, reputation and image, and resource capabilities.