By Choi Sung-jin
Samsung-Asiana smartphone, Korean Air-BC check card, LG-Swarovski OLED TV: what do these unfamiliar names have in common?
They are the examples of unlikely collaborations between different companies and industries to survive the global business slump through what industry watchers are calling "cross-breeding."
Particularly noticeable this year is the series of alliances among apparently unrelated industries, such as airlines, IT firms, financial service firms and apparel makers. "As the domestic market for most industries has reached its bottom, businesses are expanding their domains to neighboring markets through brisk ‘collaboration marketing,'" an expert said.
So far, collaboration marketing has been limited to a temporary scheme aimed at young consumers by, for instance, overlaying sports or fashion brands onto IT products. These days, however, two companies in unrelated industries are targeting consumers of each other to produce continual profits, he said.
A case in point is the "Family Hub," a new refrigerator system by Samsung Electronics that has an IoT (Internet of Things) function, by allying with Emart and Naver, the nation's major food distributor and Internet portal, respectively. Consumers can order groceries by using the Emart app built in the refrigerator or enjoy Naver's shopping services and various kinds of contents for children free of charge.
Samsung also has released a platform exclusively for elderly consumers. It put to market the "silver care IoT platform" jointly with LG U-Plus, the main function of which is to alarm the relatives of aged consumers if the refrigerator does not sense that its door has been opened for 12 hours or longer. "We will gradually apply the same function to air-conditioners, robot cleaners and air purifiers," a company official said.
The company also teamed with Amazon to launch an autonomous toner ordering service in the U.S. in March, which periodically checks toner consumption and automatically places an order through the global e-commerce company before the ink dries up.
LG Electronics has teamed up with global luxury brands for its collaboration marketing.
It has recently developed a sound module used for its newest smartphone, G5, in cooperation with Bang & Olufsen, and also released LG Tone Plus, a Bluetooth headset in alliance with Harman Kardon, which supplies audio sets to Mercedes Benz and BMW. Last year, it won favorable response by applying the Swiss jewelry company Swarovski's crystal designs to its OLED TV.
The nation's two flag carriers, troubled by the business slump and being chased by low-cost carriers, are also eager marketers through collaboration.
Asiana Airlines has recently introduced the Galaxy S7-Asiana phone, jointly with Samsung Electronics and SK Telecom, allowing its passengers to buy an Asiana-themed phone using their mileage. Korean Air issued check cards, with the cooperation of BC Card, which can accumulate mileage without paying annual fees.
Flight passengers have relatively higher purchasing power, and the airlines are developing win-win formulas to tide them over the prolonged slump, said an industry expert.
"As the global business setback shows little signs of ending soon, businesses are going all out to survive and collaboration marketing is one of such trends," said Professor Ryu Woong-jae of Hanyang University.
Samsung-Asiana smartphone, Korean Air-BC check card, LG-Swarovski OLED TV: what do these unfamiliar names have in common?
They are the examples of unlikely collaborations between different companies and industries to survive the global business slump through what industry watchers are calling "cross-breeding."
Particularly noticeable this year is the series of alliances among apparently unrelated industries, such as airlines, IT firms, financial service firms and apparel makers. "As the domestic market for most industries has reached its bottom, businesses are expanding their domains to neighboring markets through brisk ‘collaboration marketing,'" an expert said.
So far, collaboration marketing has been limited to a temporary scheme aimed at young consumers by, for instance, overlaying sports or fashion brands onto IT products. These days, however, two companies in unrelated industries are targeting consumers of each other to produce continual profits, he said.
A case in point is the "Family Hub," a new refrigerator system by Samsung Electronics that has an IoT (Internet of Things) function, by allying with Emart and Naver, the nation's major food distributor and Internet portal, respectively. Consumers can order groceries by using the Emart app built in the refrigerator or enjoy Naver's shopping services and various kinds of contents for children free of charge.
Samsung also has released a platform exclusively for elderly consumers. It put to market the "silver care IoT platform" jointly with LG U-Plus, the main function of which is to alarm the relatives of aged consumers if the refrigerator does not sense that its door has been opened for 12 hours or longer. "We will gradually apply the same function to air-conditioners, robot cleaners and air purifiers," a company official said.
The company also teamed with Amazon to launch an autonomous toner ordering service in the U.S. in March, which periodically checks toner consumption and automatically places an order through the global e-commerce company before the ink dries up.
LG Electronics has teamed up with global luxury brands for its collaboration marketing.
It has recently developed a sound module used for its newest smartphone, G5, in cooperation with Bang & Olufsen, and also released LG Tone Plus, a Bluetooth headset in alliance with Harman Kardon, which supplies audio sets to Mercedes Benz and BMW. Last year, it won favorable response by applying the Swiss jewelry company Swarovski's crystal designs to its OLED TV.
The nation's two flag carriers, troubled by the business slump and being chased by low-cost carriers, are also eager marketers through collaboration.
Asiana Airlines has recently introduced the Galaxy S7-Asiana phone, jointly with Samsung Electronics and SK Telecom, allowing its passengers to buy an Asiana-themed phone using their mileage. Korean Air issued check cards, with the cooperation of BC Card, which can accumulate mileage without paying annual fees.
Flight passengers have relatively higher purchasing power, and the airlines are developing win-win formulas to tide them over the prolonged slump, said an industry expert.
"As the global business setback shows little signs of ending soon, businesses are going all out to survive and collaboration marketing is one of such trends," said Professor Ryu Woong-jae of Hanyang University.
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