What is 1+1 = 3 principle?
Kenny Teoh Guan Cheng, a Malaysian marketing expert and a senior lecturer at Universiti Putra Malaysia, gave a presentation on an important topic of Transforming Competition into Joint Brand Collaboration to Produce Better Results, also called 1+1 = 3 principle. The presentation was held in an international workshop organized by Marketing Association of Cambodia (MAC) at Cambodia-Korea Cooperation Center (CKCC).
Dr. Kenny stated that a lot of businesses are competing, but they would gain a lot more advantages if they turn into collaborating with each other. There would be no loss on either side; howerver, they would gain more customers and more recognition on their brand names.
He added that a joint collaboration is possible depending on people’s attitude whether they want the change to be positive or not. He raised a few examples of successful joint collaborations on an international level like a collaboration between Red Bull and GoPro in 2016. He indicated that the two companies can gain more profits from their products and their brand images, especially being more famous.
Dr. Kenny went on with another example of car companies collaborating with other companies to create an internationally recognized racing program called Formula One that is joined by Mercedes-Benz, Toyota, Rolex, Benetton, Durex, Shell, Ferrari, Marlboro, Honda, Tax and more.
Some companies are well-known today thanks to Formula One. Dr. Kenny added that companies in Cambodia should work on collaborating rather than competing to make Cambodian branding more internationally recognized. Most importantly, they should strengthen the standard of quality and work collaboratively to create a Cambodian branding.
By: An Yuulin