Co-Branding Is Trending Again
There always seems to be a new marketing trend on the horizon so is co-branding the next “it” trend? Whether you call it a partnership, collaboration or anything in that realm it all falls under the marketing concept of co-branding. So what exactly makes co-branding the next it thing?
As more brands clamor into the marketplace, the competition will become stiff. In order for newcomers to quickly scale their brand, they’ll adopt co-branding as a way to build brand awareness and customers. The idea is to work with another brand that reaches a similar customer as your brand yet doesn’t compete for the customer’s attention.
What exactly are the benefits of co-branding and how do you even start looking for a brand partner?
1. Reach New Customers
When you partner with the right brand you will have an opportunity to reach new customers that you wouldn’t have reached alone. This also allows your brand the opportunity to engage with these new customers to not just potentially make a sale but also get inspiration to better your brand.
2. Create Unique Marketing Campaigns
This is an opportunity to allow you to come up with unique marketing strategies with your partner brand. Here you can test different marketing campaigns to see what will resonate with customers. Cross promoting contests on social media is a sure way to gain eyeballs for both brands, as well as increasing followers.
3. Be Clear on Your Brand Values
It very important that you are clear on what your brand values are because you want to make sure these values also align with your partner brand. If they don’t then the partnership won’t work. Brand values are simply what your brand believes in and that usually comes from the founder or CEO.
4. Authenticity With Your Partner Brand
Be clear with your partner brand what you’re looking to gain for the partnership. Is it sales? Profit-sharing? Or maybe it’s something else. Make sure it's spoken about early on before you launch a campaign together.
5. Platform to Beta Test
This could also be a great opportunity for your brand to have a platform to beta test any new product or services on a small scale.
We listed some of the benefits, but how do you go about finding the right co-branding partner? Well, it’s actually quite easy.
1. Be Clear on Your Brand Values
It very important that you are clear on what your brand values are because you want to make sure these values also align with your partner brand. If they don’t then the partnership won’t work. Brand values are simply what your brand believes in and that usually comes from the founder or CEO.
2. Getting Clear With Your Partner Brand
Be clear with your partner brand what you’re looking to gain for the partnership. Is it sales? Profit-sharing? Or maybe it’s something else. Make sure it's spoken about early on before you launch a campaign together.
3. Look Within Your Industry
Find other brands that are within your space but always make sure that the products or services they offer don’t compete with yours. You want to make sure that you both create a unique end product together.
4. Dare To Be Bold
Sometimes you can even look outside of your industry for co-branding partners. The most important part is that you need to figure out how both products will complement each other. It has to make sense or there’s no reason to create co-branding partnerships.
5. Be Honest About Money
When you create co-branding opportunities be courageous and have that uncomfortable conversation about money. It’s important to set the expectations early on in the game. This allows both sides to really know what to expect whether it’s the cost or the profits.
