Are you looking to introduce your brand into new markets? Perhaps you want to expand in markets that you’re already in. Or maybe you need to jump start your brand. Co-branding may be the ticket for you.
Co-branding is a concept that has continued to become more attractive over the years. The concept is described as the combining of two or more brands to create a single, unique product or service. With new products and services constantly hitting the shelves, a co-branding partnership may sound a little absurd. After all, why would you share information and resources with a potential enemy?
There are actually a lot of benefits to working with a partner vs. doing things on your own. The key to a successful partnership is to choose a brand that will best compliment or enhance your product. More companies are uniting and launching co-branded partnerships, a once thought risk has been proven to be a win-win for both parties.
Check out some successful co-branding partnerships:
- GoPro & Red Bull: “Stratos”
- Spotify + Starbucks
- Nike & Apple: Nike+
- Uber & Spotify: Soundtrack for Your Ride
- Bonne Belle & Dr. Pepper: Flavored Lip Balm
- Pottery Barn & Sherwin-Williams: Color Your Room
Still on the fence? Here are some reasons why you should consider a co-branding partnership.
- Shared Customer Loyalty: In co-branding, loyal customers of one brand will display the same affection for the other.
- Extend Reach: Co-branding can increase the visibility and market share of both partners.
- Share Costs: One of the biggest benefits is that marketing costs are split between both parties, allowing for more creative ideas and opportunities.
- Boost Sales: Co-branding can significantly enhance the sales potential of a product or service, compared to a similar offer showcasing only a single brand.
- Customized Product: A successful co-branding partnership delivers a better product that fulfills the needs of the customers in a better way.
If you are looking to co-brand, be sure to choose your partner wisely. Look for someone that compliments or enhances your brand AND make sure that your customers have a positive opinion about the other company, or your brand may lose some of its appeal.