Co-branding is strategic marketing or advertising partnership between two non-competing brands.
There is no set rule on who should partner with who or what a brand partnership should be, which can be anything from a product collaboration to events to competitions and more. In fact, some of the most successful co-branding examples are collaborations you may never have considered until they came and conquered.
All in all, when done successfully, co-branding can be an effective brand partnership to increase awareness, break into new markets and build your business. If you want to hire the best brand partnerships agency, you should search online.
What to consider when thinking about a brand partnership
With such a great opportunity to be had, why doesn’t everyone do it? Well, here it’s important to remember: ‘it’s the company you keep’. In the same way, a brand partnership can enhance your audience, reputation and overall brand message, it can also have a negative impact on your business in equal measure. First of all, it’s important to consider what to consider when thinking about a brand partnership.
Again, a brand partnership needn’t necessarily be ‘an obvious choice’, but it is essential that it is underpinned by similar ideals that help each brand bring out the best in each other. Here are just some of the things to look for when searching for that perfect partnership:
1. Similar values
Whether these values cross in a way where the brands both aim to provide something similar e.g. cheap prices or luxurious quality – or both have the same beliefs or even simply ethics – this is what will establish the very core of the relationship.
2. Similar targets, objectives and goals
Whilst different brands will have different targets e.g. a Starbucks and Spotify partnership still sees Starbucks wanting to sell coffee and Spotify wanting to sell music, they are both aiming to build awareness and boost sales with similar targets, objectives and goals. It is important that the desired outcomes are aligned.
3. Complimentary skill sets that can offer mutual benefits
A brand partnership should always offer you added value. Where some of your weaknesses may lie, your other brand should build you up or vice versa. Alternatively, your strengths should combine to create something better than you already have!
4. Consumer relevance
Although co-branding can bring a wider audience, there must be some consumer relevance that exists. It won’t benefit your brand to partner up with another that is unable to connect with your audience in any way.
This may seem like an obvious one, but you must be able to trust your brand partnership and act transparently with one another throughout the process.