Is Co-Branding Right For You?
Co-branding is nothing new, something that consumers have learned to digest but often they don’t realize all of the work that goes behind it. Some brands co-brand with everyone, while others are new to the co-branding elements of marketing. The success or failure of co-branding will depend on the type of company you run and the type of product or service you are offering.
Think about the different products you use on a daily basis from the moment you wake up to the moment you go to sleep. Think about the rows and rows of products you pass during your next trip to the grocery store. Food items co-brand together; Hersey’s and Breyer’s ice cream are a common item on the shelf. You can also find it in other industries including Lexus partnering with Coach. Disney partnered with CROCS shoes to increase shoe sales through the park and within other companies. Toothpaste, airlines, and restaurants all do similar branding.
Co-branding can be powerful for your business and product or service. You can partner up with a bigger company to help increase your marketing efforts. You can also partner up with other small local companies, to help with the home-grown appearance of your branding. However, there are some cons to developing a co-brand.
Cons of Co-Branding
Co-branding can be risky for smaller companies, especially when partnering with large conglomerates. First, there is a dilutive effect since it spreads the credit for products across two brands. Make sure that both parties are able to identify their contribution and market these efforts.
Next, co-branding items that can be damaged in shipping will change people’s perceptions of your company. Think about receiving a package from USPS and your company; a damaged product means that you will associate the poor care of your package to both brands. Or think about Taco Bell and the Doritos taco. If the taco shells are stale or broken upon arrival, you will contribute that to the Taco Bell brand. While both brands are large, they cannot always guarantee success for your business.
Consider also the last portion, which is the strength of your brand. There are some cases where you look secondary or smaller especially if you partner up with a big brand. Don’t let them over power your product. Work hard to do equal work and marketing towards your co-branding to make it appear that you are on top of this joint venture. Otherwise, it may appear that you are being bought out or are small.
No matter your product or service, there are always opportunities to partner with others. Find things that make sense and work for both of you. You can find success in these join ventures. Contact branding services in Water town to find success. You will be able to hold your own with a professional team on board. Contact them after you have received a co-branding proposal. Make sure that you are aware and capable of taking on the next challenge with this branding opportunity.