Penguin Books and Match.com; Hershey’s and Breyer’s ice cream; Disney and Crocs; Nike and Michael Jordon; Southwest Airlines and SeaWorld – these are just some examples of successful co-branding efforts. Consumers and corporations alike benefit from co-branding, though consumers rarely give a second thought to the marriage (when it’s done right).
So, when is it right for your company? Here are some questions to ask yourself first:
- Do the two brands have a good synergy? Do they fit together? Are they unique enough to package together but still remain their uniqueness?
- Can you make it newsworthy? Think how you can pitch your pairing to local media to help spread the news.
- What is your brand bringing to the table? The other? Make sure either brand adds to the pair what the other is lacking (credibility; stability; freshness; a younger market; an older market; men; women).
To start, get creative. Think about other local companies that serve your same market but you do not compete with. Think about products or services that would complement your products and services. Consider asking your customers which other local companies they patron to get some ideas.
Once you’ve got a company in mind, create a proposal and make an appointment. Make a case that the “whole” of the co-branding effort will be greater than the sum of its parts.
Be aware of the risks involved. If the customer is unhappy with the product or experience (even if it’s the other brand’s issue), it can make your company look bad. On the other side, if the customer is extremely happy, the accolades are “diluted” as they are spread across two brands.
Sources:
BusinessWeek: Co-Branding’s Greatest Love Stories and The Pros And Cons Of Co-Branding
