Tips for Co-Branding Success
August 17, 2015
Joining forces with another brand can be one of the most successful moves for businesses today. With multiple benefits, such as gaining new customers and strengthening your value proposition, even the biggest of brands today are partnering for success.
However a bad partnership can be extremely detrimental to your own brand. In the same way an ambassador can turn sour, so can brands. As society judges too often on the company we keep, whether we like it or not opinions are formed on the people we associate ourselves with.
When considering cobranding, research your potential partnership to understand any previous experiences. Similar to humans, if brands have a history of bad relationships this is a big warning sign. Take the time to get to know the personality and values of your partner brand, as the strongest relationships are built over a long period of time.
Finding the right brand to partner with is the most vital element of co-branding, so we would like to share some tips on our partnership process.
It may seem obvious at first, but the importance of aligned objectives between brands is vital to partnership success. Your audience is the key indicator of brand authenticity. The brands that hold meaningful emotional connections with customers are the good ones. Snapchat’s partnership with media and news channel brands like Vice, Comedy Central, CNN and National Geographic are all great partnerships that are using shared purpose to leverage their audience relationships.
Whether it be extending media dollars or generating more exposure, brands need to partner with someone who will guarantee some form of return on the partnership investment. Increasing market awareness is a big benefit when partnering with the latest “in” brands.
Look for a partnership that will make your brand really stand out from the crowd by creating a truly unique offering. The latest partnership from forward thinking personal driving service Uber and music sharing platform Spotify offers users an experience where they can choose their own playlist from their own personal music account while driving to their destination. This clever tech partnership gives Uber an automatic positioning over its taxi competition, increases audience awareness for Spotify users and gives the customer control.
Like minded culture
Your next joint brand venture doesn’t necessarily have to be in a similar industry to your own. It is true that opposites attract. But it is important that your values and your culture align for a harmonious relationship. The recent partnership of Cadbury and Vegemite may not have been a combination that will go down in history and the most appetising flavour we have seen, however it was a clever marketing success as both brands are an iconic household name that Australians have loved and grown up with.