The Secrets to Successful Co-Branding

Successful co-branding has the potential to boost a business’ brand to compelling new heights. Follow these steps to successfully co-brand.

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Ramzi Chamat / 8 Ways Media
2014-05-06 16:32:00

Co-branding is absolutely everywhere you look: from Adidas trainers co-branded with Disney to appeal to children, to Apple’s iPod Shuffle co-branded with Nike to appeal to a particular lifestyle. Co-branding is a brand strategy that has the potential to enhance brand awareness and strengthen your brand to new heights.

Co-branding is a strategic way to appeal to a mass audience. It is now seen in diverse industries such as hotels, fashion, charities and cosmetics, and has the potential to achieve brand objectives that improve image building and strength your brand strategy.

For successful co-branding you need to:

Connect with the co-brand of the other company

This is when you match with the brand that you wish to become associated with. You must ensure that you spare common grounds so that the co-branding is successful and profitable. You need to take into account brand personality and values, as well as the benefits that the partnership will bring to both businesses.

Always keep the target audience under consideration

Before partnering up define your audience carefully. Who do you intend to appeal to as a result of the co-branding? If you are hoping to reach out to a new demographic, think carefully about the type of business you want to join forces with, as a successful co-brand has the potential to expand your target market considerably.

What is the Benefit Realisation?  

This involves finding the common needs of the customers and connecting them via co-branding. How can you fulfil the needs of your target audience? Which new demographic are you appealing to? By efficiently pairing the brands together they will be able to work together in a symbiotic relationship.

Co-branding is attractive because it takes the most compelling aspects of your goods and combines them with a brand that complements those goods. By combining the two, their potential worth increases twofold, compelling more people to purchase those goods.

For example the ice-cream giants, Cold Stone Creamery, have partnered with numerous businesses to increase sales and enhance profits.

By implementing the above three steps a doing a thorough research before making the partnership, you will be one step closer to developing a successfully co-branded company that boosts client figures, enhances image building, improves branding and increases revenue channels.

 

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