Co-Branding – Is It Right for You?
Pick up any newspaper these days, and more than likely, you’ll read yet another story-if not dozens-about two brands jumping into relationship mode. Not simply of the promotional “Happy Meals” variety, but of the “mating for life” sort.
“Co-branding,” as it’s called, is running rampant with no apparent signs of slowing, even given the cautious economic forecast. In fact, the need for overnight and innovative growth strategies seems, if anything, to have fueled its popularity. What faster way to gain critical mass, catapult into unstated territory, or refresh a tired image, than through an instant association?
Perhaps a good way to sort through this co-branding mania is to think about judging the merit of a co-branding venture the way you might judge those traits that make a marriage successful. My wife once quipped that the best marriages are based on “interlocking neuroses.” The steadiest relationships are those in which both parties are allowed to maintain their individual identities, but in a way that complements and helps bring out the best in the other-all in a mutually beneficial and compatible way.
It’s certainly a good place to start when it comes to assessing the potential co-mingling of two recognized brands. First, obviously, is self-awareness-a keen understanding of your brand’s identity. You’ve got to know who you are and what you are known and trusted for before you can determine a natural partner. Smart brand managers also realize self-awareness allows you to know who and what you could be.
Then, for a brand marriage to succeed, each must bring those appropriate “interlock able” strengths and assets to the table, and likewise, each must be flexible enough to commit or abdicate authority in certain areas.
Most critical, each must bring complementary and interlocking end benefits to the consumer-benefits that intuitively “feel right” and work together in concert on both the rational and emotional levels. These benefits, when combined, provide increased value to the consumer and a greater degree of relevance.
