In 1975, two years after launching its flavoured Lip Smacker lip balms, Bonne Belle formed a partnership with Dr. Pepper. Bonne Belle invited its customers to try their “super shiny lip gloss with lip-smacking flavor… just like the world’s most original soft drink.” This was a brilliant co-branding relationship that mutually benefited both Bonne Belle and Dr. Pepper for many years.
Nike & Apple (similar target audience: runners and iTune listeners), Uber & Spotify (similar goal: both trying to gain more users), and GoPro & Red Bull (both lifestyle brands for adventurous people) are all examples of smart co-branding partnerships. When done right, co-branding can open businesses to new audiences and expand into new markets. Plus it’s just cool.
If you’re trying to grow your brand awareness, you may consider partnering with a brand that has similar values or goals. However, there are things to consider before you enter a co-branding arrangement. Lots of things. You probably should hire a lawyer.
But here’s a start:
- How’s the other brand’s integrity? Dig deep. Does the other brand have similar values as yours? Who else do they partner with? What’s their brand personality? What are their brand messages? Where do they want to be in the future? Do your homework and make sure you have a very carefully worded co-branding partnership agreement. (And probably call that lawyer we just mentioned.)
- Does a partnership make sense? Yes, you want to open yourself up to new audiences through a co-branding partnership, but make sure you can find a tie-in that will benefit you and the potential co-branding partner. How will you both stand to benefit from this agreement?
- How will consumers benefit? Once you’ve established that you’re entering a partnership that can benefit two brands, stop for a minute to see what your partnership will bring to consumers. Like Dr. Pepper Lip Smackers. Or Uber users having the ability to be their own Spotify DJ while they wait for their ride. Or Tim Hortons locations that are paired up with Cold Stone Creameries… (mmm…coffee and ice cream).
Put some thought into it. A co-branding arrangement could bring you the awareness you need to elevate your business.
Many established companies have evolved, but their messaging and marketing have not kept up with them. We help solve this with our rebrand process.
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