Benefits of brand partners

CO-BRANDING, also known as “brand partnership”, is the strategic merging of two or more brands to achieve mutual marketing benefits and create strategies on how best to work together.

With new products and services hitting the shelves at a rapid pace, it is crucial for any brand to highlight its unique selling point and increase lead generation.

An efficient and effective approach to accomplishing this is through co-branding.

The key to this marketing strategy is to choose a brand that will best compliment or enhance your products and/or services. Successful examples include Go-Pro and Redbull Stratos Space Jump and Oreos and McDonald’s Oreo McFlurry.

When done effectively, co-branding can yield three main benefits for the brands involved: establish credibility, expand reach and double the marketing budget.

Let’s unpack these: Establish credibility

Co-branding enables businesses to build or enhance their brand by teaming up with another respected business.

Two brands coming together build credibility because each company can highlight and reflect each other’s assets and consequently strengthens positions in a given market. Expand reach

When two brands come together to form a co-branding partnership, they automatically gain the attention of each other’s market.

This, in turn, can extend reach and visibility to a previously untapped audience.

With the help of co-branding, expanding reach can also ultimately increase the chances of generating more sales for each brand. Double marketing budget

Entrepreneurs understand that marketing their product/service can be a costly expenditure.

A huge bonus of co-branding is that the costs are split equally. As a result, it doubles your marketing budget.

This benefit allows for more creative ideas and opportunities to better market a product or service and can potentially lead to a greater ROI (return on investment).

Each of these benefits can be an outcome of successful co-branding.

It gives any business or brand the opportunity to increase market share.

To reap these benefits, it is crucial to choose your partner wisely as you run the risk of damaging your credibility and reputation.

As previously mentioned, an effective partnership is one where each business compliments the other, and in turn, experiences the benefits.