Branding is an essential part of a business. It serves as a communication tool between a company and its customers. To reap the benefits of entering your business into untapped and unexplored markets, you need to have a branding partner.
It’s a match made for good business! If you are the provider, your business partner is the promoter. If you strategize the product, then he markets it to your target audience. This powerhouse union ushers in mutual profits and business sustainability.
Whether it is a start-up or an established organization, every business has to face market pressures and competition. In this scenario, co-partnering with an expert who can promote your brand is a proven method for succeeding in the business market.
Brand partnering or co-branding refers to the chemistry that two significant brands form to create a strategically merged product. Brand partnering is a collaborative effort where one brand finds another brand to work with the former’s products and services. As a result, the branding process creates a unique product in the market for customers.
A key element of the marketing process lies in the selection of brands. The status of the individual brands does not matter. What matters most is how brands work together to enhance the visibility of a product to grab a profitable share in the market.
Why do you need a branding partner?
A branding partner can help you advance your business in many ways. Below are the top three ways a branding partner can take your business to the next level.
Increase your profits
Co-branding enhances the credibility of your product. Brand partnering persuades customers to buy the unique product formed and, as a result, it increases your profit margins.
Reach mutual goals
Although gaining profits may be your main goal, co-partners should also share the same ambition of reaching new heights in other areas (like engagement, brand recognition, etc.) with your new product. The merger also increases the marketing budget so the cost of expenditure on a single product is less. If one brand lacks something, the other one can give it a boost.
Access a new market
The co-branding process undoubtedly opens up a new market for the co-branded product. It doubles up the visibility of the product by gradually creating a platform for the dedicated customer line.
How to choose a branding partner?
The decision of who to partner up with is significant because you will be making joint decisions with your partner . You want to partner up with a brand that shares your values and goals. Below are three key criteria for selecting a branding partner.
Choosing a relevant partner to meet your marketing and selling needs is of the utmost importance. For example, if your product is a toothpaste, you can co-partner with a company that sells mouthwash or toothbrush. It makes sense for customers that a toothpaste company would work with a mouthwash or toothbrush company, but it may be hard for customers to see the connection if you co-partner with a company that manufactures garments.
Aim for long-term associations to reap many benefits. Short-term or periodic partnerships bring about a state of instability and a consequence may be a failure to regularly analyze profitability. Also, the partnership should not disrupt the internal dynamics of both brands. If it did, it would create confusion with employees, strategies and other marketing and development policies.
Social media presence
Especially, in the case of promotional and marketing ventures, you need to check the impact and influential capability of the brand you are co-partnering with. The ideal brand should have a huge reach and following with your target audience so that you can attract their attention with your new product.