If you’ve ever bought gas at your favourite brand-name gas station and picked up your favourite brand of coffee under the same roof, you’ve experienced co-branding. Tim Horton’s and Esso have had a successful co-branding relationship for almost 25 years. If you have a great brand and want to expand your market, consider whether co-branding might work for you.
In a nutshell, co-branding is a marketing partnership between two companies. The point of co-branding is to get your brand in front your partner’s target market and to expose your partner’s brand to your buyers. The other nice thing about joining marketing forces with another company is that it’s a great way to boost your credibility. Keep in mind that co-branding isn’t just for commercial enterprises. You might consider co-branding with a nonprofit organization to expose their brand to a new group of donors and pick up some new customers while you’re at it.
And co-branding isn’t just for physical products. You can co-brand even if you only sell services. For example, imagine you own a popular carpet-cleaning service. You might enter into a co-branding partnership with the company that manufactures your carpet-cleaning solution — if it’s well-known that is — and have your logo printed on their product or brochures. If you provide online services, consider co-branding with companies you provide services to by displaying their logos on your website. They display your logo on their website and introduce your brand to a whole new market.
If you choose your co-branding partner wisely, it could open the door to markets you didn’t even know were there. A brilliant co-branding partnership can also help you stay ahead of your competition.