Let’s Get Brand Hitched!
Much like a personal relationship, a strong brand partnership can help you break into new markets, let’s call it making new friends, bring on creative and innovative change, let’s call that broadening one’s horizons, and overall strengthen your brand affinity. When two people work well together, be that business or personal, it can be powerful and rewarding. Just ask Nike and Apple!
On the flip side, and like a bad relationship, a poorly chosen partner can tarnish your reputation, leave a bad taste in your (and customer’s) mouth and bring your business down like a sack of potatoes. In this perilous tale, the said businessperson has not done their due diligence and chosen imprudently when embarking on the brand partnership.
So- how do we go about choosing the right partner to help elevate our brand and make our customers love us more and what sort of benefits can come with solid co-branding. Here within are some tips and hacks before you embark on your business nuptials.
Take the time to find your match
Scan the room (aka the net) to find your match and do your research and due diligence both online and offline to reveal the business, warts and all. Remember, if you are to be associated with this brand, they need to be squeaky clean as to elevate and not tarnish yours.
Make them your better half
Although this symbiotic relationship should be just that, mutually beneficially, be smart about it and pick a brand who has some seriously impressive assets. This could be in the form of an impressive database or online presence, social media following or event calendar. Or maybe they have strong internal resources that you can tap into, like a killer graphic design team, copywriter, or event planner. Remember it’s you scratch my back, I’ll scratch yours, so you also need to look at your own business to present your best assets and offer in return.
Workshop the benefits
It’s getting to the pointy end of the stick now and it’s time to sort out how you are going to tangibly work together in a mutually beneficial way. For example, is there one main annual event you are going to piggyback off to leverage your brand or are you going to social share on a weekly basis. Or perhaps you are two retailers or small business owners aligning with a similar customer profile and products that complement rather than compete. Think donuts and coffee or bakers and butchers.
Sign a pre-nup
Once you’ve worked out the best approach, having the working relationship documented in written form is highly recommended. Depending on the level of interaction and agreed activity, have a legal eye glance over the document before you embark on any cobranding. You could also consider negotiating a review period to assess the success of the partnership.
Keep your relationship fresh
Okay so it might not be in the form of a date night but keeping things dynamic and fluid will ensure you both get the best of the partnership and that’s the long and short of it.