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Co-branding is when multiple brand names come together on a single product or service. Two or more companies will feature their logos on one product so that customers see the relationship as a joint enterprise. Co-branding is nothing new; just take a look at your local supermarket and see all of the products that are co-branded, such as Breyer’s and Hershey’s, Kellogg’s and Healthy Choice and Lay’s and KC Masterpiece. Co-branding is an effective way to introduce one brand’s product with the loyalty of another brand.
With competition steeper and more companies working with smaller budgets, co-branding often makes sense. If you are a small business owner, for instance, co-branding with a larger, more established company is a great way to market your product or service. The simplest approach is to split the cost of promotional items and have both logos printed on the products. This gets your name out there, positively reinforces your brand and saves money.
Speaking of money, cost savings are another benefit of co-branding. We’re still going through tough economic times, so co-branding is becoming more commonplace. You can split the cost of promotional items and marketing materials, allowing you to do more with less. Co-branding also allows you to reach a larger audience since you can connect with not only your target audience, but also the customers of your co-brand.
There are things to think about, of course, as you don’t want to co-brand with just any label. Consider which labels will enhance your brand image and credibility. Since local targeting is effective, partnering with a local Florida business in your niche may be the best co-branding opportunity for your small business. For example, a restaurant can partner with a packaged foods company, while a physician can partner with a new medically related product line.
Choosing a company to co-brand with is an important decision because if the brand leaves consumers with a negative impact, it will rub off on your brand as well. You also want to ensure that your brand looks strong, as sometimes one brand will look secondary or weak to the other. Yet with careful planning, implementation and effective promotional items, you can smartly build a successful co-branding relationship.