Co Branding
Co-Branding- A Marriage of Equals
Co-branding like all other marketing phenomena has scores of definitions. However, the most basic definition states that co-branding is the coming together of two brands so as to capitalize on the strength and neutralize the weaknesses of each other. In this sense then, the practice of co-branding is a lot like two people entering the institution of marriage. In marriage, two people complement and supplement each other in social, religious and personal situations. Similarly, in co-branding too, two brands agree to come together to capitalize on and synchronize their positions in the marketplace.
However, they say that a successful marriage depends on two things: (1) finding the right person and (2) being the right person. If the similarity between co-branding and marriage is to be believed, then this must be true for co-branding too. Thus, co-branding too depends on (1) finding the right brand to partner with and (2) being the right brand.
Finding the right brand to partner with is extremely crucial. If the values of your brand partner are not in sync with those of your brand, not only will it result in a waste of marketing resources but also be detrimental to the brand equity of your brand. However, if you are successful in finding the perfect soul mate for your brand, then a lot of marketing potential awaits you.
In order to find the perfect brand partner you must first know the strengths and weaknesses of your brand extremely well. You must also be aware of any future opportunities and threats that your brand is likely to face. Once you have realistically assessed your brand you must then try and look out for a partner brand that can help you fill in the gaps. However, the ultimate goal for both the brands should be building a strong “us” while building an even stronger “I.” So, not only must the partner brand be useful to you but the partner must also derive value from the partnership. No co-branding relationship can exist without being mutually-beneficial to both partnering brands.
On the other hand, being the right brand to partner with, is equally if not more important for a co-branding relationship to succeed. While the idea of a co-branding relationship is for brands to make the most of each other’s brand equity, it is unfair for one brand to exploit the resources of its partner without offering any value in return. Thus the brand must do as it would be done by. This means the brand must be willing to place its strengths on the table and must be willing to share its knowledge, expertise and consumer base with its partner. This way the co-branding relationship can be mutually fulfilling. Another aspect of being the right partner in a co-branding relationship is for partnering brands to look out for each other in the marketplace and not form alliances with their partner’s competition.
Thus, being a good partner involves sharing of assets and safeguarding the interests of the other. However, it is also equally important for partners in any relationship to give each other space to grow and evolve. Similarly, in a co-branding relationship too both brands must give each other room to perform and achieve.
So, if marriages are made in heaven and celebrated on earth then co-branding alliances are made in the boardroom and rendered in the marketplace. The right amount of understanding can ensure conjugal bliss in one case and marketing bliss in the other.