Winston and Waldorf: Power of Quality
January 22, 2014529 Plan
January 27, 2014
Conclusion
There are many custom co-branding partners for just about any type of business, whether you serve a local geographical area or a national vertical market. The key is to think creatively about products or services that complement yours in some way and that will enhance the appeal or credibility of your offering. From national corporations to small local businesses, co-branding partnerships provide a way for companies to think creatively as well as progressively about how to serve its customers in a new way and appeal to vertical markets.
When evaluating co-branding options, considering three criteria can help you minimize your risk. First, co-brand only with companies that share complementary values. Second, co-brand only with products that hold best-in-class status. Third, co-brand only in situations where you can retain full review and approval rights on all elements of communications (12).
As stated previously, communication is the glue that keeps co-branded companies together. In contrast, unmet expectations due to lack of communication can be a deal-breaker. Surely, a co-branding agreement doesn’t last forever, and like all good things, it too must come to an end. Before the co-brandingship is over, it is important to have a post co-branding plan in place for carrying out your brand on its own, and moving onto the next stage of your company’s lifecycle.
Co-branding is often overlooked as a strategy by which the whole can truly be greater than the sum of its parts. While it should be used sparingly and judiciously, it could generate a new level of interest and excitement around your products and services. If planned and executed properly, co-branding creates more value to each company, and each target market, than if each company were standing alone.
SOURCES:
- http://www.bostonglobe.com/business/2013/10/04/reebok-embraces-personal-fitness-trend-with-new-fithub-stores/dQ3pjqw0PMExIqIwdp8hiL/story.html
- http://www.bloomberg.com/news/2013-05-29/adidas-to-make-crossfit-delta-logo-symbol-for-reebok-fitness.html
- http://www.adidas-group.com/en/group/history/
- http://www.brighthub.com/office/entrepreneurs/articles/46418.aspx
- http://what-when-how.com/sociology/cognitive-consistency-theories/
- http://www.buildingipvalue.com/05_NA/095_098.htm
- http://www.joe-cannon.com/rhabdomyolysis-personal-trainers-exercise-review-symptoms-negatives-eccentric-fitness-bootcamp/
- http://www.crossfit.com/cf-info/what-is-crossfit.html
- http://www.inc.com/magazine/201307/burt-helm/CrossFit-empire.html
- http://www.brandchannel.com/images/papers/cobranding.pdf
- http://www.broadcastingcable.com/article/493178-Reebok_Flexes_Its_Fitness_Muscles_With_New_Marketing_Runs.php
- http://www.businessweek.com/smallbiz/content/jul2009/sb20090710_255169.htm
- http://www.youtube.com/watch?v=-EB0XyBUl0U
- http://www.bloomberg.com/video/crossfit-c-suite-with-jeffrey-hayzlett-10-22-clMC3pfxSOChhC~6LKbT1w.html
- http://shop.reebok.com/us/content/CrossFit
- http://www.brandchannel.com/images/papers/cobranding.pdf
- http://blogs.canoe.ca/keepingfit/tag/uli-becker/
Contributors: Alan Arcadipane is a business analyst at Riverview Capital’s Business Advisory Group who helps clients grow revenue and enhance efficiencies. Melysa Latham, Marketing & Communications, is a member of Riverview Capital’s Business Advisory Group.
