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Strategies for Co-Branding Successfully for your Women Owned Business |
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Strategies for Co-Branding Successfully for your Women Owned Business
Co-branding is the process of intertwining two or more brands, while still retaining the uniqueness, and increasing the profits and visibility, of each brand. The two brands are not in competition with each other, but instead, they work to compliment each other. Co-branding partners basically find a way to implement each others products into their own businesses.
An example of successful co-branding partnerships is the fast food chains that are popping up in convenience stores, or travel centers, throughout the
United States. Each brand - the store and the fast food restaurant - bring something that the customer wants, without being in direct competition with each other. Another example is the marriage of Jaclyn Smith and K-Mart. Jaclyn Smith's company designs clothing, and K-Mart sells clothing. You can only find the Jaclyn Smith line at K-Mart.
When you are considering co-branding for your women owned business, you must be careful. There are pitfalls that must be avoided if your co-branding venture is to succeed. DivaDesign World ( http://www.divadesignworld.com ) works with clients to find the right co-branding opportunities for their businesses. DivaDesign World offers the following advice.
·Think about what the other company can offer your customers. Is what they offer your customers equal in terms of value or service to what you can offer their customers? If it isn't equal, how can it be made equal? If you can't think of anything that the other company can offer your customers, then this co-branding opportunity probably isn't for you. Keep searching.
·Investigate the potential co-branding company. The reputation of your business will become attached to the reputation of their business, and vice versa. You do not want to be associated in anyway with a company that is questionable. You want to know about their financial situation as well. You don't want to be associated with a company that is about to go under either!
·Know who will be in charge. Do you have a vote in decisions such as advertising? Everything needs to be clear from the very beginning, and you should never give complete control of decisions that affect your business to anyone else. Co-branding is a great way to share advertising costs, and to reach a wider market, but if you don't have any control over this, or other promotional aspects, this may not be a good thing.
·You should only consider co-branding with companies that have products or services that relate to yours in some way. You must share a target market. If you are in the candy business, you would not want to co-brand with a company that sells weight loss products - unless your candy is low calorie and low fat.
·Determine whether the relationship is to be exclusive or not before closing the deal. You don't want any surprises here. Are you free to co-brand with another company as well? Will the other company be co-branding? Will they be co-branding with your competition? If this will not be an exclusive deal, rules need to be set out before the deal is made.
Each unique business will have it's own unique criteria for determining if they should co-brand, and whom they should co-brand with. There are many different aspects to look at before making these decisions. Think carefully, make sure all of your questions are answered, and don't be rushed into anything. If you would like advice or more information on co-branding, be sure to visit DivaDesign world at http://www.divadesignworld.com .
About the Author: Monique Danielle owns Portland Marketing Agency, DivaDesignWorld.com, a full service firm that offers web development, graphic design, consulting, and a wide variety of creative services. She is also the founder of divadirectories.com,a free online resource designed to promote the growth and development of women owned businesses throughout
Oregon,
Washington, and the Northwest.
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