Three Ideas To Get Right Co-Branding Partner

Partnership is a key to great success. Good marriages result in big personal achievements. Long and strong marriages pave a way for major accomplishments that seem impossible individually. Well, this article is not about marriage but it is about sound business partnerships or co-branding. 

You must have heard about two big brands forming a merger or getting into partnerships. Yes, it can be possible even at the smallest level. Two like minded people can start a brand together. As it grows, a third person who has a complimenting business can be your partner.

The chain can grow in this manner, mutually benefiting each party. Such an example, is present in the nature, Lichen is a plant that is formed by the symbiotic association or partnership of an algae and fungus. The algae provides food to the fungus while the fungus provides protection to the algae. Together, they form a strong partnership and survive the changing climatic conditions.

Co-branding thrives mainly on the "Lichen" phenomenon. Where one party provides a complimentary benefit to the other. It is also an improved version of the old fashioned barter system. Recently, such a co-branding example was shown by Spotify and Starbucks. It is needless to say, that Starbucks has already charmed the world by its amazing business model. 

The Starbucks and Spotify partnership will set another big example of successful co-branding. In this partnership, Spotify subscribers will be getting "reward points" or stars and they will also get to recommend songs to be played in the Starbucks stores.

Now, let's see how co-branding can benefit a small business owner or an e-Commerce business owner as well.

1) Make Your Own Statement:

There is something about being different and thinking out-of-the-box that appeals to the audience. Taking this mantra search for the partners. If you sell the locks then search for the partner who sells keys and not locks. This will benefit both of you. Hang your ego and preset notions on the tree in your backyard. Move forward with a flexible and open mind.

2) Search For The Soulmate

This is not a dating article and it does not intend to be. But no matter how much this concept is considered illusionary, it has it's roots in reality. Similar minds and souls make successful and lasting partnerships. Just like your life-long friends are your soulmates, your brand partners should be just the same. It can be an odd partnership but if you vibe in the same way, go for it!

3) Choose A Valuable Partner

Co-Branding is a very risky business. In fact, it can be riskier than starting your own business if you don't partner with the right brands. Bad partnership can be a call for the dooms day. Therefore, while you make your choice, select the partner who elevates your value. 

It is essential to note that this does not necessarily mean aiming for the big name although it may be a good thing. It actually means, going for the right partner who will be a positive influence on your brand.