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.

What Is Your Ethos? Are You Sending A Clear Message?

Doing business is all about getting your message right. Unfortunately, too many people think that their message is all about what they do, when actually it's far more about who they are.

Anyone who knows me will be aware that most of what I do is based on the strategies of the Disney Corporation. The story of Disney is essentially that of one man, Walt Elias Disney, who founded Disney Studios in 1923 with a simple vision, to "make people happy". Disney has come a very long way since then and had its share of ups and downs, too numerous to discuss here.

However, in the last 90 years one thing has endured. Its message.

In the early 1960's, Walt Disney began buying up small parcels of swamp land to the south of Orlando, Florida, with the vision of creating a theme park destination to rival all others. By the time he was finished, this totalled 28,000 acres. Sadly, Walt Disney died in 1966, before building could begin, before his dream could become a reality but fortunately, as well as being a visionary, Walt Disney was also an inspiring leader and extremely adept at sharing his vision with those who worked closest to him. 

The only reason we have the powerful brand that is Disney today is because the Walt Disney instilled his ethos into all who worked with him so even after his death, they all knew what his vision was. The fact that its founder wasn't at the helm anymore didn't impede Disney's progress or dilute the original dream. Today the Disney message is as strong as ever - we all know what it stands for and what the business strives to achieve. We all know what the brand represents.

The message is clear; it's not about WHAT you do, it's about HOW and WHY you do it.

Now. It's safe to assume that as you are currently running your own business, you actually know what you're doing and, unless you work in a particularly specialist or niche sector, it's also pretty safe to assume that your competitor in the firm down the road knows what he's doing too. It's not knowledge that will set you apart from your competitors, it's how you go about imparting that knowledge.

Take a look at your own business and ask yourself why you do what you do and what you want to achieve by doing it. What does your business stand for and what standards do you set yourself and your employees? In other words "What is your ethos"?

The underlying message of your business is, if anything, more important that what you do. Some people call it a "Mission Statement", but we prefer ethos, which means "characteristic spirit". Whatever you decide to call it, it should be the driving force behind everything you do. It sends a clear message to your clients, employees and the wider business community. It defines your brand. It becomes your reason for being.

Your ethos is all about who you are and the standards you want to be known for. It's so important because if you don't know what it is, or have not defined it clearly enough, you'll struggle to do business. Why?

Because people only do business with people they trust. If your ethos is clear in everything you do, clients will fundamentally trust you as they will recognise, and subscribe to, the sentiments you operate by. This supposes your ethos is a positive one, of course. Let's face it, no-one will want to do business with someone whose ethos is "charge as much as we can for as little as we can get away with"!

Your ethos should clearly and concisely convey the direction you want your business to go in. Your ethos should reflect your true passions and values.

So step away from what you do and instead decide what your business is all about. Make your message clear, make it true. Then make sure everyone knows what it is.

Your ethos should be something you're proud of, after all!

You need to make sure everyone knows what you stand for and what you're trying to achieve. Make sure everything you do backs up your ethos. It's important to have values in business and stand by them, no matter what.