A cross-promotion or partnership of complementary brands has always been a sure strategy to strengthen brand reach and integrity and increase consumer confidence through accessibility and value.
In this article, we’re exploring the power and benefits of complementary partnerships and what that cross-promotion looks like.
We’re not referring to formal partnerships in a business with two controlling parties of the same brand. No. We’re talking about the type of informal partnerships that come through the support of one brand from another through co-sponsorships, cross-promotions, or referral partnering of the brands involved. And sometimes, that partnership is in plain sight but unnoticed because of a natural association and mutual cooperation.
You, of course, won’t typically find two soft drink companies such as Coca-Cola or Pepsi working together in a business partnership in this manner – although we have seen them work together through advertising and support of a unified initiative with the American Beverage Association to bring awareness of healthy choices for families and kids. It was their More Choices campaign through their Balance Calories Initiative, and it was a massive and impressive pairing of big hitters in the beverage industry.
But, as unlikely as you would be to see a business strategy pairing of these competitors, or someone like an IBM cross-promoting DELL, you have probably noticed more subtle and complementary partnerships with brand promotion such as your favorite restaurant pairing with a particular soft drink company to create a cohesive appeal to consumers. And, that’s just one example of collaboration that can improve brand affinity and provide better products or services.
But, these are examples of big name brands and major players in the industry. What about the local mom-and-pop or lesser-known business brands?
Smaller companies and brands with a less universal appeal can also do partnerships like this in order to build products or services and do cross-promotion. It doesn’t have to be a sandwich paired with a soft drink. It can be an event or paired cost savings. Whatever the end result, the partnership allows the companies to share resources and reduce costs in order to improve margins.
What else do you need to know about these complementary partnerships? This graphic explains it.
Additional benefits for cross-promotion or brand partnerships?
It strengthens the integrity and awareness of brands. When one brand supports another through visible cross-sale opportunities or recommendations it provides consumers with an added value solution, brings awareness of that brand to the consumer and reinforces that awareness routinely, and naturally builds credibility and integrity of the cross-promoted brand.
Alternatively, if the referred brand brings value or consumer satisfaction, that integrity and brand awareness grows for the referring brand as it did for the brand that was referred.
The situation becomes a win-win-win.
CONSUMER WIN: The consumer wins because they now have an authoritative place to access a ‘best of both worlds’ scenario through one-stop-shopping. They feel more confident in the recommendation through their confidence in the brand making the recommendation. And, they may even save a little as there are often considerations or cost-savings through those partnering brands.
REFERRING BRAND WIN: They are building out their business with more solutions that can be rewarded through increased awareness of their own brand and a naturally strengthening brand advocacy through an increased confidence of their business
BRAND REFERRED WIN: Gains additional brand awareness through additional funnels of referral sources of their business, and a potentially and naturally increase in consumer confidence as the referral is coming from a trusted resource.
So, who does Back2Basics partner with to bring our customers added-valued solutions?
We’ve always had a closely-vetted, behind-the-scenes group of great partners who help support our customers’ goals each and every day. And, many times those complementary partnerships go unseen or unnoticed because of the way we simplify and bundle services and solutions for our customers. We find our customers are not so interested in all the fine-line details of how we pull it together for them, as much as knowing we are capable of pulling it all together for them. But,
Stay tuned for our 2021 Partnership Announcement coming early 2021.
These are partners that will help new startup businesses and emerging businesses take control of their brand from head-to-toe. Through our partnerships you can expect to find support for all your brand design, development, and marketing management needs as well as financial management solutions, legal support solutions, business coaching solutions, and more.
And, if you’re a business that is interested in partnering to bring value to shared consumer interest, or learning more about the benefits of a complementary partnership, please give us a call at 763.951.3913.*