Source: Hinge 2020 High Growth Study
The concept of companies working together to build a more profitable future is nothing new. From GoPro and Red Bull to Spotify and Starbucks to Sherwin-Williams & Pottery Barn, there are many intelligent and successful partnerships to reference for inspiration. At theBLOQparq (tBp), we’ve designed our micro-retail and office spaces with the intent of fostering meaningful partnerships. A place filled with positivity, everyone inspires one another to dream bigger and to achieve more.
Co-branding Partnerships Tailored For Success
A successful partnership offers a distinctive value-add for customers. You can achieve incremental success when collaborating with another business that has a similar culture and overall values. If you’re considering forming a co-branding partnership, here are three ways it is likely to be a smart move.
1. Reduced Risk
Entrepreneurship involves risk. And while you can’t eliminate risk, a co-branding partnership helps minimize it. Partnerships allow you to dive into your next big venture with a company that can help materialize your vision. For example, you could launch a new product but minimize production costs by selecting a manufacturer with similar values and company culture.
2. Learn And Grow
If you are still learning the ropes as a new business owner, partnering with a veteran business brings an opportunity to refine some valuable entrepreneurial skills. You can observe how your partner manages their business. Ask them to share techniques or learn from their organizational methods. In turn, you can share some of the latest innovations your brand partner may not yet know.
3. New Market Segments
It’s wise to partner up with a brand that reaches a different target market allowing you to tap into their consumer base through pure association. Your venture is bound to be effective if your shared values resonate with their customers. And this can work both ways by expanding target market exposure overall. A win-win for sure!
Your branding (regardless of a partners’ influence) is the very first thing potential customers will notice. Prioritizing and strengthening your brand means you’ll be ready when the right co-branding partnership comes along. Opportunity and growth are paths every entrepreneur must pave, and tBp will be there to walk right alongside you.