48: Should You Co-brand?

Posted on: December 3, 2009 /

Categories: Auction Marketing, Branding

Especially in a tight economy, the more you can add value to your transactions, the more transactions you’ll garner. Whether you leverage that extra value for a higher price or to beat competitors at the same price point, the more coordination of offerings you can do, the better.

At some point, though, you will reach the edges of your core competencies. You can outsource some services, if you want the headache (or the ability to markup or leverage for lower pricing). You can create a recommendation list that you hand to clients to coordinate separately on their own. Or you can co-brand with reputable firms you trust.

Co-branding is the tactic of combining brands visually as a means of cross-marketing the respective services or products.

The practice can be a great way:

• for an obscure brand to benefit from the market recognition of a larger one
[a new artificial sweetener advertising on a diet soda can]
• for two (or more) brands with different segments to introduce their following to each other
[“America’s Next Top Model” and Walmart creating a joint clothing line]
• for two (or more) premium brands to reinforce their quality
[BMW advertising its vehicles’ integration with Apple’s iPod line]

Corporate America has been employing this tactic for decades in advertising, packaging, and public relations. But few entrepreneurs unleash the marketing boost into their small business strategies and practices.

You can trade web site links, verbal mention, advertising space, signage, and/or other perks for items such as discounted (or even free) services, advertising investment, and/or reciprocal advertising.

If you’re considering this strategy, have you considered these potential co-branding opportunities?

Home Inspections
Fight the stigma of “as is, where is” with verifiable reports. Post those reports in your Property Information Packet (PIP).

Commercial Staging
Auction day decisions are often made by live impressions of the property. So, make superlative impressions or recommend such to your seller.

Landscaping/Lawn Maintenance
Every HGTV expert will tell you that retail buyers are highly swayed by curb appeal. Raise the floor on your bidding.

Professional Photography
Pictures win more NAA awards than design and printing do (and cost less than either), and they tell your prospects more than your words do.

Financing/Closing/Title Searching
Many buyers already have these in place before the transaction; others have no preference. If you share the same source, you’ve gained credibility.

Security Systems
Illustrate to people that they’re about to buy something valuable by directing them to vendors who can reassure them that their purchase will be kept safe.

Shipping/Trucking
Answer the question, “How am I going to get this home?” If possible, a co-branded calculator on your web site would put you at the front of the industry.

Maintenance/Tuneup
If it has an engine and moving parts, it will eventually need service. Show forethought by addressing future concerns with vendor direction.

Equipment Rental
Whether it’s portable bathrooms or tents—or even the hosting facility of an off-site auction—you aren’t the only one who needs to use them.

Catering
Display your choice of Chick-fil-A/Panera/Subway catering or your connection with a fundraising non-profit.

Advertising Medium
Signs, magazines, print shops, web sites, etc. You trust them with your business. Maybe your bidders should, too. What if your postcard asked recipients, “See more information in [insert publication/web site name here] with a cover of the publication or web site screen capture?

If you market to wholesalers and the investor class, this extra touch will probably not gain you enough extra credibility or deals to reward the effort. But if you interact with the retail market, you want consumers to connect as many positive, professional brands they might know with yours. This will give them added confidence to buy from you. You can also use this tactic in your proposals to show that you’re doing your homework—and more homework than your competitor is. Co-branding could be a successful part of your brand-building program.
[tip]

I’ve seen so many churches try to start their own version of successful nonprofits. They create redundant ministries to those already succeeding under a different name and management to put them under their own umbrella. So it was refreshing when I heard that one of the nation’s largest churches, North Point Community Church (Atlanta metro area), made it a policy to seek out other nonprofits successful in initiatives for which they shared a burden. By co-branding with them, both can maintain their autonomy and also the synergy of their combined effort. I hope their example is found and followed by many other congregations, especially those who already tend toward the exclusivity of denominations.

On a personal level, I find it hard to escape the challenge of being co-branded with Christ. He trusts us with his eternal, unblemished brand. Our choices and expression reflect on his plan, his character, his eternal solution. Our authenticity (or lack thereof) bears the image of his integrity. Our charity and forgiveness demonstrate his unconditional love.

We can’t just tack a cross or fish or label on our kingdom and call it shared. We can’t throw Jesus’ prerogative onto our bracelets to sanctify what our hands do. We can’t add his name to the end of our self-helping requests and call them prayers. Intrinsically, we have to unite everything we are with everything he is. And where there’s conflict, our assignment is to learn and repent and adapt to the omnipotence of sovereignty.