How does one land on complementary branding? Much like you venture into any other business model: You find that it fits.
Complementary branding is a great business model that is increasingly gaining traction in the North American market. Why? Because it works. Complementary branding, in essence, is the marriage of two brands for a mutually beneficial relationship. A smaller brand gets exposure within a larger brand without having to set up its own shop, an established brand adds value to consumers as well as maximizes the profit per square foot without adding additional burdens to its operation.
Complementary branding is not for everyone. Traditional business folks that are risk-averse and aren’t quick to adapt to an evolving business footprint might find that a complementary branding deal difficult to manage.
Just like any business model, the success of a complementary branding venture relies on a few key components. Let’s look at the most important ones.
Put Any Doubt Aside
Complementary branding is a fairly recent business strategy. There is no set foolproof guide to success. It’s natural that you have a few doubts along the way. To embark down the complementary branding path, it’s essential to understand the impact this business model can have on your business.
At this point the question is not “should I?” it’s “when should I start complementary branding?”. You need to leave any doubts behind and stand 100% behind your decision for it to succeed.
Commitment and Communication– on Both Parts
Like any joint business venture, the success of a complementary branding strategy relies on what both parts bring to the table. The first thing must be unwavering commitment. Complementary branding relies on a lot of moving parts. You need to take into account the needs of not one, but two, businesses.
It’s crucial to make an above-average effort to keeping communication lines open and adapt to new communication needs that will arise in this joint venture.
A Solid Plan
Like we’ve already mentioned, complementary branding takes into account the needs of two very different business. The business model might be somewhat similar, but that might be where the similarities end. Don’t discount the importance of aligning shared operational procedures, company cultures and personalities, marketing, and other strategic initiatives from the get-go.
While some business owners skip this step in their excitement to get things rolling, outlining a plan that takes into account every single element will uncover doubts and – possibly – costly questions that you might run into in the future.
We fully stand behind complementary branding. When done correctly, we know that playing for the win-win is a surefire strategy to grow your business. Please contact us if you’d like to learn more about complementary branding or explore possible opportunities for your business.