Embarking on a complementary branding strategy can seem like a daunting task, but one well worth the reward. There are so many things to take care of, from the actual operational logistics to branding and finances. Don’t let this detract you from your goal: To form a lucrative and successful business partnership.
According to the study “An Analysis Of Complementary Competence Co-branding Potential In The Beer Industry” performed at the University Of Kwazulu-natal: “Co-branding, where two or more brands are used to market one new product, has been proposed as a potentially cost effective marketing strategy in highly competitive mature industries.”
Complementary branding, nevertheless, poses its particular challenges that you can greatly mitigate if you are prepared. To translate the above article more closely to complementary branding; consider the addition of a complementary branded pretzel. If you are a brand that serves fries, how about pretzel nuggets as an option (plain, or smothered)? The question is “how can the complementary brand provide synergy with our existing menu?” Branded cinnamon buns with branded coffee; branded ice cream with branded espresso or branded cookies? Once you’ve decided to look into complementary branding, it’s important to use the following questions to guide your journey:
Key Questions To Ask Yourself When Exploring Complementary Branding Strategies
How can I, as a franchisor, add profitable business options for my franchise operator?
Depending on your industry and business model, there will be some business options that make more sense for you than others. For example, what product or service would be a natural fit for your existing consumers? How can you enhance their experience with your brand? What other product or service can you offer to provide a better service or make a positive impact in their perception of your brand?
And from an actual view: what will increase my average tickets without cannibalization, and created unique customer visits to my space for the new complementary brand alone? Think about when McDonald’s added coffee, or soft serve ice cream to their menu. While it was over 20 years ago, this timeless strategic move still applied today. How many customers go to the golden arches every day for one of those two products only?
From a logistical standpoint, what resources do you have available to take on additional business? Most complementary brands that fit your needs will not require additional staff to be hired; only training of your existing staff in the new product line. Next, do I have the space to support it; and how will it impact my existing operation – either positively or negatively?
Should I consider adding a complementary day-part brand to my operation? And why? How do I do it?
Once you’ve landed on complementary branding as a possible business model to fit your needs, you need to learn as much as possible about it. This blog is a great place to start. Some questions that can guide your research are:
- What do I envision my business to look like in the next year, three years, five years?
- Does complementary branding fit into my business outlook and long-term plans?
- What do I hope to gain from a complementary branding strategy? What does success look like?
- How do I get started? What are the next steps? Where do I find brands that fit in with my existing franchise? How should I evaluate these brands for possible partnerships?
Should I consider making changes within my brand to offer our core products in an “Express” package as a complementary day-part brand inside another brand?
If you flip the coin on the complementary branding strategy, you might explore the idea of offering your brand as a day-part brand inside another brand. What would this implicate? Does my product or service lend itself to being repackaged to fit into this model? If not, can I make it fit? What would this entail from a operational, logistical and financial perspective? Does it make good business sense to explore this idea?
These are just a few key questions that can help you guide your decision-making process. We can help you navigate your complementary branding journey, get in touch today to discuss.
If you’re currently exploring complementary branding and have questions, give me a call: Greg Sausaman 813-767-9644. I’m happy to help.