Co-branding is now no more a new strategy used by companies for generating higher level of interest and excitement about the products and services. As every single strategy of branding comes with benefits and risks, co-branding is not an exception. Let us see all about co-branding in detail.
What is Co-branding?
When a company uses multiple brands together to introduce a single product or service, the practice is called Co-branding. It is also called Brand Partnership, piggyback franchising, or combination franchising. There can be two or more than two brands in alliance to achieve an appeal to the consumers that an individual brand could achieve.
Co-branding provides a way for companies to integrate the marketing forces from each of the brands such that they work cooperatively to associate any of the logos, color schemes, or other brand identifiers to a specific product. The objective of co-branding is to combine strengths of multiple brands for business growth.