7 Keys to Marketing Genius: Brand Marriages
The following is an excerpt from The 7 Keys to Marketing Genius by Michael Daehn
The label reads “New Betty Crocker chocolate cake mix with real Hershey’s Chocolate Syrup.” A popular trend is to partner with other companies or organizations to promote a product, but is this a good idea for the two companies?
There are pros and cons to these types of partnerships. On the plus side, they can gain the synergy of combining the recognition of both companies. Those who do not know or trust Betty Crocker may be sold because they love Hershey’s. Each company gains access to the prestige and clientele of its partner.
Minuses are when people do not buy the product because of the partner. Those who do not like Hershey’s (this does not include me, I love Hershey’s) will probably choose an alternate cake mix. When you partner with another company, you give up control of your most important asset: your brand image. If for some reason the reputation of your partner is disparaged with your name attached, this has a negative impact on your image as well.
The best way to understand partnerships is to look at a marriage. In the right circumstances, a marriage is a beautiful thing. It represents two coming together as one to do greater things than they could alone. Just as in marriage, the two should be independent and come together for mutual benefit, not because they are needy and are worthless alone. Breaking a partnership or violating the trust can end in a nasty, costly divorce. So if you decide to partner, choose wisely because it is a great commitment with risk involved.