7 Perks to Co-Branding Your Current or Upcoming Franchise
If you've ever stepped inside a restaurant that sold two franchises' worth of food, or walked into an establishment that sold clothes and shoes from different vendors, and so on, you understand the versatility of co-branding. A scenario when a franchisee can sell from multiple vendors under a single roof. Essentially, it's allowing entrepreneurs to offer customers more options, but without creating additional overhead or expenses in facilities, etc.
In many aspects, it's actually surprising that the trend took this long to catch on. And to date, the popularity is making it a trend that's available to more and more franchisees, simply due to availability and willingness for more brands to comply.
If you've considered co-branding – or are working on logistics of opening up your franchise – check out all these perks that can come from co-branding your business venture. Especially the ones you might not have realized as a perk!
1. More Options
This might just be the most obvious plus of them all: being able to offer your customers more choices. Smoothie joints can include wraps or sustainable shopping bags, etc. Workout centers can provide name brand workshops and additional styles of classes. While those providing services can stack all that they provide by heading out into all areas of repair, for instance, cleaning out gutters and updating smoke detectors all in one swoop, should the customer be so inclined.
2. Adding to Business in a Similar Field
Because you're already marketing in a particular industry, you can easily up those efforts for a little extra work (and cash). But without starting from scratch. This means you can up the amount of business you do simply by doing more for the same customers, or by finding shoppers for your new market, and then expanding the services they request. Essentially, it's growing your brand by providing more, but with the momentum you've already created.
3. Minimal Extra Bills
By co-branding two companies under a single location, you can potentially double your income … while paying the same in rent/mortgage expenses and utilities. Though you might be using a little more electricity or require a larger building, you're also combining your efforts. Where, in contrast, two brands would require two separate locations, two water bills, and two sets of employees to train. Efficiency at its finest.
4. Giving Yourself a Leg-Up
If you're worried about the competition (or even if you're not), there's no denying that offering more will give you a leg-up on customers' other options. And when choosing between the stop that offers this one thing they like, or the thing they like plus something related, who are they more likely to frequent?
Just think about all the scenarios when family members want different things and you can save them an extra stop – and that's only the beginning.
5. Appealing to Twice the Audience
Similar to the above, there will be plenty of shoppers stopping in for one or another of your services. Would you not have both brands, there would be a large portion of your business who might not come in at all. This might not break down to half and half, but it is worth taking into consideration as to just how much your additional franchise can allow you to expand.
6. Growing Your Business Savvy
Working with twice the contacts and twice the brands will also allow for twice the lessons that are to be gained every single day. You will be learning from top experts and taking in new info each day you head into work. Keep in mind that many will also have their own crossover experts who take the struggle work out of hopping between brands and ensuring that all aspects are compliant of each side's stipulations.
7. It's Novel
An extremely underrated piece of the puzzle comes from business aspects that are unique. Something that is not like the others – that's a huge reason for folks to shop, or to even show up in the first place. Hosting a new layer to your business will bring in business simply due to the fact that it's something different. It's not just what everyone else has. Additionally, this helps you pull in business … simply from existing.
Co-branding your franchise can be a great way to bring in additional business, and to appeal to a larger audience. However, it also allows the freedom to do so without adding largely to your expenses or list of tasks.