The world of co-branding & two lessons from Denali Brands
Its history
One of the first co-branded products for retail (that we know of) was a luxury dashboard for the Renault Dauphine car. Renault partnered with jeweler Van Cleef & Arpels to design this high-end, co-branded product back in 1956. We must say, it was a pretty sweet ride.
In the 1980s, co-branding experienced a boom with the emergence of co-branded credit cards, linking banks with partners like airlines and retailers. Fast forward to today⏤about 1 in 4 Americans own at least one co-branded or store-specific credit card, according to PYMNTS.
Today, co-branded products are not unusual. In fact, we’ve come a long way in co-branding. Thinking of the food & beverage industry, these items are found in just about every aisle of the grocery store. So, why is co-branding so great?
Why does co-branding work?
First of all, it leads to some pretty fun flavor creation and innovation. Just when you start to think that every flavor has been done before, think again! There’s always a new possibility of inspired flavor profiles thanks to co-branding.
Even more interesting is co-branding helps instill a feeling of confidence amongst consumers. The Food Institute found that consumers may be more willing to try new products if it features a brand they already trust. When launching new product lines, co-branding can be a powerful tool in uniting unique customer bases to help a product excel.
The Denali Brands business has greatly benefited from co-branding – It’s what our business is built on! When the Moose Tracks flavor was launched in 1988, it was a flavor local to Northern Michigan. Since then, it’s been licensed to brand partners throughout North America.
Lessons on co-branding
Co-branding isn’t a cake walk, though. We’ve certainly had our fair share of challenges and lessons. With the continued demand for co-branded products in the marketplace, we’re ending this article with our two key lessons from a nearly 40-year history of co-branding.
Number one: be your brand’s biggest champion. The road to co-branding isn’t always easy; like running any product, it can come with its own set of challenges and risks. We’ve certainly been told “no” many times throughout the years. However, our leadership team never let rejection win. They relentlessly backed our product and weren’t afraid to show off their love for Moose Tracks. This helped us find like-minded partners who understood that our shared passions combined may create something bigger. Take it from us: Your passion can be contagious, so embrace it! Doesn’t this picture sum it up? Our founder, Wally, takes is love for Moose Tracks seriously!
Number two: Step outside the box. It might be a cliché, but it’s true. There are opportunities to innovate beyond the category that you’re currently in, so don’t shy away from seeking them out. In the last year, we set out on a mission to grow beyond the ice cream category, which has which has led us to unique Moose Tracks products in snack aisles, as well as the fitness space. Who knew Moose Tracks could make a great protein powder? We’ve found that by stepping outside our comfort zone, we found perspectives which led to growth in unexpected ways. It’s a “yes man” mantra that helped us embrace the unknown!