What Are The Advantages And Disadvantages Of Co-Branding?
Over the past decade or more, healthcare market has undergone drastic changes with the advancement in technology and implementation of innovative approaches for healthcare financing. Growing pressure and demands in healthcare market especially in the Western World have been overcoming this challenge by co-branding. Co-branding mainly works by providing the new brand associated with it a head start in the healthcare market. Therefore, co-branding provides the new brand the leverage plus the “valued associations” expecting it be carried over to the new brand as well, for instance, the potential co-branding of the Stanford medical Center with a major national hospital in Saigon, Vietnam (Cunha, Forehand, & Angle, 2015).
Benefits …show more content…
Similarly, analyzing both the advantages as well as disadvantages involved in this co-branding, I am more biased towards the positive perspective of the collaboration. In order to survive the competitive marketplace in healthcare, it has almost become essential to implement creative and collaborative marketing strategies such as co-branding. As both development and education are not only valued in terms of personal growth, but also a more of a global growth, so this co-branding can benefit both the parties involved. From a marketing perspective, where consumerism is at its blooming phase a collaborative brand image may serve to offer both proficiency and variety in their provided healthcare services (Berkowitz, …show more content…
So, a well-established healthcare branding requires “delivering unique standards of consistency” (Mangini, 2002). Additional factors that are associated with branding are logos, positioning, and associations (Mangini, 2002). Usually, a good brand name has been associated with bringing positive outlook.
Therefore, branding works based on correlational relationship between the consumers and the brand name, so if the consumers are more familiar with a healthcare organization’s brand, they are more likely to invest or trust in that brand. Also, another factor involved branding is the “significant internal value”, in terms of the staff and the organization as a whole being more committed and efficient (Mangini, 2002). Today’s technological savvy healthcare consumers, demand more choices than ever, so healthcare branding can be one way to achieve this goal.
To sum it up in a nutshell, co-branding is an effective marketing strategy but it does not come without a price or a potential risk. Therefore, it is advised to always carefully assess the overall situation by analyzing both the pros and cons involved in the collaboration, so that the brands involved don’t lose the potential benefits as well as