Have you ever seen collaborations and/or partnerships between brands that got you thinking, how can I be like them?
Partnerships between brands across all sorts of industries take place all the time, such as fashion and food, TV shows and toys, luxury brands and so many more.
Famous brand collabs like Nike SB Dunk Low x Ben & Jerry's, Louis Vuitton x Supreme and other unique ones definitely got loyal fans hooked!
What's in it for you?
Forming partnerships with complementary businesses or those that differ from yours can benefit your business greatly. It serves as a smart marketing move for companies in any industry as each brings their own insight and creativity, which in turn, is what makes a collaboration successful for both parties involved.
A successful business partnership can result in:
Increased Brand Awareness
When brands come together for a partnership, they are bringing their fan bases with them. This doubles the audience for a brand because they are associated with an entire second set of customers from the partner company.
Growing business revenue is typically the main goal of collaborations. Engaging a different market allows the business to gain new customers.
Shared Knowledge & Resources
Brand collaborations can be mutually beneficial when one company has resources that the other might not. For example, a nonprofit organization (NPO) for sustainability might benefit from a reputable supermarket chain. The NPO can use the reputation and resources of the supermarket to introduce sustainability practices to shoppers.
Many people may have a general idea of how partnerships work, but this guide defines clearly the basic types of business partnerships and covers the foundations before you get started on reaching out to potential partners.
Choose the type of partnership that you're going for.
After deciding which type of partnership you're going for, list out your intentions and goals you want to achieve at the end.
Delve into the logistics – the details of cross-promotion, the backend processes that you'll need to carry out, and who's responsible for what deliverables.
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