Brand collaboration, or co-branding is “a strategic marketing and advertising partnership between two brands wherein the success of one brand brings success to its partner brand, too.” In short, brand collaboration is when brands unify in order to market products or services that are relevant to each of them.
Your guide to brand collaboration
By now, you should be aware of the numerous benefits brand collaborations can offer your business. However, in order to take full advantage of all that a brand collaboration can offer, it must be executed correctly. The following tips will help ensure your collaboration is as effective as it should be.
1. Define your brand and values: Before collaborating with another brand, you need to be confident in your own brand’s identity. You need to know exactly who your company is and what the brand stands for. This will help ensure that you align with relevant brands that will complement your values, and it will help make sure your own brand doesn’t get lost in the commotion. What is your vision? What are your values? Who are your audiences? What is your message? Having solid answers to these questions will provide a strong foundation for your partnership.
2. Set your goals: Next, it’s important that you identify just what it is you want and hope to accomplish from your brand collaboration. Why are you seeking a partnership? What are your short and long-term objectives for this alignment? Determining just what it is you’re looking for will help you find the best fit for you and get your collaboration moving in the right direction from the get-go.
3. Do your research: Once you’re confident in your own brand’s identity and certain of what it is you wish to accomplish from your brand collaboration, it’s time to start thinking of potential brands to partner with. This, of course, is a huge decision as it can alter the trajectory of your brand. Therefore, it’s absolutely vital that you conduct thorough research before choosing a brand partner. Look for brands that you think would be open to collaborating with your business, and for whom the collaboration would be mutually beneficial. Also look for brands whose ethos and values align with your own.
4. Pitch with a concept in mind: Once you’ve selected a brand, or brands, to potentially collaborate with, you’ll have to pitch the idea to the brands in question. When doing this, it’s a wise idea to formulate a concept about what your collaboration would entail and present this to them. The brand(s) you approach will want to know how this will benefit them and where you see this partnership going.
5. Set expectations: Once you’ve agreed to a brand collaboration, it’s important to set and manage expectations regarding what the future holds. Discuss with your new partner exactly what you’d like the future to look like. What are each of your brand’s commitments? When will you deliver these? What will each of your shares of the profits be? This stage can be viewed as the “fineprint.” Cover all your bases so there are no surprises. However small the details may seem, addressing them now will prevent issues down the line.
6. Get creative: Now is the time to have some fun with your newly established brand collaboration! Double the resources means double the fun, after all! Explore all potential avenues and use your imagination to develop something that is as ingenious as it can be!
Brand collaboration is a great way to boost your brand within the marketplace and increase your business’s exposure. It offers unique opportunities to reach wider customer bases while bolstering your brand’s reputation. However, in order for your brand partnership to be as beneficial as it should be, it must be executed strategically. The above article will help assist in making your brand collaboration successful. For more help with your marketing needs, contact the experts at the NRPR Group.
Ellan Dineen is the Marketing Associate at Design Wizard. When she’s not hard at work in the Marketing Department, Ellan can be found en route to foreign lands with a book in her hand and a podcast in her ear. With a Master’s in English and Diploma in Social Media Marketing, she knows the importance of staying up-to-date with the industry’s latest trends and insights and is keen to pass these tips on to her readers.