Whether you’re looking to expand your market, generate more revenue, or make your customers happier – partnering with another brand or company can be a powerful tool to boost your sales and grow your business.
You’ve seen how successful partnerships led to amazing things. There’s Taco Bell & Doritos, Casper & West Elm, BMW & Louis Vuitton, Starbucks & Spotify, Bonne Belle and Dr. Pepper, and many more. These brands have shown how far a company can go when they tie-up with the right brand.
But the brand partnership isn’t an easy feat. It also isn’t the right approach for short-term goals.
Before jumping into it, several matters have to be settled and agreed upon, such as your shared goals and vision, budget, legal implications, and limitations, etc. Many brands have had great success from partnerships without the staggering cost. You can benefit from small business funding to cover the costs of partnership marketing and other expenses.
Creating a Common Goal
Brand partnerships aim to deliver a win-win situation for both companies. It is important to be clear and specific about your objectives. This is the first and most important step in building a brand partnership. With a clear goal in mind, it’s easy to plan and strategize.
Many brands tie with other companies for many reasons. Among the most common are:
- Brand recognition
- Increased visibility
- Bigger market reach
- Validity and credibility
- Improved reputation
In addition to a shared goal, partnerships should also share common brand values, core competencies, and mutual trust.
Fostering Brand Alignment
Brand alignment is crucial to brand partnership. Your brand description (not the product or service) should be similar to that of your partner. Your goal is to make people excited about your collaboration, not confused. Your target audience needs to be aligned too. It’s okay to have some overlap in your demographics but too much can cause more harm than good.
Creating an Amazing Idea
Your partnership should result in something amazing – something that adds value to your customers. Take BMW and Louis Vuitton as an example. These companies have entirely unrelated products but they’ve got an amazing idea that surely added value to their target audience – luxury travel. Their partnership resulted in a new product – LV suitcases and bags that fit perfectly in the rear parcel shelf of BMW’s i8 sports car.
Developing Mutual Benefits
One of the major reasons for brand partnerships is gaining mutual benefits. Casper and West Elm illustrate this perfectly. Casper – online bedding and mattress brand, tied up with West Elm – a high-end furniture company so that shoppers can try their mattresses first before making a purchase. At the same time, it allowed West Elm to promote their chic bedroom furniture. It is important to establish how the partnership can benefit both brands separately.
Promoting Your Partner
As you have a shared goal, you want to help your partner up because their success becomes your success. Sharing connections and referrals, even if it doesn’t directly benefit you, is a great way to promote your partner brand.
Building a brand partnership requires commitment and dedication. It’s a long process but when done right, it can lead you to continued success.