Businesses have come far from the ‘each-man-for-himself’ mindset. In many guises, we now have the joy of experiencing the products and services born from the partnership between two different, yet complementary brands. From kitchen appliances to luxury brands, and food to fashion (Cheetos x Forever 21, we’re looking at you), there is no limit to what we can create with a touch of creativity and inspiration.
This dynamic shift towards collaboration is the perfect way to elevate your brand, particularly from a PR and marketing perspective. Partnering to create an obscure brand fit may sound counter intuitive, however it has been proven that a coordinated partnership has the potential to create more revenue and attention than a business could anticipate. Here are three reasons you should consider a brand collaboration as part of your next campaign.
- SOCIAL ENGAGEMENT
You don’t even need to necessarily create a new product/service but offer a package of pre-existing products, which is the perfect way to garner growth and attention without the cost behind it. This typically stands true with social media marketing, where collaborations entail giveaways and competitions. By enticing followers to follow and tag their friends on the post, this creates a surge in followers and creates publicity with minimal cost.
2. REACH NEW AUDIENCES
Collaborations also allows businesses to choose WHO they partner with. By having the autonomy to choose your desired collaborator, it is easy to reach out to those who share the same vision and bolster your own original mission. This versatility of collaborations is perfect for different sized and industry based businesses, as they can invest in their chosen budget and creativity according to the objectives of the brand. It is also a great way to tap into demographics that would not align with the original product/service and to understand the needs of these people for future reference.
For example, earlier this year one of Agent99’s clients, finance educator Vanessa Stoykov was approached by Big W to work as a collaborative ambassador for their back-to-school campaign, offering expert commentary on back to school spending habits. This opportunity allowed Agent99 to work closely with Vanessa and Big W to ensure brand messages were incorporated throughout the duration of the campaign – resulting in wider exposure for Vanessa and Big W in a range of media publications and amongst industry professionals.
3. FINANCIALLY, YOU COULD BE BETTER OFF
According to the Business Collaboration Study conducted by AMEX (2017), 64% of highly collaborative businesses experienced growth in revenue in the past year. 75% of brands surveyed said their collaborations were successful and 42% of mid-sized and 21% of small businesses reached their ROI quicker than expected. Though this may not conclusively determine if this is solely the work of brand collaborations, it is important to note that this growth occurred. Furthermore, mid-sized businesses reported a $430,000 increase and $319,000 cost reduction. Hence, it is safe to conclude that brand collaborations are monumental in the success of a business.
Subjectively, brand collaborations may be one of the best business tactics you can incorporate in 2021. Not only do consumers get a chance to experience a new product/service, but businesses are also able to get the hype and revenue that comes with the craze. It opens up the capabilities of a brand where they no longer need to stick with their established product and branch out to different industries to explore various target markets.
By Intern Agent Danica & Agent Emilie
