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5 Ways Brand Partnerships Are Game Changers

By October 8, 2021No Comments

As we start to look ahead to 2022 marketing planning, it’s time to think about brand partnerships. Collabs are not going anywhere. Did anyone see the Croc/Hidden Valley Ranch partnership coming? We think not.

Here are 5 of the 5,000,000 reasons we think it’s a game changer.

 

 

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Reason #1: Double Your Reach, Cut Your Budget in Half

To be fair, that math isn't always 100% accurate -- however in theory, a solid partnership will open up new audiences while bringing down cost. Before striking up partner conversations, it's important to think about what you're looking for, and what you're willing to invest or share. Depending on your campaign plans and goals this could be advertising costs, email addresses or the holy grail of co-merchandising.
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Reason #2: Tap into New Audiences

Ideally, your partner will have like minded customers and brand values -- the rest is all details. A high value partnership will create brand awareness with people you might not reach directly. Beyond brands, this also relates to organizations and lifestyle experts or influencers.
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Reason #3: Create Product Uses or Extensions

A great partnership often comes in the form of an extension of your brand. What do we mean by that? Think product or recipe development, sweepstake giveaways and experimental marketing. How can your brand be a better and more relevant solution to a problem when paired with another?
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Reason #4: Make Party Buddies

While the pandemic has been a real buzzkill for events, there is hope that co-sponsored parties will be back and better than ever. And in the meantime, think of other types of events that you and a partner could create. This could be an internal event for your best brand ambassadors (employees!) or a virtual event that creates valuable content and a reason to have some fun.
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Reason #5: Create New Commerce Opportunities

Chances are, there are sales channels out there that your brand just hasn't been able to tap into (yet). Is there a partner out there that can help make it happen? While e-commerce is of course a logical one, this could also mean new retail partners, D2C opportunities, pop up shops or events where sales can be generated.

There’s nothing more rewarding than a successful partnership that goes the distance. And if you need ideas of how to get started, we are ready.

Lisa Minardi

Author Lisa Minardi

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