Brand Partnerships are a strategic alliance between two non-competing brands.
It is a trend not only popular because powerhouses such as Red Bull, Coach and Nike are playing the field. But because it is paving way for the wildest, unanticipated collaborations we are yet to witness.
What is fascinating is that some of the most successful brand partnerships are the ones you may have never considered. Take the partnership between Red Bull and Go Pro for instance. In this case, the partnership complements each brand’s objectives and motto. Red Bull provides energy drinks promoting a sense of adventure and fearlessness. Go Pro provides the tools to record the exhilarating events, competitions and escapades – from the athlete’s perspective.
It is worth emphasizing that there are no set rules or edicts when it comes to forming a partnership. They can take any form from cross-promotions and added-value offers to competitions and discounts.
Taking everything into consideration, partnering is the formula needed for brands to gain recognition, launch into a new market or solidify the business further.
Areas to ruminate before forming a partnership
We see how partnerships are becoming the sole proprietor for innovation in conglomerates. The organic growth that comes from the right collaboration between two brands remains unmatched. In a similar scale, the wrong partnership can cripple the reputation and customer allegiance of the brand.
There are no ‘right’ or ‘clear’ choices when it comes to forming a partnership. But having similar ideals must be the essence of the relationship between brands. Here are a few areas to think about before forming a partnership:
1. Finding common ground
Partnerships based around company motives and agenda is crucial to building a concrete relationship between brands – be it shared beliefs or the brand message.
2. Targets & Objectives
Companies must take each other’s targets and objectives into consideration; whether it is to increase sales, to boost brand awareness or even reach new audiences. The partnership between Apple and Nike is a unique example – one being the technology giants and the other sports legends.
The partnership was a massive success as the companies complemented each other. Nike had the means and influence to drive sports fanatics to incorporate Apple into their routine. Whereas Apple is a leading innovator in the world of technology.
3. Can the audience relate?
Too often companies forget to take into account the state of mind of their consumers. A partnership will never thrive if your audience can hardly relate to the new brand message.
4. Trust at its core
Like any ordinary relationship, trust sits at the heart of all partnerships. For this reason, partnering brands must be willing to uphold trust and transparency throughout the process.
When a partnership succeeds
Setting these principles in place moving forward, a partnership can bear astonishing results.
5. Reach new customer pools
When two brands join forces, their reach also gets amplified.
6. Augmenting brand perception
Partnerships allow companies a chance to diversify or enhance the brand message further. British Airways had partnered with The White Company, aimed towards defeating cross-continental jet lag. Providing deluxe bedding and amenity kits, the airline’s investment targets a key area for customer satisfaction: sleep.
7. Create a buzz
When two brands partner together, it is bound to turn heads. Partnerships have proved to be a powerful medium for increasing brand awareness time and again.
8. Two is always better than one
While your company may be experts in your field, another company from a different field will undeniably add value to your business.
What does it take for a partnership to succeed – that is the million dollar question. Everyone does it differently; hence it lacks a standard step-by-step procedure. Numerous pillars are crucial to building a foundation for the partnership to flourish. Consumer engagement, the value of the customer offer, approach and execution of the promotional plan etc requires prioritizing during ideation. A partnership divides the assignment between brands, each brand solidifying each other’s weaknesses.
Brand partnerships done for the sake of it will almost never succeed, as it has no underlying purpose or meaning – and it will show. But partnerships done for a cause – doing good for the environment – can help brands leave a footprint in today’s progressive world. Without ample expertise and interpretation of the concept, executing a partnership would seem to be an insurmountable task.
That is where Metapair excels. Through automation and implementation of A.I., the company aims to make partnerships seamless. Starting from ideation all the way down to its execution, the A.I. is capable of suggesting brands to partner with, as well as generate curated campaign proposals based on statistical data analysis.
Partnerships are quickly gaining recognition amongst leading conglomerates, for their immense capabilities. When done correctly, the right partnership has the power to change how consumers perceive a brand; and can even act as the gateway of innovation, for those who can embrace it.
Visit us at www.metapair.com. We solve partnership problems.