Did you know that more than 85% of individuals prefer an authentic and sincere brand image?
Branding is core to business marketing strategy. Branding defines the fundamental values, principles, and goals of your company.
In the modern marketing landscape, there is an exciting opportunity to take advantage of brand partnerships. Collaborating with the right companies can help take your brand to the next level. More so, collaborations can help build rapport with consumers.
Continue reading to learn more about five key benefits of brand partnerships.
Greater Outreach and Brand Awareness
Brand partnerships should be a win-win situation for all parties involved. Both you and your partner have the opportunity to bring something unique to the table.
One of the greatest benefits of a brand partnership is that you can combine connections. This in turn, will increase outreach and brand awareness.
When two or more brands collaborate, you can attract a far bigger audience. Additionally, significant marketing campaigns can earn more media attention depending on the industry.
As an example, a smaller consumer goods company partners with an experienced brand for a holiday promotion. The experienced company finds value in the small company’s product catalog. The small company believes collaborating with an experienced company can boost brand awareness.
The two companies come together and release a special holiday product line. It proves to be quite successful. The experienced brand earns a bigger profit. The smaller company further increases its reputation in the industry.
With this collaboration, the smaller company was able to grow its brand. Moreover, it was able to show its sincerity to consumers. This allows the company to earn loyal customers.
Bigger Campaigns and Resources
Not only can a brand partnership increase outreach, but can provide far more resources to use. If two companies come together, they will be able to enjoy more intellectual, creative, and financial resources.
Campaigns can be far bigger and more extravagant. With a combined talent pool, even more marketers, designers, and writers can contribute to the project. More valuable resources include media specialists, lawyers, and ad producers.
If one partner is more recognized than the other, this can help increase awareness of the collaboration. This can be seen in the example provided in reason one. Collaborating with a recognized brand can give a newer brand coveted exposure in the industry.
Brand partnerships allow each party to use its strengths to achieve a collective goal. For additional information, read more here.
A brand partnership provides a great opportunity for companies to enter different markets. Your company may have a devoted audience in a certain geographical area. However, you may want to expand your business to different markets.
Partnering with an already established company can help your business better enter the new market and build rapport with potential customers. Building rapport will allow you to demonstrate authenticity and sincerity.
It takes extensive research to learn the traditions and culture of new markets. The expertise of a trusted partner can make the market entry experience far smoother.
For example, a popular American clothing company wants to enter the Asian market. The company’s executives decide to contact a beloved Asian apparel company and propose a collaboration. The American company heard from a trusted source that the Asian apparel company has been desiring to enter the American market.
Together, they create a specialty line that will be sold in both of their retail stores. The success of this line allows each company to introduce its product lines in the new market.
Brand partnerships can help companies better execute a product extension strategy. Product extension refers to when a company releases a product similar to its current offerings but with a new feature or attribute.
When respected companies in the same industry collaborate, they can launch an exciting new product for consumers.
For example, an athletic apparel company teams up with a specialty shoe company. The athletic apparel company has released shoes in the past. However, it is desiring to introduce a new shoe line designed for basketball players.
This niche is the shoe company’s specialty. Together, they create an exclusive and luxurious basketball shoe collection. Combining resources, they introduce a product line that rivals Nike and Adidas.
A brand partnership has significant marketing advantages. Using each other’s strengths, both companies can gain more exposure and attention. With a brand partnership, companies in completely different industries can benefit each other.
When campaigns are carefully planned, incredible things can happen. As an example, a camera company partners with a soft beverage company.
The soft beverage company’s marketing targets young individuals who live active lifestyles. The camera company knows that customers use their products to capture exhilarating adventures.
Both companies realize they target the same audience. In turn, they recognize that they could benefit from a partnership.
Together, they decide to co-sponsor niche sporting events. The camera company has representatives record the event with its products. The beverage company offers samples of its beverage to event participants and attendees.
Both brands earn more media attention and brand awareness. By collaborating, marketing expenses are more cost-effective. It’s a win-win for both brands.
Brand Partnerships and More
Brand partnerships are one of many business topics we highlight. Additional topics we cover include everything you need to know about the customer experience, important tips for new business owners, and technology changes that have impacted modern business.
For more educational content, please check out more of our blog today.