The Importance Of Brand Collaboration
The world is evolving at a great speed. Everything is changing as we know it, including the way business is conducted. Consumers are getting wiser and more selective in the countless choices they face and business owners must keep devising means of staying on top of their game. That is why brand collaboration is becoming more and more common.
In this era, if you walk alone, you can easily sink, but together, you are stronger. Many brands have successfully shown that there is greater strength in unity. Look at the hi-tech brand collaboration between Google and Levi’s, Project Jacquard (pictured above). Check out the collaboration between Mercedes-Benz and Lufthansa Technik (pictured below), both bringing the best of their travel world into the bargain. These are just two instances of big brands coming together. Many other smaller brands are falling in love with each other too, wonder why?
Benefits Of Brand Collaboration For Your Business
1. Increase Audience Reach
When two brands come together, they automatically increase the number of audiences they can reach. More people become aware of the new product, allowing for the entrance of new markets. This translates to audience growth and increased sales, especially for non-competing brands.
2. Added Value
The new brand emerging from the collaboration can bring added value to both businesses. What is created out of the collaboration is a unique product that will enhance what is already two solid foundations.
3. Reduced Competition
This is mostly true of competing businesses. When they come together, there is less need for competition, if at all, for they become partners instead. They can work together to reach greater heights, rather than spending resources scheming to outdo each other. The collaboration also strengthens the brands, making them a stronger force to be reckoned with by other competitors.
4. Saves Cost
The time and resources that both brands expand on their individual businesses will drastically decrease when both parties come together to collaborate. This includes money spent on marketing and advertising.
5. Less Marketing Time
When the marketing budget is doubled, more resources and revenue become available. Less time is then spent on marketing, leaving businesses with more time to pursue other goals.
6. Creativity Is The Mother Of Invention
Take the collaboration between Levi’s and Google, for instance, the collaboration resulted in the creation of an amazing product. Collaboration mostly results in the creation of new and greater products and brands.
Collaboration is also great when performed strategically with relevant brands. This allows for the free flow of creative thinking, meant to result in an increased overall value. Brand collaboration can easily lift businesses from mediocrity to fame if efficiently conducted.
In whatever stage your business is, no matter the goals you aim to achieve, brand collaboration can magnify your marketing strategies considerably and with better results.
If you need assistance with brand collaboration, look no further! We would love to work with you, so please take advantage of our FREE CONSULTATION.