Two hands are better than one, as the old adage goes. While this holds true in many areas of life, partnering with others can also take your brand’s marketing to the next level.
There are many benefits for companies and brands to collaborate with one another, utilizing each other’s strengths or popularity to create a campaign or product that is mutually beneficial for all parties.
The Price of Fame
Two recent examples of celebrities partnering up with companies to great success are Travis Scott and Kanye West, who teamed up with McDonalds and Adidas, respectively.
Scott’s collaboration with McDonalds ended up being a fruitful ad campaign. The partnership reportedly earned the rapper $20 million, and boosted sales for the world-famous fast-food burger joint.
West’s brand, Yeezy, meanwhile, which sells shoes and other clothing apparel, is currently valued at between $3.2 billion to $4.7 billion, and an upcoming partnership with Gap could add as much as $970 million to that number.
Could West have built his brand without the Adidas partnership? Perhaps. But it is hard to imagine it would have reached its current level without the help of an already established brand.
Collaborations don’t have to be limited to celebrities, either. Companies are also choosing to team up with each other in order to reach larger audiences and a wider variety of consumers.
The aforementioned Adidas, for example, has partnerships with Allbirds, to create a more sustainable shoe, and with Lego, to design a shoe that could appeal to a specific audience and give the brand a larger reach.
“Unexpected partnerships between corporate brands capture media attention, generate social buzz and allow for cross-marketing to customer bases—without celebrity endorsement fees, all of which plays well in an era of hard-to-capture consumer attention and tightened budgets,” wrote Dave Toby, director of digital marketing agency Pathfinder Alliance, in a column published on information hub Business Business Business.
Another way for a business to extend its reach is to team up with a similar brand for an email marketing campaign.
Combining clientele can get businesses more eyes on their product by showcasing it to consumers who have shown an interest in the type of thing they are selling yet may not know of their brand specifically.
“Email marketing is one of the most cost-efficient marketing channels, but it’s only as powerful as the quality and size of your list,” said Julien Raby, CEO of thermal imaging brand ThermoGears, as published on WordStream. “One approach that is working well for us right now is co-branded emails. In short, we approach companies with an audience similar to ours to craft a deal involving both offerings. We then send this offer to both our email lists.”
Tapping into these co-branding strategies should give you – and your new business partners – a leg up on the competition.