How to Make a Strategic Partnership Work for your Business
Are you looking to shake up your marketing strategy? Are you hoping to re-enforce your branding and reputation in your industry? Have you considered a strategic partnership as a way to give yourself that boost? Are you unsure of how to go about arranging such a partnership?
Then you’re in the right place. Here at Brand Culture, we specialise in offering our customers strategic partnerships. We have been facilitating these partnerships for more than 20 years, working with some of the powerhouses of the entertainment and retail sectors.
Not only can we introduce you to strategic partnerships, but we can also arrange one for you, one that is tailored to your needs and your goals.
What is a Strategic Partnership?
Strategic partnerships; also known as co-branding, is a campaign or series of campaigns launched by two non-competing brands. Some examples that we have worked on include Diet Coke x Readly, Energiser x Illumination’s Sing 2, and Del Monte x Netflix’s Jurassic Park: Camp Cretaceous. The underlying principle is that doubling the reach and the capacities of your marketing team, you’ll be able to bring in a larger customer base, leading to more sales and higher revenue.
Does it Work Effectively?
The short answer is that yes, it does work.
Success comes from a variety of factors, one of which is that customers feel like they can trust you, even if they haven’t worked with you in the past. Many customers shop on a ‘trust’ basis, they shop with companies that they believe care about their needs and desires and that align with their own values. This can take a long time to build up and it can often be slow going in the first place. But strategic partnerships can speed this process right up for you.
This is because you get to benefit from the hard work already done by your co-brand. Their customers will more than likely already trust their brand, considering them to be a company they feel comfortable giving their money to. This trust is likely to extend to you, as it’s unlikely that a brand will align themselves with a company that doesn’t agree with their morals and values. As a result, their customers will be more willing to spend their money with you, increasing the number of sales you could potentially make throughout your campaign.
Another reason that these strategic partnerships work so well is the social buzz that it creates. When two brands join forces, it gives people something to talk about. This is probably why brands like Forever 21 often do collaborations and partnerships with unexpected brands. People often talk about these surprising developments and they often go to see the outworkings of these collaborations. And then, while they’re at the store, they often purchase something else that has caught their attention.
While we wouldn’t necessarily recommend making such unexpected choices with your strategic partnerships, the same principle is true for you. People will often talk about the latest brand partnerships, which will lead to a bit of extra news coverage and more traffic to your website. Of course, not everyone who is going to visit your website will make a purchase but a few of them will, which will definitely boost your annual profits. Lean into the buzz, it can be a major bonus.
Ready to Start your Strategic Partnership Journey?
If you’re interested in finding out more about our strategic partnerships, then feel free to get in touch with us today. We would be happy to go through the benefits and the process of creating a brand partnership with you in more detail. Our team is some of the best in the field, the sort of people that you will want to turn to help decode the world of strategic partnerships and finding the perfect co-brand for your company and your goals.