Top Five Reasons To Collab.
What is a brand collaboration and how can they grow your brand?
Brand collaborations of all types can deliver the ultimate marketing "shot in the arm". Some collaborations deliver so much more. When brands get really creative (read courageous), they can go viral on social media and deliver millions of impressions and a ton of impact.
Brand x brand collaborations, aka collabs, are when two or more brands come together to promote one another's products, or even create new ones. These collabs have become increasingly popular in the past few years as a way for companies to increase awareness and gain exposure. By joining forces with another business, each brand can benefit from the other's audience and reach.
Here are the top 5 reasons why collabs can be beneficial for brands:
1) Increased reach and visibility – When two or more brands come together, they’re able to tap into a wider audience. This means that each brand can gain exposure to potential customers that they may not have reached on their own.
2) Unique products – By partnering with another brand, you can create a new product that’s different from what either of you have offered before. This helps to keep customers engaged and excited about your offerings.
3) Improved profitability – When collabs are done right, they can help both brands bring in more profit through increased sales.
4) Improved customer loyalty – As customers are exposed to more of your collab products, they’re likely to become more loyal to the brands involved. This means that their loyalty will be transferred between them and could result in an even greater customer base for both companies.
5) Increased credibility – Customers tend to view collabs favorably, as they demonstrate trust between two brands. This improves your brand’s reputation and credibility.
These reasons are so compelling that the past two years have seen a huge increase in collabs. Every week seems to bring a whole host of new, surprising ideas. Some of the most successful collabs have been between Nike x Apple, Adidas x Beyonce, KFC x Crocs, Red Bull x GoPro and many more. Simply "Google" collab, and you'll be overwhelmed with links and inspiration.
But collabs are not only for the big brands. Lots of emerging brands have got in on the act too. Examples include, W&P Design x Warby Parker, Glossier x The Wing, Athletic Brewing x Laird Superfood.
Collabs can't guarantee success, but they do guarantee attention, almost risk-free
Results may vary depending on the collab, but invariably they reach a wider audience, can create new products that appeal to new and existing customers and increase a brand's reputation in the market.
Regardless of the goal, collabs are a great way to break out of the marketing mold, shake things up and create something new. Collabs show different sides of your brand. By borrowing inspiration and values from other brands, you can show sides to your brand personality that customers may not have thought of before or associated with you.
Collabs also allow for low-risk experimentation in new products and marketing themes. By partnering with another brand, you can test a product or concept without making the full commitment to launch it yourself. This allows you to try something out before investing too much money, resources, or time into it. It also gives you an opportunity to learn from the collab...and if it doesn't go well, then there is really no harm done.
So you're convinced, what comes next?
Collabs don't have to be left to the big names, it could be with somebody local or from your own industry. Reach out and see what kind of collab you can create! Whether you're looking for increased visibility, unique products or improved customer loyalty - collabs are the way to go.
Don't sit on the sidelines ? It's time to collab!