Strategic brand partnerships can be a hugely beneficial marketing tool, creating brand awareness and brand equity, demonstrating creativity and attracting new consumers. From RedBull to Uber, to BMW, numerous big brands have identified the value of brand partnership and capitalised on its value.
For those not in the know, brand partnerships refer to when two (or more) companies market their products or services together, for mutually beneficial reasons. Brand partnerships are a useful marketing tool as each brand builds on the success and popularity of the partner brand, creating a symbiotic relationship that, if done well, creates added value for the consumers and the brand.
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Creating a successful brand partnership
For a brand partnership to make sense and offer a return on investment, the alliance must allow the companies to gain something from it, and the brands need to create a cohesive marketing campaign that appeals to and makes sense to the consumer.
Search for common ground
When considering a brand partnership, investigate whether the brand’s goals and values align with one another. If consumers are likely to be confused by a brand pairing, it’s probably not a good fit.
Companies must allocate time to discuss and identify company and partnership goals before formally creating a partnership. Aligning goals at the start of the partnership will troubleshoot potential issues and create a blueprint for the partnership. Brands also need to ensure that the activities of the joining brand will not reflect poorly on them.
When entering into a partnership, create a document with an established framework and plan for the partnership. For an effective strategic partnership, brands must discuss all roles, events and promotions, how each will be conducted and decide on goals and expectations.
Focus on solving a problem
What problem does the brand partnership solve? What is the gap that is being filled by this alliance? This type of thinking enables brands to create attractive and valuable offerings to consumers, thereby increasing brand equity and value.
Promote your partner
A successful partnership entails that brands look for ways to help their partner succeed, even when that help will not directly impact you. This demonstrates generosity of spirit and investment in the partnership.
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