Brand Collaborations for Marketing - Worth it or not?
Updated: Aug 18, 2022
There's no doubt that brand collaborations are a popular marketing tactic among both small and large businesses. But is it worth it? What are the benefits and drawbacks of collaborating with another company to promote your product or service? In this blog post, we'll explore the pros and cons of brand partnerships and help you decide if this strategy is right for your business.
What Are The Benefits?
There are a few key benefits to consider when weighing up whether or not to collaborate with another brand. One of the biggest advantages is that it can help you reach a new audience that you may not have had access to before. If your collaborator has a large social media following or customer base, partnering with them can help you tap into that market, widen your respective audience base and increase your visibility. Involving outside resources and brands can help influence your creative process and broaden your influence.
Collaborating with another brand is similar to building credible backlinks on your company site. Backlinks are an integral part in creating a popular and supported site. The same can be said about company connections with well respected partnerships. When two respectable brands work together, it can help build trust and credibility for consumers. If consumers see that you're working with a reputable company, they'll be more likely to trust your brand and feel confident about doing business with you.
Partnering with another brand can be a great way to save time and resources. If you are a start up company or you are looking to put more time into a different department of your business, it can be highly beneficial to connect with another brand's marketing power. Rather than having to create all your marketing materials from scratch, you can link with your collaborator's existing content and promotional channels for support.
What Are The Drawbacks?
Like any high rolling endeavor, there are a few potential drawbacks to consider before entering into a brand collaboration. It's extremely important to make sure you are partnering with a company that shares your values and that their ideas are ones you are comfortable with representing. You don't want to be associated with a brand that could damage your reputation or bring down your brand in any way. There is always a risk when creating a new partnership, just make sure to do your research and know your brand.
When working with a new brand collaborator, make sure they are not a direct competitor. You will get more out of a partnership if the other company complements your brand rather than competes with it. It is possible the other brand could outshine you or steal your thunder. Your company and brand should always come first. If you're not careful about how you position yourselves, customers may end up confused about who your brand is and what you stand for. Do not lose the identity of your brand inside the partnership of your collaboration.
There are so many pieces and necessary planning that goes into connecting with another brand. Brand collaborations can be time-consuming and require a lot of coordination. If you're not careful, they can quickly become a drain on your time, resources, and income. Make sure you have set clear goals and guidelines with your collaborator to lessen the strain a partnership can take.
Overall, when creating a brand collaboration and potential partnership, make sure it is the best move for you and your brand. Only you can make that decision! We hope that this blog post has given you some food for thought and helped you weigh the pros and cons. Good luck with your future endeavors!
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