Brand partnerships can have significant benefits, including an increase in awareness, an expanded customer base, and ultimately, more business. Think Ford and Eddie Bauer. Target and Michael Graves. The James Bond film franchise and Omega.
Each of those pairings was memorable, but brand partnerships need to be appropriate, too. After all, KFC’s partnership with Susan G. Komen for the Cure a few years ago was memorable, but largely because it was controversial.
To create a successful—and appropriate—brand partnership, follow these tips:
- Consider your natural partners. First, examine the interests and behavior of your core customers. What companies have clients who share those interests and behaviors?
- Have a solid plan. Work together to create a marketing plan so each side knows what to expect—and what to do. And have some ideas in mind when you approach potential partners. If you own a golf shop, for example, you could offer a discounted round at a local course to customers who make a minimum purchase.
- Make sure both sides benefit. Each brand should contribute to the effort and each brand should share in the gains. Spell things out clearly: How do you define success?
- Monitor and share results. Accurate and honest reporting will ensure that partners know exactly what they’re getting out of the arrangement.
- Be ready to shift. Talk about what’s working and what isn’t—and be willing to switch things up to get better results.
The best brand partnerships enhance the reputation of both brands, provide each with access to more customers and create true growth opportunities. Contact us today to learn more about how a partnership might benefit your business.