Brand collaborations are nothing new. As consumers, we get excited when we see two favorite brands come together for creative impact. A recent favorite is the Lady Gaga and Oreos collab. As a collaborative brand investment should be, this one is unexpected and fun and engages consumers by inviting them to spread musical messages of kindness via Lady Gaga OREOgrams. It’s easy to love these two iconic brands on their own. And together? Mind. Deliciously. Blown.
Big national beverage brands aren’t new to creative collabs either. New Balance and Miller Lite made news with their creative design of the “Shoezie” to honor dads this past Father’s Day. Traditionally, it’s the national brands spending big budgets to surprise and delight target audiences with creative, and sometimes shocking collabs. Queue Crocs and Balenciaga.
However, since the pandemic we’re seeing an uptick in partnerships as companies of all sizes – including several clients – look for creative ways to expand their reach. Smart marketers know like-minded partnerships can increase profits while sending a signal to consumers that if they trust one of the brands in the collab, they can trust the other, and that’s powerful, as long as you don’t miss the mark with your target audience. As Hamutal Schieber of Schieber Research said in a recent article in Forbes, “The best collaborations start with the consumer: They create delight and offer meaning, uniqueness and customization — all of which seem to be prerequisites among Gen Z consumers. They allow partners to create something new, play with their shared values and equity, and explore out-of-the-box thinking.”
The success of two brands coming together isn’t easily achieved. For every clever collab that keeps us sharing links via Slack (our new water cooler), there are hundreds that go unnoticed. If a brand collab is in your plan for 2022, consider these five important reasons to engage as you brainstorm your cool collabs.
Four Tips You Need to Know:
Create New Revenue Stream
All businesses are looking to increase product sales and sometimes, two can be better than one. Collaborations between two brands combines sales and marketing engines to increase revenue and profit.
Grow Market Share
Creativity is critical to a successful partnership, especially when looking to grow your market share. When brands come together, the offering back to the shared consumer base in the way of products or services will give both companies a leg up on the competition.
Build Brand Awareness:
When done right, a brand collaboration captures the attention of both brands’ industry, competitors, partners, as well as consumers. Be sure to put a strong communications strategy in place to leverage the collab with media and other key audiences.
Widened Base of Customers
One of the best reasons for brands to collaborate is the extended reach to a new base of customers. Both brands will benefit from bringing their target audiences together for a unified brand experience.