While you read this, your customer is buying someone else’s product … and you should be happy they are if your building your brand partnerships correctly.
Too often brands can come across like jealous girlfriends, unable to stand it if they catch their beaus so much as smiling at someone else. It’s annoying to see one brand bashing another. Drama much? The trick to making any relationship work is by building trust and putting the other person’s best interests in mind. The same is true in marketing, specifically when developing brand partnerships.
How brand partnerships benefit business
Brand partnerships are all about creating content relationships with seemingly disparate brands. They can get tricky, but when done well, they can revolutionize your business.
One of my favorite authors on the subject, Andrew Davis, challenges readers to get over the jealousy stage and start looking at partnering with the other brands your current customers like in his book Brandscaping: Unleasing the Power of Partnerships.
Notice a large segment of your customers spending their time and money in a specific market? Bank off it. That’s what Converse did when they noticed a their shoes being worn on stage by musicians at almost every major concert around the world. Instead of throwing money at a sponsorship or simply slapping their name on a festival lineup, they blew their audience base wide open by partnering with Guitar Center to create a free recording studio called Rubber Tracks. Now, not only are both brands reaching new audiences, but the hub they created has their customers creating content for them.
Pretty genius, right?
Brand partnerships don’t have to fit a mold, but they do have to benefit both sides. So how can you make it work? In his book, Davis suggests each partner:
- Be willing to invest in the content of others. In any content partnership, you will be required to acknowledge and promote the content of your partner, not just your own.
- Be humble. You’ll have to admit your customers love other brands besides yours.
- Be open to sharing your resources (physical and monetary) and you will have to share your audience.
If you haven’t already, make sure to grab a copy of Davis’s book. Need some ideas on which brands your company should partnership with? Give us a call and let our creative team come up with some strategies for you.