Business is an industry which, like many, holds trust as a key component in collaboration. For both or all parties, the necessity to trust the direction and operation of each is imperative.
Brand collaboration can be a powerful tool in growing your audience and taking your business forward. This is where two or more organisations work together to achieve a shared goal.
To be successful, it can often be useful to consider brand collaboration rather than competition. For two or more businesses there is the ability enhance each other’s growth opportunity and build their reputations in their markets.
Brand Collaboration is often more successful when organizations from different fields collaborate. Should two organizations in the same field do so, they are still competing for the same customer base.
For example, should your business be designing and producing suits, you would not collaborate with a competitor as the clients will still have tp decide between the organizations.
A good collaborating sees two organizations from different fields that overlap in their target demographic, and examples of this may include sportsbooks with sports teams.
What organizations can benefit from most in collaboration is the exposure their brand receives to its collaborator’s audience.
Further customers can be obtained without negatively affecting the collaborators business.
This way, it is possible to bring two separate markets together and help raise the exposure of each other’s brands.
Using real trends online media can be of benefit too, should one have a high Instagram following while the other trends highly in twitter, this could lead to the exposure of both in different streams. Being tagged in photos and stories can raise your profile from the exposure of your collaborator.
Often this collaboration can lead to a greater exposure to clients that investment in individual advertising and marketing may struggle to obtain.
Investing in your own ways of advertising will still be necessary, though the collaborative effort immediately shares each customer base. There is also the opportunity to learn from each other in the forms of advertising used.
If the organizations are not the same size there can be different, though highly useful benefits to collaborating. For smaller companies collaborating with larger ones, the value of their larger client base to target is a clear bonus.
For the larger they are seen to be supporting smaller businesses and build their reputation as a supporter of business which often helps their reputation.
How do you collaborate?
Before agreeing to a collaboration, it is vital that both parties are aware of what their goals are and that they both match.
Understanding what it is you are setting out to achieve through a collaboration is vital and cannot be done successfully if the vision is not clearly communicated.
Through this you will be able to identify the most appropriate organizations to collaborate with, knowing that you share the same goals as well as agree on the processes which will be taken,
Having a non-competitive partner is vital as mentioned previously. Going out of your market to identify brands and organizations which target similar demographics is key to the success of a collaboration.
Trusted partners are vital as each affects the others reputation. This is vital in business and organizations will emphasize their trusted partners to ensure that other competitors are not used.
888 Poker has its trusted partners in their payment methods. This is key collaboration which gives the client of 888 faith in the security of their money.
This collaboration is not just about building customers from each organization’s client base but proving their reputation as a leading and trusted betting site within the market.
When participants head online to play a poker game, 888’s clients know that their security is of the upmost importance to 888 and helps in building their reputation. This is how their business has successfully grown.=
By collaborating with trusted brands and payment methods within online payment interfaces, the risk is almost completely eradicated for the client. This may one of the reasons they do not accept cryptocurrency, due to the uncertainty of the product.
As well as providing personal security through collaboration, organizations can collaborate to show their good intentions towards the planet. Collaborating with charities can help raise the profile and reputation of an organization while benefiting the charity greatly.
Ocean & Co is one of many eco-friendly beach enterprises which sells real collections online jewellery, accessories and other apparel. They partnered with OneLessStraw, Lonely Whale and the Karen Brady Sea Turtle Rescue and Rehabilitation Center.
Giving a percentage of profits to their collaborators, the venture from Ocean & Co helped build their reputation and image which in turn improved their market share.
Collaboration has so many ways of benefiting different size organizations. It is not only for organizations of similar sizes to partner together, but there can also be a wide range of partners.
Identifying local organizations and looking to build a reputation in specific areas can be good ways for larger organizations to collaborate. Finding small, well supporting organizations who share similar goals will also benefit the smaller organization in building its exposure. This is a real marketing online advantage that can be beneficial in the long run.
There are so many ways for organizations to use collaboration to grow. It is just vital to find the right partners. Identifying those who share the same goals, that share a similar vision and that are trusted can take time.
It is though, potentially highly rewarding to build these links, often through networking, at times through targeted research to build seek out these possible links.