5 Reasons To Collaborate With Another Brand
To collaborate or to not collaborate? That is the question. Hopefully after reading this article you will see all the right reasons to work with another brand. Just make sure the brand you choose has a similar target audience and won’t tarnish your brand name. With that said, here are the top 5 reason to do a collab with another brand.
1. Raise brand awareness
Cross promoting with another brand is probably one of the biggest reasons why its a good idea to do a collaboration. If the brand you work with has 1,000 followers and the company promotes that you two are working together. Then you have 1,000 new people that will learn about your company. Think about it, if you keep 1% of those customers after the collaboration then you have 10 new customers that you didn’t have before.
2. Gain New customers
This should be the major reason why both companies want to do a collaboration. If both brands share similar styles, message, and have a common target market then you should both gain new customers. For example: Adidas signed Kanye West to a sneaker deal because they knew if they did a shoe with Kanye West it would help gain new customers that they didn’t have before.
3. Save Money
Doing a collaboration with another brand is a good way to save money on new products. You don’t need to be a mathematician to know splitting the cost of a new release is a good idea. But why stop there? If you and a brand set up and budget and split the cost for a photo shoot, throwing an event, and promotion. You run the chance to receiving a big return with a fraction of the price.
4. Get into new markets
Another good reason to collab with different companies is to push your brand into new markets. A famous example of this situation would be the Simpsons x Kid Robot. This collaboration was such a success because they had the same target audience, kid robot helped push the Simpsons into the high end toy market, and them marketing a project together added value to both companies.
5. Add brand value
Doing a collaboration with a very well known company can be a quick way to add value to your company. For example: when sneaker giant Nike does a sneaker with anyone its considered a big deal. However, in the beginning Nike would actually collaborate/sign with other well know athletes to add value to their own brand and to break into new markets. Did you know that signing Michael Jordan to Nike and giving him his own signature sneaker is one of the reasons why Nike is as big as they are today.