The criteria for brand partnerships is quickly changing as consumers’ attachment to brands, is in an ideal world, an authentic representation of who they are and what they stand for. A successful partnership must be based on shared values and a strong shared purpose that create more together than either brand could alone. In this week’s blog post we are looking at how strategic brand partnerships can be developed to create value.
Ask the Question
There is one question (and our personal favourite) all organizations should ask a potential partner – “what keeps you up at night?”. Although it is a rather simple question, this is where every partnership should start. The question forces an organization to think critically about what they are looking for and where they want to go. Having the ability to understand the brand with which you are engaging early on, helps with the development of the narrative and overall strategy. The pitch, negotiation and activation of a successful brand partnership becomes the next hurdle – but beginning with that one question is a huge advantage in the process.
Less is More
As the age old saying goes, “quality over quantity”. Partnerships have been used by brands to create value for their consumers in new ways for a long time. Recently, there has been more of a focus on fewer and more integrated partnerships between organizations. Consumers are increasingly seeking authenticity from the brands they support and purchase from and integrated partnerships are making more of an impact and delivering higher value. Although opportunities can bring brands together for quick wins, an integrated strategic partnership has the ability to deliver something more than simply a short-term result for an organization.
Before a partnership can take off, it is important that each brand can stand strongly on its own. Tech company GoPro and energy drink giant Red Bull are a great example of this. On their own, both brands have distinct offers and strong values that complement each other. Red Bull as a brand is adventurous and “gives you wings”. GoPro’s mission is to help people celebrate and capture the worlds best moments. Together, both brands are able to complement each other in an authentic way – which is key for a strategic brand partnership.
Partnerships have the ability to make or break a brand with consumers. When done right, they can help a brand gain a massive competitive advantage in the market. Asking our favourite question “what keeps you up at night?”, prioritizing authenticity and quality will enhance a brands overall value and represent one of the most efficient tools available for growth.