How brand partnerships can fuel exponential growth for your business
Partnerships keep brands up to speed with changing consumer trends and a way for brands to combine their expertise to boost innovation.
Brand partnerships are sometimes viewed as merely ancillary strategies, but brands that overlook this critical avenue are missing out on key opportunities to scale their business, drive growth, and deliver additional value to customers.
In a landscape where competition is fierce, brand partnerships are more than just a means to an end; they’re a conduit for exponential growth and unparalleled value delivery. Our brand partnerships have allowed us to organically connect with well-established customer bases, introducing our nutrition solution to new and receptive audiences. In a saturated market where consumer trust in advertising is dwindling by the day, this is a gentle yet effective way of introducing brands to new customers.
Partnerships keep brands up to speed with changing consumer trends and a way for brands to combine their expertise to boost innovation.
In a study conducted by market research firm Forrester, companies with mature partnership programs generate revenue nearly twice as quickly as other companies. By uniting our strengths with these respected brands, we amplify our industry presence, solidify our credibility, and remain at the forefront of evolving consumer needs. This cross-pollination of ideas and expertise fosters a space where innovation thrives, enabling us to anticipate and lead emerging trends.
There is no shortage of companies that have utilised partnerships to great effect. Spotify and Uber paired up brilliantly to grant Uber riders the ability to customise their ride’s soundtrack using their Spotify account. MasterCard was the original pioneer of contactless payment Apple Pay while GoPro’s collaboration with Red Bull to host events like the Red Bull Stratos jump from the edge of space remains the talk of the town.
These examples highlight just how well a properly considered partnership can leverage each brand’s strengths to create value for customers, gain brand exposure and achieve mutual growth.
Types of brand partnerships
The number of ways brands can collaborate is limited only by the imagination. Thanks to the fast-moving advancements in technology, it has become easier than ever to facilitate value-added partnerships.
For starters, brands can team up to cross-promote a product or service, offer discounts or other perks like a complimentary subscription or trial. This can all be done online via email marketing campaigns, social media, in-app offers, or other types of referral to programs.
Then there’s co-branding where brands get together to create something unique like GoPro and Red Bull’s adrenaline-fueled events.
Here at Equalution, we have partnered with household Australian brands such as Arnott’s and Sunbeam to deliver value to a highly engaged audience for new product launches to the market.
Lastly, it can take the form of sponsorships where brands can patronise a range of organisations from business entities to charities, events, and podcasts in order to build relationships with specific audiences.
Brand partnership considerations
Businesses that want to embark on a partnership program must ensure there is a clear alignment between brands in terms of values, target audiences, and market position. It’s crucial to conduct thorough due diligence on the potential partner’s market reputation, financial health, and overall fit.
As much as possible the relationship should be on equal terms: both brands should benefit from the partnership and be mutually invested in its outcomes.
As the backbone of a brand partnership, communication and expectations is another area that must be crystal clear. Setting clear goals and accountability parameters ensures that both parties are on the same page and working towards a shared vision.
Finally, constant review and optimisation of the partnership is essential to making brand partnerships work well. This includes measuring the partnership’s performance against set goals, collecting customer feedback, and adjusting the strategy as needed.
A brand partnership, when strategic and well-executed, is more than the sum of its parts. However, these rewarding relationships don’t just happen by accident. Like all relationships, it takes careful planning, constant communication, and ongoing review to keep it fruitful.
The old adage “two is better than one” perfectly describes the advantages of a brand partnership. A lot can be achieved from strategically teaming up; all it takes is a little effort in exchange for a lot of benefits.
Amal Wakim is the co-founder of Equalution.
