Brand collaborations or ‘Collab’s’ have become increasingly popular in the last decade or so. Brands across and within industries are joining up to offer fun and new experiences for consumers. A collaboration typically involves two brands teaming up to launch a novel experience, product or service – however this can sometimes be more than just the two brands. We dig deeper into the benefits in this blog and whether or not you should start to consider doing one within your industry.
Market & Knowledge Sharing
When brands collab, one of the main objectives if to offer innovative and unique products or services to customers. When these collabs are being talked about, often this will give both brands a competitive advantage in the market. Both parties will then see a higher return on investment and an overall increase in profits. When brands collab they’re able to share ideas and both implement them into their day to day business model. Sharing knowledge will allow both brands to stay relevant and up-to-date in what customers are looking for in the current market.
Risk and Cost Reduction
Entering a new market or releasing a product can be a big risk for a brand. By collabing with another brand that has more expertise in an industry can help minimize the overall risk and can almost test the waters without chucking too much into the project at once. Piggy-backing off another brand’s existing and established associations, values, and ideals can also be a cost-effective and convincing way to communicate a change within your own brand.
Grow your social media community and followers
One of the main positives from a brand collaboration is the long-term implications from gaining new followers. Often when brands collaborate, a new pool of followers and interest surround your social media profiles. This is a massive boost for brands as these same followers tend to stay around for the years to come and aren’t just interested in the immediate collab. We all know in this current market, customers are continually seeking profiles with higher follower accounts as validity and this impacts a brand’s success.
We hope this has given you some insight into whether or not you should be considering a brand collab!
