Brand partnerships might just be the missing ingredient you’ve been looking for for your startup or SME.
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Running an SME or startup requires a delicate balance of strategy and creativity to thrive in today’s competitive market. So, how do you gain the competitive edge your business deserves? Here are five key tips that every SME owner should know when considering brand partnerships.
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1. Define Your Objectives
Before diving into any brand partnership, you need to define your objectives clearly.
What’s your superpower? What do you hope to achieve through this collaboration? Are you aiming to increase brand awareness, broaden your customer base, or venture into new markets? These are questions you can ask yourself to get started.
According to McKinsey & Company, 47% of managers cite alignment on objectives as a core reason for joint venture partnership success.
47% of managers cite alignment on objectives as a core reason for joint venture partnership success.
By defining your objectives upfront, you’ll have a better idea of what kind of partners to seek and how to make the most out of your collaboration.
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2. Seek Complementary Brands
When looking for the perfect brand partners, it’s important to find businesses that complement your own.
Look for brands that share similar values, target a similar audience, or offer products or services that naturally align with yours.
“The best collaborations are those that truly bring value to both sides, elevating the values of the other and complementing each other’s offerings with something unique that is created through the partnership.” – Terri Rockovich, co-founder and CEO of kibble brand, Jinx.
A successful partnership is one where both brands can leverage each other’s strengths and provide added value to their respective customer bases. Research by Visual Objects, 71% of consumers are lured by co-branding partnerships.
If you run an online clothing boutique, partnering with a local jewellery designer or makeup artist could be an irresistible combo for potential fashion-conscious customers.
71% of consumers are lured by co-branding partnerships.
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3. Leverage Digital Platforms
When it comes to brand partnerships, don’t forget to tap into the power of online platforms. Partner Path’s data claims that 68% of consumers make buying decisions after seeing a co-branded campaign. Get your creative juices flowing and brainstorm ways to collaborate digitally.
Co-creating content, organising joint giveaways, or collaborating on influencer campaigns can significantly enhance your visibility and engagement.
68% of consumers make buying decisions after seeing a co-branded campaign.
By harnessing the combined reach and creativity of these various digital channels, you can create a mutually beneficial partnership.
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4. Measure and Track Results
Tracking your brand partnership results is like discovering the hidden treasure map to success. Set up some key performance indicators (KPIs) and tracking mechanisms to monitor the success of your collaboration. Microsoft reports DataStax used lead account mapping as part of its co-selling partnership with Microsoft to grow its pipeline by 140%.
By analysing the data, you’ll uncover valuable insights to fine-tune your strategies and optimise your return on investment (ROI).
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5. Nurture Long-term Relationships
While short-term brand partnerships can be fruitful, nurturing long-term relationships can offer even greater benefits.
Building trust and rapport with your brand partners can lead to repeat collaborations and a stronger collective impact. Keep the lines of communication open, offer support when needed, and keep exploring new opportunities together. BPI Network found that 45% of executives believe that the biggest challenge when it comes to strategic partnerships is keeping them active and mutually rewarding.
45% of executives believe that the biggest challenge when it comes to strategic partnerships is keeping them active and mutually rewarding.
By investing in long-term partnerships, you can create a network of trusted brands that can help you navigate challenges and seize opportunities in the market.
Key Takeaway
Brand partnerships have the potential to expose exciting growth opportunities for SMEs and startups. By defining your objectives, finding complementary brands, leveraging digital platforms, measuring results, and nurturing those long-term relationships, you can maximise the impact of your brand partnerships.
Embrace collaboration and explore creative ways to partner with other businesses in your industry. Remember, together, you can achieve more!
