The ideal of a solo warrior going into battle to beat the competition is past. Now is the time for partnering and collaboration. Partner promotions have existed forever. But social media has turbo changed them.
What can collaborations do for you?
• Widen your customer base
• Increase the reach of each brand
• Create innovation via knowledge sharing
• Build higher margin and profits
One of the most well know collaborations is Nike and Apple. They have collaborated on multiple services that track the activity of fitness enthusiast, including fitness trackers, mobile apps, sneakers and more. Each service one staying brand true with a focus on innovation and novelty to their customers.
A collaboration can be two businesses with complimentary markets, a business and a not for profit with similar audiences and mission, or of two great minds coming together and becoming more than either would have created solo.
The key is to find a partner or collaborator where the sum of the parts is more than the individuals.
At MACKEY™ a local $7Million specialty manufacturer in our CFO coaching program was finding it challenging to grow sales. They had tried multiple times to grow by expanding their geographic reach, with no success.
They had great brand identity locally. All they needed was a new approach to their current geography. Their sales and marketing team began brainstorming their options. Their local community was a hub spot of festivals. Why not develop a brand focused festival in collaboration with their local community?
They created a small festival concept and launched. Year one was a success, to be followed by growth in attendees ever year thereafter. The festival increased their already positive brand recognition. Gave them a way to test new product ideas and reach new customers. The result? Sales more than doubled. Even better, the festival was a money maker, essentially creating a profit center with their marketing.
Begin by thinking strategically about your core differentiators and marketplace identity. Think through your objectives and identify a short list of possible collaborators. Connect with them with both a game plan and an open mind.
Write your initial thoughts down now.
Be well and prosper,