If you watch reality TV, then you know that alliances are formed to gain numeric advantage. But have you thought about applying that same strategy to your business? As we continue to grapple with the economic impacts of the COVID-19 pandemic, forming strategic partnerships with other businesses might just help you grow yours.
Over the years, many well-known brands have collaborated, including Apple and Nike, Disney and Hewlett Packard, and Coca-Cola and everyone else! Successful strategic partnerships can introduce brands to new markets, create greater awareness, and broaden their appeal.
Consider the following when determining your business alliances:
- Partnerships within your industry – Your business can form alliances with firms in your industry that offer complementary services, helping you fill gaps in your portfolio and reach more people in your target market.
- Partnerships with big business – Smaller businesses can help established companies innovate and diversify their services, while gaining references and sales in return!
- “Outside-of-the-box” partnerships – When you collaborate with a business in a totally different industry, you can provide more value for customers and reach entirely new audiences. They key is to find a business partner with shared, but non-competing, interests!
While it seems like the sky’s the limit for some alliances, there also are risks to consider. If partners are not putting equal effort into the collaboration, the results can be skewed. Also, it is important to remember that all attention will be shared between partners, including anything negative.
For a successful brand collaboration, make sure to set clear expectations and create a plan of action, defining the responsibilities of each partner and how they will use their expertise. Also, have a system for communication to keep each brand on track and on message. And, most importantly, have fun!
At Sky Strategic Marketing, we know the benefits of business first-hand. One of our favorite partners is Sarina Fazan Media. The services we offer are complementary, and there is synergy in our creative processes. By working collaboratively, we can offer our clients a wide array of marketing and media services. We even employ economies of scale in staffing and by sharing an office, which helps to keep overhead down.
Tanya Cielo, owner of Sky Strategic Marketing, says, “When I met Sarina, I knew I wanted to find a way for our businesses to collaborate. With her years of broadcast experience as an Emmy-winning anchor and journalist, she knows how to tell her clients stories with impact. And, I knew that our expertise in marketing could help amplify those stories. The sky is truly the limit!”
Sarina Fazan, owner of Sarina Fazan Media, says, “As I launched my business this year, it’s been invaluable to have another women-owned company as a support system. Whether we are brainstorming how to enhance our services or working together on a client project, our partnership is helping both of us expand our horizons and reach new levels of creativity.”
In fact, we are now working collaboratively on several shared initiatives, including a campaign to encourage kind acts in the community. Check out https://www.facebook.com/startspreadingkindness/ to learn more about the kindness campaign and how you can be involved!
Brand collaboration can help amplify your business and expand your reach. If you are interested in reinventing your image, launching a new service, or entering a new market, look to an alliance!