While businesses are working towards goals, competition will inevitably arise and pose some concerns within the organization. This is especially true if sales are tight between two organizations or one is outperforming the other. When this happens, brands tend to label each other as “competitors” and work hard to gain the upper hand. While this in some cases gives brands character and contributes to their public image (Pepsi Vs. Coke) other companies can be hesitant to work together even when provided the opportunity.
Yet, not every company should be quick to close themselves off to collaborations. Opportunities for collaborations should always be considered by brands, as a partnership can lead to a bigger audience. This is especially relevant in start-up companies as they are growing. Partnerships with other companies can be beneficial to their publicity. The joining of organizations can offer fresh perspectives and input from both parties aimed at benefiting both businesses.
In addition, there’s access to greater capital for both parties when their networks combine.
Now is brand partnership and collaboration necessary? No, not every company will benefit or feel comfortable merging. This is especially true if an organization has built itself to a point of high performance on its own. However, other organizations can benefit from their creative process and audience reach. A good example of a situation where mutual benefits can be achieved would be two brands targeting the same audience but providing different services.
Take GoPro and Red Bull, their products appeal to extreme sports athletes yet serve different purposes with their products. A collaboration between them opens up access to wider audience exposure, skills/experience, and advertising advantages. This is one situation where collaborations can work in many different ways. Now how can your organization apply this methodology in a way that will be beneficial?
Here’s what you can do:
Build A National Network
Expanding your reach is the ultimate goal with collaboration, what better way to do that than connecting with organizations established out of your territory. For example, if you are a Canadian company based in Ontario and the majority of your product sales are from your province, with a close second being British Columbia. Partnering with a company based in British Columbia expands your reach to their market. From there you can continue to branch out as sales and demand increase.
Promote Your Partnership
With a partnership between brands, the influx of clientele should be maximized by promoting what you’re offering. This is when utilizing your network and social media is essential. Creative teams should develop drafts as a top priority when collaboration is official. Social media is especially important here, sharing your content is efficient and receiving feedback is much more direct than anywhere else. In addition, calls to action can be easily accessed by your audience (Instagram has a great CTA feature) so be strategic with the ad approach you take.
Collaborate On Products Or Services
Does your business lack the ability to earn high-profile clients or lockdown contracts because the client chooses to go with a bigger or more well-known company?. At the moment of rejection, it is easy to label that company as competition. However, an optimistic leader may see an opportunity for growth. Especially as a small business, having the opportunity to partner with a larger organization can offer a bigger base for clientele.
In addition, you both may bring something to the table that the other doesn’t. Joining forces in some way can prevent missing out on sales growth and help both organizations grow.
Conclusion
Running a business is never a solo effort, it requires support from the bottom up with an endless need for collaboration within the team. This collaboration, however, can reflect beyond the team to the organization as a whole. Opportunities for partnerships can provide an abundance of learning opportunities and take an organization beyond anything it could reach on its own. Essentially it comes down to what will best benefit both parties and appeal most to the target audience.
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