{"id":175554,"date":"2024-03-31T13:22:48","date_gmt":"2024-03-31T13:22:48","guid":{"rendered":"https:\/\/businessyield.com\/?p=175554"},"modified":"2024-03-31T13:22:51","modified_gmt":"2024-03-31T13:22:51","slug":"brand-partnerships","status":"publish","type":"post","link":"https:\/\/businessyield.com\/marketing\/brand-partnerships\/","title":{"rendered":"How Brand Partnerships Can Improve Consumer Engagement and Business Growth","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n

Everyone knows how Coca-Cola and Pepsi are always at each other’s necks, right? Now, imagine both companies burying the hatchet, just long enough to launch a drink together. Now, that’s the kind of brand partnership that would rock the world. And such a drink would probably bestow godhood to boot.<\/p>\n\n\n\n

However, we don’t have to go too far to imagine what brand partnerships are all about, as they are constantly happening in every industry. In 2016, GoPro entered a brand partnership with Red Bull<\/a> that helped them sell an average of 4.4 million units over the next four years. This helped solidify GoPro\u2019s status as the world\u2019s go-to action camera.<\/p>\n\n\n\n

So, is this all there is to brand partnerships? Read on to find out.<\/p>\n\n\n\n

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Key takeaways<\/p>\n\n\n\n

A brand partnership is a collaboration between two or more companies to create or promote products or services.<\/p>\n\n\n\n

If you\u2019re an individual with a lot of social influence, the chances are you could secure a brand partnership. <\/p>\n\n\n\n

Brand partnership multiplies your brand’s audience with the audience of another respected brand. <\/p>\n\n\n\n

Partnerships can also offer extra revenue from new products and services that your brand might have a hard time tapping into alone.<\/p>\n<\/blockquote>\n\n\n\n

What are brand partnerships?<\/strong><\/span><\/h2>\n\n\n\n

A brand partnership is a collaboration between two or more companies to create or promote products or services. It’s a type of marketing technique referred to as co-branding, which involves businesses offering their branded inventory as a single unit or package. <\/p>\n\n\n\n

When developing a marketing strategy, companies might consider participating in brand partnerships. This type of collaboration allows them to raise brand awareness, generate leads, and improve revenue. The primary objective is to increase revenue and generate leads. <\/p>\n\n\n\n

Through this collaboration, the companies involved can use their existing products or design a new item featuring their brands.<\/p>\n\n\n\n

Brand partnerships are a great way to grow, but they aren\u2019t a one-size-fits-all strategy. You need to figure out what type of partnership is best for your current growth needs. So, let\u2019s dig into the process.<\/p>\n\n\n\n

Who can secure brand partnerships?<\/strong><\/h2>\n\n\n\n

If you\u2019re an individual with a lot of social influence, the chances are you could secure a brand partnership. Typically, we\u2019re talking about creators and influencers online and on social media, such as bloggers, YouTubers, podcasters,\u00a0Instagram influencers,\u00a0and TikTok stars.<\/p>\n\n\n\n

However, there are no hard and fast rules. Ultimately, anyone who\u2019s in a position to be able to influence others could add value to a partner brand.<\/p>\n\n\n\n

For instance, securing brand partnerships can be a valuable stream of income for coaches, entrepreneurs, course creators, and experts of all kinds. <\/p>\n\n\n\n

In fact, you don\u2019t necessarily need to have a huge following to secure a brand partnership (although of course, it could help). Micro-influencers who have as few as 1,000 followers in a highly targeted niche can be just as valuable to a partner brand. This is because they\u2019ll often have a high level of influence over a smaller pool of engaged followers.<\/p>\n\n\n\n

This can be ideal when encouraging people to buy a partner brand\u2019s products.<\/p>\n\n\n\n

Types of brand partnerships<\/strong><\/h2>\n\n\n\n

Selecting the right type of partnership is essential to receiving positive results. Consider researching a brand’s audience and market status to gain insight into how two brands can complement each other. This preparedness exercise can help you create a market strategy that fulfills your objectives. <\/p>\n\n\n\n

These are the types of brand collaborations you can consider:<\/p>\n\n\n\n

Co-marketing partnerships<\/strong><\/h3>\n\n\n\n

In a co-marketing partnership, two or more brands agree to promote each other through joint marketing activities like social media contests, co-hosted webinars, and more. This relationship typically is more casual, with no formal contract (although companies may institute agreements for each joint project).<\/p>\n\n\n\n

Going back to our initial example, GoPro and Red Bull went the extra mile and built a whole marketing campaign together. Both companies promoted each other on a global scale.<\/p>\n\n\n\n

Another example of a co-marketing partnership comes from Clearscope: They regularly partner with other brands to co-host webinars. In December 2022, for instance, Clearscope partnered with Jeff Baker of Baker SEO to co-host a webinar on evaluating search engine results pages.<\/p>\n\n\n\n

Co-marketing activities are advantageous to companies that want to:<\/p>\n\n\n\n