by Connie Chi | Founder + CEO | The Chi Group
A successful brand collaboration can be shockingly powerful–as powerful as influencer marketing. The idea behind it may seem basic and simple yet there are many factors which go into finding the right partners for your brand. The process is inexpensive and not intricate compared to creating a massive ad campaign.
Here are seven key considerations to keep in mind before diving into any brand collaboration initiative:
1. Know Your Values
Get clear and what your brand stands for, what do you believe it. Knowing your values will make it easier for your brand to align with the right partners. For example, Louis Vuitton and BMW recently announced a partnership where LV would create custom fiber luggage that would fit into BMW’s new i8. Both brands are known for luxury and craftsmanship, so the collaboration made sense.
2. Research Other Brands
Just because a brand looks great on social media or has mass appeal to their audience it doesn’t mean that it’s the right collaboration opportunity for your brand. Make sure you look for the type of audience your partner brand is attracting and if you share similar values with each other.
3. Set Expectations Early
Make sure that both sides in any brand collaboration are very clear about what the goals and expectations are. Set that early on in the game and if it means drawing up contracts then this is where you want to outline what is expected from both sides. Don’t change the expectations or goals in the middle of your campaign because it can ruin the momentum that both brands have made. Or even leaving the other brand to stop working with you.
4. Keep It Real
Authenticity isn’t just a word people are throwing around. According to Crezeo “80% of consumers say that authenticity of content will influence them to follow a brand.” If your brand is looking to boost brand awareness and increase followers, then keep it real and create a strategy that organically connects with your audience.
5. Use Out of the Box Approach
Be courageous and willing to do things outside of the box, that’s the fun part about collaborations. You get to work with other brands and end up creating something new.
6. Know When to Say No
If you are clear on what your brand can bring to the table in terms of values and assets, know when to say no. Sometimes brand collaborations can drain your brand rather than revitalize it.
7. There’s No Rule Book
When it comes to brand collaboration, there’s really not set rule book splaying out the steps for you. So dare to be creative and know that it can be a great experience giving your brand the extra boost it needs.
Guest blogger Connie Chi is the founder and CEO of The Chi Group, a global branding agency humanizing and co-branding brands through experiences. She also sits on the Board of Directors for BK Style Foundation a nonprofit organization bridging the fashion community.