Why brand partnerships matter
By IMA on Jul 12, 2019
Partnerships bring brands together to help them reach new audiences, offer something new to their customers, and enhance the perception of their brand. For a successful partnership, the two brands need to align so it seems natural and exciting to see them together. For example, a fast food chain could partner with a new film release, a gym could partner with a protein supplement brand…
But why do brand partnerships matter, and how can your brand benefit from partnerships marketing? We’ve outlined four key benefits below…
Change Your Audience’s Perceptions
When brands partner with the right company, this helps to increase positive brand perception. It can also help a brand to change its audience’s perceptions. For example, a car brand could partner with a theme park to help its audience see it as more of a family-focused company. This can help a new audience of customers to consider the brand next time they’re looking to make a purchase.
Offering Something New
If your marketing strategy is starting to look a little stale, a brand partnership could be the perfect solution to liven things up. Customers love to see new products and offers, so partnering with another brand can re-energise your customer base and reward them for their loyalty.
Reach a New Audience
Partnering with another brand gives you access to a whole new audience, already primed to try your product. This process can be helped further by including an offer in your partnership – perhaps giving a discount or a free gift to tempt new customers to come back for more.
Help Your Small Business Grow
When large brands partner, it makes a massive impact. However, small businesses can benefit from brand partnerships too. In fact, they are a great method of helping start-ups grow. Research other small businesses in your local area and see if there are any you could team up with – it’s likely that customers looking to support small businesses will want to support you too!
Key Factors in Choosing a Brand to Partner With
When considering a brand partnership, the brand you choose to work with is of vital importance. Consider the following questions when thinking about who to partner with…
1. Does the brand align with your values?
2. Will they help you to access an appropriate new audience?
3. Will your current customers benefit from the promotion?
At IMA, we pride ourselves on creating exciting brand partnerships that benefit both parties. We can help you run a successful brand partnership – from conception to management.