Brand partnerships are permeating every aspect of brand-building whether it be media strategy, content creation, sustainability efforts, shopper marketing or product/business model innovation. They are also helping brands get more value out of TV. The opportunities for, and value of, partnerships are greatly enhanced by digital media.
Brand partnerships are two or more brands collaborating for mutual benefit. Partners can be other brands, retailers, not-for-profits, entertainment properties, media properties, events or even stars. For the purposes of this briefing 'brand partnerships', in some respects, overlap with old-fashioned 'sponsorship' of a media property.
1. Brand partnerships can assist long-term brand building
Brand partnerships can be used to meet various objectives and have multiple benefits, for example:
- Co-branding can help raise awareness, generate new revenue streams and open new markets.
- Collaboration or alignment with a good cause or a socially responsible campaign allows brands to project a positive image and be perceived as innovative and caring.
- Partnerships can help brands form strong relationships which improves resilience during times of market disruption. This type of marketing strategy can prove particularly valuable for non-competing brands. Benefits of such arrangements might include: improved profitability through additional revenue streams; customer acquisition; increased loyalty and greater brand exposure.