‘How can our company increases our revenue?’ is a question that often raises its head. Making money, also known as creating revenue, is after all what businesses are all about. The answer maybe simple, as in sell more, however that is often far more difficult than said. Particularly in today’s world that is saturated with businesses left, right and centre.
Solutions to overcome the difficulty in reaching that yearly target is order of the day. In other words, how can a Brand withstand pressure yet flourish and end up with a better ROI (return on investment) than 12 months ago?
WHAT CAN BE DONE
Within the worlds of Brands and Brand Identities there lies an answer. One word comes to mind: collaboration. One question though is, what does that mean?
Fact of the matter is that trading on various platforms is becoming more and more popular and effective in today’s world. Therefore it is imperative to be visible and active on- and offline. This mean any platform where services and/or products are presented, explained and offered to customers. It will be rather unintelligent not to make use of this opportunity to get more bang for your buck.
To be more specific, the solution is Integrated Brand Partnerships. In short: When Brands Join Forces.
WHAT IS IT ABOUT
Reading an article on the Econsultancy website made me put my thinking cap on and put thoughts to paper. The writer James Cristal explores 5 examples of where significant brands collaborated in order to not only increases customer retention, but also to increases revenue.
Having a renown Brand is one thing, but having the insight to incorporate another renown Brand with your own is a great idea. Not only is a company going to maintain their popularity they are also going to enhance sales and create a magnificent user experience for their customers. And that, ultimately, is what differentiate a good company from a great company.
WHEN DOES IT WORK BEST
Now that it has become more clear as to what such a Partnership is about, the challenge is to figure out a way of making it happen. It isn’t a matter of putting any 2 together either. There is no point in joining 2 Brands where one is like oil and the other like water - we all know that doesn’t mix!
Coming from a Brand Partnership environment, I have on many occasions been presented with the task of blending 2 Brands that compliment each other and work well together. The difficulty isn’t in finding the two components, but it can be very tricky to find the right solution for the process to work. At the end of the day the relationship has to work very well so that both parties benefit.
Therefore the major part in a Partnership campaign is finding the right creative solution. Working closely with both sides the main point is to find the reason for such an integration. Mostly it will be around exposure and presentation to customers hence finding a visual element that does the trick. After all, the task at hand is to grab the customer’s attention and supply an opportunity for them to participate and experience a great service.
Let’s explore 3 different platforms and their different methods:
Broadcasting - Television Programme
placing the sponsorship element right up against the start and end of a programme part, but not within the commercial break
Online - Website
placing the sponsorship application at a point within the site where it is most likely the customers would want to add to their booking/purchase
Print - Magazine
placing the sponsorship creative within the written article to draw attention to a reader with advice on how to proceed to obtain the additional product/service/information
In short, catch the attention of your customer at their most vulnerable moment.
At the end of the day, the purpose of any Partnership is to add further value to the customer’s journey. The best way to facilitate this feature is to offer a way for your customer to be exposed to another partner’s facilities, but without running the risk of customers leaving or forgetting about you as the host. Ultimately, offering them another service, but all within one place - Your Environment.
We have to remember that even though the aim is to provide equal traction for both sides, there will always be a primary and secondary entity taking part in any campaign. It is understandable that one platform will provide the main attraction where the second player will obviously be happy to participate because of the strong, possible winning end result.
It is not a situation of one being better or more efficient than the other, but rather that of both realising that together they can reach a much higher level of success. For the best results it is imperative that these campaigns are executed seamless so that the customer are almost unaware of it happening. If this can be achieved, then you walk away with a win-win moment. It will also mean that there is a big chance the two players will partner again. Once it has become apparent that a collaboration works well, many occasions will be created to do it again.
Having quite a few successes under my belt within this field, I can say that it brings a great amount of satisfaction to all involved in a successful campaign. The exposure for clients’ products/services has been, is and will always be a plus factor. Many sales teams will be patted on the shoulders for instigating such a great win. Creative gurus will receive kudos for an excellent format and those who host the campaign will realise how important it is to work with others. Revenue of course plays a massive part, however the relationships built will persevere for time to come.
Taking on the role of the one-stop-shop between all of the different parties that partake in such an exercise, causes me great pleasure. It is amazing to be able to coordinate various departments and bring a campaign together. Without my extensive knowledge I built up during many years, I reckon none of this will be possible. Needles to say, I thrive within the world of Brand Partnerships. Apart from anything else, it places me in a situation where I can upheld both Brands and their key messages. May it long, long lasts.
As always, please feel free to share, comment or send me a message if you have any questions and/or can relate to this post.
And most of all… Thank You for reading.