5 Non-Negotiables To Look For In Brand Partnerships
A brand partnership is a strategic agreement between two businesses and remains a common strategy for businesses of all sizes. The range of benefits of securing a brand partnership is vast, from reaching a wider audience to boosting conversions. That said, if you don’t choose your brand partner carefully and strategically, an ill-advised brand partnership can be negative for your business in equal measure.
When searching for the perfect brand partnership, you should look for the following non-negotiables:
Values & Ethics That Align With Your Business
One of the most important things to look for in a brand partner is values and ethics that align with your business. This is a common mistake brands make which can lead to a range of issues down the road, particularly if you’ve made a public association with a brand that doesn’t represent your values and ethics. Remember that your brand will likely be tied to this partnership for years to come regardless of whether it’s good or bad, so creating the right alliance is crucial.
Bearing this in mind, you should choose a brand that shares your values and ethics as they’re not something that you or your customers should have to compromise on.
It might sound simple, but trust is a fundamental component of any successful brand partnership. When you consider that ‘68% of consumers make buying decisions after viewing partnership campaigns’, it’s clear that an effective brand partnership helps businesses to garner greater trust from consumers. That said, for this partnership to work, there first has to be trust between the brand partners themselves. Trust is a two-way street. You will want to select a brand partner that you trust will act transparently throughout the process and who you can be transparent with from start to finish.
If you don’t trust that the brand partner has your company’s best interests at heart or won’t be able to work transparently, then they’re not the right choice.
Similar Goals & Targets
An essential you should look for in every brand partnership is similar goals and targets. While each business is unique, for the partnership to be as effective as possible, the goals set out must be mutually beneficial for both parties involved. Before you look for a brand partner, you must first define and set out what you’d like to achieve from the partnership. For instance, this might be to build brand authority or generate new customers. Speak to the prospective brand partner about their goals and targets and what their vision for this brand partnership looks like. From here, you’ll be able to better understand which prospective partners would be a good fit for the goals you’d like to achieve.
Bearing this in mind, it’s important for the desired goals of both businesses to be in alignment from the outset.
Another non-negotiable to look for when choosing the right brand partner is customer alignment. Do you and the prospective brand partner share the same customer segments? If not, do they complement each other? These are crucial questions to answer before you commit to a brand partnership. For instance, a common brand partnership is between airlines and hotels, as the customer segment is the same and they represent complimentary services. Customer alignment is important to consider because if you’re catering to an entirely different customer segment, then the brand partnership might not be an effective investment if they’re not the right fit for your business.
When making the correct alliance, you want to ensure that both of your customers will understand and thus engage with the partnership.
Last, but by no means least, you should look for complementary skills in a brand partner. A brand partnership should always be mutually beneficial, but should also offer added value. What does the prospective brand partner bring to the table, and what can your business offer them in terms of expertise? Where your business is weak in some areas, your brand partner should be able to embolden you and vice versa. By picking a partner with complementary skills you’re able to combine your skills to create a strategy that works for you both whilst benefiting from the expertise and resources of another business.
Choosing the right partner plays a fundamental role in the success of a brand partnership.
About the Author
Written by Will Jackson, for Lime – an independent partnership and sales promotion agency in London.
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