Collaborations with artists, influencers, or like-minded brands can be an exciting way to surprise customers, garner media attention, and gain new business. If you’re considering a collaboration, choosing who to partner with and what you’ll create is the most important part of ensuring a successful campaign. From a paid celebrity or influencer campaign to a co-branded limited-edition product drop, the opportunities for collaborations are endless.
Here, a step-by-step guide to help you make just the right choice:
Decide on a goal
Start by identifying the goal of a collaboration. Are you aiming for a buzzy press moment, increased sales, or to diversify your audience on social media? Knowing the ideal outcome of the collaboration will help you choose the tone and scale of the partnership, informing which metrics to track (social following, total sales, website/store traffic, media mentions, etc.) for the most tangible results.
Figure out what your customers really need
Next, take a deep look at your current customer and their needs. Identify products they’re using that are adjacent to yours, and stay aware of brands playing in your space offering a complementary —but not competitive—product assortment. Take note of the pricing of these products as well, and recognize if there’s an opportunity to differentiate from your current price point. Offering a higher-priced line or a limited-edition discounted assortment is a great way to engage new customers on both ends of the income spectrum.
Look at potential partners’ “why”
Focus on finding brands who express similar values and who align with the “why” of the company mission. This would be especially important if there’s a charitable component tied to the campaign. (For more on charitable and social giveback see our post here!)
Recognize what you can contribute
Once you have a target list of brands for a potential collaboration, be sure to know what it is your brand brings to the table. Be it a viral Tik Tok account with millions of followers, a niche loyal clientele, or a far-reaching email list with national subscribers, knowing your worth can help you negotiate with the right brands.
Keep an open mind
Last but certainly not least: allow yourself to be open to creative opportunities for collaboration. Knowing the right brand, product, or campaign for a collaboration might take some effort, but keeping these tips in mind will help you feel confident in making the best choice.