According to a Visual Objects survey, 71 percent of consumers enjoy co-branding partnerships (Wess, 2022). We’ve learnt from the pandemic that adapting to the needs of our customers is essential to future proof our company’s success. So, this month JW is delving into the benefits of business collaboration.
At JW, we’re about working together and supporting one another. Aside from the feel-good factor, there are many great reasons to look to your neighbours for business success.
Collaboration isn’t new to the jewellery industry. Luxury brands have embraced collaborations with artists and creatives to offer their consumers collectible, limited release items at higher prices due to exclusivity. Tiffany and Co. has a diverse list of collaborations, from Italian fashion-house, Fendi, to street-wear label Supreme, and jewellery brand Elsa Peretti, as does Swarovski with an array of collabs including Disney and Alexander McQueen.
1/4 Australian jewellery brand William Edouard and fashion designer Christopher Esber collaboration
We know how valuable collaborations are to major international brands, but how can similar strategies be applied within our local economies and what can they achieve?
2/4 Market Smiley X Swarovski
Local and national collabs between Australian businesses can help industries to regain strength after pandemic delays, boosting sales and promotional opportunities.
3/4 Australian label Amber Sceats X Steph Claire Smith
NEW VIEWPOINTS
Coming up with new ideas for your business, year after year, can be exhausting. Luckily, one of the great benefits of collab is gaining a creative viewpoint from someone who isn’t entrenched in your brand. An outsider’s eye can offer a fresh perspective and create a valuable opportunity for both brands to share knowledge and creatively collaborate to mutual advantage. This might look like a campaign shot by a creator or modelled by an influencer, where content is created collaboratively and shared across both brands’ social media.
WIDER AUDIENCE
If brand awareness and audience expansion are your business goals for 2023, collaboration is key. Collaborating with small, independent artists can entice an internet-gen, fashion-forward following. Merging with different industries can expand your customer base even further, attracting customers completely new to your brand and its values. Watch your social media grow and engagement increase. You might even be surprised by who connects with your brand story.
VALUES
Australian consumers are increasingly scrutinising companies and their operations using their purchasing power to send messages of support to the brands they like and withholding their dollars from brands that don’t align with their values.
Therefore, collaborating with a brand or creative that shares your core values is essential. This will solidify consumer trust by increasing your brand’s credibility and relevance. Over three-quarters (77 percent) of consumers buy from brands who share their similar values (Havas Group, 2019), so it pays to not only be considerate in your views, but to connect with partners who are on the same page.
$$$
Now let’s talk about the money. Collaborating with others reduces costs due to the shared resource pools available. There are also financial benefits of creating something together, whereby the markup cost of the item can be higher to reflect the rarity and limited-release of the product or line. Having another company on board can also extend the capacity for marketing endeavours and introduce a pool of resources you may not otherwise have access to.
4/4 Rihanna X Chopard
TO COLLAB, OR NOT TO COLLAB…
Strategic brand collaborations can be a highly effective and measurable way for businesses to enter new markets, expand brand awareness, entice new consumers, and offer a larger resource bank to advance growth.
Creative collaboration can be a great way to demonstrate that your brand cares for others in the industry and an opportunity to help contribute to a positive culture of support in the community. What’s not to love?
How to find creative collaborators
- Reach out to relevant businesses in your industry on social media
Social media. It’s in the name. Reach out and connect with local brands. Look for those who have done collaborations in the past and those who share your business values.
- Attend networking events
We’re talking trade shows, forums, industry seminars – you name it. Make connections with people in your industry and let the networking environment naturally lend itself to collaboration opportunities.
- Online forums and directories
You never know, there may be pages dedicated to your niche field. Head online and search for community groups and approach those who are active and participating members.
- Add value
Whether on LinkedIn, other social media platforms or your website, show that you and your business can provide value by curating and engaging with industry news and content. By providing something engaging, you are giving potential collaborators positive reasons to work with your brand. Show that you’re passionate about the industry and give them a reason to want to work with you!
- Partner with the locals
Reaching out to local businesses and promoting each other’s services or content has a feel good factor as well as doubling the brainpower and reach that you would get going alone. Consider cross-promotions, as a jewellery retailer you might reach out to your neighbouring shops to offer a percentage off or discount code.
References:
Sydney Wess. (2022). 4 Essentials for Co-Branding Success.
Retrieved 9 December 2022, from
https://visualobjects.com/digital-marketing/blog/cobranding
Havas Group. (2019). Being meaningful is good for business.
Retrieved 9 December 2022, from https://www.havasgroup.com/press_release/meaningful-brands-2019-press-release/
Further reading: