Why should businesses improve partnerships with successful examples

Business partnerships are important for exploring new audiences and reaching international markets. However, companies collaborating with similar brands often fail to communicate the final goal or establish a unified process in which both parties benefit from the project. 

Many historical disappointments show us how marketing teams could’ve done better. For example, the collaboration with Forever 21 and Atkins might’ve worked better if customers had not received weight loss bars for every clothing purchase. Another case is Costco, which, after 27 years of partnering with Coca-Cola, turned to its rival, Pepsi, and lost all the interest from customers. 

Still, the market is also full of outstanding standards of how great communication can lead to massive customer appreciation and profits. Therefore, companies should work with other organisations in order to boost their fame. Here’s why. 

The benefits of business collaboration 

Finding the right business partner will ensure smooth collaborations and provide both with numerous benefits. First, you access a constant flow of fresh ideas to stay on top of the competition through sessions of brainstorming and discussions. 

You could also improve your workplace culture by immersing your business in a supportive and encouraging environment where everyone’s ideas are considered important in development. 

Finally, business collaborations can increase productivity and enhance cost savings by reducing wasteful processes and minimising errors. Nurturing a collaborative environment helps businesses build a company culture that focuses on fostering innovation. 

How do collaborations work? 

Brands rarely collaborate with their competitors, although this is a power move in the market. Still, if we look at examples like RedBull and GoPro, we can see how different industries can come up with innovative ideas. A business that creates unique collections of vinyl figures could collaborate with streaming services like Netflix to develop new products linked to a booming show or movie. For example, figures would be perfect to manufacture in time to celebrate Deadpool and Wolverine. 

Collaborations work, especially if there’s a massive audience behind the idea. Netflix partnered with DVD manufacturers, smart TV companies, and even markets like Walmart to expand its reach and brand image, and it succeeded. Involving the entertainment industry in real-world services and products engages customers in the businesses’ culture while improving their experiences. 

Famous collaborations of modern businesses 

Some partnerships made history and lasted since today, proving their success and ingenuity. GoPro and Red Bull are some of the best examples of how creativity can bring businesses and people together. Although the brands sell portable cameras and energy drinks, their collaborations focus on people’s lifestyles, especially those who love adrenaline and have active lives. Most campaigns consist of athletes or adventurers packed with a GoPro camera that captures their stunts and races while Red Bull sponsors them. 

Another notable collaboration is between Uber and Spotify. Both companies are praised for their contributions to making people’s lives easier, so, given the support from clients, the companies teamed up and made it possible for people to connect their Spotify accounts with the Uber application and listen to their favourite tunes during the ride. Hence, customers benefit from superior experiences, so these brands are becoming the first option for clients among market competitors. 

Finally, the partnership between Nike and Apple made many people enjoy being active. While the collaboration started early in the 2000s, the brand continued working together by releasing an Apple Watch Nike+ that pairs the watch with exclusive sports features like unique Siri commands or water resistance. 

Why should more businesses collaborate 

Business competitiveness is all around us we see it daily as brands like Coca-Cola and Pepsi, or McDonald’s and Burger King bring out each other’s advantages against each other. Lately, customers have appreciated this strategy in the online environment. This is mainly because it seems funny for two massive companies to fight over supremacy. 

Still, besides spilling the tea on company drama, it might be better for brands to collaborate and show more cooperativeness as this increases customer trust and engagement. Shoppers appreciate businesses that join their forces more since they provide unique and memorable marketing campaigns. 

Such collaborations also help companies discover new opportunities and markets, which would not be possible alone. Brands that seem polar opposites seem to have the most success because no one would think they can pull something together. Louis Vuitton collaborated with Supreme for a limited clothing collection, while Target and Missoni designed affordable high-end products. 

Reasons why partnerships fail 

Not all business collaborations succeed. However, not all are bound to bring value to the customer despite their fantastic marketing campaign. The fiasco partnership between Kendall Jenner and Pepsi taught brands that messages can be misinterpreted. Especially when put into certain perspectives. The commercial shows Kendall offering the drink to a policeman during a protest. Which was seen as pointing out the issues of social and civil rights issues, failing to resonate with the American audience. 

While the reason for failure was clearly a flawed execution of a poorly written idea. The problem is when brands don’t consider the customers and their experiences. It’s important to envision how the customer would react to the campaign and if it would make sense to them. For instance, it would be difficult to imagine a sustainable business working with a fossil fuel company as their goals differ entirely. 

Finally, the worst thing a brand collaboration could do is prioritise productivity over creativity. Finalising a campaign just for the sake of the deadline sets companies up for failure. This is because they don’t take the time to research and brainstorm the best ideas for the customers. Instead, managers hinder the team’s creativity by not allowing them to openly express their ideas and concerns. 

What do you think about brands collaborating? 

Companies that collaborate with other brands are usually set for success. As they bring something fresh to the market and make the customer feel included. Businesses that can work together by aligning their goals and visions. Such as GoPro and Red Bull, show how creativity can propel brands into popularity without pumping their products or selling services. Instead, they sell unforgettable experiences and moments for audiences to truly enjoy.