Collaborations are a thoughtful way to create excitement around your brand and create meaningful connections in the industry. They’ve been happening longer than you might even realize. Remember when Dr. Pepper and Bonne Bell lip balm created a Dr. Pepper-flavored Lip Smacker? That was 1973. If you weren’t around then, you’re probably a customer to one of the most popular collaborations ever. When powerhouses Nike and Apple realized that working out and listening to music go hand-in-hand and created Nike +. This resulted in creating fitness trackers and sneakers and clothing that tracked activity while connecting people to their tunes. This collaboration was so wildly popular, it’s spun off into a brand all its own.
As a restaurant, there is creative capital you can raise around collaborations, too. Here’s why it’s worth it and how you can ensure your collaboration will be a hit:
Increased Visibility: They say a high tide rises all ships and a collaboration does exactly that. Both brands can leverage each other’s audience for cross-promotion. By collaborating on a program, product, or event, each brand will benefit from exposure to new audiences. For news, media, and influencers, collaborations are always an exciting topic to cover. Make sure you have an integrated press and media approach before launching.
Best Practice: Ensure that at least 50% of your consumer demographics have overlap. Create a special hashtag to help track social conversations.
Increased Sales: If done correctly, the product, event, or program that you’re offering will increase sales.
Best Practice: To ensure it won’t cannibalize current consumer bases, consider doing a limited time offer or release. Make sure you integrate a unique SKU to separately track all sales and agree on the split and division of labor before the launch.
Increased Impact: By having two brands combine powers, it makes sense to leverage this exposure for good.
Best Practice: Create a social spin on the collaboration. Perhaps promise to donate a percentage of sales to a local charity, or offer a buy-one-give one model to encourage consumer engagement while benefitting the community.
Collaborations are a meaningful marketing tool that can increase visibility, sales, and impact if done correctly. The next time you’re trying to think of a way to connect with new audiences and create impact, consider a collaboration.