Brand collaborations are when two or more businesses work together to launch a product or cross-promote affiliate marketing campaigns.
Ecommerce businesses work hard to compete against other brands within their market. But brand collaborations can also open up new revenue streams, help businesses connect with new audience segments, and make a considerable difference in brand awareness.
Brand collaborations occur when two or more brands work together — rather than compete against one another — to create a product, promote a product, launch a co-marketing campaign, or advertise a co-sponsored solution or event.
These collaborations can help businesses tap into their partnering brand’s sales channels and boost consumer engagement. When a major sports league partners with a sporting apparel brand like Nike, for example, both brands gain traction within the massive sports enthusiast consumer segment. The partnership lends each brand credibility and offers each marketing and sales resources they might not otherwise have.
To ensure brand collaborations work effectively, the partnering brands should set clear objectives and strategic plans for achieving them.