Narrowing down their objectives can help brands create an effective partnership.
This piece says that building partnerships with other brands can help organisations create awareness, increase digital traffic and build consumer loyalty. By narrowing down business objectives like data collection and income growth, different brands can form partnerships to launch new enterprises.
Partnerships can further help brands penetrate new markets and combine resources like workforce and attract audiences. Partner brands should combine their marketing mix strategy with the sales teams to create effective marketing messages for higher consumer engagement.
The author contends that partnerships can help businesses gain more exposure while giving consumers incentives to purchase from them. Collaborating with different brands can further provide marketers with new opportunities to create content and innovative experiences.
[5 minute read]