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Posted: Thu Dec 05, 2024 9:00 am
Even if brands don’t plan on creating a joint product or experience, they could still team up for a collaborative retail marketing campaign.
Implementing a retail TikTok strategy could be a great place to start. If two retail brands decided to collaborate on a TikTok marketing campaign, they could:
Optimize their creative Данные о телефонных номерах в Швеции efforts by brainstorming, writing and filming video content together.
Split the cost of props, costumes and video editing (or brainstorm other cost-saving tactics together).
Share the content on both of their accounts to increase their reach and engagement.
While partners would have to engage in some level of collaborative marketing to promote a joint offer, they could also combine their marketing efforts to broaden their total audience size.
Run a shared promotion
Retail partners looking for a low-cost, low-risk collaborative strategy can consider running a shared promotion. That could look like:
A “bundle” – Retailers could create an exclusive combination of each partner’s products that customers could purchase in one transaction (perhaps at a discount).
A sale – One retailer could offer customers a discount code or coupon for their partner’s business, and vice versa.
A giveaway – Perhaps in tandem with a joint digital marketing campaign, partners could offer a social media giveaway for customers who tag both brands, tag their friends in the comments section or use a hashtag.
A shared promotion could increase brand awareness, bring in new customers and even lead to increased sales. Oftentimes this is possible with a limited up-front investment.
Co-brand a new product or retail experience
We’ve touched on a few collaborative products throughout this article, but let’s look at a few more examples of ways retail brands can collaborate in big ways.
In retail partnerships, brands have a unique opportunity to create an exclusive product that combines the best of both brands. That product could:
Be tailored specifically for a shared market segment.
Introduce an exclusive design or product line to appear in future products.
Accompany other products from each partner’s existing line.
For example, a clothing-only retailer and a running shoe brand (that only sells shoes) could co-create a limited edition pair of socks that:
Includes motifs from the clothing retailer’s athletic wear line.
Are designed specifically to be worn with the shoe brand’s top-selling model.
Showcase an exclusive fabric pattern that will be used in future joint products.
Forging a profitable path
After retail partners complete their first collaboration, what’s next? Before starting their next project, collaborating businesses should reflect on:
The turn-out – How many customers participated in the collaborative effort—bought a product, shared a social media post or signed up for SMS updates—compared to each partner’s goal?
ROI – When all was said and done, what was the ratio of cost to revenue? How can the partnership spend less and make more next time—or spend more and make significantly more?
The overall team sentiment – Was this a fun, creatively stimulating opportunity for every partner? Even if the venture exceeded expectations, do you expect to work together again?
One of the keys to ongoing, profitable partnerships is open dialogue. Even if partners don’t want to collaborate again right away, communicating candidly can lay the groundwork for a stronger alliance and more successful future projects.
Implementing a retail TikTok strategy could be a great place to start. If two retail brands decided to collaborate on a TikTok marketing campaign, they could:
Optimize their creative Данные о телефонных номерах в Швеции efforts by brainstorming, writing and filming video content together.
Split the cost of props, costumes and video editing (or brainstorm other cost-saving tactics together).
Share the content on both of their accounts to increase their reach and engagement.
While partners would have to engage in some level of collaborative marketing to promote a joint offer, they could also combine their marketing efforts to broaden their total audience size.
Run a shared promotion
Retail partners looking for a low-cost, low-risk collaborative strategy can consider running a shared promotion. That could look like:
A “bundle” – Retailers could create an exclusive combination of each partner’s products that customers could purchase in one transaction (perhaps at a discount).
A sale – One retailer could offer customers a discount code or coupon for their partner’s business, and vice versa.
A giveaway – Perhaps in tandem with a joint digital marketing campaign, partners could offer a social media giveaway for customers who tag both brands, tag their friends in the comments section or use a hashtag.
A shared promotion could increase brand awareness, bring in new customers and even lead to increased sales. Oftentimes this is possible with a limited up-front investment.
Co-brand a new product or retail experience
We’ve touched on a few collaborative products throughout this article, but let’s look at a few more examples of ways retail brands can collaborate in big ways.
In retail partnerships, brands have a unique opportunity to create an exclusive product that combines the best of both brands. That product could:
Be tailored specifically for a shared market segment.
Introduce an exclusive design or product line to appear in future products.
Accompany other products from each partner’s existing line.
For example, a clothing-only retailer and a running shoe brand (that only sells shoes) could co-create a limited edition pair of socks that:
Includes motifs from the clothing retailer’s athletic wear line.
Are designed specifically to be worn with the shoe brand’s top-selling model.
Showcase an exclusive fabric pattern that will be used in future joint products.
Forging a profitable path
After retail partners complete their first collaboration, what’s next? Before starting their next project, collaborating businesses should reflect on:
The turn-out – How many customers participated in the collaborative effort—bought a product, shared a social media post or signed up for SMS updates—compared to each partner’s goal?
ROI – When all was said and done, what was the ratio of cost to revenue? How can the partnership spend less and make more next time—or spend more and make significantly more?
The overall team sentiment – Was this a fun, creatively stimulating opportunity for every partner? Even if the venture exceeded expectations, do you expect to work together again?
One of the keys to ongoing, profitable partnerships is open dialogue. Even if partners don’t want to collaborate again right away, communicating candidly can lay the groundwork for a stronger alliance and more successful future projects.