Things to Do Before Starting a Brand Partnership
Collaborating with other brands is already a norm these days. It’s easier to reach more people when working with an established company. Both brands benefit from the partnership and solidify their place in the industry. However, not all collaborations succeed. Things can go south when not planned well. Therefore, it pays to do these things before starting many brand partnership.
Get to know the potential partner
Make sure you understand what your potential partner stands for and you share the same vision. You can’t expect to move in the same direction when there’s a significant difference since the start. Take your time to look into the goals and mission of the chosen brand and use various resources to see if you’re aligned. You will eventually find the right partner.
Set goals
Why did you decide to pursue the partnership? Do you need it to reach more audiences? Do you want to establish your name in the industry? A clearly defined goal can go a long way. If you don’t know why you’re pursuing this partnership in the first place, you will feel lost. You should also have a timeline to guide you in the process.
Define the roles
Not all partnerships are equal. There are roles that have to be established. It’s just like distributing roles to your employees. Things are different, but everything leads to the achievement of the goals. Make sure to put these roles into writing. When something fails, you know whom to point your fingers too. It’s not necessarily about blaming, but taking accountability. You can fix the problem when you know who is supposed to deal with it.
Be ready for a confrontation
Things might seem positive and glowing in the beginning, but it won’t always be that way. Like any other partnership, confrontation is possible. You will have disagreements about certain matters and it’s critical that you speak up about it. Don’t wait until things worsen before communicating. It’s not going to be easy since you want to maintain that positive vibe, but it needs to happen.
Invest in the partnership but not too much
In the end, you’re still your own business. The partnership might do well and boost your brand, but it can also go the other way. If it does, be ready for the consequences. Don’t let the failure prevent your company from moving forward. Not all collaborations end well, and it’s part of the process. The important thing is you learn from it and use your insight as you move on.
Hopefully, this partnership ends the way you want. Look for the best partner and think of a project that will make the collaboration work. Don’t ink the deal with the shiniest object you can find. Wait until you have the best partner to work with. It will pay off in the end.
Photo Attribution:
1st and featured image from https://imageio.forbes.com/specials-images/imageserve/6092ecdf695292c8450ba3d4/0x0.jpg?format=jpg&width=1200
2nd image from https://www.thinkific.com/blog/brand-partnerships/
