The new media landscape that marketers are facing is extremely complex. As a result, brands have been forced to think creatively in order to stand out. Today, it takes more than just a good product to succeed – marketers need to leverage the advantages of digital and social media and use these platforms to genuinely connect with consumers in order to build narrative around their brand’s values.
This has been a guiding principle for years, yet many companies have done relatively little to change their approach to brand development. Fearful of risk, they make do with the same approach that they’ve employed for years – and in turn, they see profits dwindle.
The value for brands is to provide an experience that extends beyond the brand itself.
On the other hand, those who embrace new media and are not afraid to take a few risks will ultimately see the most success. Engagement and customer experience need to be prioritized, and must be catered to in a way that feels authentic.
Collaboration marketing is on the rise
Brand collaborations not only shape perception, expand awareness and excite existing believers – they give everyone something to talk about. And in today’s media world, if you’re not being talked about, you’re irrelevant. Put another way, brand collaborations provide a simple heuristic link to an overwhelmed consumer: I have an affinity for X, so Y must be worth checking out too. While subtle, this sort of link has incredible filtering power.
In fact, co-branding and collaboration are no longer optional for a brand’s success: they’re a strategic imperative. When executed thoughtfully, with a clear line of communication and well-established mutual goal between both parties involved, these partnerships have enormous impact on a brand’s long-term outlook and profitability.
A brand has its own goal—a product to sell or something they want to talk about – In every collaboration you are going to give up a portion of control, but the results can still be really incredible.
Co-creation with customers rooted the concept of collaboration deep into the company’s values, and eventually led to partnerships with other brands.
Today, brands are finding new relevance, value and spirit via inventive, far-reaching and increasingly ambitious art collaborations. Creating a mutually beneficial relationship that opens out to new audiences and injects fresh talent into luxury’s timeless craftsmanship.