Sam Woods shares the key to successful brand partnerships with Campaign UK
Our Head of Brand Partnerships, International, Sam Woods, recently spoke with Campaign UK to discuss what makes a prosperous brand partnership in their piece, “A Successful Brand Partnership is a True Art Form.” Sam explains that while many companies have shied away from partnerships in the past due to a lack of desire to share data and resources, more are starting to recognize their mutually beneficial nature.
Recently, a chief marketing officer lamented to me that the phrase ‘brand partnership’ has become misleading. Conscious of their dwindling budget, they wanted to know, off the bat, when a brand approaches them, are they being offered a genuine opportunity to collaborate and co-create, or are they merely being asked to shoulder cost?
Sam goes on to say that there is a current mindset change where established businesses have taken note of successful collaborations from a new generation of enterprises, realizing there is an inherent value in co-branded marketing due to accessing a wider audience and splitting costs, among other factors.
With this shift in mindset, older more established businesses took note and realized audiences didn’t always need to be purchased; they could partake in co-branded marketing and engage their partner’s audiences, share costs and resource, access culture more credibly and, finally, boost sales and revenue with new products and services.
Sam concludes that the key to a partnership’s success lies within the understanding of both parties’ needs and capabilities, ultimately finding a middle ground that is equally advantageous for everyone.
A ‘partnership’ is something far more than a transactional relationship. In my view, it’s a form of marketing-led business development that requires the ability to craft realistic and efficient solutions, based on an equal understanding of both your client’s needs and your partner’s capabilities, to ultimately find a solution that is both equitable and advantageous for both parties but equally brings value to the customer.
Read more about Sam’s guide to brand partnerships, including the three key attributes of successful partnerships on Campaign UK’s website.
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