Written for Fashion & Beauty Monitor
Publicists faced with conservative budgets often turn to brand partnerships as a means of sharing marketing resources, funds and skillsets to expand audiences and increase exposure. Strategic alliances between two or more businesses help both companies add value for customers and can improve perception and brand identity through association.
Relevant PR partnerships allow brands to join forces and reach a common goal, whether that be gaining access to new customers, increasing awareness, producing exclusive products or creating special content.
The following post provides 6 tips for securing a successful PR partnership.
Find The Right Partner
In order to be successful, the first step is to align with a brand that shares the same core values, so that a partnership is authentic, efficient and appropriate. Check that company ethos is in sync in order to build trust and purpose. Next, seek out audience overlap, or a brand that provides access to potential new customers. Use a data tool like Fashion & Beauty Monitor’s sister service Influencer Intelligence’s Brand Intelligence tool to conduct analysis and assess synergy.
Think Outside The Box
PR partnerships don’t need to exist between two exact equals. Brands from different sectors or industries present unique opportunities to stretch exposure beyond your current field. In fact, tapping into new niches and communities could create a deeper connection with a new pool of consumers, resulting in a stronger influence on audiences.
Choose Partnership Type
PRs need to select which type of activity the partnership will entail. Some examples of partnerships include co-branding, event sponsorship, product collaborations or content creation. Activations may involve one or more of these elements, but this should be established and agreed ahead of time.
Outline Objectives
It’s essential to have clarity on the business and communication objectives of the activation. From the outset, brands should be transparent with potential partners about goals and targets. Be open about what each side is bringing to the table and why a relationship would be mutually beneficial. Consider both short and long-term expectations for the partnership that are attainable and realistic.
Define Budget
Communicate any budgetary constraints or parameters so partners can assess the feasibility of the work and the level of involvement they are able to offer. Whilst third party promotions can on occasion be negotiated for free in exchange for cross-promotion or access to goods and services, a brand partnership will typically demand some investment.
Nurture Relationship
Finally, the best partnerships are built on positive, strong relationships between parties. PRs need not only build a fruitful foundation but work hard to nurture and maintain those connections for long-term success. Learning more about each other will help inform a more genuine and credible venture.
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