Updated: Feb 14, 2020
Recently, marketing strategies are going from strength to strength. As you know that modern problems require modern solutions, you need to start thinking out of the box.
Every marketer is following diverse #MarketingStrategies. But, only a few marketers are proving successful. What about the others? What’s going wrong for them?
It’s just that they need to think according to the #ModernMarketing trend. Don’t get limited by your own product or company. Look to expand it beyond territories. How to do that?
To give a clear view of the above assumption, I’ve brought you the concept of collaboration. It’s a process of tie-up with companies around and thereby growing a wider network and at the same time ensuring customer satisfaction.
Importance Of Non-Competitive Collaboration
Through non-competitive collaboration, both companies that are involved can seek a tremendous advantage in terms of their business and they can also provide good customer experience.
But you need to keep in mind that both companies may have the same vision and same target audiences. But both the business must be non-competitive in order to avoid further conflicts.
But it isn’t that easy as it is said. You may face many challenges in the process. To eliminate them, you need to have a shared vision of the outcome and more importantly, the right people need to be involved.
Find business partners that suit your business with different interests and cross-promote each other and expand your customer base through non-competitive collaboration.
Berry says, "It does require some lateral thinking to find collaborative business partners in different sectors with mutual but non-competitive consumer interest, but it can work incredibly well for small businesses,"
Ultimately, you need to provide customer comfort and thus grow your business to a wider reach. For example, consider Uber and Spotify.
Uber is a cab service platform and Spotify is a widely used platform to listen to various albums. Both are online service providers and are definitely non-competitive. Thus you can make the first pick of your brand partner by ensuring some basic factors.
They both have collaborated in a way that a customer who is using uber for his journey, can get access to various albums in Spotify and thus he can enjoy his ride experience. Thus they are no more confined to a single platform and ensured good reach as well as good customer experience.
BMW and Louis Vuitton is another example of an ideal travel collaborations.
Louis Vuitton is a prominent travel bag manufacturing company and of course, BMW is a famous luxury car brand. Louis Vuitton made an elegant luggage set made of carbon fibre for the hybrid BMW i8 model. Thus, the customer is getting benefits of premium luggage set with the best-in-class car.
You can also enhance your product value through collaborations. To give you a broader perspective of this, let me consider the Adidas Yeezy.
This is a fashion collaboration between german brand Adidas and American designer Kanye West. In their collaboration, they’ve made sneaker lines and Yeezy boot sneaker lines which were considered as one of the prominent sneaker brands in the world. They’ve also produced many shirts and jackets for both men and women.
Thus, you need to find the perfect brand partner you are going to collaborate with and with some combined tactics and promotion, you can make your business a real success.