Using influencers as part of a marketing strategy has evolved hugely. In the early days of Influencer’s, before they were even really a thing, the brands that used this method lucked out. Because influencers used to be free. In fact BRANDS MADE INFLUENCERS in the beginning. Now it is the other way around.
Gymshark is a great example of a brand in the early days that leveraged this marketing strategy. Sending their products out to a few Gym bunny’s and soon, everyone wanted to be part of the Gymshark crew!
Back in the day, a brand could send an influencer some products, build a relationship, show them some love and they would likely do a couple of posts just to feel like they were apart of something bigger, part of a community. And most of the time they genuinely loved the products.
Nowadays, Influencers are expensive. They can charge just as much as an A-list celebrity to promote a product. Even micro-influencers can charge a hefty rate and be looking for a % of the sale. This all impacts your margin and there is no guaranteed ROI. This is a definite downside to Influencer marketing.
It can be hard to find an influencer that isn’t working with at least a handful of brands already. And you can’t police who else they work with. You might be able to draw up some agreements in a contract like not partnering with a brand in the same industry. However if you are a super premium brand, you may not want your influencer also promoting more budget type brands. It may be confusing to their audience.
It can also become a numbers game, who is going to pay them the most or how many orders they process for your brand (which benefits them) means they will likely favour other brands. Your in constant competition, and all the money, time and effort you have spent with this influencer can be lost very quickly.
Too many ‘Paid Partnership’ posts can come across to their audience as not genuine and unauthentic. Two key requirements to sell a product. Audiences are now recognising that they are being used to make money off. There are plenty of comments from people highlighting how every post is a ‘paid partnership.’ with a an eye-roll emoji. There is less trust and belief in Influencers now than before when they were actually promoting a brand because they genuinely loved the product.
So what now? You still have a brand to grow and money to make.
That’s where brand x brand partnerships and collaborations come in! You might have already tapped into a few social media giveaways but there are MORE brand partnerships than just that. Whatever your marketing and business goals are, you can find a collaboration to suit.
So what are the benefits of brand x brand collabs?
Brand collaborations are a great way to tap into a relevant and engaged audience. If the brand you are partnering with has an engaged and loyal customer, they will trust the brand to be introduced to your brand too. It can really help cement your brands credibility and gain new customers.
Another benefit of brand x brand partnerships is they are almost ALWAYS free. You might need to spend some money on paid-ads or giving away a discount or a handful of free products. But the cost is nothing compared to paying an influencer. Brand collaborations are one of the most cost-effective marketing activities.
You and the brand you are working with both have the same goal in mind so you can work together to figure out what is the best approach for your customer base and audience.
Working with like-minded brands enhances your brand awareness, although it is very difficult to track this, the more places your brand shows up, the better.
Finally, consistent brand partnerships see a 17% increase in revenue! With very little impact to your bottom line. Not to mention the growth you can experience across socials, newsletters and brand awareness. There are big opportunities with brand partnerships. Influencers should still be part of your marketing strategy, but it’s a case of not putting all your eggs in the influencer basket.
