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There were a record-breaking 5.5 million new business applications filed in 2023. Even if many of these stall out or fail entirely, the fact remains that millions of enterprises enter the marketplace annually. This can make standing out against other companies in your industry a challenge.
While beating the competition is often the focus, one of the best ways to thrive as a business is to look for the right allies. Leaders should be looking for meaningful partnerships and business associations that strengthen their brand’s position through win-win scenarios within their market.
Here are a few examples of ways I’ve seen brands grow awareness and build brand capital through unique partnership opportunities.
Partner With Non-Competitors
When I say “find the right allies,” I don’t mean cozy up to the competition. Instead, take an oblique approach to B2B partnerships. To put it another way, look for and focus on companies that complement rather than compete with your business.
Sometimes, this is an easy process. A plumber, for instance, can easily partner with an electrician, carpenter, mason, and other tradespeople to exchange referrals and direct traffic to one another. Everyone is clearly working toward the same goal without overlapping skills and services.
However, you can also think outside the box when looking for partnership opportunities. One example that comes to mind is the ongoing partnership between Red Bull and GoPro. While the two might seem pretty disparate at first glance, the beverage brand and action camera company share a common thread that makes partnership opportunities possible: they’ve positioned themselves as lifestyle brands focused on action and adventure. Their co-branded events center around extreme sports and have included cliff diving, mountain biking, and Stratos — a world record-setting collaboration stunt in which Felix Baumgartner jumped from 24 miles above the Earth with a GoPro strapped to him.
The point? Partnerships don’t have to be predictable. They can appear in organic and unexpected ways. Look for those complementary connections and take advantage of their partnership potential whenever possible.
Create Exclusive Collaborations With Influencers
Another way to build awareness is through exclusive collaborations. When your products, services, and overall branding are associated with one partner at the exclusion of competing products, it naturally increases the allure and value of your brand.
McDonald’s recent partnership with musician Travis Scott–its first celebrity collaboration since the ’90s–is a standout example, but even smaller brands can get in on the fun. Take the sunglasses brand and Inc. 5000 alum Shady Rays, for instance. They have built long-term partnerships with major celebrities in multiple target markets, including Nascar drivers Raja Caruth and Kyle Bush, along with country music duo Maddie and Tae.
Collaborating with popular influencers who have connections to your industry immediately plugs you into a curated and engaged audience. However, when both parties share a common vision, the collaboration becomes more than just a promotional tactic — it transforms into a more authentic partnership that resonates with audiences on a deeper level.
To extend your reach and enhance credibility, choose partners who align with your brand’s core values. Shady Rays emphasizes that their strategic partnerships are rooted in shared values like adventure, quality, and innovation. This alignment amplifies their message and fosters genuine audience engagement. Find influencers and celebrities willing to become ambassadors for your brand, not just now but for a while. This gives your products and brand marketing legs. It helps you gain unique attention and an ongoing and exclusive aura for an engaged audience.
Look for Added Value in Each Partnership
If you want to create partnerships that are meaningful and go beyond a basic advertising agreement, look for ways to tie your product and your partner to a unique form of added value.
For instance, according to the Matra Sundri College for Women, trade cards were used in the late 19th century to increase the value of products. These were photos of actors or sports stars with an endorsed product, and they were included in each purchase.
A modern example of this added-value concept is Nike’s Jordan brand (including the famous Air Jordan sneakers). The Michael Jordan-endorsed and image-stamped product line is intimately tied to the basketball legend. (He even gets 5 percent royalties, which amounted to $250 million in 2022 alone.)
Again, the takeaway here is to go beyond basic partnerships. Look for one-of-a-kind angles to tie your products and services to a partner in a way that creates synergy.
Partnerships Built to Last
Partnerships are a regular marketing activity. But they should never be purely formulaic. Always look for a way to maximize their potential. What is it about each collaboration that makes it special? What gives it meaning?
These are the factors that can help you supercharge each endorsement and optimize its effect for your brand. From complementary companies to exclusive collaborations to added value, make sure every partnership counts.
Speaking of Partnerships
Taking a partnership approach with your customers and instilling that in your sales team, causes them to approach your customers with a different mindset. Need help changing your employees mindset? We’re here as partners in your success. Reach out, we’re here to help.
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BY JOEL COMM AND CARL PHILLIPS
