Retailers Are Benefitting from Collaborations with Other Brands- Here's How
There are many fresh and innovative ways to display and sell merchandise, especially in such a technology-driven, pop-up-shop crazed era of retail. One latest trend might be surprising, but is effective. Retail brands are collaborating with other vendors to create products, experiences and special offers to increase sales and to attract new customers. These collaborations exist in various forms- pop-up shops, limited edition products, trade shows and special promotions, etc. Here are a few benefits of retail collaborations, and a few tips to get started:
Where to Start
Choose a company with similar goals- raising awareness of certain products, moral/social strides, attracting new demographic of customers, etc. It's important to choose a brand that isn't a direct competitor, but rather one that will highlight your brand and work effectively side by side. Ideally, both of the companies' customers will have similar interest in the products, but will not be the exact same audience.
When deciding what to promote or to sell, consider what would enhance your product best. If the other company can offer this or put a unique twist on your products, this creates a new incentive for customers already partial to them. Get together to decide what you can offer each other to satisfy and to attract customers. When deciding how/where to promote your product or event, consider your collective demographic and how they would want to engage with your brands. Social media is your friend.:
Building strong relationships with other retailers may be a smart move, especially in a rapidly changing retail climate. Not only is it encouraging to have another brand on your side, but also customers will notice the relationship and view it as an amicable move for the brands to support each other. It's 2020, after all! It's time to lift each other up. Creatively intertwining values, concepts and ideas allows customers to view products through a new lens, and will add a new dimension to your brandâ??s reputation overall.
Another benefit of retail collaborations is the fact that you can essentially get double the marketing for the same price. Both brands' audiences can be reached and your teams can optimize the number of consumers interested in the products. Then, after their customers have been introduced to your brand (vice-versa), you will have gained and connected with a whole new slew of customers who already trust you based on your collaboration. It's a win-win if the cards are played right.
Retail Resource is committed to retailers and to their success. For all retail store supplies, tips and trends, visit www.retailresource.com. For a free quote from our visual merchandising team, please call 1-800-762-8186.