Outperforming the competition isn’t as easy as it used to be… nor is it necessarily the best way to ensure longevity for your brand. Even before the pandemic, the idea of partnership and collaboration were making significant headway in expanding market reach and growing a consumer base.
Some of the earliest successful brand collaborations were simple. Think of Missoni, Lily Pulitzer, and Marimekko teaming up with Target. Taco Bell and Doritos came together to reinvent the quick-service Mexican restaurant scene with unique taco shells that benefitted both brands. Clearly, sensible product cross-overs or complementary product offerings (like Casper Matresses at West Elm home furnishings stores) make sense for collaborative efforts, but these only scratch the surface of what’s possible.
“Today’s consumers want to experience their favorite brands outside of their own sandbox,” says VIBE Agency President, Valerie Bihet. “Through thoughtful and creative partnerships and collaborations, brands can give more depth to their brand personalities, while still remaining authentic to their company mission and purpose.”
The right collaborations also have tremendous potential to improve corporate image through social responsibility and sustainability efforts – a topic so in-demand right now that VIBE Agency will soon publish a comprehensive e-book regarding the future of sustainability in the event space. Although once viewed only as a marketing tactic, Corporate Social Responsibility (or CSR), is quickly becoming a driving force in consumer buying preferences. In fact, the digital research firm Clutch, found that 68% of surveyed consumers listed environmentally friendly business practices, social responsibility, and giving back to the community as the three most important attributes for a company – compared with only 44% who listed price. Even more eye-opening, 75% of surveyed consumers said they would be more likely to start shopping at a company that supports an issue they agree with. Collaborations are the key to accessing those opportunities.
“In the event space, we view sustainability as having four pillars – economy, environment, culture/human impact, social progress,” says Bihet, “and there are many ways to deliver meaningful experiences through the right partnerships.” She explains that partnering with existing non-profit or established socially responsible organizations can take the form of volunteering, donation drives or built-in give-back programs, carbon offset projects, scholarships, water quality, responsible waste management, upcycling, education, and more. “What’s most important is that the leadership of the two brands or partners share a common vision of what they want to achieve through charitable or sustainable efforts,” adds Bihet. “A clothing brand can partner with a clean ocean charity, or a restaurant can support college scholarships for high school students. As long as the decision makers both believe in the purpose of the partnership, then it has all the foundations necessary to help both organizations achieve their greater business goals.”
About the VIBE Agency: The VIBE Agency is a Miami-based award-winning full-service production agency that specializes in the creation and orchestration of live and virtual experiences for the corporate industry. The agency is forward-thinking and was recognized as one of the 50 top event companies by Special Events magazine in 2019.