Lesson Two
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Lesson Two
There are many options you have for the type of Collaboration you can enter into. From knowledge experts, product placement, creative fusion and so many possibilities to mix in with your Side Hustle to push your growth.
Don’t ever be closed off to any opportunities for a Collab until you have determined what value there is for yourself. Every other brand and individual will have something to offer, you need to find the mutual gain that makes it all worth it!
Here are some valuable options to consider for any Collaboration…
This is the easiest of Collaborations. Promoting each other with no monetary exchange! Find another brand that targets the same market as you, then you both simply advertise each other’s brand and products to your clients.
Think of NikNaks and Stoney – A good portion of people that each chips would enjoy a cold fizzy drink. So, a simple collaboration would require NikNaks to advertise a Stoney product after every sale of their chips, and likewise, Stoney would advertise NikNaks to their clients in return.
This is a great option for those not wanting to spend any additional money on a promotion and are happy to provide mutual benefit with a brand you admire!
There are many occasions where you may want to give facts, statements, and present results on your products, but you just don’t have the knowledge needed! That is ok, as there is always someone who does and may be interested in a Collaboration.
Let’s use a Fruit Smoothie brand for this one! You may be selling delicious and nutritious fruit smoothies to your clients; the taste is there, and it is definitely a healthier choice than a fizzy drink. You may want to run a campaign or promotional video to highlight the real value and impact your product has, but you don’t have the stats or scientific knowledge to be factual. So, you could partner up with a personal trainer brand or even a diet coach to create a Collaboration that promotes your option and its specific market related value!
Remember, there always needs to be mutual gain for all involved. So, you may need to offer a discount on products or a return in advertising to the other partner in this deal.
Physical products are often bought purely based on presentation and availability.
You will often grab something off the shelves at Checkers that looks good, even if you didn’t plan on buying it before your trip. That’s the power of visual product placement. But you don’t have the resources or connections to get your product on every supermarket’s shelves just of yet – So what do we do?
Local collaborations are a great option for physical products that need exposure to the target market. You sell spiced nuts, Jim sells Biltong, why both pay for separate store space when you can partner up. Either offer to sell both of your products in both locations, or, ask Jim to sell your spiced nuts for a cut of the profits.
It’s all about finding common ground that both parties are happy with. Now you have gained access to a whole new set of clients through your Collaboration!
We all have our own style and trends we fall into; this does evolve over time, but we often stay true to what we know. Therefore, we might find it hard to break away and produce a once off, limited edition, product that is against our favoured approach.
Think of a Men’s suit business trying to produce a young, trendy, tracksuit option for their range of products. Chances are they would naturally come up with something very formal, stylish, but lacking in bold design, street comfort and target market appeal. A Collaboration option then opens up for them to partner with a local, young, Fashion designer in the area. This Fashion designer favours bright colours, trendy design and has the youthful market they are trying to capture. A collaboration is born, and the Fashion designer gets a portion of the profits.
Each partner of the Collaboration is staying true to their value and working together for a greater impact than what they could do alone!
Do you always need to put your money into a Collaboration?
