Collaborations in business can be done for many reasons. Sometimes they are a marriage of convenience between two likeminded companies who can benefit from each other’s expertise. Other times, collaborations help reach new markets and audiences by leveraging the followings of two quite different entities. Collaborations are a clever business strategy that can benefit from two different sectors and two different business’s strengths at the same time. So, what are some of the most effective collaborations across the sectors?
One of the most important fashion collaborations for fast fashion brands in the UK is when they bag a celebrity from popular dating show Love Island. For example, Summer 2019 winner Amber Gill helped Boohoo-owned MissPap soar to £1 billion for the first time with her collaboration according to the BBC. Fan favorite Mollie-Mae Hague similarly helped boost sales for PrettyLittleThing.
— MISSPAP (@misspap) March 4, 2020
Fashion collaborations with celebrities who promote online can help drive sales to a brand’s website and can show the outfits in action, bringing them to life in a way that the traditional model photoshoots might not. Fashion collaborations have been popular for years – Versace and H&M’s 2011 collaboration to bring the Versace designs to the market cheaper sold out almost immediately.
The online casino industry is known for collaborations. This list of the highest rated casino providers and their benefits shows that one thing that potential players look for is strong content for their slots, which includes many different themes, including well-known brands. For example, the Monopoly slot, which appeals to fans of online slot gameplay and fans of the classic property game by using slot gameplay and the theme of Monopoly. If you’re after information on how to sign up and play the game, you can see here for more.. and find out for yourself how these kinds of collaborations create mutual benefits.
Moreover, mobile entertainment in general is popular for collaborations – whether it’s Kim Kardashian’s Hollywood mobile game, The Simpsons Tapped Out, or Pokémon Go. K-pop band BTS are even launching another mobile app, showing the power of collaborations between more distant entities.
There are many tips for succeeding in business and clever hacks that help you stand out from the crowd. One of these is the ability to wed two completely different business ideas in order to create a buzz, work together, and build a greater customer base. For example, Spotify and Uber (two huge companies with equally huge rivals) teamed up in 2014. The gimmick allowed Spotify Premium users to DJ their Uber ride. The plan worked to show the personalized nature of both Spotify’s tailored playlists and how Uber was a more personalized taxi ride than their rivals.
Elsewhere, in 2019, Taco Bell and T-Mobile collaborated with their T-MoBell stores to give out merchandise branded by both as a way to tout the partnership. This came after their successful collaboration of giving out free tacos at the Super Bowl.
— Sam Sindha (@SamSindha) July 23, 2019
Utilizing collaborations can be effective as it essentially draws on two sets of skills, two sets of customer bases, and usually generates a buzz. These collabs can be intuitive, such as two designers or two artists who have similar styles, or they can be zany enough to get people talking.