The word ‘collaboration’ is being thrown around like gifts in Oprah’s Christmas special. From brand-to-influencer collaborations, employee collaboration or collaborative playlists on Spotify, there are many contexts to use the word – but ‘collaboration marketing’ is a strategy that brands and advertisers stand to gain from the most.
The success of social media, event or product collaboration campaigns such as GoPro x Redbull, Chandon x Seafolly and Moccona x Peter Alexander have shown us the engagement and cross promotional power of collaboration marketing campaigns. Not only are these campaigns successful at face-value, but we can digitally track their influence by analysing reach, engagement and content.
This means we can place a dollar value on the impact of brand collaborations from a marketing standpoint. American Express recently released the 2017 Business Collaboration Index that identified collaboration marketing as a seriously lucrative strategy.
The report stated that mid-sized companies achieved a profit 1.4 times their investment. This equates to average savings of more than $319,000 or an average increase in sales of close to $430,000.
On average, it takes over six months to execute a collaboration campaign. Between conjuring a ‘big idea,’ to sourcing the right collaborator, pitching, following up, negotiating and leveraging a mutually beneficial partnership, the lengthy time required is off-putting for marketers and SMEs alike. Read more from adnews.com.au…
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