Divide & Conquer
One of the most underutilized, inexpensive and highly effective methods to create massive brand exposure and/or sales is through Strategic Partnerships. UADV has a keen ability to do what many from the outside may perceive to be extremely expensive and difficult marketing campaigns when in fact it costed as much as a few phone calls and emails. It isn’t always about paying everyone to do what you need them to do. Many times there are mutual benefits to companies working together to bring attention to an idea or product. This generally applies to companies that are not within the same industry yet market to the same audience. An example of this would be a high end jewelry store partnering with an exotic car rental business and a cigar brand to throw a massive luxury themed event. In this case, all of the companies can contribute a piece of what they offer while reaching out to their private networks to attend the event. Now all of these companies have combined their network and values to attract a large amount of people that are equally interested in all of the company’s products. This in turn creates many more opportunities to generate sales while not interfering with anyone’s business as none of the companies directly compete with each other. This is only one example of many that exist to show the power of strategic partnerships.
Types of Strategic Partnerships
There are many types of strategic partnerships. A few of them are through Video Content, Graphic Art Collab, Merchandise, and Events. The key to building a Strategic Partnership is to provide as much value to each party as possible. If it isn’t in everyone’s interest to work together than the amount of value and effort being made by everyone won’t be what it needs to be to have success. In a video collaboration, the “strategic partners” can come together and provide different resources to produce the video for a credit at the end of the video. Things such as camera equipment or products to be filmed in the video can be provided by the partners so that no added expense is had to purchase anything. Strategic Partnerships shouldn’t involve much money being spent aside from fixed costs to execute the partnership such as renting a space or paying staff to do work related to the partnership. This greatly minimizes the amount of money it would have cost a company to pay another to be part of a campaign which in turn is a risk because there is no guarantee that a return will be made on the investment once the campaign is finished. This is why strategic partnerships are considered low risk, high reward when done correctly.
UADV Strategic Partnerships
At UADV, strategic partnerships are set up any chance it can be done. UADV founder Alex Quin has done this multiple times with various brands leveraging the power of influence for an endorsement. An example of this is the Tile locator device partnership where Alex Quin had an animated version of himself talk about all the uses and value of having a Tile locator with him while he’s on the go. (See video below) This was a great way for both parties to benefit from working together. Alex markets and speaks directly to young entrepreneurs that are constantly on the go which is a huge value for a company like Tile that offers a product with the ability to track equipment/devices wherever they are. By giving Alex the content and ability to campaign their product, they reached an audience that is more likely to buy their product and Alex was able to provide value to his audience by showing his relationship with a recognized brand in his industry.
Alex Quin x TILE by Loogart
How to Set Up a Strategic Partnership
If you are going to set up a Strategic Partnership, then it will need the following to be successful: Common Ground Between Partners, Something relevant being brought to the table by all partners, A strategy that will benefit all of the partners, Distribution of costs between all partners, and finally, EXECUTION!
The reality is that everyone wants to win out of any partnership that is made, therefore make it a point to identify what makes the partnership worth it for everyone involved. This is the most important part of a strategic partnership because if there is no common ground between the partners, then there will be an unbalance of interest and effort made by everyone. An example of this is having multiple partners that cater to the same audience yet offer completely different products such as cars, private jets, and boats. All of them sell to generally the same customer yet what they offer is completely different from each other. The common ground is the customer which is the same between all partners.
The worst thing that you could do is create a strategic partnership around an idea or concept that is irrelevant to all of the partners and their goals. This is crucial to having a positive result from the partnership. Imagine an exotic car company partners with a cigar brand to sell to their common customer who is into luxury. Let’s say that the companies agree to collaborate on an event that is based around children riding in exotic cars. In this example the value is one sided and is irrelevant to the Cigar company as the children will not be able to be sold to. There needs to be an understanding of everyone’s goals and expectations before beginning the creative process for the Strategic Partnership.
Setup a Strategy
Once the strategic partnership has been established and everyone’s goals/expectations have been understood, the strategy to execute the partnership is created. This strategy has to incorporate all of the partners while maintaining a balance between effort and responsibilities. This is important so that all partners involved feel as though they are getting their fair share for the amount of investment they are making from their end. No one should feel that they are winning more or less than the others as the point of a strategic partnership is to develop something that “Strategically” sets everyone up to win. When the strategy is set and the dates are marked on the calendar, there is only one thing left to do... EXECUTE.
It is with pride that UADV is able to show multiple examples of successful strategic partnerships that applied the above steps. By doing this, UADV has been able to work with major brands and individuals for the sole reason of creating mutually beneficial strategic partnerships that have resulted in only positive returns for all involved. If you have an idea of a strategic partnership you would like to do with UADV, contact us today and we’ll let you know what can be done.