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The Power of Collaboration

The Power of Collaboration

Authors: Tina Walczak & Cam Schreiner

Editor: Andrea Tomlinson

 

In 2019, collaboration has proved itself to be an effective cross-promotional tool in the marketing industry.  Top brands are collaborating with one another (such as BMW and Louis Vuitton, GoPro and Red Bull, Alexander Wang and H&M), and not only have these alliances benefited brands in the sense that it increased their client base, but it also has fueled creativity, resulting in innovative and unique products.

For example, BMW & Louis Vuitton’s collaboration produced an exclusive luggage collection that is lightweight and stylish quality due to its carbon fiber material (a composite typically used in the performance cars and aeronautics industries).

3 Ways Collaboration Can Benefit Your Business

Business collaborations (also referred to as joint ventures, outsourcing agreements, and cooperative research), are beneficial in three ways primarily.

Access to Larger Audiences

Benefits for Businesses

It’s no surprise that since the full legalization of marijuana use in Canada, cannabis businesses are booming. And since the practice of THC use has existed, so has the inevitable post-toke cravings, aka “the munchies”. In consideration of this, a business deal between a local cannabis company and an ice cream store would likely thrive and overlap with transferrable audience members.

For example, a cannabis company currently has 10k followers on Instagram, but the ice cream shop has 10k followers on both Instagram and Facebook. By collaborating with one another, the cannabis business would jump from having a 10k follower reach to 30k.

In this scenario, both businesses would benefit from the other’s audience and therefore cast a much larger net.

Benefits for Creatives

Being a creative in a collaborative atmosphere is extremely beneficial. Collaboration expands your audience and opportunities for alliances.  Opportunities could arise from engagement with other creatives in your company, as well as with creatives outside the company (like reaching out to connect with other creatives via Instagram).

 

Acumen Advancement  

Benefits for Businesses

By collaborating with other businesses, your acumen, or your ability to make effective decisions quickly, increases. Business acumen is a highly valuable skill in the marketing industry, particularly when it comes to selecting the language required to speak with your collaborator and their customers.

Spending time with your collaborator and their customers allows you to build skills in areas outside of your business expertise. Application of these new skills to your business practices & policies can give your company a boost in profits, as it allows your company to expand its audience (e.g. speaking the language of retail can attract retail-oriented consumers to your business).

Working with others who are more knowledgeable than you in a different field (and getting to know their customers) increases your acumen and audience reach simultaneously.

Benefits for Creatives

By working in isolation, resources such as YouTube and Skillshare are available to you, but there is an osmosis-like quality to working in a collaborative setting. By being around people with different backgrounds, roles, and passions, you acquire new skills and add them to your toolbelt.

Brand collaboration | Hiilite

Image by Grégoire Alexandre

Complimentary Skill Expansion

Benefits for Businesses

Imagine you are a makeup brand and you decide you want to build a clothing line. What type of business could you collaborate with in order to gain knowledge on best clothing practices?

For an alliance to ensure success, each partner must contribute something of value, whether that is marketing, finances, manufacturing, access to distribution—the list is endless. The challenge is to find equal value, and this is where the collaboration can sometimes fail. Companies must outline objectives, expectations, and core skills they wish to utilize from their partner. If you are savvy enough, you will collaborate with these parameters in mind.

Benefits for Creatives

A complimentary skill is very important. Being the jack of all trades usually ends up with you being the master of none, which doesn’t speak well for your quality as a creative. Focusing in on your niche and knowing when to ask for support is paramount. By collaborating with a team such as the one here at Hiilite, both participants can be the master of their own domain and build off of each other!

Specialization is what makes businesses effective. Let’s say we’re building a website. If one person is a design expert, they can create the design. At the same time, a content expert produces badass content in tandem, and when it’s ready a web developer can put it all together.

Sure, you can be a one-person show, but collaboration is much more effective and enjoyable.

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