Brand Partnerships: How to Collaborate with Industry Leaders
In the ever-evolving world of eCommerce and digital marketing, brand partnerships are not just a trend—they’re a necessity. Collaborating with industry leaders can elevate your brand, enhance customer loyalty, and boost conversion rates. If you’re looking to improve your Conversion Rate Optimisation (CRO) and customer retention, read on! Here are five strategies to foster successful brand partnerships.
1. Align with Complementary Brands
The first step in creating a fruitful partnership is to choose brands that complement your offerings. For instance, if you’re in the beauty industry, teaming up with a skincare brand can create a perfect synergy. This approach allows you to tap into each other’s customer bases and enhance the overall value proposition. When Online4Baby partnered with Tyviso to offer gifts from brands that resonated with their customers, they saw a remarkable 46% increase in basket completion rates.
2. Leverage ethe Power of Gift with Purchase (GWP)
One of the most effective tactics in brand partnerships is the Gift with Purchase model. It incentivises customers to buy while providing added value. For example, Secret Sales utilised Tyviso’s GWP product, allowing customers to select a gift at checkout. This clever move resulted in a 66% increase in basket completion and a 14% uplift in average order value over 60 days. It’s a win-win!
3. Create Joint Marketing Campaigns
Working together on marketing campaigns can amplify your reach and engagement. Whether it’s through social media, email marketing, or co-branded content, collaborative efforts can enhance brand visibility and credibility. Wild Deodorant experienced this first-hand when they partnered with SimplyCook through Tyviso, offering a free trial box to customers. This partnership not only generated significant commission for Wild but also improved their basket completion rates.
4. Use Data-Driven Decisions
When forming partnerships, it’s essential to base your decisions on data. Establish KPIs that reflect your goals, such as conversion rates and customer retention metrics, to continuously assess your progress. For instance, Parcel2Go carefully selected partners through testing to find the most effective designs and offers. Their methodical approach led to a 29.23% increase in average order value. The insights gained will not only improve your current partnerships but also inform future collaborations.
5. Foster Open Communication
Successful partnerships thrive on transparent communication. Regular check-ins and updates can help both parties align on goals and strategies. For example, by closely collaborating with Tyviso, Plusnet revamped its rewards programme, resulting in a 90% higher likelihood of customers completing upgrades. Clear communication keeps everyone on the same page and maximises the partnership’s potential.
Brand partnerships are a powerful strategy to overcome challenges related to customer engagement and loyalty. By aligning with complementary brands, leveraging GWP strategies, and fostering open communication, you can create a thriving ecosystem that benefits everyone involved.
Sid Senthilnayagam
Client Services @ Tyviso
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