How to Identify the Perfect Brand Partnership for Your Business
So, you’re thinking about a brand partnership. You’ve heard the buzz, seen the success stories, and now you’re ready to jump in and take your brand to the next level. But with so many potential partners out there, how do you find the one that will truly work for you?
Don’t worry, we’ve got you covered! Let’s break it down into five simple steps that will help you find that perfect match. Grab a coffee, take a seat, and let’s dive in.
1. Align on Core Values & Target Audience
Before you even start thinking about offers and discounts, make sure your brand values and target audience align. A partnership that speaks to your customers is a partnership that’s destined for success. For instance, let’s look at Parcel2Go, the UK’s leading courier comparison site. They partnered with Tyviso to integrate gift with purchase (GWP) offers from brands their audience could relate to. By picking partners that fit their customer profile, Parcel2Go saw a 29.23% increase in average order value.
2. Look for Mutual Goals: Do You Both Want the Same Thing?
When you’re looking for a partner, make sure you’re both after the same outcome. Are you trying to increase average order value (AOV)? Or perhaps you’re focused on boosting conversion rates? Secret Sales, a leading premium e-commerce marketplace, chose Tyviso to explore brand partnerships with the specific aim of increasing basket completion rates and AOV. After 60 days, they saw a 66% increase in basket completion and a 14% jump in AOV—proof that when both brands align on the goals, the results speak for themselves.
3. Test First: Don’t Go All In Right Away
Cautious but curious? Same here. You don’t need to dive headfirst into a massive campaign before testing the waters. Online4Baby did just that. They started small by testing a 3-brand widget on their basket page. After just 30 days, they saw a 46% increase in basket completion and a 17.2% rise in average order value. The lesson? Test your partnership with a small audience before rolling it out to everyone. You’ll get better results and minimise risk.
4. Choose a Partner Who Complements Your Brand, Not Competes with It
Your ideal partner should complement your brand, not compete with it. Think of it like a dinner party. You don’t want two main courses—one side is enough! A great example is Wild, a sustainable deodorant brand. They partnered with SimplyCook to offer a free trial box as a gift to customers purchasing deodorants. This partnership didn’t just boost Wild’s basket completion; it also generated over 500 new acquisitions for SimplyCook, proving that the right partners can create a win-win situation for both brands.
5. Track Performance and Adjust as You Go
The key to long-term success in any partnership is the ability to measure results and make adjustments as needed. When Tyviso worked with a prominent home and floor care brand, we ran dynamic ads; tailored gift with purchase offers based on the items in the cart. The results were clear: a 50% checkout completion rate for customers who engaged with the GWP offers and a 4% increase in basket value. Continuous optimisation and data tracking ensure that your brand partnerships keep delivering positive results over time.
Finding the perfect brand partnership doesn’t have to be complicated. Start by aligning on values and goals, test with a small audience, and track your results closely. By choosing a partner that complements your brand and speaks to your target audience, you’ll set yourself up for success.
Sid Senthilnayagam
Client Services @ Tyviso
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