Growth and expansion are key goals for most business owners and entrepreneurs. But the major issue is usually the right steps to take in ensuring the expansion of one’s business. There are several ways to ensure the expansion of a business and one of the effective ways is by collaborating with other brands. In the global fashion industry, collaborations between brands are highly important.
No man is an island, same as no business can thrive in isolation. Collaborations are no longer optional for a brand’s success: they’re a strategic imperative and they can have enormous impact on a brand’s long-term outlook and profitability.
So now that you are aware of the idea of collaboration, what are the key tips in developing a collaboration strategy for the expansion of your fashion brand?
- Identify the reason for the collaboration and Know your Audience.
It is imperative that you identify the reason why your brand needs to collaborate with other brands. Also, it is vital to have clarity on the audience you business caters for, this will make it easier to spot collaborators that align with your customers interest and your business goal. Most recently, Adidas and Beyonce collaborated in launching a sneakers and apparel line (Adidas x IVY PARK). This collaboration is as result of the business strategy of Adidas seeking to attract more female customers.
- Make a list of potential partners/collaborators.
Now that you have decided the reason why your brand needs collaboration, you need to identify potential brand partners/collaborators. It’s crucial that you find the right partner for your expansion. This can mean the difference between your successful expansion and a failed attempt to grow your business.
- Prepare a Proposal for the collaboration.
Once you come up with a list of potential collaborators, it is essential at this point to prepare a proposal for the collaboration where you would identify the following:
– What you intend to offer for the collaboration?
– What you intend to gain from the collaboration?
-The essence of the collaboration as it relates to each potential partner listed.
- Commence Sending Emails to potential collaborators.
Send out emails to start the conversation of possibly collaborating with the potential brands. When this is done and you begin having conversations with the brands, it is vital that you make use of the conversation in developing detailed plans for the collaboration.
- Commence with a collaboration/partnership agreement.
Finally, ensure that the clear terms of the collaboration are documented in an agreement. Generally, the agreement outlines the business nature and objectives of the partnership, the contributions of the collaborators, and their specific rights and responsibilities. Creating a written agreement will reduce potential disagreements or conflicts among the contributors.