Picking your alliances
Last week you would have seen the comedic post in regards to the 'Offical Sponsors' of the Olympic games - and it brings up the question of alliances. If you missed it, here is the link! Large corporations occasionally align themselves with other brands, events and celebrities to gain exposure and increase brand awareness. But does this always work for them? And what about the little guys who can't afford to sponsor the Olympics?
Well to answer the first question. Large corporations have such large marketing budgets that they can afford to run 'Branding' marketing. It doesn't create a direct sale, instead is aimed at getting the brand out there. The alliances we are talking about fall under this category - and yes it does work for them (in most cases). The aim is purely for brand recognition. However they, just like you, need to be careful who they associate with. If a celebrity has a public meltdown, or a business is put under scrutiny it can be terrible for a company.
So what about you? How can you make the most out of alliances. First, and foremost - you need to know your company and you need to know your target market...
Let me repeat that: You need to know your company and you need to know your target market!
There is no point aligning businesses with different morals and ethics. If you're a health food company - align with gyms, retreats, or even chiropractors. If you are a web design company align with marketing agencies, if you are a car wash company align with car dealers. The list goes on.
Building brand alliances are a great way to increase exposure for both businesses - and can be a win-win situation.
If you're looking for brand alliances, but don't know where to start we would be happy to help! Just contact us to arrange your free consultation!
What are some of the best and worst brand alliances you've seen?