Brand partnerships can be a sensitive and tricky space to navigate, though if well-negotiated and executed, the upside is immense. In the case of two brands collaborating for an event, it could mean a maximum impact event for your guests, while the costs and effort would be split between two organisations.
Firstly, it’s important to understand that not every brand may be a suitable partner for your own. From experience, what has worked most effectively are two brands that are from different industries, but aligned in the demographic that they are looking to reach. Aside from demographic, alignment in values is also crucial to ensure that the relationship doesn’t run the risk of compromising what either brand stands for. This may come in the form of a bank or insurance company teaming up with a luxury watch or car brand, or a tech start-up company collaborating with an edgy fashion label. As they do not compete with one another in terms of offerings, but seek to reach out to the same clientele, this allows for the perfect synergy to whip up a unique event that may exceed one’s original resources.
While sharing the cost is one benefit of a collaborative event, the biggest win for both partners is that each gains value through the strengths that the other contributes. For example, some noteworthy brand collaboration events that My Private Chef have executed include luxe label, Shanghai Tang, providing a fashion show as entertainment and accessories for the door gifts to a bank’s Chinese New Year dinner for high net-worth clients; Maserati offering UBS’s top clients test drive experiences in their super cars; or a premium fashion house offering styling sessions at a CXO dinner for an Oil & Gas company.
To negotiate a collaboration where everyone wins, it is vital that both parties’ event vision, objectives and requirements are met. With each party contributing a different element, whether that be entertainment through fashion shows, high-calibre attendees, or money cannot buy experiences, being clear with each parties’ roles and responsibilities, as well as the key decisions being made will also ensure harmonious cohesion throughout the process.
Setting up a task tracker and scheduling check point meetings will provide visibility that both partners are owning their respective domains and that everything is in black and white to minimise miscommunication or general misses.
If managed well, both parties entering into the collaboration stand to have their brand equity enhanced purely by association with another brand also deemed aspirational in the eyes of the consumer. This, along with the complementary strengths or specialties that each partner brings to the table will be able to take your event to the next level.