By | Caroline Blight | www.theceomagazine.com
Right now, it seems X really does mark the spot. Cross-brand collaborations are on trend everywhere, from fashion and beauty, to travel, hospitality and tech. This is certainly no passing phase and the ties run deeper than two juxtaposed logos.
X is the spot where two brands bring both their audiences together, and the positive effects on both sales and inspiration moving forward make these collaborations a force to be reckoned with.
“Brand collaborations are growing in popularity because they’re a royalty-free way for brands to reach new but relevant audiences,” explains Claudine Harris, CEO of brand matchmaking company Miai.
“It’s a credible way for brands to grow their awareness and exposure, which can lead to increased sales too. This makes them something of a no-brainer.”
But more than coming together for one product or campaign, they can be great innovators for businesses, as new ways of working or seeing the world influence future decisions.
“By their very nature, brand collaborations are innovative because they require the brands taking part to create something new and compelling for each other’s audiences,” Harris says.