So even though todays post might not be one of my most exciting, its one that I actually really enjoyed. Day with Chris we learnt about collaborations.
A collaboration is: "When one brand aligns with another to mutually benefit"
H&M is a prime example of a brand who just can't seem to help themselves - I don't think i can actually recall a time where H&M HAVENT been doing a collaboration!
Collaborations are a great way to reach out to new audiences and strengthen credibility!
In the retail world today there is an increasing NEED to be able to differentiate, and by creating a collaboration with someone new, you are able to create something completely NEW! It provides new content for social media and press to cover and overall, if done properly can increase your footfall.
Due to the never-ending challenge of catwalk to store strategy, luxury brands seem to always pick the short straw. Its called the trickle down theory, where the high street brands see what the designers are doing on the catwalk and basically rip it off. Taking this into account, the designers may as well get some recognition for it by collaborating with that high street brand, and make a profit with it.
Collaborations help brands to:
- Create a new market
- Discover new customers
- Stand out from competitors
- Generate PR
- Share resources
- Increase sales
So you're probably asking yourself, well then why isn't everyone doing it! On paper it seems like such a WIN WIN. However over 90% of collaborations FAIL. This can be for a number of reasons; there isn't equal value for the brands, the strategy isn't understood by the consumer, the brand values don't match. Designers who take part in these collaborations get paid A LOT! Because just by adding their name to another brand, it instantly increases its status.
Its a way to skilfully craft something bigger, better and more meaningful than each brand could have made on their own.
O x
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