Cheat Code: Challenging the big guns? Buddying up is your best bet
Jumping into strategic partnerships may be a well-worn path, but how do you make collaboration between challenger brands worthwhile? Think depth and stretch, says behavioural science expert Dan Monheit, CEO of Hardhat.
Without the monster budgets of your market-leading rival, buddying up with another challenger brand feels like an obvious play for creating talkability and gaining market share. When done right, the promise is certainly enticing: all the audience for half the price with a side serving of hype if it all goes well.
But what are the essential ingredients for a successful, mutually beneficial brand partnership? Reflecting on the hundreds, possibly thousands of brand collaborations that spring up every year and the dozens I’ve worked on personally, there are two main concepts to consider.
