Collaborate like you mean it
How to incorporate meaningful collaboration into your business strategy, Part 2.
This is part 2 of the mini series on modern brand tools. Catch up on part 1 here.
New eras have a way of amplifying certain things and diminishing others. Collaboration is one thing that web3 has managed to amplify in a very positive way. In the making for the past decade, since the advent of blogging and the birth of the creator economy, collaboration as a business driver should be nothing new to business leaders.
So, no discussion about modern brand tools can be complete without the aspect, and opportunity, of collaboration.
Collaboration can be a fertile ground for new ideas, perspectives and even innovation. That magic word — innovation — has every business owner on the edge of their seat.
What is collaboration, plain-text?
Collaboration is when everyone rolls up their sleeves, defines a common vision, and is invested in the outcome with time and contribution.
Everyone brings their strengths to the table to create something new.
Let’s look at three business areas collaboration works in.
Collaboration as attractor (brand)
The most visible example of collaboration as a business driver comes from the fashion industry, with its many drops and collabs. This is a good example of how brands that are on opposite ends of an industry sector or occupy different market ecosystems (mainstream versus niche) come together to “rub off” on one another.
This creates the widely-known halo effect and is commonly used precisely for this reason.
Collaboration as innovator (product)
Less discussed but equally revenue driving is when collaboration is used to innovate. The pharma industry has been known to do this behind closed doors, i.e. with research institutes.
When launching the Appstore, Apple heavily collaborated with brands that they thought to be ideal apps for the iPhone, co-developing the applications with them and giving them a heads up on software improvements beforehand, i.e. with Shazam in the 2000s.
Collaboration as engager (customer)
I’ll only briefly mention the invigorating effect that collaborating with members of your community to create something new or context specific has on your brand and business. Loyalty, engagement, sales can be positively impacted by this.
Of course, this is also used in a B2B context. Bayer, for example, supports NGOs and governmental organizations worldwide in sexual and reproductive health education with marketing assets, data sharing, know-how and insights collaboration, without the mention or suggestion of its products.
And don’t forget the employee as a collaborator, too. Employees want to be empowered and enabled, but also included to contribute to the organization beyond their job description. Some of the best ideas can come from within your organization if the culture supports thinking outside of the box.