PROMOTIONAL RESEARCH
From managing collaborations to measuring success, Foot Anstey partner Alex Hammond explores the power of brand partnerships and how retailers can maximise growth while avoiding pitfalls
With the retail market remaining fiercely competitive, it is crucial that firms continue to evolve in order to remain relevant.
Teaming up with other brands can provide fresh perspectives, opening new doors for their already established followers while also bringing new customers into the fold.
The power of partnerships
When brands work together, they can develop unique products and campaigns that appeal to both existing and new customers.
Research undertaken by Foot Anstey in 2023 showed that more than 50% of respondents noted increased revenue as a result of partnering with another brand, while almost 60% achieved higher levels of media coverage through collaboration.
Protecting your brand
While brand partnerships can secure valuable exposure, safeguarding intellectual property (IP) is crucial.
This includes trademarks, logos and original designs, ensuring they aren’t misused or diluted. Expanding into new sectors brings additional risks – Greggs’ hugely popular Baked in Gold jewellery range is a prime example.
In this scenario, moving from food and beverage into jewellery requires a review to ensure the relevant trademarks cover new product categories. Brands launching outside their usual sector should review their IP protections accordingly.
Managing influencer collaborations
Influencers play an increasing role in brand exposure, particularly on social media. While they can help brands reach new audiences, partnerships must be carefully managed.
Foot Anstey research found that brand reputation is a top concern, with over 25% of respondents identifying reputational damage as a key risk.
Influencers often work through agents, which can provide structure but also create communication barriers. If an influencer’s representation misinterprets a brand’s vision, the result can be misaligned messaging with potentially damaging consequences.
Measuring success with AI
Success in brand partnerships isn’t just about revenue – retailers assess impact through customer feedback, marketing databases and media coverage.
However, analysing this data takes time and AI is emerging as a valuable tool to streamline insights.
Despite its potential, AI adoption in brand partnerships remains low, with over 75% of respondents saying they had no plans to use it in the next 12 months.
While concerns around AI ‘hallucinations’ and IP infringement persist, its role in campaign analysis and future planning could be a game-changer for brands looking to refine their collaborative strategies.
Want to find out more about how you can succeed with potential partnerships, please take a look at the Harnessing the power of brand collaborations | Foot Anstey report.
Alexandra Hammond is a partner in Foot Anstey’s Retail and Consumer Team, with particular expertise in commercial contracts, data protection and technology projects.
