Collaboration is an exciting way to increase revenue, gain new customers, and promote your online store. Many online retailers shy away from collaboration, but it doesn’t have to be that way. Not only does collaboration have a ton of benefits for your business, but it could also be a learning opportunity that exposes you to new ways of doing business.
Store collaborations
Your online store may have a great selection of your unique, niche products, but there are plenty of other products out there that your customers may be interested in. Rather than having to go to multiple online stores and pay lots of shipping fees, customers love being able to buy everything they need from one place. That’s where store collaborations come in.
By working with other online retailers who sell products that also suit your target audience, you could increase the average order value and your online store will be promoted on your collaborator’s marketing channels too. You can upload products yourself by buying in bulk from a collaborator, or give them agency by using a merchant boarding API that lets them manage their own products.
Product collaborations
Product collaborations are a fun way to add new products to your website and collaborate with another brand. A typical example of a product collaboration might be an artist working with an online retailer who will sell products that showcase the artist’s art as limited-time products.
Product collaboration requires forging a strong relationship with another retailer or artist. Social media is a great way to find other brands, but if you’re unsure where to start, this guide on how to find brands to work with on Instagram has lots of great tips and tricks.
Sponsored events
Not all collaborations require adding new and different products to your online store. Instead, you can collaborate with another brand by running a co-sponsored event.
Events aren’t just for in-person stores. You can run online events via your social media channels. These could include ask-me-anything (AMA) events, interviews, live music and performances, and giveaways.
By working with another brand for your next online event, you’ll reach more people thanks to cross-posting and get the chance to work with someone else who may have new and exciting ideas to contribute.
Influencer collaboration
Many online brands are seeing the benefits of influencer collaborations. By working with an influencer, you get additional marketing across their channels, can get a whole new customer base, and improve your brand image thanks to the influencer’s recommendation.
There are plenty of online platforms that you can use to find influencers to work with your brand. Popular platforms include Upfluence, Aspire, Post For Rent, and TrendHero.
Read Also: 3 Reasons to Consider Hiring Micro Influencers
When choosing an influencer to work with, you should consider how well they fit your niche, who their followers are, how many followers they have, and what sort of content they create. A big benefit of influencer marketing is that the influencer will take over content creation, so make sure their content fits your brand and your expectations.
