Brand partnerships are considered to be the best route to growth by 98% of the industry, according to new research which spoke to more than 80 companies, including retailers eBay, Marks and Spencer and Deliveroo.
The research by legal practice Foot Anstey found that 93% of those surveyed considered partnerships and collaborations to be successful, with collaborations in particular becoming increasingly popular.
In addition, media coverage, increased turnover and market share were identified as prominent markers of success. Harrods said using partner brands can “help deliver decent output in terms of media marketing, communications, and driving footfall or customers to the store”.
Another representative from Next added that partnerships were “highly beneficial” for helping with recovery from the impacts of the pandemic.
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However, risks identified by the survey included “tainting the brand or company reputation”.
Half (50%) of the brands surveyed said that they experienced communication difficulties when interaction with other partners, whilst 43% cited a lack of cooperation from the partner company as resulting in poor execution.
Almost two in ten of the brands surveyed (17%) also said they had concerns around transparency between brand partners.
“Brand partnerships and collaborations, when done right, can be transformative. They open avenues for innovation, bring together completely different strengths and offer a fresh perspective to both brands and consumers,” said Foot Anstey partner Alexandra Hammond.
“The survey, which takes views from leading names across the retail sector, highlights the potential and the nuances of modern brand partnerships,” she continued.
She added that “it’s crucial for brand partners to have clear processes in place and a sense of what you hope to achieve together”.
“Forward-thinking companies recognise the importance of legal clarity in ensuring successful and smooth brand partnerships and collaborations”.
