There’s no need to splash out on ever-increasing customer acquisition costs if you can retain an existing one. The more a customer returns to purchase products from you, whether they started out as your customer or your partner’s, the more profit you make. If you’re a skincare brand launching a new makeup line, for example, collaborations with big department stores like Macy’s or Kohls drive the attention your new line needs to make a splash. Retail partnerships help you tap into existing audiences of other brands in the space you’re entering. The more eyeballs on your product, the better chance you have at standing out against legacy brands in the retail industry. When it comes to exposure, many retailers want to launch new products with a bang, especially if they’re entering a new category. You both get more time to focus on what you do best, with less resource restriction. You can lean on another retailer’s staff roster and team up on their existing marketing campaigns. But you’re working with limited resources-both in terms of cash and time.Ī huge benefit of retail partnerships is that you can share resources. You want to give your all to marketing, product development, and excellent customer service. “I don’t have time to get everything done!” could be the motto of every retailer. Almost half of retailers have seen a boost in revenue as a direct result of their partnership programs. Get your partnership right and you’ll experience customer growth that come with exposure. “We also sought out new partnerships with stores like Urban Outfitters and Free People, knowing that they would be looking to increase their comfort offerings.” “With that, we quickly increased our Amazon offerings, which previously only included Speax by Thinx and Thinx (BTWN), to include our core Thinx line,” Lyndsey says. Its VP of Partnerships, Lyndsey Arnold, says, “We sought out ways to offer our underwear to retailers that were looking to expand their offerings, as well as known go-to stores for comfort wear. It recognized how loungewear became the new uniform as pandemic-related lockdowns forced everyone to stay home. However, partnering with other retailers gives you the opportunity to reach their existing, loyal customer base. Driving foot traffic to your retail store is no small feat. It’s hard to get your products out there, especially when online marketing has become oversaturated. The benefits of retail partnerships Exposure to new audience
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