Exclusive partnerships successfully help brands reach new audiences and introduce something fresh to their customers. Exclusive partner agreements give vendors and their partners an opportunity to work together for a set amount of time. During this time there is no competitor interference. Correct alignment is essential for a successful partnership. Here are the top five reasons brands choose to exclusively partner with one another.
1) Freedom to Develop Market
Exclusive partnerships relieve pressure for both the vendor and the partner. The partner doesn’t have to worry about competing resellers taking some of the market they themselves invested in. In return, vendor gains greater commitment from their partners which provides greater access into the market. A sales pipeline is created within the market to drive sales success.
2) Advantage to Marketing Plan
Businesses prosper together. An exclusive partnership affords access to the partner’s marketing plan. The adage, “two heads are better than one” can certainly be translated to read “two companies’ investments are better than one”. Due to their joint investment, both the vendor and the partner have a huge incentive for success. Because of this they work together to effectively roll out the best sales plan for their products. Their shared company culture helps them to easily work together to achieve their sales marketing goals.
3) Increase to Target Audience
Both brands within an exclusive partnership share the same customer base. This means they each have a specific group of consumers they target for the sale of their products. For example, if one company doesn’t market towards older men, often their partner will not. Consumers on both sides of the partnership exponentially increase through their now combined target audience. Leads accelerate rapidly.
4) Increase of Business Exposure
Exclusive partnerships share mutually beneficial relationships. The vendor and their partner work together to develop and promote marketing campaigns. Through these campaigns their product is exposed to new audiences. As a result, brand awareness is also increased. Vendors benefit by getting sales through their partner, whereas their partner benefits by accruing new customers while experiencing an increased ROI.
5) Increased Access to Digital Markets
In the digital market era, vendors and partners effortlessly reap the benefits of their exclusive partnership. Companies are not limited to only selling the product but can distribute streamlined content through the avenue of social media. Both the vendor and partner have full access to the demographics of each other’s followers on social media. Partnering with the right brand through digital markets can help certain companies reach an audience that was not originally following them.
Human Design recently began an exclusive partnership with Hilo Hattie. Hilo Hattie is a well-known brand located in Hawaii. The town of Hilo is known for its awe-inspiring beauty -waterfalls, fertile rainforests, and blooming gardens are found on the island. The store itself was named after Hilo Hattie. Hilo Hattie, who is of Native Hawaiian ancestry, was a famous Hawaiian singer, hula dancer, and comedian. The Hilo Hattie store carries the largest selection of Made-In-Hawaii fashion, gifts, souvenirs, and jewelry. Click here to look at the selection of jewelry that Hilo Hattie carries from Human Design.