Cross-pollinate with other brands
Exchange credibility with other brands and influencers by launching co-branded products that can be monetized.
Why it matters: Both the brands exchange credibility and the collaborations help expose each brand to new audiences.
- The right influencers already have a presence in your target audience’s lives. The role of an influencer is similar to that of billboards – they grab attention in the middle of a traffic intersection, and convey a message that usually sticks.
- Second, when someone else talks about you or your product, it comes across as more legit.
Partner with influencers
In 1994, James Jebbia started Supreme, a small skateboard shop aimed at the New York skating scene. Over the next 25 years, Supreme expanded into high-quality clothes and accessories and became a staple in the streetwear community. In November 2020, VF Corporation acquired Supreme in an all-cash deal for $2+ billion.
Few examples come to mind:Supreme has frequently collaborated with many iconic brands over the years, such as Nike, Louis Vuitton, and Comme des Garcons.
- YouTuber Marques Brownlee launched a sneaker with footwear brand Atoms.
- Indian NFT company Guardian Links dropped its Chakra The Invincible collaboration with Stan Lee, the creator of famous comics like Spiderman, Iron Man, Hulk, and The Avengers.
Nike pays sportsmen and women to wear Nike at famous events. Similarly, everytime celebrities and trendsetters — A$AP Rocky, Tyler the Creator, and Kanye West — are seen wearing Supreme, the demand for more Supreme products spikes.
Here’s another example from Teixeira, T. S., & Piechota, G. (2019). Unlocking the Customer Value Chain: How Decoupling Drives Consumer Disruption. Currency.
Charles-Albert Gorra started Rebag as a destination to resell high-end used bags – bags that held a resale value of $13,000. He began this venture coming from a background of investment banking. This meant he had no knowledge or contacts in the fashion industry to help him gain his first customers. Instead, he invested in creating a small team that approached influencers, personal shoppers, wardrobe consultants, and salespeople working in high-end stores, asking them to talk to their customers about selling their unwanted bags on Rebag. These influencers were incentivized by offering them a commission on every bag that entered Rebag’s inventory. This eventually kickstarted a business and raised over $68.3 million dollars as of May 2020.