You Ask, I Answer: Identifying Complementary Brands for Collaboration?

Warning: this content is older than 365 days. It may be out of date and no longer relevant.

You Ask, I Answer: Identifying Complementary Brands for Collaboration?

Taiylor asks, “We are a small air-freshening brand with a subscription service… who should we collaborate with?! I’m struggling to come up with a complementary brand or even a TYPE of brand.”

This kind of question is really important, because very often people will immediately look for businesses with similar styles and types of product. That’s not the best approach. The best approach is to look for which businesses have similar kinds of customers. Watch the video for full details.

You Ask, I Answer: Identifying Complementary Brands for Collaboration?

Watch this video on YouTube.

Can’t see anything? Watch it on YouTube here.

Listen to the audio here:

Download the MP3 audio here.

Machine-Generated Transcript

What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.

In today’s episode Taylor asks, we are a small air freshening brand with a subscription service, Who should we collaborate with? I’m struggling to come up with a compliment your brand or even the type of brand.

So this question is really important because very often what people do is they look at their business, and how their business does business and looks for similar kinds of businesses, hey, you’re a subscription business.

So in your subscription business, we’re a subscription business.

So let’s see if there’s some opportunity to collaborate with them.

And that’s not the worst way to do it.

Because there is going to be some overlap logically, if someone is comfortable buying things through subscription, they may be comfortable buying something else to subscription.

But one of the challenges of that is that you don’t know whether that brand or that product or service is going to be useful to you to understand Is this is their customer base similar enough to yours? So there’s a couple of different ways to handle this.

Number one, and probably the most straightforward is to survey your audience, your customers that you currently have, and say, hey, what other products and services? Do you use either on subscription or not? To get an understanding of what are the major brands that are in this person’s life? Is this person that is a customer? Are they also a Netflix subscriber or an Amazon Prime subscriber? Or are they a doordash subscriber or a grub hub subscriber, get an understanding of the brands in that landscape first, and then what you’ll probably want to do is you’ll want to look at what do audiences of those brands have in common? So let’s take a look at where you would get this information.

Now, the easiest place to get it from is actually from Facebook Audience Insights.

So let’s bring this up here.

Here, we have Everyone on Facebook.

And this is, you know, this is set to the United States, but you can obviously change it to whatever you need it to be.

And if we look at interests if you know somebody is interested in Netflix, for example, or even a specific show on Netflix, you could toss that in here is there’s a, let’s look at doordash.

See if that’s in here.

Yep.

And I’ve got a couple of those targeting criteria in here at 70 million people go to page likes.

And what this is going to pull up, of course, are all of the other brands and interests that this audience is is interested in.

And if you this is would be the place then to start looking particularly if you have a locality that you serve that specific, or maybe a particular type of affinity that are brands that are within your reach that you may be able to do business with some a bunch of these are obviously very big ones.

But you can see here there are no travel agencies, particular type of sports bar.

There are some TV shows, there are some websites that may or may not be a very large but this is how you would sort of calibrate in on based on your understanding of your customer base.

This would be the way to identify those complement your interests, and then use this data to do your outreach.

Now, if your page is large enough, and has enough followers, and we’re talking in the thousands here, if not 10s of thousands, you can do this directly without having to use these calibrating brands.

For example, let me go ahead and pull my page in here.

You can see my page even though it’s got 1000 followers, does not have enough data to do this.

I can calibrate on the basic demographics, and get some ideas of location maybe if it’s there, but in this case, I don’t have enough information for my page.

So that’s why I would suggest going the survey route first to find the business brands that these these customers have in common? And then use that to calibrate.

Essentially, you’re you’re creating almost kind of a look alike audience in some ways of what else do these people have in common.

The other thing that you can look at is in Google Analytics.

In fact, let’s go ahead and bring that up here.

With within Google Analytics, you can get what are called in market interests.

And these are the interests that people have within your audience.

So let’s go ahead and look at interests.

And what is it that these folks are also interested in acquiring let’s go ahead and close this.

We can see employment, career consulting services, this is my website, and this is the last seven days let’s expand this out of it here.

We go for October 60 or 90 days is a good window to look at employment, business and productivity software advertising, marketing, service, travel hotel and accommodations.

You can see it there’s a list of these different types of companies that someone is in market for has an affinity for the types of things that they like to to be looking at.

So technophiles, business travelers value shoppers.

This then gives you additional types or categories of companies.

And this is from your website data, which will give you those people who come to your website, you could obviously restrict this down with segments if you want to track only people who have converted, but that is obviously contingent upon making sure that you’ve got goals that are trackable in Google Analytics.

So a couple of different approaches depending on whether you want to go the the Facebook audience route to see those interests or a very specific name interests, or the general categories with Google Analytics.

Either way, you can get at that information, or at least start down the road of that information to identify what are the things that your audience also cares about? And then build audiences from that build or collaboration partners from that? That’s a good question.

So remember to always think From the customers angle First, if you’re starting from the business side, it’s hit or miss.

If you start from the way the customers thinking is more likely to land every time.

As always, please leave your follow up questions below in the comment box.

Subscribe to the YouTube channel and the newsletter will talk to you soon.

Take care what helps solving your company’s data analytics and digital marketing problems, visit Trust insights.ai today and listen to how we can help you

Machine-Generated Transcript

Comments

Leave a Reply Cancel reply

Pin It on Pinterest