Our resident business coach Irene Moore is back answering another beauty business dilemma. If you having a burning desire to start a business, or stuck in a rut with your current venture, email Irene at firstname.lastname@example.org
Firstly, bravo you for using your business savvy and seeing the benefits of collaboration here! One of my favourite sayings is ‘Community Over Competition’ and it’s especially true in business.
So many beauty businesses owners spend way too much time in endless comparison and jealously and not enough time thinking about the bigger picture and the positive impact a true collaboration can provide.
One of my consultancy clients, Kat Von D, is the queen of collaboration and it’s one of the things I admire most about her. Even though she has a combined following of over 20 million fans she still collaborates with like-minded brands that share her passion for animal rights and vegan messaging.
In the past she has collaborated with fellow makeup brand Too Faced to create a limited-edition collection and even invites the founder’s other vegan makeup brands such as Sugarpill to her events as guests to help demonstrate to fans that there is a big offering of vegan beauty out there for the consumer which gives her cruelty-free messaging even more credibility.
Collaborating in this way also plays another strategic role.
By being the one to spearhead the collaboration you also:
– Position yourself as an authority in this space
– Demonstrate that you are not threatened by the offering of others
– Show your customer/clients that you are genuinely more interested in their satisfaction in getting the right product/service/treatment regardless of how or who lands the final sale
All of this breed goodwill.
You can also greatly reduce the cost of any paid for advertising/marketing campaigns through collaborating and splitting costs as well as vastly extend your reach with your combined social media efforts.
If you are thinking about collaborating with a like-minded brand, keep the following in mind:
- Start small – think about a specific project you can work together (rather than just shooting them an email to see how ‘if they are interested’ in collaborate) and ask if they would like to meet in person to discuss
- Business priorities – you need to ensure that you are both working towards the same goal for the project and there is no conflict of interest in your offering
- Commitment – ensure that all parties can dedicate as much time and resource to making the project a success otherwise you run the risk of disappointment and resentment
- Transparency – set clear guidelines on who will own each and every part of the product so there is no confusion on who is responsible for what. Be professional and create a project plan on Google Docs that you can both work towards and schedule regular updates
I hope this help and good luck with your first collab