Updated: Feb 15, 2022
In a time where protectionist trade policies are on a rise and limiting access across global markets, how can you be prepared for an increasingly challenging environment?
Here are three reasons why I think collaboration is a great resource which can prepare us for various challenges.
1. It can create a spike in sales
One of the greatest examples I can think of is how there is always a long queue whenever McDonald's launches its latest Hello Kitty collaboration.
By working with the iconic Hello Kitty, it allowed two businesses in completely different industries and markets to leverage each other’s unique competitive advantage (or selling point) to create a spike in sales within a short period, creating an ‘explosion’ effect.
2. It better utilises available resources
For instance, Grab's direct collaboration with the owners of private saloon cars has allowed drivers to utilise their idle hours more efficiently.
3. It captures a bigger market share
Uniqlo’s collaboration with BTS has helped them capture the attention of the Korean markets even though Uniqlo champions Japanese origins.
It's time to adopt the spirit of collaboration
Ask yourself this: How can you adopt the spirit of collaboration into your business model, so that your business reaches another level within a shorter time?
The information is purely for information purposes and should not be relied upon as financial advice.