'Wicked: For Good' And The Power Of Brand Collaborations In Business

"Wicked: For Good, recently released in cinemas, is a masterclass in marketing and brand collaborations. A brand collaboration or partnership is when two different brands come together to co-create a marketing campaign, piece of content, or even a new product, for the benefit of both brands. And they don't necessarily need to be conventional (such as a yoga studio partnering with a wellness product brand)."

"There's more to this than just creating a fun new product or experience. CMO Council found that 85% of businesses view partnerships as important to the success of the business. They're an effective way for businesses of all sizes to: Get their brand in front of new consumers they may not have reached otherwise. Build faster credibility - like if a lesser-known brand partners with a more well-known and respected brand."

Wicked: For Good's marketing campaign used high-profile brand collaborations to expand reach and generate buzz around the film. Ariana Grande created a limited edition Wicked: For Good makeup line for r.e.m beauty. Brand collaborations help companies reach new consumers and build credibility quickly, with 85% of businesses viewing partnerships as important to success according to CMO Council. Partnerships can also improve ROI; Partnerize found 54% of businesses reported partnerships drive more than 20% of total revenue. Small businesses can pursue partnerships with other small brands or creative, unexpected collaborations to increase visibility and impact.

Read at Forbes