Brand Alliances – A Necessity For The Shopping Centre Industry
Gone are the days of retail venues being limited to just plain old shopping. They are so much more than that. Acting as full-time entertainment centres, malls have a way bigger responsibility than what one sees on paper. Apart from housing internal brands, you might have seen various activities happening simultaneously in such venues. A kiosk for an automobile brand, a fun engagement activity for kids, malls are always bustling with energy and enthusiasm.
This is because people in the business are aware that more activities result in more consumer engagement, which in turn results in greater revenue generation, which is the ultimate goal of any retail venue.
Despite this well known fact, many mall managers tend to ignore the importance of building a bond with their customers. This is a very important step which must not be overlooked at any cost. It is the mall’s responsibility to make people want to visit them over and over again.
Almost every time you visit the mall, you will witness some or the other engagement activity taking place, courtesy the marketing team of the venue, with vouchers been given away or some lucky draw of sorts. These are all strategies which enhance the appeal of the venue. Malls form brand alliances because not only does it help them on the monetary front, but also makes their space look more attractive and “happening”. For those who don’t know what brand alliances are – when two or more distinctive proprietary assets form a short/long term association, that is a brand alliance. In this context, retail venues form a long/short association with external brands to host promotional or engagement activities which are mutually beneficial to both parties (venue get monetary benefit, brand gets visibility and higher reach).
Apart from monetary benefits, brand alliances help venues build a network, showcase what they have to offer and overall, increase the appeal for the venue for other brands to and customers to come.