Collaboration can take many forms, from simply tagging another business or profile in your social posts to allowing celebrities or influencers to log into your account(s) and record a live video and/or answer user questions. This strategy connects you to another business/profile in the virtual space, representing a social-media-focused form of co-branding.
Collaboration is a powerful tool for attracting new followers and for establishing credibility and visibility in your space. Your company can quickly reach a new, potentially massive audience by collaborating with larger or more targeted and integrated voices online. As with co-branding, however, the alliance must be strategic, and it must be well-thought for maximum effectiveness.