We’re In This Together – Fusion Marketing The Ultimate Win/Win
When I walked into my local mobile phone store the other day, asking about the new Blackberry phone I was excited about, I found a coupon for a FREE latte at the coffee shop down the street. Being the coffee junkie that I am, I went down the street for my latte. You wouldn’t believe what I found on the counter at the coffee shop, a coupon for $50.00 off a new mobile phone at the store I had come from. These two shops were sending traffic to each other; they had created a strategic business alliance. In the wonderful world of marketing, this is known as Fusion Marketing.
The entrepreneur has been taught “if it’s going to be – it’s up to me”, but you’d be amazed about the synergy available by collaborating or aligning with others. Fusion marketing can propel your business to levels you never thought possible.
Those that are likely to benefit from fusion marketing alliances are called power partners. A “power partner” is a business that is targeting a similar market as yours but doesn’t compete with you. Examples of this are a funeral pre-planning and a life insurance salesperson; a dog groomer and a dry cleaner; a real estate agent and a mortgage company; a bridal company, a caterer and a disc jockey. It’s easy to see when you look at these examples where we are going with this. The number of power partners or fusion marketing alliances is only limited by your creativity.
Creating effective fusion marketing arrangements
Clearly Define Power Partners
A power partner is a business or individual who has comparable prospects as you and who would profit from similar customers, but isn’t in the same business. Examples: Hair Stylist and a Nail Salon, Real Estate Agent and a Mortgage Broker, Network Marketer and an Entrepreneur, Vitamin Store and a Massage Therapist.
Define The Offer
Maybe the bridal shop offers a free veil while the caterer offers a free appetizer along with the meal. Maybe the hair stylist and nail salon each offer a $5.00 off coupon at the others store. Maybe the massage therapist offers a free midday office visit for a massage break while the vitamin store offers a buy one get one free deal. Be flexible and work out what joint offer makes sense.
Get The Deal In Writing
Look, don’t get your lawyers involved here; just remember good communication makes for good friends. Putting it in writing just outlines who does what and who gets what. Even an e-mail would do.
Put A Bow On It
Start promoting: write the marketing copy, sales letter, press releases (if appropriate), e-mails, etc. You can either have each write it up and compare notes or have one write it and let the other approve. Get creative here. Think benefit not feature. Remember WII-FM (What’s In It For Me).
Walk The Talk
Fulfill offers; make it easy to buy, to sign up, to move to the next step and keep track. Follow up and consideration will translate prospects into patrons. Share leads and conversions with your power partner for future follow-up and future marketing opportunities.
It’s not rocket science – It’s not even a science project. Really, it’s a simple pattern of intentional, planned-out steps, with a high level of communication and implementation. That’s all marketing is, and the clearer you lay it out, the higher the likelihood someone will take action. That’s what marketing is all about — getting “them” to take action. It’s surely not going to happen overnight but with clear plans combined with accountability, you’ll boost your returns.