MAXIMIZE ADVERTISING EXPENSES AND GET BETTER RESULTS.
Recently, when I walked into the grocery store and bought some home essentials I received a $5-off coupon on the counter for the pizza place two doors down at the mall strip.
I was hungry so I decided I would use the pizza coupon, so I walked down to the pizza place, redeemed my coupon, and found a coupon on their counter for $5 off at grocery store I was just at.
These two business retailers were sending traffic to each other; they had formed a strategic business alliance; aka fusion marketing.
FUSION MARKETING LOOKS FOR SYNERGIES WITH OTHER BUSINESSES
In the world of entrepreneurship, many of us think we have to do things alone, but its amazing the synergy available from collaborating or aligning with others. Fusion marketing can take your business to levels you never thought possible before.
You must find a “power partner” – a business that has a similar target market as yours but doesn’t really compete with you.
For example a graphic designer and a printing business; a catering business and a wedding planner; an insurance salesperson and a real estate professional.
BUILD STRATEGIC ALLIANCES WHERE IT MAKES SENSE: MORE PUNCH AND LESS COST
I have seen many more examples such as cooperative advertising where two retailers targeting a similar demographic mail a postcard with offers for the two business splitting the mailing costs.
This partnership or strategic business alliance is limited only by your imagination.
FUSION MARKETING: 7 STEPS TO SETTING UP YOUR OWN CAMPAIGNS AND PROGRAMS
Step 1.- Create and brainstorm.
Brainstorm with your team for potential partners and opportunities.
Step 2.-Network, network, network.
Figure out with your power partner what your offer will be. Networking meetings and your local Chamber of Commerce are great places to find potential power partners.
It is easier to stick to a program or plan when it is down in writing.
Step 3.- Put it down in writing
Write up a general agreement. Email works perfect for this. The simple goal is to establish the expectations and responsibilities for each participating power partner.
Step 4.- Planning for easier execution and follow up
You should develop a plan of benefits for the client/consumer, such as: promotion dates / coupon values / press releases, etc.
Step 5.- Combine mailing lists. Save and double the impact.
Hence, combine mailing lists and communicate to both customers. Nowadays the cheapest, most effective way to advertise is to tap on your social media channels and email lists.
Step 6.- Follow through. Measure Results.
Consequently, deliver what was promised. Fulfill offers; make it easy to sign up, to redeem and to track.
Step 7.- Follow up.
Both businesses should continue marketing to each of the converted people as follow-up marketing.
I recommend to periodically meet to evaluate what worked, what did not work, and to make notes about what can be improved in the future.
It takes coordination, communication, clean execution and follow up. Good luck!