Fusion marketing is a way to team up with a similar company in order to save money by marketing your businesses together. This creates “power partners.” For example, a graphic designer may want to join forces with a printer; or an event planner with a caterer. There are several ways that these collaborations can work. One way is by offering coupons at both stores, promoting the partner’s business. Another option is joint mailing lists to reach out to a broader audience. By offering incentives to customers from the alliance partner’s business for each purchase of your product, customers are more inclined to visit both stores.
Before forming a collaborative team for fusion marketing, Entrepreneur offers several steps to consider:
>Define your power partners: Think of several different businesses you may be able to team up with. This shouldn’t be a company who offers the same product or service, but one who targets similar customers.
>Work with your power partner to decide what will be offered: Figure out what makes the most sense for both companies and your customers.
>Write up a letter of agreement: Communication is key in partnerships. Everything should be written out so both parties are completely aware of the terms.
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