Friday, June 24, 2005

"Create Synergy -Team Up With Someone In Your Field"

Everyone knows its easier to do things when you have qualified help. The more people you have working towards a common goal, the easier it seems to reach it. Its the laws of synergy. Why not team up then with someone in your field as long as they are not a direct competitor?

For example, recently RMI was hired to help create a marketing plan for a local wedding videography company. One of the core ideas we decided would be most beneficial to the company in its early stages, that was most cost-effective, was the partnership between this video company and several bridal shops around the city. It didn't stop there though, as they can repeat the solution we produced with others in the wedding field such as caterers, wedding planers, photographers, and more.

Here's what we did:

First, we created 20% discount coupons for the company. Of course, the marketing and branding of the coupon reflected the company's brand and quality.

Second, we created $50.00 referral reward on the back of the coupon. Again, the same quality and brand was represented. (Notice a theme here? - Brand everything you do with your company's logo and quality standards.)

Third, we partnered them with several wedding bridal shops in the area who share the same target market the video production company was looking for - BRIDES + GROOMS!

Here's how we set up the Win / Win / Win situation:

The bridal shop owner gets the added benefit of:

A) Giving her customer some added value by being able to discount another service her customer might need.
B) Receiving $50.00 for handing out a coupon! (Believe me they will hand out a lot of coupons.)

The bride herself gets:
A) Added value of a 20% discount off her videography services.
B) Contact information for a video production company. (If she didn't already have one.)
C) The ability to refer her friends for $50.00 in cash!

The production company gets:
A) An automatic marketing / advertising / referral program that works itself.
B) The ability to give their customers value by honoring the 20% discount
C) The chance that they are "first" amongst other video company's to get in contact with the bride. (Bridal shops are usually the first place a bride stops when she finds out she's getting married. - How did we find this out? Market research!)

Of course, you must make sure you can still turn a profit. The company adjusted their prices slightly to insure that between paying out $50.00 per referred customer and honoring the %20 discount that they are happy with the ROI. (Return on Investment)

You may also negotiate with the bridal shop owner, maybe sending your customers to their shop, or handing out their coupons as well for a commission based fee. Maybe you will decide no one needs fees and that trading coupons is incentive enough... (However in my past experience you never know then if the other person will be motivated to hand out your coupon even though you're handing out theirs.) Plus, in this case the bride will want a $ incentive as she probably has no coupons to trade you.

All in all - teaming up with someone is a great way to insure that more people are reaching out to your target market for you. Trade customers with people and watch your sales soar!

PS - Don't forget to check out our new Daily Business Cartoon located on the blog!


Blogger Alexander Kintis said...

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5:26 PM  

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