I was recently at a live music show, it was a cool show, but that is NOT what I am here to talk about… you see, there was a valuable lesson that I took from this show, something that I feel is a huge factor in business success.
I call it the win win win… the triple whammy of the world of wins.
Here is the story from the show, and then I will explain why this is powerful, and how it could benefit YOU.
Ok, there is a bar here in Nashville that has a live music show every Sunday… the cool thing is that they teamed up with a local radio station, and the show is broadcast live on that station.
Now, this may seem like a simple enough deal, but for me, it is a great example of a win/win/win.
Here is why:
Win 1 = the bar – in this arrangement, they are getting massive publicity every single week from the radio station… what’s more, they will attract bigger artists due to the fact that they have the live radio audience as part of the benefits… afterall, playing for 70 people in a bar is great… playing for 70,000 on live radio is waaaaaaay more attractive… so this is a BIG win for the bar.
Win 2 = the radio station – they get a venue for free, they get a more tangible, real world benefit for their artists, and they get to embed themselves physically into the local community. This is a win for the radio station for sure.
Win 3 = the audience – the audience get to see relatively big named artists in an intimate environment… they also get to see and meet the people who they have been listening to on the radio. Oh, and they get to be a small part of a live, on air broadcast as well.
As you can see, this is a win for all parties involved.
Sounds simple enough, heck, it might even sound like a no-brainer… yet this is the first time I have ever seen this… and I am sure that 99.99% of bars don’t do this.
So what is the moral of this wee tale?
Well, firstly, look for a win/win/win for your product or service… they are out there.
Secondly, don’t just go to the usual places for joint ventures and strategic relationships… I once heard of a luxury spa that did a win/win/win with a Mercedes dealership… it went a little something like this:
For every person that purchases one of the top of the range BMWs, they got a free $200 gift card for the local spa…
Sounds generous right?
Well, it exploded business, and the super smart part is that it was targeting extremely high-end customers.. so the average lifetime value of these leads was in the thousands of dollars.
Win 1 = The BMW dealership – they get a nice little bonus for the customer at zero cost… this may help convert a few people to make the purchase… which may = many hundreds of thousands in extra sales.
Win 2 = The Spa – They pay $200 for customers worth thousands… brilliant!
Win 3 – The customer – They get a $200 gift card, a nice bonus.
I feel that both of these examples are outside the box deals, and in both instances, business is booming.
So my question to you is this: what outside the box win/win/wins can you find in YOUR business?
Have a great day.