Creative Ways To Partner For Two Existing Businesses

At the end of last week I had a meeting with the owner of a local coupon book. She indicated to me to that she would like to partner and we decided we would meet again next week to hash out ideas. Before I get further i'll tell you a bit about each of us.

We both live in a semi-rural/urban area not too far outside of DC. Our area is small with about 100K residents.

This coupon book owner has been in business about 25 years and her book is very successful for her company. It publishes about 5 issues a year that get physically mailed to all households and PO boxes. This coupon book is similar to ValPak, if you are familiar with that. She knows everyone in the county and brings a large database of contacts to whatever we decide to do. She is definitely a sales person and will have no problem getting business owners to partake in or at least try whatever we come up with.

I own a website design company thats about 3 years old. We have run into each other several times at multiple business functions. In addition to her working with some of my clients she decided she wants to work with me because of my web skills. I also own a local site that includes a daily blog, double opt-in email list, & podcast specifically targeted to our area. Currently my email list consists of about about 700 residents that receive our daily emails. This local site is about 1 year old. I don't take traditional display banner advertisements on my blog so that isn't an option for partnering.

I am familiar with and have no problems setting up/integrating landing pages, membership sites, email lists & autoresponders, ecommerce pages, etc. She doesn't have technology skills but does understand the Internet is the way of the future and wants to figure out to leverage her existing work (contacts) to go to something bigger. In addition, we can leverage the mailings she does to draw traffic to this new business quickly as well as my own platform.

Whatever we do I want to make sure it is as automated as possible as I don't want to spend hours each day managing it and neither does she.

Here's a few of the ideas we have come up with:
1. groupon style site with a deal each week, bi-weekly, or monthly (groupon doesn't exist in our specific area)

2. adding an email list to her current biz and get additional money from her existing customers that want to be included in the email blasts (monthly, at the same time of existing mailings, etc)

3. geo-targeted app that pops up the same deals her customers already are paying to promote in the coupon book, just charge them extra to appear in the app

What businesses can we create together or what other ways do you think we could work together on?