Low Cost Marketing Ideas: Bartering
3Uncertain economic times call for creating marketing ideas. When sales slow and businesses start to struggle, it is usually easy to look at your marketing budget as an easy target for cutting. During economic downturns, your target market shrinks which can result in less new customers. If you cut your marketing budget, you take a chance at losing market share, which means fewer customers. When the market rebounds, your share is still smaller and your competitors might have the edge. Look for ways to market smarter during tough economic times and consider trading out services or products for advertising better known as “bartering”.
Bartering is a simple way to maintain your same level of advertising without physically cut your marketing budget. Every business has something to trade out whether it is tangible or intangible. Tangible products are any goods you can touch and feel. Tangible products have associated values with them such as production or purchasing costs. When you trade out tangible items, it is typical to trade them out at retail costs. Intangible products can be your skills, knowledge, or services. An accountant could trade out accounting services in trade for advertising. It is typical to trade out services at the street value or higher of the product or service you are trading.
When you barter goods and services, you don’t use out of pocket operating money. There are associated costs in products or time, but it doesn’t hit your immediate bottom line. The costs can be defrayed over a set period of time and in return, you will get the advertising you need for your business. Therefore, look for barter opportunities when possible. Bartering will help you maintain your current marketing level and provide you with a better solution than cutting your marketing budget and losing potential market share.
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I have read a few of the articles on your website now, and I really like your style of blogging. I added it to my favorites blog site list and will be checking back soon. Please check out my site as well and let me know what you think.
Thanks Don! You are right, I miss that one often. Darn spell checkers! Thanks for the feedback.
David Beckham
MarketProMBA
Just a note.. I liked your comments concerning the viability of bartering; I just wanted to advise you on the correct spelling of losing… its not “loosing”. It’s a common mistake I have seen in many places and drives me a little batty.
I make many mistakes; I am sure many more than you. Please take this as constructive criticism. Thank you