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3 Key Marketing Strategies To Grow Your Business
3 KEY MARKETING STRATEGIES TO GROW YOUR BUSINESS Copyright 2002 Bob Leduc Each of these 3 marketing strategies creates permanent growth for your business -- and obstacles for your competition. You can use them repeatedly to add new layers of...
Low-cost Surefire Marketing Ideas
Permission to reprint articles as long as bio line stars intact. There are lots of ways to advertise your business that cost money, and they work, but there are also more innovative ways that don't. Non-profits offer one venue for promoting that's...
Massage Marketing Made Easy : Marketing Plan for Therapists and Bodyworkers
Marketing is actually very simple. It involves telling people what you do….over and over and over. The key to successfully marketing your massage therapy business is consistency. So, first, let’s take a look at the difference between marketing a...
Springtime Marketing
Spring is in the air! Major department stores have been promoting Spring merchandise ever since the middle of February. The stores are hoping that the brightly colored Spring merchandise and displays will entice window shoppers to drop in and buy a...
Using a Marketing Calendar Template
Owning a small business isn't easy, especially if you are running it alone. Between moving products, taking orders, paying bills, and taking care of family, it is easy to lose track of everything you need to do. Using a calendar template to...
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Share Marketing Costs, Boost Profits
The challenges of the small business owner are well documented. They must battle for market share against larger competitors, run all aspects of their business, and even pay higher rates for advertising and other marketing related expenses. Small businesses generally do not qualify for volume discounts when it comes to buying advertising space or marketing materials, and thus they end up paying higher rates for the same ad space or marketing materials purchased by their corporate counterparts.
In recent years, there have been some changes in the marketplace that are of benefit to small business owners. For example, Internet procurement sites have emerged offering discount rates on everyday office supplies such as toner or paper. However, the high cost of advertising has not been formally addressed. That’s why many small businesses are taking matters into their own hands and joining forces in marketing “co-ops”.
Here’s an example of how it works. Andy’s Accounting Firm and Larry’s Legal Firm are both small businesses operating in the business to business sector. Andy services small businesses with their accounting needs, and Larry is a lawyer specializing in small business issues. Andy and Larry both wish to purchase advertising space in a popular small business magazine. The rate they are quoted individually is $5000 for the back page of the magazine. Since they are not repeat advertisers, neither Andy nor Larry receive any kind of discount. So how do they save money on this advertising venture? A co-op approach on one of two fronts will cut their advertising costs significantly:
Share the ad: Since they are not direct competitors, Andy and Larry could split the ad space 50/50, acting almost as if they were partners although their businesses are distinct. This drops the cost to $2500 for each business and they still receive
broad exposure in their chosen publication. In fact, by putting their heads together they should be able promote their collective business expertise as “Total Solutions for Small Business”.
Purchase separately at a discount – There may be some occasions where a business does not wish to share its ad space. Even in these cases a co-op approach can offer a lower cost. Andy could call the publication and ask for a quote on the back page for next month. Once the price of $5000 is quoted, he then offers the publication a deal “What if I bring on another advertiser for you. Would I get a small discount?” Most publications live or die on the sales of their advertising space, and are usually willing to offer someone like Andy a 10% discount for bringing someone like Larry in to purchase an ad elsewhere in the publication. Andy and Larry split the savings and Andy ends up paying $4750 for a $5000 ad. Although the savings were smaller in this case than the shared ad example, remember that Andy now has the entire back page to himself and saves $250.
Advertising is not the only example of co-ops at work. Web Designers would jump at the chance to line up two clients in one shot, and would likely offer a discount to do so. The same applies to a printing company that prints brochures or business cards. The possibilities are endless, including the size of the co-op you choose to join.
When faced with a major advertising buying decision or the need for new marketing materials, find out how much you will have to pay as a small business. Then form alliances with similar small business, and negotiate a better deal for all parties involved.
About the Author
Will Dylan is the author of "Small Business, Big Marketing" and owner of www.marketingyoursmallbusiness.com
He can be reached at askwill@marketingyoursmallbusiness.com
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Direct Marketing Association: Telephone, Mail & Internet Marketing |
Trade association for users and suppliers in the direct, database and interactive marketing fields, offering seminars and resources, and lobbying for ... |
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