Low Cost Marketing Ideas: Bartering

Uncertain 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. The problem is you take a chance at loosing market share to your competitors. 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 loosing 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 loosing potential market share.