Business Marketing Monday: Business-to-Business Bartering
March 24, 2008 by Bridget Wright
Filed under Leadership
The idea of bartering is not new to the business world. The exchanging of services or profucts between businesses has long been a marketing strategy that has been practiced by small and large corporations, entrepreneurs and franchises, home-based businesses and brick-and-mortars. Let’s look at old-fashioned bartering with new new age twist.
(Photo Source: stock.xchng)
Do you have a personal service that you can exchange for other personal service business owners in the industry? Say massage therapy services for hair cutting services?
What about consulting services for computer equipment?
How about web design services for tax advice?
Whatever type of business you have is bound to be barter-able with another service of like kind or even totally opposite. Look at businesses that you frequent. Make sure that the bartered services are either equivalent or can be exchanged easily.
What is the plus side of this marketing tactic? Glad you asked!
Whatever businesses you decide to barter, make sure that the recipient has plenty of your business cards and brochures to leave with their own clients. For example:
If you barter web consulting services for computer software, make sure the computer software client has business cards and brochures about your consulting services. Ask for referrals when you offer your services and follow-up with these referrals as soon as possible.
Bartering with products can also be done fairy easily as long as the products are equivalent in value. Bartering a $65 Mary Kay spa treament package for an two hours of telephone Life Coaching is an example of value-equivalency. The object is to make the bartering be worth it for both parties involved.
Find other businesses who are willing to go in with you on the bartering idea and you could start your own little bartering network of businesses and even launch a marketing campaign from there.
I have been in the bartering business for almost 30 years. While a “straight” trade is great, all too often it becomes cumbersome because one person has a need in a two person deal. With organized barter, this doesn’t happen. Our system has computer banking with a system that runs like your personal cash checking account. We have thousands of trading partners working together to give and receive all types of goods and services. In today’s market, it becomes a necessary business tool to survive. In a high market, people tent to buy more luxury items…either way, it works!
Bridget, thanks for the link! :)
Sorry, I’m a little slow on the uptake. :)
kk