September 30, 2014
by Bob Meyer, Editor of BarterNews
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NATE 4TH QUARTER SPECIAL
Up Your Trade Exchange -
Increases Your Payoff
One of the ways to expand your marketing efforts is by contacting
and partnering with other members within your trade exchange. Look
for those whom you've met and created a rapport with (at mixers or
trade fairs) as well as those offering complementary but
non-competitive products or services. If you need some help, give a
call to your trade broker for possible introductions.
example, if you're selling nutritional supplements, you could join
forces with the local fitness center wherein you'd display each
other's products or services in your respective businesses. When
creating a promotion that would provide additional exposure for both
of you, look to fund it on trade and split the cost.
started in building barter partnerships, analyze the type of
customers you service. What types of businesses are they in? What
companies are they doing business with? When you spot a significant
number of your customers coming from one industry or neighborhood,
consider teaming up with others from the exchange that might also
supply that target market.
Working together and sharing marketing costs, as well as customers,
is a winning barter partnership for all!
BarterNews.com — World's Largest
Hundreds of valuable articles,
techniques, and strategies are found in the following various barter
Offset & Countertrade,
Restaurant & Entertainment
Categories are found on the horizontal bar at the top - 3rd
button from right.)
4 Proven Strategies For Fighting Price-Cutting Competitors
Nothing is more
discouraging than having a key account sheepishly admit that they
have switched their business to a competitor. They might justify the
move by explaining there was no problem with your service — it
was merely a price issue! After spending years developing an
account, building relationships, working hard at meeting their
needs, it is extremely frustrating to lose business in that manner.
There are, however, several ways to protect your good accounts
from the competition:
Deepen your personal relationships with the key decision makers.
Focus on turning the key decision makers into your friends.
Make it a point to develop personal relationships by spending time
with them socially … outside the work environment.
Arrange to have them meet your spouse and family. Get to know them
more deeply than you normally would. These efforts are never wasted.
As the relationship grows, the natural tendency to keep doing
business with you grows proportionately.
Strategy #2: Shore up any weaknesses that may
exist in the account.
Make sure you take care of any
lingering service-type issues that could serve as an opening for the
competition. Overdue invoice problems, ignored back orders, promises
made that haven’t been kept — all these are potential
weaknesses for your competition. So clean them up.
weakness has to do with your keeping the account up to date on the
latest products and services. Always communicate the options to your
key clients. Possibly the weakness to be most concerned about,
however, is pricing. If this is a good account, they probably have
been doing business with you for some time. And, since they have,
it's entirely possible that you've allowed the prices on some
products to rise above market levels.
If so, that can be a
weakness if your competition decides to attack it. You may be better
served in the long run to discretely and strategically alter your
prices on some items.
Hold regularly scheduled business-checkups.
Schedule a lunch together at least twice a year with each client for
a business review. This will establish you in the minds of your
customers as a cut above other vendors. When you are willing to
measure and disclose your performance, and to talk frankly about the
business relationship, you become more like a consultant than a
vendor in the eyes of the customer.
Depending on the situation, it may
be beneficial to propose contract options to your good accounts.
There are a couple of ways to approach this. If this is a cash
client, you could agree to work with them on a barter basis for any
business above and beyond the previous year's purchases. The other
strategy is to rebate some percentage (normally 3% to 5%) of the
not only encourage customers to work with you on finding additional
opportunities, but they also strengthen the business relationship
you have with them. By using these strategies you will have enhanced
your ability to protect your valuable accounts from the competition.
And, it's always easier to prevent the loss of business than it is
to regain it after the fact.
Money-Making Reports Available From BarterNews
Trade Exchange Lifetime-Member Value Formula:
Your barter sales
(multiplied by) Your gross profit margin
(multiplied by) Number of years as member
= Trade Membership Value
Is Your Trade Exchange Missing Out On
Valuable New Business?
your barter company's listing on BarterNews.com isn't current, you
are definitely missing out on new business. The web site
BarterNews.com receives heavy traffic — with over 150,000 page-views
every month. Entrepreneurs and corporate executives check the
thousands of articles, the weekly "Tuesday
Report," and the "Contacts
Section" of our site. They use the latter to find barter
companies with which to do business.
Is your barter company's listing up-to-date?
To keep your listing current is very easy. See the links below to (A)
update any changes to your company's listing, such as new location,
phone number, web site or other information, and (B) if your company
has not been listed.
Here's how to get on board:
make changes to your listing
This Holiday Season Your Business Can Prosper In The Retail
store owners who choose to compete, by implementing innovative
strategies, really can succeed in going head-to-head with anybody."
Taylor, author of Up Against the Wal-Marts
Taylor, the successful independent retailer sees the chains and
superstores as "steamships plowing through the ocean, and themselves
as the sleek racing boat zipping around and through them —
changing direction on a dime!" It's a tremendous, necessary
advantage when going up against the superior cash and other
resources of the giants.
More than ever, independent
retailers know and understand that it is necessary to adapt to their
customers. So the number one question they’re asking is, "How can I
better serve you?" One of the top strategies the knowledgeable
retailer uses for increasing business is working with the local
trade exchange. It's where additional sales are realized without
upsetting the cash market, therefore, the best of both worlds.
Your Trade Exchange Is Looking Out
Only 15% of owners whose annual business
revenues are under $500,000, according to a survey by market
researcher PSI Global, have been contacted by their banker. So, if
you own a small business don't sit by the phone waiting to hear from
your banking representative.
Contrast the bankers' attitude
and lack of interest in your company's welfare with that of your
trade exchange. They are likely to contact you via fax, phone calls,
and e-mail several times every month!
How To Get More Sales In
Our street-smart restaurant
marketing report shows proven ways to rapidly boost your
restaurant's sales & profits.
The Growth and Use of Secondary
Capital (New Money) Creates Unprecedented Wealth In Today's New Age
There are many forms of secondary
capital — which can be defined as any financial instrument that
measures and communicates value in a common language. Would you like
to see and learn more about the many forms of secondary capital?
We have 70 free, informative and
inspiring, articles for you in our "Secondary Capital Section."
Check it out...
Get New Money-Making Ideas And
obtain useful, informative ideas and contacts in every available
back-issue of BarterNews.
barter company in the world is listed on our web site,
click through to our Global List
of Barter Companies.
We welcome your
comments, questions, and observations.
Copyright BarterNews 2014. Redistribution of BarterNews
content expressly prohibited without the prior written permission of BarterNews.