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September 30, 2014

Written by Bob Meyer, Editor of BarterNews

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From the desk of Bob Meyer... 09/23/2014

All back issues of "From the Desk..." can be accessed by clicking here.

(Please feel free to forward our newsletter to your friends and colleagues. We have a "box" at the end of the newsletter for your convenience. See you next week...)


NATE 4TH QUARTER SPECIAL
Pump Up Your Trade Exchange - Click here


Barter Partnership-Marketing 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.
 
For 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.
 
To get 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 Depository Of Barter Information

Hundreds of valuable articles, techniques, and strategies are found in the following various barter categories:


(The Barter 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:
 
Strategy #1: 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.
 
Another 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.
 
Strategy #3: 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.
 
Strategy #4: Offer options.
 
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 additional business.

These options 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
(multiplied by) Referrals
= Trade Membership Value


Is Your Trade Exchange Missing Out On Valuable New Business?

If 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:

To make changes to your listing click here.

For new listings click here.


This Holiday Season Your Business Can Prosper In The Retail Giants' Shadow

"Entrepreneurial store owners who choose to compete, by implementing innovative strategies, really can succeed in going head-to-head with anybody."

Don Taylor, author of Up Against the Wal-Marts

According to 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.



* * ANNOUNCEMENT * *

We have packages of back issues still in print, approximately 30 issues in all.
To order: Click here


Your Trade Exchange Is Looking Out For You

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!


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The Growth and Use of Secondary Capital (New Money) Creates Unprecedented Wealth In Today's New Age Of Possibility

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... www.barternews.com/secondary_capital.htm.


Get New Money-Making Ideas And Valuable Contacts!

You can obtain useful, informative ideas and contacts in every available back-issue of BarterNews.


Every 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.
 

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