One of the best ways to use your trade dollars is to create additional cash business by using trade dollars to keep your name in the public’s eye with advertising and marketing campaigns. While your competitors are scaling back due to cash limitations, trading enables you to maintain and increase your presence in the marketplace far beyond what your cash budgets would normally allow.
If you are like many businesses, you often use your cash revenue for paying operational and overhead expenses and then assign whatever is left to marketing; which often turns out to be very little, if any. As a Tradebank client you have many opportunities available to you. Work with your Trade Broker/Regional Owner to identify complementary businesses with which you can do “piggy back” marketing. You supply your flyers and promotional materials to another Tradebank client who may share the same customers, but sell goods or services you don’t offer and they do the same for you. Word of mouth advertising is referred to one of the most influential form of advertising. The more people who have a satisfactory experience with you, the more they will encourage others to do business with you as well. Combine the credibility of word of mouth advertising with the influence created by name recognition and you are well on your way to driving customers to your business.
It is a continuing process to affix your company name in people’s minds. It is important to keep potential customers educated as to what products and services you provide and why they should be doing business with you rather than your competitors. Look around your local community, who are the icons in their industry? How many of you call your Trade Broker or Regional Owner “Mr. Trade” or “Ms. Trade”? McDonalds and Burger King spend millions in advertising to keep their name and brand recognition, even though everyone knows who they are. There is a whole industry created for product placement in television shows and movies. Next time you’re watching a TV show or movie, pay attention to what’s on the kitchen counter top, what it says on the ball cap the actor is wearing, or what make of car is being driven. It is all promotion for the advertiser designed to drive customers to that business.
Tradebank provides that opportunity to you. Wise traders know one of the best uses of their trade dollars is for advertising/marketing. You can use trade dollars for marketing and advertising consultants, public relations services, radio, TV, billboards, websites, magazines, newspapers, coupons, post cards and so much more. Also, think outside your market. Is your business able to draw customers from outside your local market? If so, investigate advertising opportunities in all the areas where you want to reach new customers. Repetition is the key. Create an on-going advertising campaign for the coming year and use your trade dollars to pay for it.
Think about how the trading cycle works…Tradebank attracts new business to you; customers who would have otherwise spent cash with your competitors now come to you because you are part of Tradebank. The trade revenue you receive from those new trade customers enables to you purchase marketing and advertising that you may not have otherwise been able to afford. The promotions you purchase with those trade dollars attract additional cash customers to your business creating more wealth for you and your business. Merely opening your doors is not enough in today’s marketplace. Tradebank provides you the revenue to put out the welcome mat and provide others with a reason to do business with you.