Everyone knows that advertising is essential to growing a business. One problem that small business owners have always faced is the high cost of marketing. Most, however don't realize that there is an effective way to reduce the cost of your advertising while - at the same time - increasing its reach.
Advertising co-ops are nothing new. Usually they are a "perk" offered by major manufacturers to encourage retailers to promote their products. Because the retailer has direct access to customers that would want to buy certain products, it only makes sense that they should do joint advertising. You've seen it - McDonalds mentioning Coke in their commercials, Dell stating that you get a free Epson printer with purchase and so on.
The retailer doesn't make the product the manufacturer is providing, but it IS a great match with what they DO offer. Nobody would want to eat a Big Mac without something to drink, and a computer wouldn't do a lot of good without a printer.
Now you can use this same strategy to create your own advertising co-op to increase the reach of your ads and drastically reduce the cost, too.
--- How It Works
Generally speaking, the cost of any advertisements (bulk emailing, ezine ads, banners, newspaper, etc.) would be split equally between all participants. If you and two associates decide to purchase a solo ad, you would each receive equal mentions in the ad and you would each pay equal portions of the cost.
So if the solo ad were going to a list of 200,000 and cost $150, each of the three would pay $50. You get to reach 200,000 people for 1/3 the cost you would have normally paid. And, because this ad relates you to other types of businesses, you actually expand your advertising reach.
--- Getting Started
So who would be qualified to enter into an ad co-op with you? It depends on the nature of your business. Think of others that reach your same target customer and make a list. If you design Web sites, you might approach hosting companies, graphic artists, copywriters or programmers. If your business is landscaping, you could invite yard maintenance companies to join you.
Once you have a list of one or more business types, think of current associates you know who belong to those groups. Also, ask others if they know of any reliable businesses that fall into the categories you've outlined.
--- Making the Approach
When you have a list of businesses to approach, simply write or email them with your offer. Be sure to point out the benefits such as:
* a win-win situation
* reduced cost of advertising
* expanded reach of advertising
* larger, more prominent ads for a fraction of the cost
Also, are sure to ask about the advertising outlets these businesses currently use. You will likely find new avenues that lead to greater exposure.
--- Finalizing the Deal
You'll need to work out payment arrangements with your partners prior to placing the ad(s). The best way I have found to handle the finances is for each party to pay me for their portion of the cost with a credit card. I then place the ad order with MY credit card. This way, you are assured of receiving the dollar amount due to you; and your partners have the assurance that - should you default on your end of the deal - they have recourse for getting their money back.
Working in cooperation with other businesses can lead to tremendous successes with advertising. When like-minded companies pool their resources to reach one target audience, the impact is doubled while the cost is reduced by at least half. That's the best advertising bargain around today!
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Frequently Asked Questions
Work at home Job?
By: JD | 09-08-2008
Does anyone know of a legitimate, scam free work at home job? I have searched and come up empty. Please if you know of anything let me know. Thank you.
My husband is a stockbroker in Florida. We have ...
By: tisme | 09-08-2008
My husband is a stockbroker in Florida. We have been hit very hard by the accelerated real estate crash in our area (2nd in the nation for foreclosures) and as a result of tenant vacancies and inability to liquidate investement properties ahead of the bow wave of declining values he now has nearly 7 properties in foreclosure. I am extremely concerned about the mortgage companies pursuing him for deficiency judgements. There is just no way he could pay all of them if they are granted to the creditor and goes to collection. He says he can't file for bankruptcy because he will lose his stock broker license. I think a bankruptcy is less risky then having all the foreclosures on his credit and the possiblity of judgements/collections against him. What can he do to protect his license?
Smc
By: molly | 22-06-2008
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Family Business as a Job
By: MarilynBB | 21-06-2008
Would you like to work in a business run by one of your family members? Why or why not?
I need your help
By: Betty | 19-06-2008
has anyone found any data or typing job online that is legitimate that you can do from home. I need to find a job that i can do from home if you can help I would appreciate it
Looking for work online
By: Betty | 17-06-2008
Has any one found any typing or data jobs that are legitimate that you can work from home. I need to find a job that I can do from home. I lost my husband my income was cut so now I need to find a job right away can someone help me
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