Last Updated on December 6, 2022 by Selina Parker
Bartering is the oldest form of trade, and it has become increasingly popular in recent years. The barter economy keeps the country functioning during a monetary crisis in modern society. It can be a great marketing strategy for your business if done correctly. Many barter websites are available to help you find what you need for your business.
Here are a few ideas for marketing strategies your business can use with barter that can help you get more customers and increase sales.
HOW DO THE BARTER EXCHANGES WORK
A barter system is just like regular buying and selling, except that you exchange one item or product for another instead of a cash transaction to purchase goods. For example, if you have a business that provides English lessons, you can exchange your services for an hour of construction work.
Corporate barter exchanges companies help people connect to make these kinds of deals easily by negotiating on both sides and ensuring that it has a fair market value for both parties.
WHY BARTER EXCHANGE IS A GOOD MARKETING STRATEGY
Bartering is a cost-effective way for small businesses to get their product or service in front of a large audience. Bartering companies usually have many members looking for what you offer, and they will advertise your business on their site without a monetary medium.
You can create barter transactions that work specifically for two parties so that those engaged who see them know exactly how much value they’re getting from doing business with you.
You can also put together a deal that benefits both parties and incentivize people to sign up for your service over others in the same industry.
7 MARKETING STRATEGIES YOUR BUSINESS CAN USE WITH BARTER
1. BARTER YOUR SERVICE FOR PUBLICITY
Work with another business and offer your expertise in exchange for advertising instead of cash.
For example, if your business is in landscaping, you might partner with a florist and agree to work together to landscape their property. Then the florist could mention how they worked with your business in an advertisement for your services or vice versa. It is a great way to get free advertising and not rely on the monetary economy.
2. BARTER TO GET DISCOUNTS ON SUPPLIES
Many companies are open to bartering your goods or services for their supplies.
For example, if you own a restaurant that doesn’t serve alcohol near several wineries, consider purchasing their wine wholesale and serving it at your establishment. You could offer complimentary appetizers with each bottle purchased.
3. BARTER TO GET DISCOUNTS ON SERVICES YOU NEED
Identify other businesses that offer necessary services and try bartering a discount in exchange for what you can offer.
For example, if you own a dry cleaner but don’t have an industrial-sized washer and dryer at your store, consider reaching out to companies that do laundry services and barter a monthly discount in direct exchange for doing business with them.
4. BARTER TO GET NEW CUSTOMERS
The exchange system lets you find other businesses that offer complementary goods or services and then offer them an introductory deal if they send you five of their customers.
For example, you own a catering company and want more exposure online but don’t have the budget to purchase a website. Find a web design company and offer them discounted services in exchange for five new customers every month.
5. BARTER TO BUILD RELATIONSHIPS
Bartering involves connecting with other business owners in your network that offer complementary products or services.
For example, if you own a salon and want more exposure online for your business but don’t have the budget to purchase a website. Find an e-commerce store owner who sells similar goods as yours and barter for five new monthly customers in exchange for their services.
6. BARTER TO GET FREE PRODUCTS OR SAMPLES
If you’re in business, there’s probably something you need that another company has, and it just so happens they might need your goods or services. Try reaching out politely and asking if they’d be willing to provide the product or service in question for free if you offer them your product or service.
For example, let’s say you own a catering company and want to serve coffee at events. Reach out to local cafes asking if they’d be willing to provide samples of their coffee beans without charge for your services or some of your products.
7. BARTER TO GET FREE ADVERTISING
Offer your product or service as contest prizes, then give away the items you’ve bartered with online reviews from other companies who receive them.
For example, if you own an interior design business, offer free design consultation to five couples who book your services and give you an online review. The more popular the prize is for customers, the better chance they’ll post about it on social media or recommend your company when asked by friends and family members.
BENEFITS OF USING BARTER AS A MARKETING STRATEGY
IT SAVES YOU TIME AND EFFORT
It is a fast marketing option that helps you get new customers quickly. You only need to find trading partners, which saves you the trouble of searching for multiple contacts at various companies.
SAVES YOU MONEY
Using barter as a marketing strategy can help you save significant amounts of money. You will not have to spend on marketing, and the bartering partner will pass along their savings with lower prices for your product or service.
HELPS BUILD RELATIONSHIPS
It helps strengthen existing relationships between businesses, essential in any industry. Your business partners may become potential sources of new leads and referrals.
INCREASES YOUR EXPOSURE
Bartering for business promotions is an innovative way to get more online presence through social media activity and blog posts. It can help you gain many new customers without spending too much money on marketing campaigns that might not even work out.
IT INCREASES YOUR SALES EXPONENTIALLY
If your marketing strategy is working well, you may find yourself with an increasing number of new customers. You can then use this as leverage to barter even more or negotiate for better deals.
DECREASES THE AMOUNT OF CASH YOU NEED ON HAND
Once business improves and sales increase, you’ll be able to decrease the amount of money you need to keep on hand for each transaction or event. It can help your cash flow and ensure that you have a steady source of income without relying too much on one client at a time.
Bartering is becoming more popular as brands invest less money into traditional marketing strategies such as print ads, banner ads, T.V. commercials, and many others.
As digital marketing becomes the preferred advertising method, bartering has become a great way to get more customers and increase sales by giving away prizes or providing samples for free in exchange for word-of-mouth endorsements from those who receive them.
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ABOUT THE AUTHOR
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