Editor’s Note: I am a member of ITEX barter group. I have also written a book on bartering called, Learn To Barter & 21 Ways To Increase Your Income.
I grew up watching my late father who was always ‘wheelin & dealin.’ He always had a late model vehicle or truck. Making a new trade was somewhat of a hobby for him.
My book is made up of the many stories of roughly 2000 cars, trucks, motorcycles, bobcats, boats, real estate, business and even an airplane that I have bartered for.
I joined ITEX a few years ago, but haven’t really had time to participate. For more than 30 years, ITEX Corporation has helped tens of thousands of businesses generate new sales, conserve precious cash flow and increase profits.
ITEX offers a leading payment technology platform for processing transactions and offer an exclusive distribution channel, member businesses utilize their “ITEX dollars“ to exchange goods and services, rather than use cash. ITEX Corporation is based in Bellevue, Washington.
This week I spoke to ITEX region director Jim Furbush and asked about any local bartering successes he shared a story about a local guy.
“One local company owner told me about a $175 electronic business card he did on barter for a customer we brought him that resulted in an additional “mid-5 figure” cash loyalty program contract,”
said Jim Furbush
January 13, 2021 / 04:07 PM
Consider Bartering As A Marketing Strategy For Growth
While most trade credits are used for advertising media, it is important to note that the range of what a corporate barter company can provide is expanding to include air travel, hotel rooms, sales meetings, air freight, co-working spaces, cruise berths, car rentals, limousine service, and the like.
The pandemic has created turmoil for small and medium businesses more than it did to large businesses. The credit schemes of government did not really help many of them, as there were no growth prospects for months on end.
In addition, increased competition from the same industry as well as from substitute products created even more trouble for most. More and more firms have started to consider the use of corporate barter as a viable and valuable marketing strategy, not just as a way to solve financial problems.
“Retail” barter exchanges are trades of products and services among local small businesses and individuals, each paying the trade exchange a transaction fee. By comparison, corporate barter companies take title to the goods themselves. Transactions can involve crores of rupees of goods and services and are conducted primarily with large companies – in many cases publicly traded ones.
To read full article at Money Control.com: https://www.moneycontrol.com/news/business/consider-bartering-as-a-marketing-strategy-for-growth-6341471.html
