How Some Cash Strapped Entrepreneurs Routinely Stretch Their Advertising Dollars!
So how many extremely brilliant, and dedicated entrepreneurs, do you personally know, have taken a chance with their last few dollars, they (somehow) managed to scrape together, and literally rolled the dice!
Only to come up just a little bit short, in terms of being able to establish, some type of reliable cash flow!
Sound familiar? Unfortunately, the entrepreneurial landscape, is literally filled with far too many of those types of outcomes.
And guess what? As long as the entrepreneurial opportunities exist, and they’re not guaranteed, by any type of government (taxpayer) funding!
Then (sadly), some of those well meaning businesses and or services, simply aren’t going to make it.That my friend, is part of the true cost of opportunity!Meaning, there are no guarantees, of a positive outcome.
So How Do Some Severely Cash Strapped Entrepreneurs Still Manage To Stretch Their extremely Limited Advertising Dollars!
(And Yet Still Somehow Manage To Out Promote Their Major Competitors!)
Entrepreneur, (unfortunately) for you, there’s probably a very good chance, you’re probably thinking, the severely cash strapped entrepreneurs, being referred to, in this particular post, is the typical, extremely cash strapped (start up) software developer,whose desperately trying to get their business/service off the ground.
And they’re consistently doing it, on a razor thin shoestring budget.(Sound familiar? )
Or perhaps you’re thinking, this is another one of those posts, where a (constantly struggling) up and coming photography studio, is just about on the verge of collapse.Right?
Well, it’s not.Instead, this is the (all too) common story, about “how” some of the (often) severely cash strapped advertising mediums, (like specialty on or offline magazines), that often host the ads, for the various types of businesses and or services that run them.
So in this particular case, let’s say the advertising medium, is a severely cash strapped tech magazine, that specializes in all types of ongoing, (seemingly never ending) tech issues, the real (tech) geeks absolutely love and live for!
And the overly ambitious upstart tech companies, scramble to get their latest apps, in front of both this highly niche-d audience, and the deep pocketed Venture Capitalist, (VC) who go out of their way, looking for these cash strapped startups as well.
Savvy Small Business Owners And Or Service Providers Definitely Need To Become Effective Marketers!
So one of the major ongoing hurdles, (as you can well imagine), the upstart tech mag has,is the constant threat of not being able to sell enough major advertising spots in their publication, to comfortably meet their payroll obligations.
Which, in and of itself, can potentially cause a lot of other management and employee/vendor creditor problems!
And one of the major headaches, any advertising medium, absolutely wants to avoid, is (what some insiders) refer to as going “blank.”
Meaning, at the time they go to print, (be it on or offline), the last thing they want to happen, as their advertising deadlines rapidly approach, is for them to have unsold spaces, and or unsold radio/TV spots etc.
So unbeknownst to the general public, often time what they will do is, run one of the major advertisers same size ad, multiple times, in order to keep from having to fill those unsold spots with some type of -free- public service announcements!
But entrepreneur, here in lies, a potential -golden- untapped marketing opportunity!Say what?
Because what if, instead of simply re-running the exact same ads of some of their major advertisers, they propose the following, potential money making arrangement instead.
Savvy Small Business Owners Have The Opportunity To Leverage Practically Any Potential Negative Situation!
In the beginning, more than anything, this severely cash strapped, start up tech magazine, desperately needs, some reliable cash flow, do they not? And let’s face it, what equally marketing savvy Venture Capitalist (VC) firm, couldn’t use, some free and or extremely low cost, paid advertising opportunities!
So here’s how both of these extremely savvy entrepreneurs, can both get what they want.The tech magazine, will guarantee to let the VC firm (and or) major advertiser, run their largest display ads (and or) major radio spots, if the media is run (owned) by an independently owned radio station.
And they will sell, (and or) provide them with the first chance to purchase multiple unsold spots, at a guaranteed price of just 25% above their actual cost, or 30–50% below the normal retail cost, in order to avoid, having to worry about going to print, (or on air) with any unsold ad spots!
But that’s not all!The extremely marketing savvy tech magazine, will also offer to A/B split test, at least two different paid ads in their publication, in order to help their major advertiser (s) (quickly) discover, which, if either ad approach, generates the most bang for their buck! 😀
Successful Entrepreneurs Always Have And Or Create Some Extremely Viable Marketing Alternatives!
And as soon as they discover, (through) some strategic A/B split testing, which particular approach generates the most results.
The tech magazine (and or) advertising medium, will gladly convert to their strategic alliance partner, and let the advertiser run the ad(s) upfront for free, in exchange for 10–25% of the (both) the front and back end generated revenue!
And or, a combination of, part of the front end gross revenue, plus joint ownership of the leads/customers!
And the advertiser is then free to pursue another, potentially far more lucrative joint venture (JV) arrangement of some kind, with other vendors!
Are you staring to see “how” this particular, (long term) marketing arrangement might work? Say yes!
So rather than the typical cash strapped entrepreneurs, being start up software developers, instead it’s the magazine they’re advertising in.
Can you see “how” the magazine/independently owned radio and or TV station owners, might benefit from these proven marketing strategies too!Great!Now as is customary during this part of our show.
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