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Business

Reasons Why Small Businesses Should Opt For Shared Advertising

The growth of a government is measured by the general distribution of wealth among its citizens and the output it creates when compared year to year. While some aspects of the government are profit-oriented, most are primarily for the betterment of the state and its citizens.

For every business to thrive, the business has to make sales. It has to increase sales and for that to happen, it has to announce itself out to the world. People have to know what it offers, when it offers it and how the products are offered. Consumers want to know how they can acquire the product, the price, they also want to know if there will be a discount to be granted and for what volume of purchases.

People want to know what the product is even about and if it can solve their needs. For a business to let its customers know this, it has to make itself or brand known.

On the part of the business, it wants to capture new customers or market. Its’ intention is to make sales, revenue and ultimately profit.

But one of the things that will hinder or that hinders small business is the access to the required funds to push the publicity to the wider audience with the intention of capturing them to be loyal customers.

Finance plays a very important role in the success of any enterprise without which the engine of the business will run dry. I remember my business finance lecturer telling us back in the days that Finance is the live wire of any business without which it’s going concern is threatened.

When the financial power to push forth a beneficial campaign is lacking, critical thinking and innovative solutions become what is needed to get the campaign up and running.

One of such innovative solutions to limited funding of publicity is the use of Shared Advertisement.

What is Shared Advertisement?

Shared advertisement is the combination of two or more firms who are not direct competitions to create compelling ads with the aim of mutually benefiting all parties. Two firms selling Cars may not be suitable for Shared Advertising since they are in competition with each other.

However, a firm that sells Tyres and the one that sells a Car can be very good Shared Advertising partners.

How does Shared Advertising Actually Help Small Businesses?

As it has been established above, finance is critical but most times it is not always available hence the concept of Shared Advertising.

Using the last example above of compatible firms that can get into Shared Advertising, considering the fact that the Car selling business (Firm A) is a new one in the business environment while the Tyre selling firm (Firm B) has long been in business. They stand to:

  1. Firm A will be able to get more customers from the exposure offered from the long-standing Firm B.
  2. Firm A will also be able to grow in sales and ultimately revenue.
  3. Firm A will be standing on an advantageous position to cement itself while riding on the goodwill of Firm B as a go-to Car dealer for anything Cars (Though it’s competitions are not sleeping)
  4. Firm A will be able to reach wide audience with the use of lesser funds compared to when it does the campaign alone.
  5. Firm B being into Sales and Distribution of Car tytiresill be benefiting from the referrals or customers from Firm A.
  6. More Cars in the business area, translates to more tyre purchases and by extension, tyre accessories for Firm B.
  7. The desire to expand to include other complementary products could be achieved by riding the waves of the Shared Marketing/Advertising Campaign.
  8. Firm B also will benefit from increased revenue.

 

Which Firms can Businesses Partner with for Shared Advertising?

For the success of any relationship whether business or non-business, trust, integrity, honesty, accountability and most importantly, compatibility is imperative for the long standing of the relationship.

A couple has to trust each other as well as so they are compatible else it’s better they never met.

This is so true in business where there are many stakeholders and not just the couple in a romantic relationship. For a business to choose any firm to run Shared advertising with, it needs to satisfy the following conditions:

  1. It needs to identify the weakness of both firms and how their partnership can help both of them.
  2. It needs to satisfy that the campaign will truly bring meaningful results from the inputs of both parties.
  3. It needs to understand the behavioral attitudes as well as the working culture of the firm to understand how capable they are and if they are trustworthy.
  4. It needs to prove compatibility. Both firms has to not be in competition unless the products/service promoted will be of strategy advantage to both of them.
  5. The relationship of parties in Shared Advertising is of mutual benefits therefore, both parties must not try to outsmart each other and the publicity must not be skewed to favour one or few parties only.

Shared Advertising is necessary for businesses who require more funds to push publicity but do not have it. By pulling their weight together, they stand s great chance of pulling the great advertising campaign they ever envisaged.

Shared Advertisement is here to help us.

 

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