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Stretching Your Marketing Dollars

In the budgeting process, every retail store owner should plan to spend a percentage of annual sales to promote his or her business. In today's challenging retail environment, those dollars just don't go as far as they once did. Therefore, it is extremely important to maximize other available opportunities offered in the marketplace.

One of the first places to pursue is your list of vendors. Many of them offer cooperative advertising dollars. This money is usually a percentage of annual purchases. In most cases, it is offered as a match up to 50% of the cost of the advertisement. There are always some stipulations as to usage of the vendor logo in the headline or body of the ad, but a proficient graphic artist can work around these conditions. In addition, the vendor may be able to offer camera- ready art materials, which will cut the production costs considerably. Some vendors will be more flexible than others, offering this financial assistance with direct mail pieces as well as newspaper and magazine advertisements. The retailer should always ask for co-op money, because the vendor may not always offer it voluntarily.

While on the subject of vendors, most websites list where their products can be found in various parts of the country. Individual stores should ask that their website's link be listed on the vendor's website. Even if a store doesn't have its own website, a listing of the name, address, and telephone number serves a similar purpose. Vendors also advertise in national magazines, crediting stores where their product may be purchased. This is a great free opportunity for the independent retailer to gain additional exposure.

A store website is becoming a necessity in today's business environment, regardless of the size of one's retail business. Not only can it be used to communicate with your existing customers by regular newsletters and special promotions, you can use some of your advertising budget to connect with search engines that will broaden your customer base.

Whenever you buy advertising space, keep in mind that rates are often negotiable. When you sign a contract, you should pay discounted rates based on the number and frequency of the ads. Some media may even include production charges in the price. The more you ask, the more you get!

If you belong to a merchant association affiliated with your mall or neighborhood shopping area, you have additional opportunities to maximize your marketing dollars. Often, these groups will pool resources and take out full-page ads, splitting the costs among the participants. If the association has a paid public relations staff, take advantage of every opportunity to promote your business. Suggest some unique products or services you offer, and inform them when you are planning an in-store event. It is imperative that the PR people are kept informed; they are paid to get media coverage, but they need to be supplied this information with plenty of lead-time. There are probably complementary stores with which you could partner to cross promote your businesses. For example, a maternity clothing store could join with a children's store by sponsoring a program for prospective parents.

Taking part in community events that are geared to your target customer offer different venues to get additional exposure without breaking the bank. Participating in fashion shows, donating products for charity auctions, supplying imprinted t-shirts for fun runs are but a few suggestions. By being a sponsor, your store will also benefit from pre-event publicity.

Owning an independent retail store in today's business environment presents many challenges, especially in the marketing arena. However, by creatively planning your marketing strategy, you will be able to maximize opportunities while keeping your investment within your financial means.

Nancy Proman, Dynamic Experiences Group, nancy@dynamicexperiencesgroup.com (612) 281-9415.