Did you know that the ancient concept of bartering goods/services is still relevant in this age of digital money? Yes, as amazing as it may seem, trading your products in exchange for what you need or would otherwise have purchased in cash can be the ultimate business tactic. Not only do you attract new customers in the process, but you also increase the profitability of your business, managing stock more effectively and participating in a supportive network of other businesses. What’s more, a healthy barter relationship can serve as a perfect opportunity to turn your bartering members of today into the paying clients of tomorrow. After all, opportunities for extra income shouldn’t be passed up!
Building a customer base
Barter can be extremely fruitful for any small to medium-sized business looking to acquire new customers or clients. Often, Bartercard members reach new levels of success after successful exchanges turn into cash-paying business clients. What’s more, word-of-mouth referrals from within your barter network can help you broaden your existing customer base, leading to increased sales and increased profit.
Increasing customer retention
Barter systems can help increase customer retention by expanding your business’ potential to offer rewards and loyalty schemes. Your Bartercard membership affords you access to the excess inventory of other businesses, generating a win-win scenario for both of you and allowing you to get creative with what you can do to hold on to your best customers and build a relationship of mutual trust and appreciation. Your fellow barter members will thank you, but more importantly, so will your customers.
Improving inventory management
If you are having trouble converting older or excess inventory into revenue, bartering can be just what you need to clear that shelf space. Instead of liquidating excessive inventory at discounted rates, turn them into profitable stock by using the Bartercard network. Trade your excess products in exchange for goods/services. You don’t need to devalue your product, your investment won’t go obsolete, and you get to exchange for something that you would have otherwise paid for in cash!
Additional source of revenue
If maintaining a healthy cash reserve is a constant struggle, bartering can help you keep hold of revenue. For new business owners, Bartercard serves as the ideal platform to trade your products/services with other members. Though you don’t make money out of this union directly, it can help keep a greater amount of cash on reserve for future investments and expenses. Also, exchanging unwanted assets for something valuable can safeguard cash that would otherwise be lost.
Choose your network carefully
Now that you can clearly see how your business will benefit from bartering, note that you need to choose your network carefully to avoid any unwelcome setbacks. Bartercard Australia is one of the world’s largest cashless business networking platforms, striving to provide business opportunities to its members. Contact Bartercard today to learn more about these opportunities.