Writer Christina Le Beau interviews several entrepreneurs to compile a tip sheet on bartering done right.
Resound Marketing Principal & Co-Founder Kevin McLaughlin recalls his own experiences in bartering while growing the PR firm in the early days:
Tap the marketing potential.
Bartering isn’t only for products and services–it can get your foot in the door, too. That’s how Philadelphia’s MVP Interactive is building its sports-entertainment business, accepting season tickets and event passes in exchange for putting fan-photo kiosks in venues such as Lincoln Financial Field, home of the NFL’s Philadelphia Eagles.
It’s also how Princeton, N.J.-based Resound Marketing signed its first restaurant clients. “We wanted to build a practice around food products and restaurants,” says co-founder and principal Kevin McLaughlin, explaining that the agency offered restaurants a discount “with the understanding that we’d increase that rate once we’d demonstrated value.” But when it came time to renegotiate, some restaurants couldn’t pay full price and instead offered credit for meals. Now Resound works on retainer for a combination of cash and credits; the latter are used for team and client lunches, happy hours, dinners and gifts. Restaurant clients “aren’t our most profitable accounts,” he says, “but they’re a hell of a good time to work on.”
To read the full article, visit http://www.entrepreneur.com/article/231274