Daily Archives: April 1, 2015

If each small business in Barbados could hire just one more employee…

got the job barbados web

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

As a small business person for most of my life, trying to make miniscule budgets become larger profitable realities goes with the territory. As a general rule we adopted a very simple psychology – that any marketing dollars spent had to produce a tenfold return, or return on investment ROI of 1:10.

For instance if you took a quarter page on a peak circulation day in the sister publication of Business Authority, the ‘ad’ space would cost around $900 per insertion.

Very few smaller businesses could reasonably expect that a single ‘ad’ would generate an additional $9,000 in turnover, so the only plausible alternative could be to partner with 8 other entities each contributing $100 and then ask the question again.

Could an individual participant in a collective ‘ad’ expect to drive another $900 in new business?

An example might be a standalone restaurant ‘ad’ at $900 would probably need to drive another 60 customers a week to justify, but a shared cost of $100 would require just six or seven more patrons per establishment.

More historically traditional mediums like newspapers have been driven into looking for far more creative ways of retaining advertising revenue to compete with internet and other competition, but at the risk of the editor sacking me, they have to do a lot more to retain viability. (Editor’s note: Not around here, Adrian. Our advert ratesheet is very reasonable!)

One of the simplest ways this could be achieved would be to run a dedicated weekly restaurant and/or staycation/attractions page. Break the cost down to a level where individual ‘partners’ could afford to participate and justify the expense. Perhaps even build-in a discount voucher which is exclusive to the publication.

The recent revamping of the Nation and its various supplements may provide a new opportunity with one or more sales staff dedicated to following through with this concept.

There is also the possibility of sponsorship by other businesses that ultimately stand an equal opportunity of adding turnover or brand awareness. A local branded credit card issuer would be a natural partner who would benefit by users selecting a preferred method of payment.

The remodeled Easy Sunday insert just might be one of the best mediums for such a regular feature, as it appears to be targeted towards a particular lifestyle and perhaps would be easier to manage in terms of size and content.

As we rapidly approach the more challenging long tourism softer summer months the launch timing also seems to be perfect.

Personally, I am absolutely convinced it is going to primarily our small businesses that will be largely responsible for aiding economic recovery. Just imagine if by encouraging co-operative marketing initiatives each small business is able to employee just one more person. What a difference that could make to reducing unemployment levels and increasing disposable income into the system.

So I have thrown out the gauntlet to this publisher and those enterprises who think they can work together collectively to make a positive difference.

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