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Wyoming Business Tips for Feb. 8-14


February 3, 2009 — A weekly look at Wyoming business questions from the Wyoming Small Business Development Center, part of WyomingEntrepreneur.Biz, a collection of business assistance programs at the University of Wyoming.
By Bruce Morse, WSBDC Region 2 director

"Can you recommend some marketing practices I can try that won't cost me too much money?" Brett, Meeteetse

Given the current uneasiness with the economy in general, I am hearing this question quite a bit. Business owners are being a little more cautious with their marketing funds. Now is not the time to stop marketing altogether, but rather to take a more creative approach.

One thing I have seen recently is what I'll call "Business Partnering." Basically this means working together with another business to bring exposure to both. This can be a similar business, maybe even a competitor, or a complimentary business that does not seem to have anything in common at first glance.

I heard about two clothing businesses, located about a block apart, that had a joint sale sharing the cost of the advertising. The effort drove customers to both locations for about half the cost.

A florist and a candy store teamed up to create gift baskets of flowers and candy and sold them at both locations. Most recently, I received a brochure from an orthodontist. On the front cover is a photograph of a lovely young lady with a beautiful smile created by Dr. "Smith." Under the photo is a statement saying "Photo courtesy of Dr. Smith's patient, "Megan" and the name of the local photography studio.

Think of some creative partnerships that you can put to work for your business. If you want to kick around some ideas contact a local Small Business Development Center for guidance. Contact information is available at www.wyomingentrepreneur.biz.

For an opportunity to post comments on this article, go to the www.wyomingentrepreneur.biz Web site, enter the blog site.

The WSBDC is a partnership of the U.S. Small Business Administration, the Wyoming Business Council and the University of Wyoming. To ask a question, call 1-800-348-5194, e-mail wsbdc@uwyo.edu or write 1000 E. University Ave., Dept. 3922, Laramie, WY 82071-3922. Additional help is available at the WSBDC Web page at www.wyomingentrepreneur.biz.

Posted on Tuesday, February 03, 2009

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