The Power of OPM
Using OPM - Other People’s Money - is a great way to pay for your advertising and marketing.
Why would other people pay your costs? Because they benefit somehow.
A massage therapist wanted to do a quarterly newsletter to keep in touch with her clients and others on her mailing list. She got other personal care providers to create the newsletter with her. They pooled their mailing lists and shared expenses, so everyone saved money and reached a broader audience than if they had done it themselves. It was no longer “her” newsletter, as it included articles from and about the others, too. But it was more effective and less expensive than doing it on her own.
Another small business sold advertising in their newsletter. While the revenue didn’t completely cover their expenses, it helped.
Could you charge others to include their information in a mailing with yours? Book publishers often do co-op mailings to libraries, bookstores and other large buyers. Publishers of several different children’s books, for example, might get together to share the cost. Another way is to publish a card deck—you know, those packages of postcard-like ads you get through the mail. In addition to your cards, sell space to others and you’ll not only pay for your mailing, you can make a profit.
Many radio stations will sell you air time. You buy the time, and you have your own radio show. Typically, these arrangements allow you to sell commercial time during your show. By selling commercials you pay for your air time, and (maybe) make a profit.
One of my favorite ways to use OPM is to get potential customers to pay your marketing costs. When I was featured in a newspaper, I asked them to mention that I would give a free booklet to anyone who sent a self-addressed stamped envelope (SASE). Hundreds of people did. Each person who sent a SASE got a copy of the booklet, as well as fliers for my books and seminars. I saved the expense of postage and envelopes, and the time and expense of addressing the envelopes. I sold books, enrolled people in seminars, and got consulting and speaking engagements worth thousands of dollars for less than $30 in printing costs. Because the customers were pre-qualified (they were interested enough to send a SASE) I got an excellent return on my small investment.
Newsletter publishers could offer a free copy of the newsletter for a SASE. Include subscription information, maybe even a special for subscriptions received by a certain date.
You could improve on this idea by charging for the booklet, newsletter or other promotional item you send. You could even make a profit directly on your marketing effort (even before they buy what you’re selling). Of course, if you do this, make sure that the item you send is not just an advertisement. It should have value to the people who receive it.
So, how are you going to use other people’s money to build your business?
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