Continuing my week-long series on newsagency marketing groups, today I’ll outline how newsagency marketing groups support the channel beyond the individual businesses the serve.
As with all the advice I have shared in this series, today’s advice is carefully crafted to NOT guide you to choose a specific group but rather to get you to cast your own critical eye over choices available to you. Like any business decision, there are many factors unique to your situation that will and should feed into your decision. My goal is to help you be broad in your focus so more factors are considered.
What I will tell you is that it is important you are part of a group that helps you grow and enjoy your newsagency business.
How do you choose the group that is right for you?
- Know what you want. Have a list of what is essential for you in a newsagency marketing group. This list is about you and your business.
- Do your research. Meet the people involved. Get all the details in writing. Read as much as you can. Get any special promises documented. Be sure of everything.
- Talk to other newsagents. Find out members of the group for yourself – don;t just call who they say. Talk to fellow newsagents and ask for their feedback.
- Ask lots of questions. Ask suppliers, your staff, other newsagents and staff from the group themselves why you should choose them. Especially seek out those not aligned with a group for a more untainted view.
- Find out how the group makes its money. Is it just out of membership fees or is it from commissions on your purchases. There is nothing wrong with either – transparency is best.
- Be sure about the control you have. Understand what you would have control over and what you would not have control over. Ensure you are happy with this.
- Check who the group supports. For example, if supporting newsagent affiliated businesses like GNS is important to you ensure the group you are considering does this.
- Make the decision when you are ready.
Joining a newsagency marketing group is a long-term decision that should add significant value to your business if you make the righter decision.
As a guide, you ought to expect the decision to be worth at least four times the cost of membership fees in terms of gross profit improvement in the first year.
If you have done your research and made a decision based on this and that meets your needs then you should be in for good times if you embrace all your chosen group has to offer.
Footnote: Regulars here would know I am a shareholder in and Director of newsXpress. Prior to that I was a member of Nextra and a shareholder in my later years with them following a capital raising. Prior to that my newsagency was a member of Newspower.