$60 a month does not seem like much but play it out over a year and you have $840. Why $60? This is what ANF membership costs in some states.
When a newsagent asked me recently if I thought them joining the ANF for $60 a month was worth if, I talked with them about what else they could spend the money on.
Before I get to the list, I suggest newsagents think about what they get for the $60 a month it costs to be a member of the ANF. I cannot think of any tangible benefit. For all their talk of lobbying and representation on policy – the bread and butter of a good association – the ANF does not have anything to value to point to. So the question about the value of $60 a month is important.
Smart newsagents will take the $60 a month the ANF would have cost and invest this in new traffic strategies that add value to their business.
Here is the list of how one could spend $60 a month that I discussed recently with one newsagent:
- Facebook advertising. $10 can put an ad in front of between 5,000 and 8,000 people depending on your location. $60 can buy plenty of new eyeballs and eyeballs drive new traffic.
- Google advertising. At between 3 cents and ten cents a click, your website, e-com site or other online presence could achieve 2,000 clicks and more. Each click could be someone new to the business and could result in feet through the door.
- Visual merchandising. $60 a month could buy close to two hours in-store of a visual merchandising professional on a regular call cycle. This could be someone who provides you with a fresh look in-store as well as training for your people.
- New product lines. While funding this from the monthly saving, over the course of a year, investing $840 in a new product line fresh to the business could generate More than $1,000 in gross profit and attract new shoppers to the business who also purchase other items that make the $840 investment worth in excess of $2,000. Yes, there are specific lines that fit this criteria. So, in year two, you’d have another $840 to invest as the first year’s investment would be paying for itself.
- Dinner outside. Have a pub meal with your business partner away from the business, to talk about business. You are certain to look at the business differently and through the conversations reveal to yourselves valuable opportunities you might have missed without such time out.
Sure I could add other items to the list. I wanted to go for ideas that helped attract new shoppers and give the business fresh appeal.
I am serious in suggesting newsagents think about alternatives for the $60 a month they pay for the ANF as $60 a month invested wisely ought to deliver between three and four times the cost to the business.
Every dollar you spend is a business decision. Think about the alternatives and consider what you could do in your business.
The $60 spend is about relevance to your business today as it is only the money you make from the business today that matters.