If you want your business to grow, and ultimately succeed, you must dedicate time and money to marketing, this is not an optional facet of owning a business. Large corporations that have huge departments solely dedicated to this category of their business plan do not have to focus on time and money efficiencies as much as smaller business do. As a small business owner, you are likely already practiced in the art of stretching a dollar and an hour, this will serve you well as your identity your marketing needs, and your plan to achieve them. Paying for the implementation of a new marketing strategy is a top concern for independent business owners, research both market trends, as well as funding options before your hit the start button on this project to avoid overspending and/or unsuccessful strategies.
Create Your Budget
Before you can talk strategy, you must talk budget. If you cannot afford to responsibly pay for an idea, then it is not the idea for you, at least not at this time. Having said that, investing in new marketing is worthwhile, and you can free up money by getting your personal finances in order to cover the business cost up front. You can explore your options with personal loans to find out what you’re approved for, and what payments on this loan will mean for the health of your overall budget.
Comparing your finances to your marketing plan will result in a mash up of what your business demands as far as promotional and growth strategies as well as what it requires to not go underwater financially because of this expenditure. You can get matched with loan options in less than 60 seconds, so shopping around lenders and loan terms will not suck up a huge chunk of your time, leaving you more time to dedicate to the evaluation of those options to make the best choice for your small business.
Social Media
Nothing is cheaper than free. If your business does not already have an account across social media platforms this is an inexpensive and time effective way to create a presence on some of the largest platforms in existence. If you do already use social media as part of your marketing strategy, then level up and begin to target influencers. People buy what they know and from people they trust, and the allegiance between consumers and social media influencers is too strong to deny. Focus on quality over quantity when targeting influencers to approach. You want to make sure that their following is large and that it speaks to the demographic and industry aligned with your business.
See also:
Small Business Owners And The Covid-19 Pandemic
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Give a Little to Get a Little
Freebies might seem like a counterproductive marketing strategy, but offering things like free trials, or gifts with purchase can create brand loyalty for your business, as well as bring in new customers because let’s face it, everyone loves a freebie. This also gives people an opportunity to try before they buy, and shows that you respect their dollar, which consumers notice and appreciate. Giving something away gets people in the door, and once they are in the door, they have no choice but to browse the other products or services you sell outside of the promotion or give away.
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