For small businesses, the need for the right marketing or advertising mix has never been greater. The competitive landscape is increasingly intense. Customers are more demanding and less brand-loyal. Your brand promises and values must be articulated (and delivered on) in a continuing and consistent fashion.
Marketing and advertising can connect all these dots but it requires clear objectives, a sound strategy and follow-through with tactics and execution. Also, some research on the front-end and measurement on the back-end. And, oh yes, probably some trial-and-error along the way.
Getting marketing right takes capital. And while there are many low-cost avenues for effective marketing such as social media channels, putting all the necessary pieces in place will likely involve some cost. And in today’s environment, marketing and advertising are not areas where small businesses should economize unnecessarily.
Smart marketing and ROI
More than ever, a smart and effective marketing strategy means being able to calculate your return on investment (ROI) upfront. And the path to ROI involves testing. Before you commit to a long-term approach or major expenditure, try it first on a smaller scale, whether with a small group of customers or in a limited way in the marketplace. Use the feedback to tweak as necessary and scale up from there. And continue to measure ROI as you go.
Capital for marketing and advertising
As the saying goes, sometimes you have to spend money to make money. Depending on your business, your competitors and your objectives, the right marketing and advertising mix for your business may require some upfront spending. Make sure you’ve got a robust online presence and that you’re using at least a couple of social media channels. But you might also need a mobile app. And don’t neglect more traditional forms of media like radio or outdoor advertising.
As with things like inventory or equipment, there are sound business reasons for getting a small business loan for marketing and advertising expenses.
- More concentrated spending upfront may be necessary for hitting your projected ROI
- You may be able to negotiate better prices
- You can acquire customers more quickly
- You can roll out new products or services with a bang
- You can invest in some quality research
- You can differentiate your business from competitors more effectively
- You can hire an expert or agency for a major marketing campaign
- You won’t need to tie up your cash reserves
Marketing and advertising are a key component to small business growth. That’s why we help all kinds of businesses with loans for marketing and advertising expenses. And, we’ve made the process as easy as possible: A streamlined application, a lot less paperwork than banks require and a quick underwriting/decision process. Best of all, once you’re approved, you can have the funds in your account in as few as two business days. We understand small business and how marketing and advertising effectively can fuel your growth potential. And when opportunity knocks, BFS Capital can help you get the capital you need quickly.