For an entrepreneur, choosing the best funding source like Greenbox Capital for their working capital needs is critical. Securing a small business loan / advance is no walk in the park, and picking one with a 5-star rating that prides itself in Speed, communication and Integrity makes it so much easier. it is natural to feel thrilled once you are granted one. The next challenge is to wisely invest this money to ensure your company’s future success. For many business owners, the priorities include paying rent, investing in equipment and stocking up on inventory, among other pressing needs. If you are lucky to have some extra funds, you should definitely use it for small business advertising.
Beyond operating your enterprise, it is also of utmost importance to your success that you make finding customers a priority. In fact, it is just as important as running the business because let’s face it, without any clients, no one will buy your products or services. This is even more vital when you are a small business because no one knows you, especially in the beginning. Many small entrepreneurs fail because of not realizing this fact and focusing on marketing their business.
The great thing is, small business marketing has never been as easy and as worthwhile as nowadays. Here are 5 reasons why you should invest money on it.
Old-school marketing campaigns are expensive and sadly are also now outdated. Putting an ad in the newspaper or TV was traditionally only afforded by big businesses with huge marketing budgets, but the great thing is, the Internet has changed all of this.
Putting up an online ad has made it possible for small businesses to market their products and services, especially given their affordable rates. A plus for entrepreneurs is that you only pay when someone actually clicks on your ad. This is called PPC advertising, or pay-per-click.
As opposed to the hundreds or thousands of dollars that you would spend on traditional advertising, you can do a PPC campaign for as low as $50/m. This makes it easy to try out with very little cost and risk. The costs may vary depending on the industry, but considering the possible gains and the low prices, you would not have to think very long and hard.
The ROI, or Return on Investment will simply increase as time passes by. More than that, it is not at all complicated to track the performance of your online ads and figure out your ROI. Google Analytics is the standard way of compiling data on how your ads perform. You may even gain some insight into consumer behavior, like which ads attract more hits.
This means that as you continue to advertise, you perfect the tricks. By identifying exactly which campaigns actually attract customers, you are able to focus your time and budget on these ads, instead of spending much more and not getting any business out of it. If you are also a small business owner, this is also great for small marketing budgets, maximizing every cent for marketing efforts that actually bring in business for you.
For example, as a restaurant owner, you realize that people who live within the 10-mile radius actually do not go to your store. Instead of wasting funds marketing to people who will not buy from you, you can focus this time and money marketing on more successful areas. Advertising costs go down as well and targeting the right audience might also help increase sales.
Certain brands have become household names or are simply widely known due to previous successful marketing campaigns. Small businesses do not have this luxury of being so popular, so you have to work from scratch on making your customers aware of your brand and your products. While you might not be universally known like McDonald’s, you can make yourself a well-known and trusted business within your industry or community. Your clients always prefer something familiar, so this is a great way of getting repeat business.
Small business advertising will increase the buzz around you and your products. While word-of-mouth does generate a lot of sales, this does not mean you will choose to end up sitting pretty. This is free advertising that is also credible, especially when actual customers talk about their positive experiences. Clients nowadays put so much value on reviews and can literally make or break the business. Building on this can exponentially increase interest on your business.
Later on, you might find them writing and advertising you, maybe on their blogs or social media pages. They can share their positive experience with your brand and products. At times, you might even find your business featured on local media, spreading the word about you. If you start off small and relatively unknown, this will not be possible as your clients may have no clue you exist. So you still need advertising, and together with word-of-mouth, you can increase familiarity and awareness of your brand.
If even the well-known brands continue to market themselves to potential clients, then a smaller competitor like you should do the same. While you will not be able to have the millions of dollars to invest, you can expand on online campaigns that are cheaper and still quite effective. Small business advertising done right will have a high ROI, so you know that it is all worth it in the end.
Small business advertising is just an important part of your business that you cannot even begin to succeed without it. This is why you should allocate a certain part of your budget for it, otherwise, you cannot even see your business take off. By making marketing a huge priority in the first few months, you lay the foundation for a very successful business.
Here at Greenbox Capital we are 100% committed to your continued business success. We consider ourselves your Working Capital Partners and have a vested interest in supporting you and your company’s growth.
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