It is important to have a budget before you even go ask for a loan. This is a pertinent part of the business plan during the financing process, whether you are looking for a startup loan, unsecured business loan, or some other financing option.
Any lender or investor is going to want to see a breakdown of how the funds are going to be spent, and a major part of this is going to be marketing. Some may even want to see line items noting exactly how advertising funds are going to be spent. How can you get the most bang for your marketing bucks?
Pay For Social Media
Social media is widely touted as “free” advertising, and it can be. It can work better if you are willing to spend a little money however, and it is still cheaper than traditional forms. There are four major areas where you can get a lot for a little if you are willing to pay when it comes to social media.
Pay writers. Pay people to write content on your website and posts for your blog. There are tons of freelancers out there that can do this, and if you find the right ones you can greatly increase the effectiveness of your pages.
Pay a social media manager. Pay someone to handle your Facebook, Twitter, Google+, and any other accounts you may have. They can be responsible for networking, commenting, responding to comments, and sharing what needs to be shared. If there is a promotion or social media contest, they take care of it. If someone complains on your Facebook page or via Tweet, they let you know and handle it however you say.
Pay a Website manager. Pay someone to stay on top of how your website is doing with the search engines, how much traffic is coming, and how profitable that traffic is. They can keep tabs on what keywords are performing well and let your writers know which ones to incorporate in future writing.
Pay for placement and promotion. Pay for placement on YouTube and promotion on Facebook. Some posts and videos will go viral on their own, but they have a much better shot at being successful at marketing your business if you pay up.
Social Couponing and Other Special Deals
Run deals on social couponing sites and print coupons in local newspapers and magazines. Set up mobile promotions so those that sign up for it can receive special deals via text message. Many a new customer has been snagged because they found a great coupon, got a text about an awesome sale, or found a Groupon that was too good to pass up.
Do Not Neglect Traditional Platforms
Though much more expensive, newspaper and radio ads are especially effective locally. Magazine and television ads can be effective too, but the key to saving money in these areas is to zero in on and target your specific desired audience. If you are a daycare, stick to local parenting publications. If you are a western apparel store, stick to the local country radio station. Knowing your target audience will save you a lot of money when it comes to traditional advertising platforms.
Biz2Credit can help with your financing from beginning to end. From the planning phase to finding a lender, we are here to help. Visit Biz2Credit today to find out more.