Startups and small businesses need a well-thought-out marketing strategy, particularly in the early phases while driving growth and developing a client base.
“As your business expands, you should devote a higher portion of your income to marketing to keep up with the increased demand. Some small businesses allocate up to 50% of their revenue to marketing. This money goes toward lead generation, building brands, and many other important marketing projects,” explained short-term business lender Shane Perry from Max Funding.
However, if your business isn’t making enough money to sustain a marketing campaign, it could be time to consider getting a business loan. Here are five clever ways to use small business loans to advance your marketing.
1. Hire a Marketing Specialist
A marketing specialist can help small businesses build their brand, find their voice, and close sales. Hiring a marketing specialist gives owners more time to establish the company and maintain critical client connections.
Thus for small businesses to differentiate themselves from competitors and take their business to the next level, using small business loans to hire the right marketing specialist is a wise move.
2. Invest in Marketing Tools or Technologies
You might have the best-laid marketing plan, but it would be a waste if not implemented properly. You can efficiently and effectively implement your marketing plans using the right tool and technology. On top of that, you’ll save time and resources with the automation these tools bring. Thus, apply for small business loans and use them to invest in marketing tools and technologies to implement your marketing plan effectively.
3. Boost Potential for More Ads
Paid-per-click advertising on search engines has proven to be a powerful marketing strategy. Paid advertisements are, without a doubt, one of the most effective strategies to target a specific market.
However, the expense of an advertising campaign might occasionally prevent a business from maintaining a successful approach. The best part is that this is exactly where a small company loan may help.
A robust cash flow will not only continue running successful advertisements but will also help you to seek out new opportunities in new markets.
4. Generate More Content that Drives your Marketing
It’s also crucial to consider the expenses of your content strategy. Content elevates your site’s visibility, keeps people coming back, and attracts visitors and prospective customers. Some companies can do it independently, but it may be time-consuming, and coming up with fresh concepts becomes more challenging.
Businesses prepared to spend on their marketing technique can outsource content management. Depending on your industry and the amount of material, a blog post can cost somewhere between $50 to $500 (or even more), and an in-depth eBook or white paper can cost several thousand dollars.
Short-term small business loans can cover these content development expenses. Doing so can be a wise move to level up your marketing game and boost your ROI in return.
5. Keep Track of your Data
Frequently, the most challenging part of marketing for small businesses is finding out what helps and what doesn’t.
It’s pointless to put money into marketing initiatives if you’re hesitant to study the outcomes.
After all, you wouldn’t stick to a diet and then forget to weigh yourself after months of effort. Similarly, a small business can assess the efficiency of its marketing efforts using a variety of software and monitoring tools. Of course, having a small business loan can help you acquire the tools you’ll need to determine your advertising prowess.
Small business loans can help grow your business in many ways. If you still have two minds in obtaining a small business loan, consider the five clever ways to use small business loans for your marketing listed above. Remember, time is of the essence, so don’t waste your time doubting while your competitors are getting ahead.