5 Ways To Market When Cash Is Tight
Most businesses experience tighter cash flow issues from time to time…
Whether as a result of the economy, something related to their niche, or perhaps from some changes to internal processes, how do you create some buzz?
I’ve spoken before about the fact that marketing is often the first place that businesses will cut back when they are experiencing cash flow issues. And, I’ve also spoken many times about the fact that this is one of the worst things a business can do.
Not only does this put the brakes on attracting attention to your business, but it also put you behind for the time when either the economy or your cash flow improves.
Regardless of whether you are an established business feeling the pinch or a startup experiencing difficulty accessing capital, the five tips in this article will show you that marketing does not have to be expensive to be effective.
1. Content Is King
I know we keep hearing this over and over again, but it is a fact. One of the most effective things that you can do is to publish quality content. Regularly posting content that resonates with your target audience is extremely cost effective and is a great way to build trust and to keep you consistently on the radar of your clients and prospects. Posting regular content is also a great way to improve your search engine results, improving your ranking.
2. Network, Network, Network!
Never underestimate the value you and your employees bring to your business. Every experience that brings you in contact with others is an opportunity to network, so don’t overlook these occasions. Attending a conference? Be sure to take long some business cards. Tradeshows, lunches, spontaneous or unplanned meetings-these are all great opportunities for you to promote your corporate brand and let people see the human face to your business. And remember that networking is a two way street. Offer something of value to those you are connecting with and they are more likely to reciprocate.
3. Borrow On Your Line Of Credit
While there are many opportunities to market your business for free, or at least inexpensively, it is misleading to think that marketing doesn’t require any budget at all. There are nearly always some costs attached to marketing strategies, whether it is printing costs, outsourcing writers, hiring employees, or utilizing various tools and subscriptions. If it makes sense, consider using a line of credit to get access to immediate capital needed to fulfill your more pressing marketing needs. Used cautiously, this can help keep your marketing engine running until your cash flow improves.
4. Take Advantage Of Social Media Platforms
Social media platforms are a great way to reach out to multitudes of people over the Internet. Just make sure that you are utilizing the appropriate channels to reach your target audience. And remember that you don’t have to be on all social media platforms. Choose the top 3 to 5 platforms for your niche and your target audience and stick to them. Post relevant messages and links to draw your target audience back to your website. Be sure that you are responding to any messages, requests, or comments that you get on these platforms as they can be a double-edged sword. Remember that they are social, and interaction is expected.
5. Do You Ask For Referrals?
Although the dollar figure may vary from business to business, we are all very well aware that it costs much more to obtain a client than it does to keep a client. And nothing is more effective in bringing business through the door than a solid referral from a satisfied customer. People do business with people who they like know and trust, and a recommendation from a happy client translates to a pre-determined trust by the new business prospect. Create some type of referral or loyalty program among your customers and let them help market your business through their satisfaction.
So as you can see, it’s easy to market your business effectively even when times are tough. Adhering to a marketing program will ensure that your company will not only survive, but will thrive.
Until next time…
Are you ready to grow your business now? If you’re ready to take the next step and make your business more profitable, call me directly at 587-287-5913 or email me at email@example.com
If you like the information you are receiving, please consider forwarding this post.