The latest sales numbers have come in and they aren’t what you’d like to see at this stage of your career. Your business seems to have plateaued after years of customers practically pouring themselves over your products or services, which gave them precisely what they were looking for. But these days, the voids within your industry just waiting to be filled aren’t exactly clear.
You need to become reacquainted with your target demographic and invest in the solution to the inconveniences created by your competitors. It’s been a while since you’ve had such a daunting task on your hands but fortunately, throughout that time period, capturing a certain market has only gotten easier.
Planning Your Attack
The first and arguably most tedious step of the journey is research. You need to know your audience inside and out when it comes to their budget, interests related to your industry, how they prefer to shop, and of course, their biggest complaints about your competitors in regards to price, quality or supply. All of this information accessible online thanks to social media and the existence of websites or blog posts that revolve around virtually any subject you can think of. Both of these sources will also allow you to communicate with potential customers and influencers whose opinions about your industry attract a great deal of attention.
Scouring the web will prove essential for market research in addition to advertising new products or deals to the users most likely to become customers. Hiring someone to handle these tasks for you is therefore a worthy investment that will only seem wiser when you see more and more businesses doing the same thing. Alternative business financing companies like United Capital Source offer numerous business funding programs tailored for quickly taking on new hires while maintaining financial stability. After all, in addition to an Internet research specialist, you’re going to need more manpower in order to produce the quantity you have in mind by the date you have in mind, which brings us to stage No. 2.
The business plans lenders approve most often involve investments geared towards the development of a new or already-successful product or service. You might need a significant sum to put your plan into action but your ideal lender will undoubtedly be impressed by the amount of research you’ve compiled to support your application. Maybe you need to buy more equipment, order expensive materials, or simply give yourself more time to concentrate on a series of goals without negatively impacting cash flow.
Operations might slow down while you are occupied with your new project but with a working capital loan, credit card processing loan, or even a business line of credit, you wouldn’t have to worry about the dip in revenue preventing you from paying your bills at the end of the month. The project is likely time-sensitive, meaning you’ll need cash as soon as possible. United Capital Source can approve small business loans in 24-48 hours and give you the ability to gather everything you need for your project right when the opportunities to do so present themselves. This will ensure that your upcoming release is ready by the time customers are most likely to make related purchases.
Spreading Brand Awareness
Now that you’ve turned your vision into a reality, the last step is to market it towards your target audience well ahead of your industry’s busy season. Your options include digital marketing, which is best to outsource to another company, and traditional strategies such as, say, posting ads in a location frequented by your target audience. These ads must feature various portrayals of your product or service that illustrate how useful it is for different types of people.
Studies have shown that for a marketing initiative to pay off, potential customers must see the ads several months before they begin to decide what to buy. Revenue is already down, so monthly loan payments could force you to dig into operational or personal funding. You can avoid this with a Merchant Cash Advance, which provides a lump sum in exchange for a percentage of future credit card sales. All of your marketing expenses would be covered immediately.
We Can Bring It All To You!
United Capital Source prides itself on forming long-term relationships with clients that do not end as soon as their first loan is paid back. This is because when a business evolves, whatever achievement that made it happen is only the beginning. Keeping this position or reaching for even greater heights will probably require another, considerably larger round of funding to be used for a project that could dwarf the success of the first. At UCS, we understand how difficult it is to stay competitive and therefore provide financial guidance to clients that need to maintain stability while facing upcoming dips in cash flow. You will have our help throughout every step of your business’s growth because, as any business owner knows, there’s a slim chance it will go as smoothly as you imagine.