Marketing doesn’t have the best reputation in the eyes of small businesses. At first, it seems business owners have far more reasons to avoid investing in marketing than to move forward with a promising strategy. Most small businesses are short on the necessary resources, and it only makes sense not to spend money on something unless they know it works.
This perspective wouldn’t be so restrictive if customer behavior didn’t change on a constant basis, just like the popularity of networking tools that do wonders for one business but completely backfire for another. Luckily, deciding which marketing efforts to invest in is a lot easier thanks to new data that explains which decisions are proving to be most and least beneficial for small businesses across the US.
MOST SMALL BUSINESSES DO THEIR OWN MARKETING
A common mistake for businesses is wasting time trying to become experts at something they don’t have a knack for. This isn’t surprising considering business owners are problem solvers and have spent their whole careers adapting to new challenges and figuring out solutions on their own. But as your company grows, you have less time and energy to devote to initiatives outside of your usual day-to-day responsibilities.
Among these initiatives is marketing, which many small business owners have little experience with. But according to the InfusionSoft 2017 “Small Business Marketing Trends Report,” over 70% of small businesses do their marketing in-house, and it isn’t doing them much good. In fact, a similar report found that the business owners who do their marketing in-house are significantly less satisfied with their results than competitors who outsource their marketing to an external agency.
SO WHY NOT OUTSOURCE?
The two reports tell us that an overwhelming amount of small businesses refuse to outsource their marketing even though they clearly aren’t attracting as many new customers as they’d like. So, why don’t they outsource? You don’t have to run your own business to guess the most probable answer: they can’t afford it! Most of these companies would probably admit that they are very limited when it comes to funding, especially during certain periods of the year.
These companies, however, have also probably unaware of alternative business financing companies like United Capital Source. We offer unsecured business loans geared towards investments that take time to pay off but must be continuously funded over the course of several months. Our merchant cash advance, for example, supply a lump sum today that is paid back over time when you make future sales. This type of working capital loan is so easy to pay back that you don’t have to have a perfect credit score, make a personal guarantee or have stable revenue all throughout the year in order to earn approval.
DON’T FALL BEHIND
Business owners who are understandably hesitant about investing in marketing should research perform-driven agencies, which are paid monthly but only if they increase leads or sales. Your merchant cash advance could be designed to accommodate these monthly payments while leaving you plenty of extra capital to cover regular business expenses (bills, payroll, etc). Performance-driven digital marketing agencies set specific goals for different time frames, which could help you determine how much capital to ask for as well as how long it will take to pay off the debt in full.
Unlike your bank, the terms for our working capital loans or credit card processing loans are extremely flexible and can therefore be adjusted for seasonal dips in revenue or other inevitable circumstances. Since repayment is tied to sales volume, if you are experience a slow period the payments will also get small to accommodate your cash flow. The business funding experts at UCS are also aware that marketing initiatives can be impeded by unexpected events, like, say, catastrophic weather or a presidential election. If one such event should affect the length of your campaign or your industry in general, your merchant cash advance payments go down with your sales volume to ensure your business doesn’t absorb any further damage.
YOU’RE NOT CARRYING OUT THIS INVESTMENT ALONE
Earlier, I mentioned that uncertainty is a big reason small businesses are hesitant about marketing. The antithesis of uncertainty is experience, and it happens to be one of UCS’s greatest strengths. We have funded advertising campaigns for companies from dozens of industries, so we know what kind of budget and strategies are typically required to achieve success, especially in anticipation of your busy season.
Our unsecured business loans are also crafted to leave you with a formidable budget once the debt has been paid back in full. We only make smart investments at UCS, and we don’t care how many phone calls or emails it takes for us to prove this to you. You’ll quickly find out that we intend to be just as involved in your marketing investment as the team that’s doing the actual marketing!