How much does it cost to run a great marketing campaign for your business? Some experts say it could be as high as 10-20% of your annual business budget, though others say it could be as little as 5% of it. There are ways you can market your business spending little to no money on marketing, but even when you do need to spend money on it, there are ways you can raise that money.
Consider Free Marketing Avenues
There are ways you can market your business for free. For example, if you run a social media page and reach out to customers through there, it only costs you time and effort to setup the page and participates in promotions or discussions. Now if you use any of the platform’s ad services to promote your business, that will cost some money. But there are some marketing software services you can use for campaigns that include customer relationship management and email marketing. But there are also non-digital ways you can do that such as printing out your own flyers, putting up signs in various locations, or encouraging word of mouth from employees.
Run A Fundraising Event
If you need to raise some funds for a marketing campaign you hope to establish, you could run some events or have some special sales to help raise those funds. For example, you could choose to sell a certain product for a limited time, or have a discount on special items. You might even decide to have special events like bake sales or car washes that you can use the proceeds from to spend on marketing.
Apply For Financing
In most cases, you will need financing from outside sources to fund your marketing campaigns and grow your business. This could come from traditional small business loans such as SBA loans at your local bank, but those aren’t the only financing options out there. Some online small business lending agencies offer smaller loans that don’t require as much collateral, and in many cases will allow you to borrow less than the big banks. There are also micro lenders that offer small loans for nearly every business purpose, and other financing agencies offer alternatives like merchant cash advances. You can compare small business lenders on a site like Lantern Credit, which allows you to see multiple options that are aligned with your business needs and credit information. You might also consider financing through crowdfunding if you can offer something to your investors.
Tap up your family and friends
It may seem to you like the easiest way, but in practical this is more complex than the other ways. Your family and friends may be willing to fund you for your business marketing campaign. Before they make any false expectations for funding you, handle it professionally. In that case, you can take legal help to draw legal drafts and agreements and make sure both of the parties are knowledgeable about it.
Trading on the financial market is not easy here. You need here internet access, proper cash flow and little knowledge. Before you start trading, try to know about the simple trading basics. Knowing a little about trading tricks will help you to raise funds for your business marketing campaign most easily and riskless.
Find an angel investor
The angel investors are someone who has a net worth of $1 million individually and the annual income is $200000. They basically operate alone but some people make a team with other angel investors for forming a fund. The angel investors are no doubt w good source of capital you must have a good strategy to apply for your business marketing campaign to take their attention. Make a pitch ready about your company promising data points, its current situation and another future potential.
This is tough to find angel investors for your business. But don’t worry. Many resources and searches are available for how to find angel investors. You can seek out the Angel Capital Association where the angel investors meet business entrepreneurs.
Start using social media
The most popular effective way to start fundraising for a business marketing campaign is using social media. In that case, you need someone on your team who knows social media tools best and knows what you want to do in your business. Once you gather dome followers, supporters and email subscribers for your social media page, now you may run a P2P or peer to peer campaign.
Be Prepared To Make Sacrifices If Needed
When funds are short and getting funding approved is proving difficult, you may have to make other sacrifices at your business to cover the costs. This was done once by the UnderArmour company when its employees went without paychecks for a couple of weeks to fund a TV campaign. This proved to be a great decision as the ads helped bring in millions of dollars in revenue. You may not need to cut your pay, but consider what you might be able to sacrifice temporarily to help your business succeed long-term.
In conclusion, your marketing campaigns will always cost something, but you can definitely market effectively without overpaying. You just need to assess what your marketing objectives are and tailor your budget and financing towards them.