Is your business suffering from economic lethargy? Do you often wonder what it will take to get out of the doldrums of stagnation, where profit levels have stalled, morale is stuck in neutral, and it seems nearly impossible to acquire new customers? In fact, if those negative thoughts have been crossing your mind lately, you are not alone.
With inflation starting to make an appearance again, the global economy in a state of confusion, and taxes on the rise, millions of entrepreneurs are wondering how to break through the invisible barrier between the status quo and a stronger company. In most situations, the answer is intelligent marketing. But, promotion, advertising, and customer acquisition cost money. The trick is two-fold. Step one is about finding the funds to back a refreshed marketing campaign. Step two is choosing the most effective methods for bringing in new clients and ramping up profits.
Using a HELOC to Finance the Strategy
Unless you have excess funds stashed away in the form of savings or emergency business accounts, the fastest route to building a dynamite promotional campaign is taking out a home equity line of credit, or HELOC. Not only do you get fast access to the money, but lenders let you set the amount of the credit line and repayment period based on your credit, the amount you borrow, and how soon you can repay the loan. Leveraging the financial power of a HELOC is often the best way to have the funds to boost your business at just the right time. It’s worth your time to review an easy-to-understand guide about how to take out a home equity line of credit.
Selecting Techniques That Work
With so many marketing and advertising channels available these days, it’s important to choose one that meets your needs but doesn’t cost too much. Here’s a quick overview of the four main ways to create custom promotional products and get your company’s message out to potential customers.
The least costly of the four, online advertising has another great advantage. Business owners can target ads directly to the exact demographic they’re interested in reaching. Whether you choose pay-per-click, banners, or other forms of online promotion, it’s important to set strict spending limits per month before committing to the techniques that are cost-effective and seem to bring in new customers.
The costliest of the four, television is not so great at targeting slices of tiny demographic groups, but it has the unique advantage of being able to reach millions of people at once. Some entrepreneurs discover that a single, well-written TV spot can generate many thousands of dollars in fresh income.
Considered a middle ground between TV and online options, radio tends to work for local merchants whose potential customers listen during rush-hour drives to and from work.
Events and sponsorships
Using the power of networking, it’s possible to get your company’s name out in community by sponsoring road races, cook outs, concerts, and other well-attended events. Choose events carefully in order to target the right groups of customers.