Liquidity crunch is a problem that is faced by many businesses, more commonly by startups or businesses that are in the early years of their growth. Cash flow, as well as capital, can sometimes result into serious issues with your marketing campaigns that are something that you cannot neglect or avoid.
Under these circumstances, it is important for you to understand and make a decision on what to invest in and what areas to avoid. A major concern over here arises when small businesses decide to leave marketing campaigns behind in order to concentrate on other matters.
Here are some tips and ideas on what to do when you are facing a liquidity crunch in your business.
In this situation, one of the best decisions that you can take is to invest your money in content marketing. Quality content will take you a long way and pay for itself in the long run. Content marketing is not only a judicious way to pull traffic to your site, but also a magnetic way to get the word about your brand out there in the open. Brand awareness is critical in today’s world.
It is vital to keep one thing in mind and that is at the time of creating content for your brand, make sure that it carries your message across in a way that resonates with your brand and your products/services.
The best marketing tool that you have at your disposal is you and your entire team. Learn and teach your team the art of networking. Try to communicate about your brand with as many people as possible at every opportunity that you get.
It is critical that you do so. Every single person that you meet can eventually become not only a customer, but also an evangelist. This means that he or she has the potential to take your brand forward by word of mouth marketing. This is one of best ways of marketing and it is absolutely free so make the most out of it.
Line of Credit
The truth is that you do need a marketing budget no matter how many marketing tricks you come out with. You will need money to create content, run a blog for that content, find writers and undertake social media marketing, and more. Do not worry, this can all be accomplished and sometimes taking care of one priority eliminates another. And this is situation is not that unique. You find a stellar writer and much of your content worries go away. In regards to the finances….
In order to take care of these expenses, it is salient to take a business line of credit. A line of credit will help you with liquidity crunch and also allow you to pay only for what you actually use. It is also a fantastic way to prepare for unforeseen spontaneous opportunities.
Power of Social Media
Social media is perhaps one of the best tools of marketing that you can invest in. It is also very cost effective to market your products and services using social media websites like Twitter, Facebook, Pinterest, and LinkedIn. You need to have a strong presence online. Using digital technology, this is how people find goods and services nowadays and this trend is not really a trend going forward, it is more of a way of life.
Moreover, this is one way you can reach potentially millions of customers directly, spark their imagination, and invite them to test or try your product.
It is also an astounding way to collect feedback from your customers or prospects which will further help you improve your existing line of products or develop new products. Many popular brands are successfully using social media to reach out to their target audience – actually pretty much all of them are.