Unfortunately, many small businesses end up struggling before they reach greatness. In fact, up to 64% of them have financial issues that can cause even the most devoted business owner to shut down. However, this is not inevitable. Effective marketing can go a long way toward saving your business. So if you’re dealing with financial struggles and are considering closing down, consider these reasons why investing in marketing might be the key to saving your business.
Think of It as an Investment, Not An Expense
If your finances are tight, spending more money might seem like a mistake. However, the point of marketing is to bring income to your business. So, you’re actually spending money in order to earn money. It is an investment in your business’s future. Before you do anything or make any plans, you need to change your mindset around marketing. If you continue to think of it as an expense, you’ll be less likely to feel comfortable putting money into it, meaning you’ll continue to have the poor marketing and small income that you currently have. However, if you can get past the idea of wasting money and remind yourself that you’ll get it back, you’ll go into investing in marketing with more enthusiasm and confidence.
Automate to Save Time
Saving time is almost as important as saving money. You can automate a lot of your marketing, using technology that sends content to your customers automatically. This might include things like chatbots, email collectors, or social media scheduling. These tools allow you to get your marketing done much faster than you would if you had to do everything manually. Now you can spend that extra time working and you don’t need to worry about paying anybody for the time they would have spent dealing with these small tasks. When you’re trying to salvage your small business, every dollar and moment count!
Market to Attract Talent
When people think of marketing, they primarily think of advertising to clients. However, you also want to attract good employees to your business. Bringing in new talent can be an excellent way to save your company. However, you need to be able to offer them incentives to stay. Your business should look professional throughout all of its marketing and it should look like the type of place someone would choose to work for. If you’re hiring, spend some time marketing to people in your industry. For example, you might be looking for underwriters. As of 2018, about 42% of the 110,400 employed underwriters worked with direct insurance carriers. How will your marketing convince them to move over to your company when they have other options?
Hire a Pro To Do It
This is another tactic that requires you to remember that this is an investment. If you bring in a professional to do your marketing, you’ll be able to focus on your business while they use their expertise to bring in more customers. While it will cost money, you’ll be in a position to earn that money back by focusing on your role in the business. If you’re working to your strengths while they’re working to theirs, you’ll be in a good position to serve more clients and get your small business back on track.
While marketing isn’t the only thing that matters, it can go a long way toward saving a small business from shutting down. If you think of it as an investment and treat it as such, you can use your marketing to bring in customers and employees and show them why your business is the best option for them. Take some time to put these tactics into use and use them to help save your business from shutting down.
Devin is a writer and an avid reader. When she isn’t lost in a book or writing, she’s busy in the kitchen trying to perfect her slow cooker recipes. You can find her poetry published in The Adirondack Review and Cartridge Lit.