How does your audience know your product is different from the rest? Through marketing campaigns, you can distinguish your products and services from your rivals. Branding of your product, sales, and engagement from the audience all depends on your marketing campaigns. Often lenders dismiss their perfect ideas regarding marketing campaigns because of a shortage of cash flow. So, if you have set your mind on the remarkable marketing campaign, but are worried about funding, we are here to tell you to stop worrying about a lack of funds. Your company should consider applying for a business loan to cover its marketing expenses.
Most of the business owners look at the marketing campaign as an investment and rather than considering it as a major expense. So before we move onto those important points that you must consider when you are applying to funds your next marketing campaign, let us explore those funding options.
- Business Credit Cards
A good business credit card with 0 APR is a must-have for most of the business owners! For example, you can purchase a Facebook ad with your credit card. Many banks offer extra rewards and credit system if a business manager uses the funds to spend on marketing campaigns.
Ink Business Preferred Credit Card: 3 points for every dollar spent for advertising purposes on search engines and social media sites on the first $150,000
SimplyCash Plus Business Credit Card: allow the business owner to earn a 3% cashback that is spent on advertising on social media channels.
So choose a credit card that will help you, financially, in the long run.
- Business lines of credit
A business line of credit provides access to the revolving credit meaning you have access to the flexible money. Keep the money in your back pocket and take it out whenever you need to spend on campaigns.
A business line of credit comes with a high-interest rate but it is worth it – remember it is an investment, not an expense.
- SBA loans
If your plan for marketing and advertising campaigns is big and you need extra money to transition it to reality, then you must apply for a small business loan. The best small business administration loans for marketing purposes are SBA 7(a) and microloans. So check if you can qualify for those loans and apply right away.
- Personal Loan
Last on our list is the most prevalent funding option for new business owners: a personal loan. Before you apply for a personal loan, know that you are supposed to offer some personal guarantee.
Now that all the potential funding options are in front of you, let us talk about those facts that one must consider before applying for a business loan.
- Be clear about your marketing and advertising goals.
Have a goal, plan things around it, assess the financial position, and then if you think you need extra funds you apply for a business loan. When you are applying for a business loan to advertise and market your product make sure you have a plan and a concrete goal. Using money without a plan is a waste of resources and time.
Moreover, there is no denying the fact: the longer the loan payment, the expensive the loan. It is important to have a plan and realistic goal that’s financially beneficial in the long run. For advertising and marketing purposes, you can apply for debt financing.
- Take a high ROI into consideration.
Before you apply for a business loan you need to make sure that the investment in advertising and marketing can drive high ROI. Getting lender’s approval is one step, making timely repayments is next one. Be certain about an effective sales conversion strategy or methodology.
The primary goal behind a business loan for marketing campaigns is to grow your business, so even if it generates soft ROI, it is something worth investing in. A good campaign can at least give you some recognition – generating some audience. Make sure you get a return on the hard ROI. Calculate the estimated ROI, and we hope, after a successful campaign, you will see a profitable number.
- Financial position before applying for the loan.
Although this point is not linked directly with marketing and advertising campaigns but before you apply for a business loan, you must be qualifying their eligibility criteria. Every lender be it an alternative or traditional lender look at your credit history to certify that the borrower is standing on a strong financial position.
Most lenders approve business loans with a credit score of more than 600, so if you are lacking in this department take some time out and strengthen your business and personal credit. If you are not running out of time, then this is a nice opportunity to work on your credit. On the other hand, if you need to run a campaign instantly, then along with proving your financial worth design and devise a perfect strategic business plan. So that the lenders know that your marketing campaign is solid enough to generate the revenue.
- Content of the marketing campaigns.
Do your campaigns have valuable content that allows you to establish a relationship with the audience and delivers appropriate information about your service and product? More than 85% of the audience expect companies to share valuable content in your campaigns? If you are lacking in the content marketing department, then hiring a freelance blogger would be the next step. As you can spend some money from that loan to cover the salary of the writer, so lack of funds is not an option.
Lastly, with stellar content, your marketing campaign would bring in some extra cash flow.
- Paid advertisements are an option!
Pay per click or cost per click is considered to be one of the most used advertising models to generate website traffic. In this, the advisors pay the publisher for every click. Most of the business owners refrain from spending money on advertisement and this results in the discontinuation of a perfect advertising strategy.
With extra cash on hand from a small business loan, you can pay for whatever and whichever deal you please. Plus, when you are not worried about the money you can focus on the new options.
- Keep track of your data.
Isn’t marketing just another way to figure out what is working and what is not? It is unwise to invest in marketing and advertising campaigns if you are not going to analyze the data and traffic that is generated from it. It is a human need to expect good results after investing plenty of time and effort into something.
In this digital world, we are not asking you to track and keep a record of everything manually; you can take benefit from advanced software and technologies. When a business manager has some extra couple of bucks, he can easily afford the best software in the market.
THE BOTTOM LINE
If you think your small business can reach new heights from increased web traffic, then applying for a business loan to cover advertising and marketing expenses is a must! So let your lending company take care of the financial problems, you just focus on the stellar marketing campaign and content.
Merchant Advisors provides the best business loans, so apply away. For more tips and tricks on advertising and marketing follow us on Facebook and Twitter (@Onlinecheck). If you have any question, call us on our toll-free number at (833) 827-4412; our financial advisors will help you every step of the way.