Marketing is vitally important for any company to bring business in the door. However, marketing efforts sometimes require a substantial initial investment in order to enjoy the results later.
If you’re having trouble budgeting for your marketing efforts to achieve optimal results, you might want to do some research on the different options there are out there for financing marketing expenses. The following are five good ideas to consider:
Consider seeking funds from a factoring company.
If you’ve got a lot of unpaid invoices, you might be able to get the money you’re waiting for upfront so that you can invest it in marketing with the help of a factoring company. A factoring company will buy your receivables at a slightly discounted price and you will pay the company back in the future as your receivables get paid off.
While you may take a cut of around 2 percent of your revenue on the receivables, you will get to enjoy the funds sooner. It might be in your best interest to do so if you need money right away to market so that you continue bringing in new business down the road.
Do business with marketers.
You might be able to meet your marketing needs at a lower cost if you barter products and/or services with a marketer. It’s often possible to get a much better deal on marketing services if you develop a partnership with a marketer like Sherwood Integrated Solutions and pay for marketing services with your own company’s offerings rather than in cash.
Look into corporate trading.
Many companies can take advantage of corporate trading to purchase trade credits by getting rid of assets they don’t want like outdated product. A corporate trading company exchanges a variety of different marketing services for excess assets from manufacturers and retailers.
Corporate trading not only helps companies to finance marketing needs, but also allows them to recover some presumably lost assets resulting from excess inventory and other occurrences that leave them with unwanted assets.
Take out a microloan.
Microloans are often a good option for small, new companies who don’t have a long credit history and don’t want to borrow a whole lot of money. Microloans are typically smaller, easier to apply for, and easier to be approved for than standard bank loans. A typical amount for a micro loan will range between $500 and $35,000. These relatively small amounts can be perfect for footing the bill on marketing efforts that a company might not otherwise be able to afford.
Use free or low cost resources online.
When it comes to digital marketing, there are a lot of free or low cost resources on the Internet. First of all, marketing using social media can be very inexpensive. Another possibility the Internet offers is the opportunity to outsource marketing needs to overseas workers using websites that target freelancers.