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  • How to Do Smart Marketing for your Business Growth?

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    Running a business is not exactly a walk in the park. There are lots of uncertainties and risks attached to it. It is almost certain that no matter how stable your business may seem right now, at one point of time it is bound to hit a rough patch. It might have already happened before from which you may have somewhat recovered. It might occur in the future, near or far, for which you have not prepared yourself yet. Usually, it is not just one factor but a combination of many factors that lands a business in tough financial situations. Getting over debt is challenging for a company, especially with the possibility of going bankrupt. However, it is not impossible. With a planned approach towards debt management and smarter marketing for better sales, you can overcome your business debt relatively soon.

     

    Of course, the best thing for a new business to do would be to start out debt-free, and there are ways to ensure that. However, sometimes things do not turn out the way they should. Even though debt has a bad name, borrowing money to fund a business is a common practice and an excellent way to get your business up and running. Now, it might just happen that you have borrowed too much and your company has not performed as well as you had hoped it would. Before long, your business debt may spiral out of control. There are multiple ways to get out of business debt, some of which are:

     

    • Cut or delay expenses
    • Chase up late paying customers and defaulters
    • Raise extra revenue with smarter marketing
    • Sell off the assets that you do not need at the moment

     

    To make the most of all your marketing efforts while trying to overcome a financial crisis, you must first understand a few vital factors.

     

    Understanding buyers’ psychology: It is not wise to exclude one important fact when calculating the possibilities of sale. Understanding your consumer’s behavior and being able to analyze their purchase habits are as important for designing a marketing strategy as understanding debt program's details, which is important before applying for loans. Marketers should not think that clever marketing and appealing products are not enough for making a substantial profit. Consumers' income and their faith on the brand also have an impact on their consumption rate. Your customers may range from those struggling to stay afloat with low finances themselves to those who have enough money to not care about it.

     

    No matter which category your consumers belong to, they segregate products into four different types: necessary items, justifiable treats, purchases that can be postponed, and expendable items. While the first one refers to things that are necessary for survival and well being (e.g., food, medicine), the degree of importance varies with each item, and the last one refers to those items that one can do without. You must note that marketing each of these things must vary. In order to improve your sales, you must place each of these items in a way that they appear necessary to all your consumers.

     

    Assessing opportunities: Every business must assess the market value of each their products/services from time to time. It is important to know which product is bringing in profit for the company and which one is draining out the finances. If a product is not doing so well, it is advisable to determine its survival prospects. Even if a product is not performing as well as it should now but has chances of drawing profit in the future, you should focus on it more. If you find a product is not showing any signs of revival, this is the time you must let it go.

     

    Thinking about the long term: Even if your sales are on a downwards spiral, this is not the time to panic about it. The last thing you should do when in debt is alter your brand's fundamental proposition. Changing your product list or shifting focus from the requirements of your target audience is not advisable. Even where opportunities seem unstable, if there is the faintest of positive vibe, you must push for your advantage. Have a long term plan, rather than just thinking about overcoming your debt. Reflect on how you will grow your savings and invest in organizational growth after overcoming your debt.

     

    Balance the marketing communications budget: Right now, your company is under pressure to do more with less; or demonstrate better return on investments. Since marketing communications require a substantial fund, it would be wise to revise it for the time being. Reduce the broadcast media related expenses, and spend more for direct marketing campaigns and ads. In case you have a walk-in store, invest in increasing in-store excitements. You can also afford to spend more on online marketing. It is relatively cheaper and provides you with measurable results. 

     

    During financial downturns, you must balance your short term sales against long term investments. It will ultimately determine your brand's health and future. With that thought in mind, work on streamlining your product portfolios and improving their affordability to your customers. What you must focus on is holding your consumers' trust for your brand. A company that has disloyal customers may not be able to make a profit even after overcoming its debt. Be wise, be patient and do not compromise your values that support reduced materialism and commitment to sustainability. With time, you will be able to get over your debt and focus on growing your business again.

     

 1 Comment(s)

  • Only if a startup businessman can finance his business, he will have a success. Therefore, launching even a small business requires thousands of necessary costs. So, getting a loan for start-ups is your only option. Furthermore, banks just won’t accept your request. The only solution is applying to online lenders. To do so, turn to FindLender. This website will help you find the most trustful lenders out of all.  This will help you get quick cash for a very short period before your paycheck comes or you’ll have profits in business.
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