A big issue for many small business owners and entrepreneurs is finding the funds for marketing. Many business owners treat marketing as a variable expense (which, technically, it is). However, marketing should be viewed as an investment, which is required to meet certain standards in terms of return on investment (ROI) and effectiveness. When you think of marketing as an investment, you can begin to creatively approach the financing of that investment. In the new free ebook, “5 Ways to Get Enough Money to Market Effectively and Meet Payroll: Have Cash, Not Just Paper, Profits“, I discuss 5 ways to creatively finance your marketing and access the cash you need to pay your employees – and to know where that cash is coming from well in advance of the pay date!
Below is an excerpt, method # 2, from the ebook:
2. Form marketing partnerships.
Sales and marketing are how you grow your business. Your marketing must be effective, otherwise highly ineffective marketing can become a money pit. You must clearly identify your target customers and determine what marketing works best for your company and your staff. One way to drastically reduce or even eliminate your out-of-pocket marketing expenses AND significantly increase the effectiveness of your marketing is to enter into marketing partnerships.
The optimal way to enter into the market or to drive an increase in sales in your market niche is to partner with a firm that already dominates your niche. Ask yourself: What companies reach your current or targeted customer base? Does your firm offer services or products targeting the same customer base that are complementary or supplementary to what these companies offer? (i.e., You want to avoid direct competitors.) Is the prospective customer sufficiently large to cover the additional marketing costs?
For example, you sell remote IT services to small businesses, nonprofits and local arms of larger companies. You could partner with a larger database maintenance firm or a software services provider. By adding your service to their general offering through a co-marketing arrangement, the database or software company appears to have a broader range of service offerings, which helps it further differentiate itself from its competitors. You get your marketing; your partner gets an additional competitive advantage. Win-win.
Do you want to know what the other four ways are? Download the free ebook, “5 Ways to Get Enough Money to Market Effectively and Meet Payroll: Have Cash, Not Just Paper, Profits“.