With the economic cauldron of financial uncertainty engulfing the ambition of small business owners and rising concerns surrounding the economy’s pace, businesses are seeking new innovative marketing methods to generate revenue and maintain competitiveness. We can however be delighted that the fighting spirit of small businesses is definitely resonating through with recent figures from Experian and the Insolvency Service report accrediting the lowest bankruptcy rate since 2003 and a 9.5% drop in insolvency from August this time last year.
However, avoiding debt management, voluntary arrangements and a slide into bankruptcy is not at the forefront of the entrepreneurs mind, rather there is a desire to grow and achieve the dizzy new heights of entrepreneurial achievement through financial competence and successful business planning. As money and revenue ultimately drives forward the business growth, what are the methods used to raise this capital and what innovation is needed to beat the economic uncertainty?
Popular methods that small businesses have used include the full scope of Social Media and Google AdSense alongside a rejuvenated approach to cross channel selling and a comprehensive assessment of the business plan.
Let’s examine these in more detail.
Google AdSense – Primarily a tool utilized by small business on their website, Google AdSense enables you to generate money from your website without adding to the normal requirements of your days’ work. Google has the ability to recognize user preferences so you will not need to alter bespoke advertising.
Social Media – Do not mistakenly believe you need to hire a social media firm as the only way to move forward with this channel of communication, simply uploading two tweets a day before you begin the nine o clock start and engaging industry partners is enough to build a presence and generate business. Also why not try allocating social media tasks to members of staff to update the account and practise outreach as a successful form of business engagement.
Networking Groups – It has become increasingly popular for chambers of commerce, local councils and government schemes to integrate and strengthen business connections through closer integration and a shared platform at events. Social Media also allows popular tools such as LinkedIn to develop closer fiscal unity for niche sectors and encourage a more open development of business and people. Allow your business to join communities online and participate in discussions.
Charitable Work – Participating in local charity work such as team projects or fundraising initiatives can reap massive rewards due to the media exposure, building local connections, and essentially providing your business with free advertising. It’s also great for office morale and makes you stand out from the crowd.
Cross Channel Selling – Although this may be recognized as a more common marketing method it is the innovation of your business approach that can make the difference, often a business specialising in a niche area may not want to take on the full project when in fact you are in a great position to up-sell your business and take full control.
If your business is looking for new revenue streams and business opportunity, innovation may hold th key to success.
Author Bio – James Barnett is currently researching debt reduction strategies and innovative marketing methods on behalf of Cooper Matthews .
Photo Credit (pftqg)