The health and economic challenges posed by the coronavirus pandemic continue to impact every sphere of life. The US government moved swiftly to protect small businesses when it announced a $350 billion small business loan program in March. Now the government is seeking approval from Congress for an additional small business relief of $250 billion.
The Small Business Administration has already processed over $70 billion in low-interest loans for small businesses, which could be converted into grants. A lot more money is ready to flow in the coming days and weeks.
Let the digital marketing experts from Next Level Marketing expand on the value of parlaying Coronavirus small business relief into a digital marketing strategy.
Your Loan Could Be Fully Forgiven
Your small business impacted by the COVID-19 crisis is eligible to borrow up to 2.5 times your payroll (up to a limit of $10 million). The good news is that these loans, which the federal government is guaranteeing, will be fully forgiven, subject to the condition that you put 75 percent of the loan amount toward retaining your existing workforce.
This essentially means that you can finance a large part of your working capital requirements through this fully forgivable loan and utilize a part of your own business funds to spend on digital advertising and marketing. Your own capital is freed up, and this is the time to invest in growth for the long haul.
Think Different From the Herd Mentality
In tough times, a vast majority of small and medium-sized businesses (SMBs) choose to go into hibernation and keep waiting for the dark clouds to clear up. But it is time to remember that great leaders and great companies are born in a crisis.
This is the time to go against the herd instinct, and do what is unthinkable for most businesses in these times—invest in customer outreach and brand building. The field is wide open for you with very little competition in sight. This is the time to capture the market share and mind share of your prospects and existing clientele.
Focus on Digital Advertising
While you can do systematic brand promotion and marketing in a variety of ways, the most cost-competitive, targeted, and immediate strategy available before you is digital advertising. It does not involve a prolonged lead time to penetrate new markets but directly and immediately puts your products and services in front of customers.
Online advertising has come of age and it delivers quantifiable, proven results. And in lean times, such as now, it is the go-to tactic for some of the smartest brand marketers.
PPC Ads Is the Way to Go
With strategies such as Pay-Per-Click advertising (PPC ads), you can control your budget and achieve high visibility for your products and services before your target audience. You only pay for your ad when someone clicks on it, and you don’t pay merely because someone sees your advertisement while browsing a web page.
The key here is that when you advertise on a digital platform such as Google, Facebook, Amazon, or other channels, their respective algorithms will ensure that your ad shows up when someone is actually searching for the product or service you are selling. So, you are able to target a “hot” prospect who has already made up their mind to buy and is actively looking to buy it online. So, there is a lot more juice for your squeeze with PPC ads.
Talk to NLM for Your Free PPC Video Audit and Digital Advertising Strategy
At Next Level Marketing, we have the power of two decades of online marketing data to perform an astute analysis of your digital advertising and marketing campaign. We will give you a free PPC Video Audit report and recommend the most effective strategy for your business.
Even in these uncertain times, certain, long-term success can be guaranteed through shrewd utilization of digital marketing tactics.