Whether you’re launching your first marketing campaign ever, or you’ve run hundreds over the years, you’ll need to find ways to fund it. Marketing campaigns don’t generate income overnight, and neither does your business. Especially for start-ups or new businesses, you’ll need to come up with the money to fund your campaigns, and because of this, marketing often falls low on the priority list. Operational costs will always come before marketing, but your marketing campaign will help you reach your target audience and potential customers.
There are many funding options available to business owners, and by combining these, you’ll easily be able to cover the costs of your next marketing campaign.
Notable marketing campaigns
Before you start planning out your marketing campaign, it’s helpful to have inspiration from others who launched effective and inexpensive marketing campaigns.
1. Cash Lady
Cash Lady has run various successful marketing campaigns, gaining links in notable publications as a result. Their YouTube League campaign includes a produced list of YouTube top earners, which contributes to a 50% boost in links from referring domains in the last year alone. With all those referring domains, their organic traffic is three times what it was before the campaign.
2. ALS Ice Bucket Challenge
Everyone has probably seen or at least heard of the ALS Ice Bucket Challenge. The campaign went viral, raising awareness for ALS and helping to increase donations to a worthy cause. It was an interactive campaign that encouraged users to make their own videos, finding creative ways to dump buckets of icy cold water over their heads. They then nominate others to do the same.
Lyft utilized the exposure of pro baseball player David Ortiz to create a highly successful marketing campaign. They had David Ortiz be the Lyft driver, and surprise people who ordered a ride from Lyft. Lyft also became the official rideshare partner of Walt Disney World, with a campaign that put them on the map.
Now that you have some ideas, here is how to come up with the money you need.
If you’re a start-up or new business, then Crowdfunding is a great option to help with your first couple of marketing campaigns. You can pitch your idea to investors on the platform, offering them a stake in your business or percentage of profits, in return for an investment.
Get a loan
Taking a loan from the bank is always an option when you first start your business. You’ll have to pay it back, but if you create a successful marketing campaign, you’ll quickly make back the money.
While it will depend on where you live, government grants are another way to fund your marketing campaigns. Many local governments offer grants to small businesses. You will just need to apply, justifying why you need the money, what you’re going to do with it, and how your community will benefit.
Ask family or friends for an investment
It never hurts to reach out to friends or family who may be willing to invest in your business or loan you the money. If you go down this route, make sure to do it as professionally as possible. Write an agreement, just as if you were borrowing from the bank. Agree on the terms of the loan, such as how much you’ll pay back each month, or if it’s an investment, what percent of the profits they will get.