Since the pandemic, our country has been reeling from the effects of inflation. Inflation has drastically affected spending and investments. 401K accounts have lost value as has the stock market. There have been supply chain issues, a war and more issues that have served to weaken our economy. Your business has likely been affected and you are not alone. We are all in the same boat.
The external forces against business owners needs to be countered by internal forces that continue to plan and adjust for the future. Now is the time to examine your marketing strategies to maximize cash flow, reduce spending budgets, or maybe even implement new technology.
Don’t Slash Marketing Budgets
While budget cuts may be necessary in a tough economy, cutting back on marketing is not the answer. When you stop marketing your company, you begin to become irrelevant to people who are no longer exposed to your company name to create top-of-mind awareness. Your business will slow even more, and you are setting yourself up for failure.
Harness Metrics
Now is a great time to deep dive into your web analytics and determine what is working and what campaigns should be cut or tweaked. If you are not driving traffic to your website, it’s time to analyze keywords, SEO, and campaigns to create a bigger interest in your website. Social media advertising such as Facebook and LinkedIn are relatively cheap sources of advertising and draw people to your website.
Get Creative
You don’t have to have a huge marketing and advertising budget to reach your customers. What you need is great campaigns that resonate with your customers and generate engagement. This means you must be creative. You must think outside the box. See what your competitors are doing that is successful and become inspired to do better. Come up with social media campaigns that generate buzz in your market. Getting your loyal customers to share your campaigns creates organic growth that is more profitable and sustainable than big budget advertising.
Reduce Processing Fees
One area of expense that most merchants can easily cut is credit card processing fees. New technology and laws allow merchants to pass on the cost of accepting credit cards to their customers using credit cards. Some companies call this cash discounting, others call it dual-pricing or free processing. No matter what you call it, passing the cost of accepting cards to your customers can result in huge savings for your business. Aurora Payments can help. Contact us today for a free consultation and we can show you how to implement this technology along with invoices sent by text or email with a clickable link that results in payments being made within an average of 20 minutes.
Who is Aurora?
Aurora Payments is a network of professionals providing Merchants with reliable payment solutions for any industry and any environment. We help businesses increase efficiency and growth. Our proprietary technology provides One Ecosystem - One Contract - One Partner - One Aurora. As a Full-Service Provider (FSP), we have the all the products, services, solutions, and support Merchants need - all-in-one place. We’re an organization driven by a passion for helping our Merchants succeed. Interested in seeing how much we can save you? Send us an email at hello@risewithaurora.com or call us at 833-287-6722. You’ll be saving money in no time!
