Digital marketing skills have never been so powerful for small firms. In the Covid-19 era, they offer the potential for survival and new growth. But wielding this expertise is far from straightforward, not least because of cost. How can small businesses afford it?

Offices and shops may be opening again but the pandemic has changed how we do business and how we shop forever. The online marketplace has taken on a new, much more significant role. And this is having a big impact on digital marketing and the channels that comprise it, such as social media marketing, online display advertising and online search advertising.

With more shopping than ever taking place online, it is vital that small firms have the ability to advertise to its digital customers and effectively manage digital marketing campaigns. If these companies are going to benefit from digital marketing, they have to know what channels are best suited to what they do and how to get the most from them.

And, at the moment, this know-how appears to be in short supply. According to new figures, 40% of SMEs are not using digital channels at all and one in seven describe their ability to use this type of marketing as “not good”. Furthermore, the data show that while social media is the most widely used digital channel, demand for support in relation to this type of marketing is the highest.

Therefore, it seems that many small businesses are faced with the need to either invest in digital marketing training for existing employees, raise the funding to bring onboard new employees with these skills or find the capital to outsource the work. And in the current climate, this represents a major challenge.

So, how can small businesses afford vital digital marketing learning?

Alternative finance can help.

In the wake of prolonged caution from traditional lenders, alternative finance facilities such as invoice finance, asset finance, peer-to-peer lending and crowdfunding are proving a vital source of capital for small businesses, both for maintaining cashflow and for essential investment. These facilities, which offer a more personalised approach to lending, are helping small businesses survive and grow.

Notably, alternative lending is playing a prominent role in the government emergency support schemes, in particular the Coronavirus Business Interruption Loan Scheme, which is connecting firms with loan, invoice finance and asset finance facilities. This profile is helping cement the reputation of alternative finance in the business sector.

As small businesses battle for survival, e-commerce platforms and online shopping offer a means of generating new growth. This makes digital marketing a vital tool. Alternative finance can help owners ensure that they have these skills onboard.

To find out more about A&T Business Associates services, contact Tony Hedger on 01903 602211 or tony.hedger@atbusinessassociates.co.uk.