Women-owned businesses go digital to attract customers post-lockdown
Small business survival over the past year has hinged on resilience, with many owners and entrepreneurs embracing digital solutions to navigate the fallout from COVID-19 restrictions.
Shirley Yuan, who runs a Sydney-based jewellery store Shirley and Owen, was one such business owner who had to close up shop for three months during the 2020 lockdowns.
But she said that those tough times gave her an opportunity to pick up new skills.
“I bought a small light room to take photos of my jewellery for my customers. I also learnt a bit of marketing from my daughter. It amazed me that there are so many ways to do advertisements through social media,” she said.
Yuan is not alone. According to new data from women’s community group Business Chicks , 65% of women business owners have been investing more in online marketing since the pandemic.
More specifically, around 24% of women business owners are spending more on social media ads. Meanwhile 20% have increased their spend on IT/tech support, 19% on creative/design software, 15% on email marketing, and 7% on their Customer Relationship Management (CRM) platforms. Virtual chat/video streaming as well as learning and development have also risen in priority, with 25% and 29% respectively spending more on these areas.
Out of the survey’s 586 Aussie women participants, nearly a third are now their own bosses. About 13% have started their own business while still working for someone else.
“Record numbers are now running their own show and looking at ways to expand their business,” Business Chicks’ content and marketing manager, Brion Hunt said.
“We are seeing a lot of SMEs re-examine their core offering, how they deliver it and how they reach and talk to their clients,” Business Australia’s general manager of content and acquisition, Genevieve Brock added.
“That has prompted [businesses to] re-examine their marketing strategies as well,” she said.
Tips to elevate your digital marketing
If you’re looking to grow your customer base online and widen the reach of your products and services, Brock has some tips to help you get started.
- Identify your gaps: Amid the flurry of day-to-day operations, it can be easy to lose sight of the bigger picture, which is why it’s important to take a step back every once a while. Identify the key problem you need to solve, whether it’s less sales than usual or a lack of repeat customers. Then look into a possible cause: Have you not been advertising? Is your customer service a problem? Are your products failing to meet changing client needs?
- Confirm with data: Once you have an idea of the issue, it’s time to find evidence to support your hypothesis. That could take the form of insights drawn from Google Keyword Planner, Google Trends or social media platforms like Facebook and Instagram. It could also mean hosting your own focus group with current or prospective customers to understand whom your business or brand appeals to or doesn’t appeal to and why.
- Identify your target audience: While it may be tempting to say your product is for ‘everyone’, figuring out your niche can help focus your marketing so it’s more insightful and personable.
- Work out your budget: As with any other business investment, digital marketing will cost money, so you’ll need to also manage the financial side of things. Once you’ve calculated the overall amount you expect to spend, budgeting is a good way to keep track of individual expenses (e.g. paid advertising, sponsored content, a marketing consultant), and to monitor actual performance against projected results over a certain period (e.g. grow traffic by X% or make X% more sales).
- Find the right channel and tech: Depending on your business, different channels may suit your desired outcome more. Brock gives a few examples: social media can be great for attracting new customers through geo-targeting and demographic insights; SEM (search engine marketing) and SEO (search engine optimisation) is good for converting customers who are close to a purchase decision; while email, messenger and SMS can be powerful tools for driving customer loyalty and repeat purchases.
- Focus on learnings, not losses: Chances are you won’t get things spot-on on the first try, so A/B testing special offers and other initiatives are valuable in helping you figure out what clicks with your audience the most. Treat any setbacks as a learning lesson, and if you start seeing positive results, repeat those successes and carefully decide when you’re financially ready to scale your marketing.
Looking for a way to fund your marketing expenses without having to dip into your business bank account? Scroll down for a list of business loans that offer a fast application process and funding in just days. Or head on over to our business loans comparison hub for even more options.
Compare business loans
Unsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
Interest Rate
Upfront Fee
Funding speed
from 9%-Within same dayUnsecured Business Loan
A straightforward business loan with no hidden Lumi fees or charges. Speedy application and approval process with fast access to funds according to Lumi.
- Interest Rate
- from 9%
- Upfront Fee
- -
- Ongoing Fees
- 2.5% establishment fee of the disbursed amount.
- Late payment fee
- $50.00
- Transaction fee
- $0.00
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $10,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 3 months
- Maximum loan term
- 4 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 6 months
- Minimum annual turnover
- $60,000
- Application speed
- within 24 hours
- Approval speed
- 2 hours
- Funding speed
- Within same day
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- Early payout options and early repayment discounts are available. Principal-only payout available after 6 months.
- Other restrictions
- Loans above $300,000 must be secured by property.
Prospa Plus Business Loan
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Interest Rate
Upfront Fee
Funding speed
Interest rates vary based on risk.3.5%from 24 hoursProspa Plus Business Loan
Prospa uses risk-based pricing to determine your interest rate. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
- Interest Rate
- Interest rates vary based on risk.
- Upfront Fee
- 3.5%
- Ongoing Fees
- $0.00
- Late payment fee
- $0.00
- Transaction fee
- -
- Early repayment penalty
- $0.00
- Other fees
- -
- Loan type
- Loan
- Security type
- Secured
- Minimum loan amount
- $150,000
- Maximum loan amount
- $500,000
- Minimum loan term
- 3 months
- Maximum loan term
- 3 years
- Repayment frequency
- Weekly
- Repayment types
- Principal & Interest
- Minimum trading period
- 3 years
- Minimum annual turnover
- $1,000,000
- Application speed
- 10 Minutes
- Approval speed
- Same-day approval
- Funding speed
- from 24 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- -
- Other restrictions
- -
Unsecured Business Loan
Business Loans from $5,000 to $5,000,000 with high approval rates. Access to funds on loans up to $500,000 in as little as 3 hours. Cash flow friendly repayments and open minded offers.
Interest Rate
Upfront Fee
Funding speed
On Application3%, starting at $399from 3 hoursUnsecured Business Loan
Business Loans from $5,000 to $5,000,000 with high approval rates. Access to funds on loans up to $500,000 in as little as 3 hours. Cash flow friendly repayments and open minded offers.
- Interest Rate
- On Application
- Upfront Fee
- 3%, starting at $399
- Ongoing Fees
- no
- Late payment fee
- $50.00
- Transaction fee
- -
- Early repayment penalty
- no
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $5,000,000
- Minimum loan term
- 3 months
- Maximum loan term
- 1 year
- Repayment frequency
- Weekly, flexible
- Repayment types
- Principal & Interest
- Minimum trading period
- 4 months
- Minimum annual turnover
- $144,000
- Application speed
- 10 Minutes
- Approval speed
- within 1 hour
- Funding speed
- from 3 hours
- Extra repayments allowed
- yes
- Redraw allowed
- no
- Other benefits
- Daily repayments available.
- Other restrictions
- Fast Business Loans for amounts up to $500,000 are funded in 3 hours, Small Business Loans can take 24 hours.
Fixed Rate Unsecured Business Loan
Interest Rate
Upfront Fee
Funding speed
-On applicationVariesFixed Rate Unsecured Business Loan
- Interest Rate
- -
- Upfront Fee
- On application
- Ongoing Fees
- $0
- Late payment fee
- $0.00
- Transaction fee
- $10 ($50 for staff assisted withdrawals)
- Early repayment penalty
- not disclosed
- Other fees
- -
- Loan type
- Loan
- Security type
- Unsecured
- Minimum loan amount
- $5,000
- Maximum loan amount
- $250,000
- Minimum loan term
- -
- Maximum loan term
- -
- Repayment frequency
- -
- Repayment types
- Principal & Interest
- Minimum trading period
- Varies
- Minimum annual turnover
- Varies
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- yes
- Redraw allowed
- yes
- Other benefits
- LVRs available of up to 100% residential property or 80% owner-occupied non-specialised commercial property for secured loans up to $3 million.
- Other restrictions
- Eligible Westpac customers only. Annual turnover less than $50m.
Read reviews and learn more about the Westpac business loans
Business Overdraft
Interest Rate
Upfront Fee
Funding speed
10.47% p.a. variableNegotiableVariesBusiness Overdraft
- Interest Rate
- 10.47% p.a. variable
- Upfront Fee
- Negotiable
- Ongoing Fees
- Fees and charges apply
- Late payment fee
- $0.00
- Transaction fee
- not disclosed
- Early repayment penalty
- 0
- Other fees
- -
- Loan type
- Overdraft
- Security type
- not disclosed
- Minimum loan amount
- $20,000
- Maximum loan amount
- -
- Minimum loan term
- -
- Maximum loan term
- -
- Repayment frequency
- n/a
- Repayment types
- n/a
- Minimum trading period
- Varies
- Minimum annual turnover
- $75,000
- Application speed
- Varies
- Approval speed
- Varies
- Funding speed
- Varies
- Extra repayments allowed
- n/a
- Redraw allowed
- n/a
- Other benefits
- -
- Other restrictions
- Must link with a NAB business transaction account and is repayable on demand
Read reviews and learn more about the NAB business loans
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.