Boost Your Sales Without Busting Your Budget – Here’s How
When you start your own small business, money is usually tight at the beginning so you’ll want to boost your sales as quick as possible. You may have taken on a loan, or dipped into savings to get started. Your income may not be regular for a while. And usually breaking even takes a while.
The answer lies in making more sales, but how can you do that on a limited budget? Do you have to spend a fortune on advertising? Well, the truth is that there are plenty of tactics to try that don’t require you to eat into your budget too much.
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Build Better Customer Relationships
If you need to boost revenue, the first place to look is at your existing customer list. Reselling to someone who already knows you is by far the easier option, and around a third of the cost of attracting a new one. If you’re service based then selling more to clients that you are already well bedded in with is even more of a smart option.
The secret is really to make sure you listen to your customers. Find out what needs they have which aren’t currently being met. If you can then offer a solution to this issue, you’ll have an almost guaranteed sale.
The same goes for consumers too – use social listening or even a poll on your website to canvas their opinions. This approach will not only boost profits, it will also allow you to build a better relationship with them.
Build Your Email List And Build Your Relationships
Another way to build better relationships is through building your email list an email marketing. A lot of businesses either aren’t building an email list, or don’t make it a priority and that is a mistake.
Many businesses will have traffic come to their website but they don’t have any way to gather those people’s information until they’re actually a customer. This can leave a lot of business on the table. If someone doesn’t have a specific reason to come back to your website and probably never will.
This is why it’s important to collect their information through an email list. That way you can continue to market to them and provide valuable information on an ongoing basis.
It’s also gives you the ability to continue to develop the relationship with this list. All things being equal people do business at those that they know, like, and trust. The more value you can add to this list the higher all of those go up.
This can lead to repeat sales and sales as you launch new products when timing is right for people on your list. Make sure you set up an email autoresponder like Aweber to start to build your email list. If you’d like to get your first 30 days for free of Aweber Click Here.
Get Referred By Existing Customers To Boost Sales
It’s true that people buy from people, and there’s no better route to a new sale than when you’re referred by an existing happy customer. You can even ask for recommendations to other customers directly.
Perhaps even incentives with a discount or another reward. You can also simply ask for reviews or testimonials to be showcased on your website or marketing materials.
Better still encourage people to share on your social media handles. Do this by creating a special hashtag for happy customers to use. You can spread it by using it on your promotional items too – check out some options here.
You can also create incentives around engagement like giving away a free coaching package every year. Do this for one person that commented on your videos, or posts over the year. This can increase engagement of your brand and can lead to new potential sales.
If you’re just getting started, you could also do something like giving away Amazon gift cards. Something that’s only 10 or 15 bucks. Nothing crazy expensive, but it can help increase your engagement and lead to new sales.
You might also consider setting up an affiliate program for your business. It can give you the option to have other people sell your products and services, and they just are in a small commission for doing so.
Create Special Packages Or Bundles To Increase Sales
It makes sense to offer your customers more convenience, and one way to do that is by creating packages of products or services. Do this with products that you may have noticed are often bought together or that are complementary.
The psychology for customers is that they are saving money, when in fact the savings may be quite small, but the perception of value is there. Don’t become so rigid that you’re only offering people things they don’t need along with what they do. Listen to feedback and be prepared to adjust or combine packages.
As an avid video game player, I see this strategy done all the time. Video game companies create bundles for specific games packaged with the system or extra controllers thrown in.
They even package popular games together that are double or triple packs at a little bit of a discount to increase sales. You can use this sort of tactic to sell more info product courses as well.
Do this by bundling together things that have a value stack together. An example if you sold nutrition and weight loss for your business you might bundle together weight loss products, with a video exercise program, and an online course like this for detoxing with red tea.
Create A Sale To Boost Sales
If you need a fast profit boost, a good way to do it is with a sale. It may seem counter-intuitive, but you don’t need to offer huge discounts. Just the perception that they are saving a little extra may be just enough. This can persuade some customers who may have been on the fence.
With a little ingenuity, you can add some extra profit to your business for the next couple of months.
Most people don’t realize this, but one effective strategy with this kind of sale is a buy one get one 1/2 off sale. Sounds like an amazing deal doesn’t it?
It obviously must because businesses do it all the time. They probably do because it’s really not that great of a sale when you look at it on the number side. Getting something half-off sounds enticing but you need to buy the first product at full price to do so.
If you were to actually spread that discount to each product at full price really only 25% off each product. If a business is having a 25% off sale typically most people aren’t going to buy two.
A sale with the title of buy one get one half-off can increase a lot of business. Often perception beats out reality. This strategy is one way to increase sales without losing much profit.
Create A Trip Wire Product And Use Up-Sells To Boost Your Sales
Another strategy you can use to increase sales and bring in new buyers is using a tripwire product. What a tripwire product is, is a very low cost offer, typically info product, that you sell from anywhere from $7 to $27. You sell it to each person that becomes a lead in your sales funnel.
The idea is to cram in a ton of value into the small low-cost product. When you do this it will build a lot of trust credibility and rapport with your buyers. On top of that, people are now in the buying mindset, and you can offer them higher-priced products or up-sells immediately after they purchase such a product.
Businesses do this all the time, and have been doing it for years. Think about every time you go to a fast food restaurant. They ask you if you want fries with that, to add on a drink, or to supersize your meal.
This is that same strategy at play. They get you to come in and buy their dollar burgers, but you end up having on a bunch of sales of higher priced product as well.
With this model the company sells more product. This is the purpose of up-sells and tripwire products and why it should be a strategy you add if you’re looking to increase sales. It’s perfect because you can implement this without really costing your business any money.
Especially if your trip wire product is something like an eBook, video series, audio training, or PDF giveaway. All these can likely be created in a couple of hours, for free in most cases, and continue to be sold forever for a profit.
Tools You’ll Need To Implement This Strategy For Your Business To Boost Your Sales
If you’re just getting started in your business you probably don’t have a huge budget to invest in a website designer or graphic designers to create high-quality sales funnels in pages on your website.
This is where a sales funnel system can help you create funnels for your trip wire products and up-sell products. This will also integrate with your email autoresponder and help you to generate more email leads and build your list.
You want to create something of value give away for free, like an audio training, video series. etc. Then from there, offer your tripwire products I mentioned earlier.
This is how can you start building your email list, and generate some initial income. There are many sales funnel systems out there that can help you. You can set this sort of thing up for your business at a very low cost.
You may want to check out Clickfunnels as one option set up initial sales funnels for your business. Click here to learn more, and you can get your first 14 days for free.
You’ll also need some specific training on how to set all of these things up. I’ve put together a step-by-step training to do so, and I would suggest going through might lead generation boot camp. You can get access to that boot camp for free here.
Implement these tips and your business will be boosting sales in no time!
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