8 Ways to Boost Your Small Business’ Sales on a Tight Budget
Every business is constantly looking for ways to increase sales. The only way to survive is to grow. But this can seem difficult, especially if you are operating on a tight budget. The good news is that while it might be difficult and tricky to boost sales with a tight budget, it can actually be done.
Here are eight ways to boost your small business’ sales on a tight budget.
1. Start a sale
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Discounting your products is conventionally seen as the easiest way to increase sales. You don’t need to spend a lot of money when you just slash your prices a little – often sales don’t even require a lot of marketing because the new lower prices tend to travel as a word-of-mouth. You just need to announce the sale on your social media channels and website – you’ll need notice an increase in sales.
You should really start using social media to promote and market your products. It’s inexpensive and effective. To avoid wasting time on trying to stay on top of all the platforms, you should pick the ones that are most effective for your small business. Perhaps it’s YouTube or Instagram because your products offer plenty of visual opportunities. You might also benefit from Tweeting. Whichever is the most effective, pick it and stick to it.
3. Launch a referral system
One great way of attracting customers is by offering a referral system. This is great because it helps to add something to the experience of your current customers, as well as provide real benefits for new ones. Referral systems are easy to set up and you don’t have to spend a fortune in keeping it going. It’ll also mean your customers are doing the promoting for you. You just have to continue keeping your current customers happy and they will find you new ones!
4. Use the best ‘free’ marketing strategy
The best free marketing strategy is to make your car a mobile billboard. You will be using it anyway and many people will be staring at it throughout the day. Now, you will need to get a vinyl signage printed and applied but this doesn’t have to cost a fortune. If you have other employees, you could even ask if they’d be willing to do this strategy with you.
It might seem counterintuitive but you can actually push up sales by increasing prices. This is because you increase profits and you might have more resources at hand to market and promote your business. Furthermore, a slightly higher price might actually attract new customers because it can create more prestige around your business. Just remember to do the increase right to avoid hurting your current clientele. You need to be open and upfront about the increase and allow current customers enough time to take advantage of the old prices.
6. Take advantage of seasonal deals
Marketing and promotional materials don’t have to cost a fortune. It is possible to create beautiful business cards and print out promotional leaflets without spending thousands of pounds. You can always find savings online and certain times offer small businesses even more opportunities to shop with a budget. Seasonal sales near the holidays are a great time to snatch online offers on small business materials. You can find Holiday deals @ Printed.com and get your promotional leaflets sorted even when your budget is limited. Black Friday and Cyber Monday are events you don’t want to miss.
7. Check what your customers want
In order to boost sales, you need to offer products and services the customer want. This means listening to your customers and providing them with what they need and want. You should definitely ensure you listen to any feedback you get and that you provide your customers with the opportunity to speak their minds. This can help you refine your product and business practices and get happier customers as a result.
8. Participate in competitions
The world is full of competitions and small business events. Most of these won’t require entrance fees and as a participant, you get a lot of free marketing and recognition. Even if you don’t win the competition, you’ve probably made a lot of new contacts and reached out to new potential customers. The press would have talked about you and you can use the competition’s social media channels to push your products further.
Increasing sales is possible even when your small business doesn’t have a lot of money to spend. You just have to be creative with your thinking and find the ways that work the best with your target audience.
So, get started with the above eight ideas and boost your small business’ sales. You’ll soon be making a lot more money!