Every business owner wants to make as much money as possible. A healthy profit can be used to hire more employees, expand operations or give back to the community. However, in most cases, it takes money to make money. What are some tactics that you can employ to increase sales without having to increase your marketing budget?
1) Learn to Upsell Your Customers
Upselling your customers refers to the process of increasing how much they spend per transaction. For instance, if you run a restaurant and the customer orders a burger, you may ask if they want fries and a drink with that. By offering related items that have a high profit margin, you have successfully made more money without having to spend money to earn it. However, it is important to keep in mind that you want to provide value while increasing revenue, which can be done by bundling relevant goods and services around any core purchase.
2) Ask for Referrals From Current Customers
If a customer is happy with the service that he or she received from your company, ask that customer to spread the word. It costs no money and only a little time for a customer to offer a testimonial, and it costs nothing to gain a customer through word of mouth. While you may feel uncomfortable asking for referrals, most people will be happy to do so if you offer a good product or service that others should know about. It may also be possible to get referrals if you give referrals. You may have a customer who needs a good or service that your company doesn’t offer. However, you may be able to send that customer to another company that you have a business relationship with.
3) Refine Your Online Marketing Plan
Increasing the amount of targeted organic traffic to your website or landing page could result in more sales without spending any more money. You may consider using more evergreen content as part of a content marketing strategy as opposed to relying exclusively on paid ads. Evergreen content is most effective at reducing marketing costs because it can be reused in a multitude of ways without having to create more of it. You may also want to look at targeting keywords or phrases that are more relevant to what you are trying to sell. These tactics can help to both reduce costs and increase sales, which helps your business twice.
4) Spend Less Time on Leads That Won’t Convert to Sales
A common problem that businesses have are finding leads that aren’t qualified. Qualified leads are leads that meet certain criteria that make them more likely to buy either today or at some point in the future. By qualifying a lead ahead of time, a company can spend less time talking to people who aren’t serious about buying and more time talking to those who want to make a purchase.
Taking that simple step alone may actually reduce costs as you won’t have to pay salespeople or other employees for their time spent with those who ultimately can’t or won’t close a deal. Once you have closed a deal with one of your leads, you may be able to leverage that into larger deals or deals with related companies through the relationship that you have just forged.
5) Don’t Lose Customers to Indifference
One of the easiest ways to lose a customer is to pretend like he or she doesn’t exist. If a customer feels like they aren’t cared for after a sale has been completed, he or she is likely to go elsewhere for future purchases. Keeping your existing customers increases the odds that you will earn future sales from them and higher revenue numbers as time goes on. Those who are especially loyal to your business will also act as brand ambassadors, which will make it easier to bring in new business or generate additional leads based on what these people have to say.
If your business is looking to make more money without increasing its budget, there are several options that you can try. By convincing customers to spend more or obtaining customer through word of mouth, you can easily increase revenues without having to also increase your marketing budget.
Jessica Kane is a professional blogger who focuses on personal finance and other money matters. She currently writes for Checkworks.com, where you can get personal checks with free shipping.
Stay up-to-date with our Thought Leadership and Insights