7 Affordable Ways That You Can Boost Sales for Your Small Business
January 23, 2017
Are you struggling to boost sales for your small business?
An average of 80% of small businesses fail within the first year due to lack of revenue. As the old saying goes – It takes money to make money; and this leaves many small business owners scratching their head trying to find affordable ways to promote their business.
Well, there’s no need for the confusion. There are several techniques that can help you boost sales for your small business, all without breaking the bank.
In this article, we have compiled the top 7 ways that your business can generate the revenue that it needs not only to survive, but flourish.
How to Boost Sales for Your Small Business
1. Build customer relationships
I’m amazed by the number of small businesses that fail to properly address customer relations. Loyal customers will always be your best sales people because they will steadily supply you with referrals.
It is important to maintain consistent communication with your customers so that your brand stays imbedded in their mind and this can be done through simple email marketing techniques such as sending out a monthly newsletter.
Just remember to provide your customers with the same value that you would expect form a company that you have made a purchase with.
It is always better to go above and beyond when it comes to delivering value to your customers because if you aren’t doing it properly, someone else will.
2. Customer loyalty programs
Another great tactic is setting up a customer loyalty program that rewards customers who frequently make purchases from your company.
Examples of a great customer loyalty program might give customers free merchandise, coupons, and other rewards.
One of the most popular options is to use a simple point system; however, this will only work for certain industries such as a business that encourages frequent, small purchases like coffeehouses and car washes.
3. Public relations
Online marketing has dominated conventional advertising, but there are still numerous “offline” ways that you can build awareness and increase sales for your small business using creative public relations techniques.
One way is by hosting a small charity event such as a food drive. Not only will you be providing the community with a good service, you will also be increasing brand awareness for your company. It’s a win-win situation for everybody.
4. Limited time promotion
Running a promotion for discounted products or services is a great way to increase demand.
There are several ways to run a successful promotion, but three tactics have proven to be the most effective.
Bundle pricing – bundling items together is a great way to attain a higher perceived value for your products and services. Running a “buy one, get one free” promotion will make your customers feel like they are getting more value than what they are actually paying for.
Markdowns – This is the basic process of lowering your prices on certain products for a limited time. It’s a great way to generate a sense of urgency for customers and results in a short-term boost of sales for your small business.
Loss Leaders – A great way to clear out old or overstocked items is by offering them at a very steep discount. This type of promotion might only have you break even on the items, or run at a slight loss, but it is a great way to increase traffic to your store.
5. Upsell current customers
According to global management consulting firm, Bain and Co., on average, repeat customers spend 67 percent more than new customers. Giving these statistics, it only makes sense to provide your customers opportunities to buy additional products from you.
Customers are also up to 70% more likely to buy additional products from a brand that they have a good experience with in the past.
When trying to upsell a product, make sure what you are trying to promote is relevant to the product that your customer has already purchased and don’t try to upsell your customer until they have already finished their original transaction. You don’t want to risk losing the first sale by acting greedy.
6. Optimize for local search
If you run a brick-and-mortar operation, increasing foot traffic and brand awareness for your location is vital for success.
Google My Business is a free tool that allows you to share the most essential information about your business across Google Maps and Google’s search engine results.
By verifying your physical address with Google, you are able to add pictures, respond to reviews, and share what’s best about your business.
7. Use Social Media
Although all of these ways to increase sales have proven to be highly effective, the tactic that can produce the best results by far is using social media.
There are millions of users on social media that are logging in everyday and performing countless searches for information about companies’ products and services. This provides unlimited potential for getting your company in front of the right people at the right time.
Don’t forget that social media is completely free to use, with no restrictions on how much you can post.
Social media also gives you a platform in which you are able to build a following of loyal customers that have the ability to communicate directly with your brand. Consumers are much more likely to buy from your company if they can reach out to you with questions and receive timely responses.
Your business can also use social media for targeted advertising based upon your customer’s demographics and interest which will help you quickly spread your brand’s reach to a whole new audience.
In the end, there are countless ways to generate more sales for your small business while on a tight budget. Running a 50% off promotion, advertising a cleaver campaign on Facebook, or holding the right PR event can give your business the momentum that it needs to succeed.