3 Tips on How to Increase Sales with Minimal Spending
Keeping costs as streamlined as possible in your business is one of the keys to more profits. However, one of the biggest challenges business owners face is keeping the marketing budget to a minimum. Fortunately, with a little creativity and ingenuity, it can be done. Here are three ways to accomplish the task:
Maintain and Cultivate Your Current Customer Base
One of the best ways to increase your sales without spending additional money is to maintain and cultivate your current customer base. If your customers think you to not care about them, they will leave. A recent survey by the Rockefeller Corporation found that 68% of customers leave for this very reason, so keeping your customer base happy and feeling appreciated should be one of your top priorities. It is much easier to sell to an existing customer than to acquire a new one.
There are number of ways to cultivate loyalty within your existing customer base. Communicate on a regular basis and get to know them on a personal level. Remember birthdays and anniversaries. Make recommendations based on previous purchases. Always strive to over deliver on your promises. Develop a loyalty program for those who make regular purchases. Think about what makes you feel appreciated as a customer and apply those ideas to your own customer base.
Upsell and Cross-sell
Once you have invested the time, money, and resources to develop your customer base, you want to maximize that investment. If you make the effort to keep your customers happy, they will be more than willing to buy from you again in the future. Even if you are a bit more expensive than your competitors, customer service matters. Often, a customer will choose to pay a bit more when the customer service is stellar.
Your job is to further cultivate the relationship that you have already started building. Track their purchases and offer related items that may appeal to their tastes. Offer upsells to items they previously purchased. Add them to email follow-up sequences offering content and products suited to their needs. In this way, you are effortlessly increasing your chances of making more sales without any additional spending.
Another way to increase your bottom line without any additional spending is to ask for referrals. The great thing about referrals is that is does not cost you a thing to get them, except great service for your existing customers. If your existing customers are satisfied, they are usually more than willing to refer others to your business. When someone does send a referral your way, always make sure you thank them. This little courtesy will help ensure that they send more referrals your way in the future.
In addition, you may consider rewarding your customers for the referrals they send. Some ideas would be offering discounts and free products. Remember, word of mouth is powerful so leverage it to your full advantage.