Cost Effective Strategies to Grow Sales on a Limited Budget
As a small business owner who started a business from scratch, I love to share and help other female business owners learn how you can achieve your revenue and profit objectives on a modest budget.
We are living in a new time that has unlimited options and opportunities for everyone. Consumers have never had so many things to buy, or ways to buy them. New forms of communication via social media, messaging apps, online ordering, and social commerce have brought businesses and consumers closer together, and allow products to delivered directly to virtually every doorstep on the globe. But without the right marketing strategies, you could lose out on potential customers or lose business to your competitors. And like many business owners, you may be looking to grow your revenues and customer base, but have limited resources to fund aggressive marketing campaigns. According to a survey by accounting firm Deloitte, businesses spend between 8% to 11% of revenues on marketing.
Cost-Effective Strategies to Grow Sales on a Limited Budget
For many smaller companies, even scraping up half of that is an extreme challenge... and most business owners are looking for ways to get a bigger bang for their investments. As a small business owner who started a business from scratch, I’m pleased to share some thoughts with you on how you can achieve your revenue and profit objectives on a modest budget:
EXISTING CLIENTS — Take a moment to review your communications with your existing client base. Do they know about ALL of your services? See if there is an opportunity to expand relationships or make your existing clients aware of any new products or services you offer, including online services.
FREE THINGS — There are many ways to build your brand and reach consumers that don't cost money, but take your time. Consider identifying the most useful free services. Each business is different, but here's a partial list for your consideration: Set up a Yelp account, create your own blog or Vlog, or become a guest blogger or vlogger on other sites, write press releases to promote developments in your business, launch your own YouTube channel. Utilize your favorite social media channels to connect to your clients. Ask your clients directly what they want and need from you.
BIGGEST BANG FOR THE BUCK — Have you ever heard of "Guerrilla marketing" -- or utilizing surprise and/or unconventional interactions in order to promote a product or service? The term was popularized by Jay Conrad Levinson's book Guerrilla Marketing, which describes creating an emotional reaction from customers to get people to remember products or brands in a different way than they are accustomed to, usually by increasing consumers' engagement with the product or service and is designed to create a memorable experience. By creating a memorable experience, also increases the likelihood that a consumer, or someone who interacted with the campaign, will tell their friends about the product. Thus, via word of mouth, the product or service being advertised reaches more people than initially anticipated. Examples of such unconventional strategies include creating flash mobs (back when we could gather together 😂😂), designing advertising that looks like graffiti, using landing pages to drive traffic to your site, creating viral videos, or launching giveaways or contests for consumers. Your imagination is the only thing limiting these powerful and underutilized ways of building your brand and your business! Sit down and brainstorm with your team all of the ways you could come up with.
When was the last time you took a hard look at your marketing initiatives? What is currently working for you and what is a drain on your time money and energy?
Over a 20-year business career, I've learned many ways to stretch our marketing budgets in all of our different businesses and attract clients using innovative techniques.
If you'd like to learn more, so you can get more clarity and focus on how you can create and implement an innovative yet cost-effective marketing plan, please check out our Beyond Common Goal Setting Guidebook Training and tune into my podcast Beyond Common Business Secrets!
Since so many female business owners are struggling. As a business and mindset coach, I inspire & empower women through my beyond common method to look and feel their best while making more money and improving their overall quality of life. So they can have a greater impact in the world.
Thank you so much for being here!
Tracey Watts Cirino