In all industries, the competition is rising, and big brands have the advantage of advertising. The low barrier to entry allows brands to launch campaigns quickly, increasing competition for target keywords and audiences.
Limited-budget SMEs fall behind and find it challenging to increase their revenue without possessing the necessary resources to invest in advertising. Is there any way around this problem? Let’s look at some of the cost-effective ways in which you can increase your revenue.
- Find New Customers
One of the first things that you can do is reach out to new people. Customers are only interested in what they can benefit from, so highlight exactly what you and your brand can offer them and implement that into your marketing strategies. With benefit-focused marketing, you can attract more people to your business.
- Recognize Existing Customers
In your pursuit to gain new customers, don’t forget about your existing client base either. Converting potential prospects shouldn’t be at the cost of losing existing customers. It may be easier to hold on to those already aware of your brand and its benefits. With a few incentives and reminders, you can preserve the loyalty of your clients.
- Learn Why They Defect
You can keep getting new customers, but you can also keep losing them if you are solely focused on gaining new numbers. Without understanding why those who left did so, you won’t be able to hold on to others if the problem persists. Ask and analyze their reasons for leaving and take steps to prevent customer dissatisfaction.
- Convert Prospects into Buyers
Your sales process should be efficient, and the strategies you implement should be effective to convert potential customers into consistent buyers successfully. How can you move those who have responded to ads or subscribed to your newsletter further along the process? Have a systematic approach to bring them through the funnel to manage present and future opportunities competently.
- Increase Profits by Upselling
Businesses often offer an upgrade or a premium version of the product customers have chosen or persuade them to purchase add-ons to increase order values and maximize profits. Once you have done an excellent job analyzing their needs, you can provide other ways to go beyond the basics of the product they love. Similarly, you can also suggest accessories for their current purchase and recommended other related products.
- Deliver Great Content
Consistently providing relevant content can build relationships with your customers over time. You can show your expertise through your words and educate your audience with valuable information. You can use free design tools to present this knowledge in a visually appealing manner to engage your customers. Writing guest posts will also deliver your content to a whole new audience and expand your reach while connecting you with others in the industry.
- Include B2B Sales
Don’t limit your sales to end consumers only. Your products and services can be positioned to other businesses as well. Mutual opportunities for collaboration may be possible, so analyze how to do so. The sales process might be longer because more decision-makers are involved, but the transactions are bigger too.
- Consider Co-marketing Partnerships
You can broaden your audience and increase brand awareness by offering a new type of content, product or service by partnering with other brands. It effectively allows both brands to grow while sharing their expertise and audience by working together. You can get more leads with less work by leveraging your partner’s reach. Ensure the benefits of working together are mutual; any expertise or knowledge you don’t have or a more extensive audience relevant to your business.
- Send Effective Emails
Email marketing is one of the top tools to engage with prospects and promote leads. It is cost-effective, practical and increasing your efforts can significantly increase ROI. Consumers spend 138% more as compared to those who don’t receive email offers. You can use free tools like MailChimp or Sendinblue, which help you build lists, gain new subscribers and send pre-prepared emails to keep them engaged. Every website with incoming traffic needs email marketing to target interested visitors and follow up with the possibility of conversions.
- Provide Better Customer Service
Learn what your customers are saying after they purchase your product or service. Analyze feedback and detect any consistent problems and address them accordingly. Your efforts in providing exceptional customer service can be displayed through testimonials and reviews that can help increase your sales. Negative feedback from unhappy customers will only drive away potential clients from your brand and adversely affect sales.
- Offer Free Beta Programs
By giving a glimpse of your product before launching, you can provide customers with insight into its main features and implementation. It also gives you the chance to test the new program, resolve any glitches or issues, and analyze the response of first adopters. You also have the added benefit of word-of-mouth marketing via pleased testers who were satisfied with the pre-release.
- Encourage Referrals
Building strong relationships with those who believe in your product or mission can take it a step further and help convert them into promoters. You can give discounts, giveaways, or hold contests or create loyalty rewards programs to learn more about them and encourage them to post about the brand or the product they purchased.
- Use Social Media
If you don’t have the media budget for a full-fledged social media campaign, you can still use the platform and other free tools to grow your audience and increase conversion rates organically. Post compelling, engaging content on social media platforms after analyzing where your customers are present and more likely to be aware and interact with your brand.
- Get Free Publicity
Some local journalists or PR companies and websites offer free press releases to increase publicity. You can pitch to a news source and get coverage about your business or product without having to spend money. This method doesn’t take much of your time and is handy when you’re on a budget.
- Raise Prices
Most people think you can’t raise prices and undervalue their services and don’t think it is worth the hike in price. You can dramatically increase your profits, and you only lose a bit of business which can be quickly recovered. The chances of losing business are lower than hoping to get more sales by lowering the prices.
Are you looking for an agency that can help you manage your brand’s social media marketing and introduce cost-effective, creative strategies in your campaign? Call us to get started.