Thursday, June 20, 2024

Speculate To Accumulate? Not Always!

September 14, 2018 by  
Filed under Money/Business, Tech/Internet, Weekly Columns

(Akiit.comThere seems to be a current school of thought that you need to speculate in order to accumulate. This is very much the thought in the corporate world, where many entrepreneurs will tell you that you need to invest heavily into your company if you want it to make some considerable returns for you. But is that really the case, even for bootstrapped entrepreneurs? Thankfully, it isn’t always the case. In fact, here are some ways you can boost your sales without spending a thing.

Appeal To Current Customers

If there is one piece of sage advice that all sales consulting offer their customers, it’s that they should always appeal to their current customers before trying to get some new ones on board. You should find that it is a lot easier to upsell products and services to consumers who have used your company before than to sell anything to completely new people.

Set Up A Referral Service

It doesn’t cost that much to set up a referral service. This is one of the easiest ways to entice new consumers to come and use your business. All you need to do is create a code that you give to a customer who makes a purchase. This code then needs to be passed on to one of their friends and family. When their referral code is used then both individuals will receive a discount or special deal. This is certainly one of the most efficient ways to widen your customer base with very little money!

Offer A Limited-Time Promotion

Another great idea is to offer a promotion for a limited time. You might want to reduce the price of something, for instance, or offer a two-for-one deal. The fact that it is only available for a short period means that quite a few people will be tempted to take advantage of it before the time is up.

Take Advantage Of Social Media

Social media is another great way to drum up support for your company as well. In fact, most businesses that have a profile on the likes of Twitter and Instagram have reported that their sales have spiked ever since going online. It’s a great option if you have a limited budget as you can keep it completely free if you want to. If you can afford to invest in social media marketing, then sponsored posts will be widely seen and can create a lot of new sales.

Listen To Customers

Of course, there is nothing better than listening to your customers. After all, they are the people who buy your products and use your brand, and they will have lots of great ideas as to how your company can improve. Once you have improved, you should find that a lot more people are drawn to your company, and you could very easily benefit from an influx of new customers.

Hopefully, all of these tips can help you increase sales without spending too much cash. Then you don’t have to speculate to accumulate!

Staff Writer; Paul Ford

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