Young Entrepreneur Council — June 3, 2020 If you’re trying to grow your business on a budget, there are plenty of things you can do that will cost you little more than your time and creativity. Here are a few ways to boost your sales without breaking the bank.
What is one low-cost way of growing your business? Why does this approach work so well?
1. Content Production
Producing content on your own allows you the ability to receive an immense amount of exposure for little to no cost. Gaining a following will allow your users to eventually convert to sales and revenue. – Jordan Edelson, Appetizer Mobile LLC
2. Targeted Social Media Marketing
Content is the foundation of an effective marketing strategy, but businesses often struggle to connect content with its natural audience. It takes a long time to grow an audience organically with even the best content. Targeting receptive users via social media platforms like Facebook and Instagram accelerates audience engagement and grows lead acquisition without breaking the bank. – Chris Madden, Matchnode
3. Creating a Top-Notch Product
Often when people focus too much on marketing, it’s easy to lose sight of the product. If you bring in a new customer and give them a thrilling product and experience, that person will likely tell their friends and repeat the purchase. The product has to be the beginning and the end of all you do. – Ashley Merrill, Lunya
4. Search Engine Optimization
It might be hard to believe but there are still many companies that ignore the internet and SEO, thinking that if they are selling slates or heating supplies there’s no way people will Google them. No matter what kind of business you have, your potential clients will go online when they need help. Something as simple as setting up Google My Business can bring on hundreds of new clients. – Solomon Thimothy, OneIMS
5. Public Speaking
Conferences, networking events and trade shows (even virtual ones) are all looking for speakers and panelists to share their knowledge. This is a great way to get your name and expertise shared with potential customers and business partners. Invest the time to position yourself as an authority in your industry space. – Jared Weitz, United Capital Source Inc.
6. Guest Posting
It’s easy and usually free to create guest posts on other websites in order to increase your own online presence and your brand’s. Guest posting creates the chance to get backlinks and to reach out to an established audience. Also, invite guests to write on your own blog and collaborate with them to create more “press.” It’s extremely low-cost and effective. – Blair Williams, MemberPress
7. Email Sales Funnels
Create a really great email sales funnel for new subscribers. It’s a free way to advertise but very effective when done right. Use a series of emails to address your ideal clients’ pain points, help them overcome their objections and show them why they should want and/or need what you have to offer! This funnel can be used over and over whenever someone new expresses interest. – Diego Orjuela, Cables & Sensors
8. Blogging
Though success won’t happen overnight, you can start a blog that eventually rakes in income and builds a loyal following. There are different ways to make money blogging, the most common being paid advertisements and affiliate links. But how you monetize your blog is up to you. In the meantime, your blog content will promote your brand and encourage action. – Stephanie Wells, Formidable Forms
9. Affiliate Programs
With an affiliate program, you can have talented and motivated affiliates selling on your behalf. This saves you both time and money as these salespeople can create content, advertise and network on your behalf. You simply have to set up a program that’s profitable and attractive enough to get affiliates to want to join. – Kalin Kassabov, ProTexting
10. Customer Referrals
Word-of-mouth is still the most powerful way to build trust fast. It’s smart and cost-effective to get your existing customers to promote your business. Do this by offering them an incentive such as a discount on future purchases, referral points and recognition. You’ll also reach out to your target market more effectively, growing your business quickly. – Syed Balkhi, WPBeginner
11. Hiring Freelancers
Many people shy away from the idea of hiring freelancers, thinking that they can do everything themselves as the business owner or that freelancers cost too much. These are common myths. First of all, freelancers can save you time and energy, allowing you to focus on the core expertise of the business. Freelancers are also often more skilled and knowledgeable about certain aspects of online business and marketing than you might be. – Kelly Richardson, Infobrandz
12. HARO
HARO, or Help a Reporter Out, uses answers from real professionals to help journalists create content with relevant sources. You can become a source of information for these reporters and get your answers published on their websites, positioning you as a thought leader in your industry and building a name for your brand. – Jared Atchison, WPForms
13. Upselling Existing Clients
Add-ons and premium upgrades for existing clients are a quick and highly effective way to increase revenue — as long as they are truly valuable and desirable. It’s far harder to close new clients. You may even want to improve the value of a product without a premium or lower its cost altogether, indirectly increasing revenue through customer loyalty. – Joey Bertschler, bitgrit
14. Faster Billing Processes
Most companies have a lot of money tied up in accounts receivable, whether they sell physical or digital products. You can get caught up in a cycle of net 30, 45 or 60 days between all of your clients, so start the clock right away by sending the invoice immediately after delivery. This way, you’ll keep cash rolling in all the time and avoid significant cash flow problems. – Thomas Griffin, OptinMonster
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