6 Ways to Increase Sales on a Tight Budget

Entrepreneurs are always looking for new ways to increase sales and grow their dream business! But when cash is tight, finding money to spend on marketing and advertising can be tough. Here are six ideas curated from the Dream community to help boost your sales without breaking the bank.

1) Bundle like a boss. Many entrepreneurs have increased their sales by selling products in a bundle or package, so find things that would sell well together. Alternatively, you can offer flex-packs and allow your customers to build their own bundles or swap in items that they want instead of something you’ve chosen. Customers often think they’re saving money with a bundle of products or services too. Even if the savings are small, most will be delighted to get a deal. You’ll sell more and keep your customers smiling at the same time.

2) Promote a special offer or discount Everybody likes to save money, whether it’s in a bundle or on individual items. To help drive more sales quickly, create a sense of urgency with a time-limited special offer or discount. Once it’s gone, it’s gone.

3) Charge more. This suggestion may seem to contradict the idea of increasing sales if higher prices could turn off any existing or potential customers. When you do decide to charge more, make it known well in advance. This will give existing customers the opportunity to make purchases or renew contracts at your current prices. Ultimately, charging more can help drive sales today and boost your bottom line for the future.

4) Reach out to existing customers. People who are already buying your products or services are a great place to start when you’re looking for more revenue. It’s much easier to sell something to customers who already know and love what you’re doing, so don’t be shy. Start by talking to people when you see them. Ask about their current wants, needs and challenges, then tell them how you can help.

If you’re a clothing store that just got a shipment of cute handbags and crossbody purses, show them off to complement a new coat or shoes. Spas can tempt clients with amazing add-on services, like a peppermint scalp massage with a facial. Yes, please! Accountants can offer audit insurance or a one-hour tax planning consultation for the upcoming year. Contractors can partner with a property manager to fill the homes they are renovating with great tenants. The possibilities are only limited by your imagination. So, put yourself out there with offers that will help your customers while also increasing your revenue!

5) Ask for referrals. Just like existing customers are a great source of more revenue, they can also be an asset when it comes to attracting new business. If you know someone is happy, ask if they know anyone who might benefit from your products or services. Consider offering a referral bonus after any recommended customers make their first purchase. You can also ask satisfied customers to give you a testimonial, which you can use on your website or social media channels, in email newsletters, even on the back of your business cards. Always be sure that you have permission to use the testimonials before you share them.

6) Get social. If you have followers on Instagram, Facebook, Twitter, Snapchat or other social channels, you can post to promote your products and services as well as any bundles, special offers, discounts and more. Don’t be shy about asking for referrals – if you do it in a way that’s fun and in keeping with your audience, it can work. Especially if you are offering something special for any referrals you receive. Ditto for customer testimonials. Share them and be proud of the great business you’ve created.

Of course, remember that social media is exactly that – social and meant for engagement. It’s not just a sales channel, so be sure to share interesting stories, memes, infographics, behind-the-scenes photos or videos, and anything fun that you and your business are doing. Your followers will appreciate the personal touch and that will help drive sales too.

So, there you have it – six strategies that successful business leaders are using to sell more when they have a tight budget. Instead, you’ll be investing time, commitment and some creativity to help boost the bottom line of your dream business!