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Most businesses fail in the first five years because of problems with cash flow. Businesses sometimes overestimate their income and underestimate the outgoing business costs. In some cases, enterprises overinvest in equipment, inventory, or space. By reducing marketing costs, businesses can improve their cash flow, as you have many cost-effective ways to increase sales.
If you want to sustain in the market, your focus must be increasing profit and sales by attracting the right customers. If you have a good customer base, retaining them is a considerable challenge, even if it is more difficult for small businesses because they also need to work with a tight budget. There are many low-cost ways to increase sales.
Here, we have mentioned five ways to increase sales without breaking the bank:
Increase sales Through existing customers
As per statistics from Small Business Trends, 65% of the sales come from an existing customer. You have a good chance of selling to an existing customer, around 60 to 70 percent, whereas making a new customer buy your product is only 5 to 20 percent. That is why existing customers should be on the priority list if you want to increase sales.
Customers give you money in exchange for products and services, which shows they trust you. If you provided excellent service or product, it would motivate them to do more business with you.
You can follow the maintained tips below to maximize sales from an existing customer:
Buy paying attestation to existing customer's behavior. Study how your customer interacts with your service and product. By studying your customers' behavior, you can offer them a more personalized service or product.
Collect Feedback, especially on the services and products you are offering lacks.
By introducing Offers for an existing customer.
Social Media Presence
The number of internet users is increasing day by day. As a result, more and more customers are accessing the internet through various devices, and most expect the companies they are interacting with to have a social media presence. Companies should have a Facebook page where you can share your address, phone number, and business details.
To increase your social media presence, you can regulate and schedule social media posts and share them with relevant people and the community. For example, if you run a restaurant or Caffey, ensure your menu and address are available online. Most of the customers choose what they want before leaving home. Make sure to post tempting photos and videos to attract customers.
Use email marketing
Email marketing is one of the best ways to attract new leads and convert them into prospects. Always remember that permission-passed email marketing is the best way of business communication. Otherwise, customers will start reporting your mail as Spam. Create and share a monthly newsletter with your customers.
Email marketing is becoming more popular and easier than before with the introduction of new automation tools.
Invest In Your Staff
As we all know, customers constantly interact with staff members. We must make sure these interactions must be fruitful.
You can increase the quality of service by following the below tips.
Ensure your staff has complete knowledge of the products or services you offer.
Always make sure your team is aware of new products and upcoming events.
Follow up on customer complaints by remembering that the customer is sometimes wrong.
Provide Discount and Offers
You can provide discounts and offers.
It can be an efficient way to promote your business. Everyone loves good deals and chooses products and services where he is getting more benefits. Discounts and offers are to grab more new customers, which can lead to more sales. You can use social-media platforms for the promotion of your offerings.