6 Tactics to Amp Up Your Growth on a Budget
Growing a business without breaking the bank isn’t a piece of cake. But fret not; the six tactics we’re going to discuss here will help you achieve that goal.
It’s often said you need to spend money in
order to make money. So many businesses hire big marketing companies to amplify
their growth. But is it necessary to spend a hefty amount of money to acquire
more sales or grow your customer base?
Of course, if you scale your efforts more than
your competitors, you’re likely to win. But, it’s also true that if you go with
novel approaches to business growth, you can still grow while keeping your
costs low.
So how can you amp up your business growth on
a budget?
Well, that’s what this article is about. So,
let’s get started.
Business Growth Tactics to Use
When You Have a Small Budget
In this section, we’ll walk you through some
of the best business growth tactics that you can implement even on a small
budget.
Here we go.
1. Use the Power of Digital
Marketing
Whether you use paid or organic tactics,
digital marketing is crucial to your business growth. Many digital marketing
tactics provide great results at a decent cost.
For example, every $1 spent on email marketing
can generate as much as $36 in return, on average, that’s 36x ROI.
Image via Litmus
Another advantage of using digital marketing
is that it has a greater reach than any other form of traditional marketing
tactics.
Especially considering over 4.65 billion people using social media, brands
have a great opportunity to grow at a fast pace while keeping their advertising
and customer acquisition costs low.
You can choose among different channels of
digital marketing, including:
●
Search engine optimization
●
Pay per click over search engines
●
Social media marketing
●
Influencer marketing
●
Display ads
●
Affiliate marketing
●
Email marketing
Although most digital marketing channels
overlap each other in terms of strategy, you can be picky when you’re on a
tight budget.
2. Focus on Cross-Sell and
Up-Sell
Growing the customer base isn’t the only
method to growing business. In fact, you can leverage your existing customers
by offering them additional services that complement the ones they’re already
using.
This trick is quite useful in the
technologically advanced ecosystem where one service can be seamlessly
integrated with others, making them a perfect combination for business.
For instance, it’s mindful to offer an
influencer management tool along with a social media marketing solution.
The point is to offer services/products in the
same product line. This will open new streams of revenue for your business,
helping you grow faster.
3. Encourage Early and Timely
Payments
Many small-mid scale businesses underestimate
the importance of regular cash flow. But, especially when you’re operating a
business on a small budget, cash can be a constraint.
Hence, it’s recommended to prefer invoicing
customers right after the service/product is delivered. Considering not every
customer will pay right away, you can offer discounts on early payments to
encourage a regular cash flow.
4. Emphasize Customer Reviews and
Referrals
36% of the global internet users aged between 25 to 34 years read online reviews to search
for new products or brands. It’s enticing, isn’t it?
You don’t need to spend hefty resources to
gather positive customer reviews. Just deliver the best product/service and
request the customers to share their experience; congratulations! You have the
review.
Here is a great customer review and referral
trick you can use for social media channels—Request
your customers to take a selfie with your product and post it on social media
while tagging your brand in the post. This
makes them eligible for a certain percentage of discount on their next
purchase.
5. Position Yourself as an Expert
It won’t matter to you a lot if you're an
established business, as you already have other opportunities to grow your
business. But for small-mid scale businesses, this tactic to grow business can
be miraculous.
The point is that if your audience trust you (as
an individual) more than your or competitors’ product/service, you have a great
opportunity to become a brand.
This approach to business growth requires you to be active on social platforms like Instagram, YouTube, and Twitter and share your domain expertise with your audience. Try to engage with your target audience to help them trust you more. Because the more they trust you, the more they prefer the products you offer.
6. Introduce Additional
Product/Service Offerings
If you’re limited to a couple of
products/service lines, you’re doing the business in the wrong way. Now, you
might argue that limited products mean expertise in that particular segment;
but from the business perspective, it’s not enough.
Take the example of modern smartphone
manufacturers. Most of them offer different varieties of smartphones and their
accessories. Even Apple has SE editions for people who don’t want to spend
money on flagships.
Image via Apple
More products/services mean a diverse customer
base which results in greater revenue and business growth.
It’s Time to Grow
Now, you might be short on budget but not on
ideas. The six we’ve discussed here should be your priority to steer your
business towards growth.
Let us know in the comment box if you need
further clarification on any of them.
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