To increase business profits, you don’t need to allot a huge portion of your company’s budget. Even the best planned marketing campaigns can fail. Every facet of business decision-making, including one’s marketing strategy, almost always involves risks, and a positive turnout isn’t 100% guaranteed. As market behaviour continuously changes, investing in large, high-cost campaigns don’t always translate to increased sales. Thankfully, there are ways in which your business can achieve maximum profitability minus the costly investment. Here, we talk about low-cost effective strategies, which can pave the way for business growth.
Talk to existing customers
When you want to make a sale to a new customer, chances are you’ll be spending five times more than when you make a sale to existing ones. Remember, when marketing your business, you also need to keep your communication lines open to people who already know and trust your brand. Talking to customers doesn’t stop at securing a first purchase—the goal is to not let their first be their last.
As a company, you need to keep these customers involved because they know your brand best. You can conduct surveys and create questionnaires to send via email, and ask them how your business can improve on your products and services. Their feedback is a significant insight as to what works and what doesn’t.
You can also provide them with a sneak peek of your new products, and convert them to repeat customers. Lastly, you could also use social media to build your brand and allow it to serve as an open line of communication. Any sort of engagement will allow you to gain a better understanding of your target market and allow you to connect with them. It may also be an opportune time to ask them for referrals!
Join a platform to expand your network
Beyond just solidifying your already existing social media presence, you also need to seek new platforms to build your brand, and expand your network to reach new markets. Thanks to technological advancements, building contacts and trading products and services to different parts of the world has never been easier. As a business, your goal is to go beyond local presence, so you can gradually size up your customer base. A way to be seen, heard, and known, is through joining a platform like Bartercard, which will widen your network, introduce you to new customers, and allow you to make the most out of your excess inventory.
One of the most direct ways to campaign your brand is not to sit idly and wait for customers to come to you. Having initiative must be innate to your character as a business owner. Asking the right questions, listening to the needs of potential customers, and learning how you can address them are all important components of achieving business success.
You need to be inquisitive and become active in your pitches; go through your sales conversations to learn what techniques work, get more information from prospects, and partner with interrelated businesses when it comes to brainstorming solutions. This way, your brand can take a more proactive approach to selling, decreasing your dependence on superfluous marketing campaigns.
By giving back, you allow your brand to build a solid reputation amongst a community of like-minded businesses. Hitting sales targets or generating profits is not the only aspect of running a business. If you want your business to become a household name, you have to nurture the values your company embodies. Generating goodwill, giving your customers attention, and paying tribute to the people who supported you, even in small ways, can go a long way for your business. Setting up a good loyalty rewards program or giving your customers exclusive deals are examples that can inspire your customers to follow your journey and keep them loyal to your brand.
Bartercard allows you to do all that
Bartercard gives you the chance to do everything on this list. Bartercard, an immense online marketplace, allows you to barter with many different businesses and helps you increase sales by attracting new customers, reducing your cash expenses, and making use of your excess capacity.
Joining Bartercard can promote your business to thousands of potential customers on a local, national, and international level. That’s why Bartercard is the preferred platform many businesses take advantage of to meet their yearly sales targets and even go beyond them! Contact us for a free 15-minute consultation!