Constraints, limitations, and risks are common roadblocks to growth. Entrepreneurs find it difficult to increase their sales with a cash crunch in the early stage of their business, 41% of businesses report having experienced cash flow challenges.
So, how to increase sales revenue with a limited budget? Sometimes all you need to do is break the routine and create a new roadmap for sales success.
Explore different approaches to achieve more with less. No matter how complicated the maze is, there is always a way to get out. Keep your eyes wide open and find that way to boost sales with limited financial resources.
I have stated a few of the low budget sales growth ideas below:
1. Charge more
Entrepreneur overthink when it comes to increasing the price of their product. Yes, it is a matter of concern because customers avoid purchasing a product with a high price tag.
But if handled smartly, this strategy can generate revenues in a great amount. Here, your ability to demonstrate the value of your product is tested. If you succeed, then it can maximize your profit margins.
You can start by taking small steps. For example, a study found that raising the price by 1% can increase profits by 11%. However, before raising the prices, ensure you explain the reason for charging more to your existing customers.
Make sure your product is good enough for that price range, as customers don’t mind paying more if they can benefit from it.
2. Use the power of social media
Social media channels are the most effective low budget methods to boost sales of your small business. More than 50 million small businesses currently use Facebook pages to connect with their customers.
Join industry-related groups on Facebook and LinkedIn to expand your networks and win new clients.
91% of prospective B2B buyers are now active and involved in social media, creating an ample opportunity for your salespeople to have successful sales by engaging with them.
Keep sharing useful insights and offers about your products for increasing its visibility. Social media helps in creating high-value bonds with potential prospects provided you use it right.
3. Refine your sales pitch
In sales, every word you say matters. So, your sales pitch needs to be impactful enough for motivating your prospects to buy. Don’t be afraid to add humor and showmanship to your sales pitch.
Most of the sales professionals sound robotic because they just read from a sales script instead of adding their personality into it. Sometimes you don’t need a big budget but just a little creativity and skills to increase your sales revenue.
4. Create special offers and deals
Prospects tend to react quickly to discounts. So, announce a limited time offer. Don’t give them much time to think; remember the temporary price breaks on your favorite product that motivated you to take immediate action?
Create a sense of urgency to drive faster and better results. Bundle products or create packages to attract the attention of the prospects. By increasing the volume of your product, you can make more sales in less time.
5. Listen to your prospects and understand their needs
“To launch a business means successfully solving problems. Solving problems means listening.” – Richard Branson
Knowing what your customers require won’t cost you much. You just need to be attentive and determined to help them. Ask relevant questions to uncover their problems.
Render an excellent buying experience by understanding their concerns and expectations. Provide them with a reason for purchasing your solution and removing their roadblock to enhanced revenue growth.
6. Use the existing customers
Your current customers are the route to reach the new prospects. So, treat them well to encourage word of mouth. Contact them and ask for their feedback. Ensure that they are having a positive experience with your product and help them if they are facing any difficulties.
“One customer well taken care of could be more valuable than $10,000 worth of advertising”- Jim Rohn
Ask for referrals without appearing desperate or pushy. If you have done good work, then clients won’t mind helping.
Satisfied clients can acquaint you with their network who are in need of a similar solution for their business.
7. Train and guide your salesforce
Sharpen your sword by training your sales professionals to win the battle of sales. Build a winning sales culture by exchanging knowledge and experience to strengthen your sales team.
Hold regular meetings and see where are your sales reps facing problems while closing the deal. Use a CRM that comes with a built-in virtual phone system to record conversations. Listen to the recorded calls and find the areas of improvement. Conduct mock sales calls to bolster their selling skills.
Ask the star performers of the team to help the underachievers by sharing a few tips and tactics to improve their performance.
“It is literally true that you can succeed best and quickest by helping others to succeed” – Napoleon Hill
8. Understand what motivates a purchasing decision
Your past sales records have a wealth of information that can help in acquiring new customers. Using a CRM system, reflect on the historical sales record to find out what motivated your customers to buy.
A good sales CRM software has every information from the details about the emails sent and received to the call logs systematically stored in one place. With the aid of its sales reporting tool, you can quickly get insights to discover your strengths and use it further to convert more deals.
9. Spending smartly on a CRM
Besides keeping a track of your past sales data, you can do much more with a CRM software. Like, manage sales, automate processes, integrate with various apps, analyze sales results and make as well as receive calls from one platform.
However, you need to be careful while choosing a CRM as there is no point in spending your precious dollars on unnecessary features designed for large enterprises.
You can opt for a cost-effective solution like Salesmate that is tailor-made for small businesses. The best part is that you can explore Salesmate CRM software for free initially and later if you find it suitable, subscribe for just $12 per month.
How to boost sales in a tight budget? A question that always hovers over the mind of every entrepreneur and sales professional.
Instead of wondering how to increase sales revenue, you need to concoct new techniques and tactics for increasing your sales. Many small business sales tools are available in the market that can help you in unlocking new revenue streams.
We hope the above low budget sales growth ideas will help you boost sales of your business. Even an advanced sales CRM like Salesmate can help you in achieving your desired sales results.
With this feature-rich system, you can seamlessly manage your deals, streamline your sales process, create insightful reports, forecast sales and automatically log calls.
Take our 15-days risk free trial and explore every feature at no cost!