How to Grow Your Business Without Growing Your Budget
Selling has one objective. Get more sales!
New sales often start with marketing ideas. Here are three ways to grow your business without growing your budget:
1. Identify your most satisfied customers and determine what additional services you could sell to them. Are you their only supplier or one of many specialty firms? What if you could attract 100% of their business? What would that translate into in terms of actual sales? This is a profitable way to go since it costs much less to sell to a current customer than acquire a new one.
2. Identify a new market that has the same problems that you have solved in your specialty market and leverage that experience to gain new customers in the new market.
3. Identify a completely new market and develop a special marketing offer that has high relevance to its prospects’ specialty needs and offer to solve their immediate challenges in exchange for the opportunity to market your services to them on a weekly or monthly basis. Guarantee your results and be sure to have a list of 100% satisfied clients you can present.
It might surprise you to learn that companies often do not pursue any of these three. Here are some insights you might apply to your company:
• Point one is probably the most potent for companies that are already growing but want deeper market share from each of their customers.
• Point two is appropriate for companies that are stalled in their growth curve and need a solid, low-risk way to increase their business.
• Point three is for a company that may not have enough business to sustain itself.
In today’s tough economic climate, finding ways to increase your business without increasing your cost curve is a smart approach to take whenever possible. Of course, there are times when you will need to spend money to make money, but only after you have exhausted other ways to get new business through your door.