Businesses that are ROI focused emerge as customer-friendly corporations that are more reliable long-term.
These companies pass their cost-benefits directly onto their customers or reinvest the savings back into their business.
That’s why it’s ideal to find cost-saving ways to enhance sales for your business without worrying about high acquisition fees or overheads.
Low-cost sales funnels are highly-effective in the case where bootstrapping is essential or when organic growth is key. These strategies can be used singularly or in collaboration with each other.
They require a bit of time and energy, but can instantly enhance the bottom line when used in conjunction.
1. Using beneficial online tools
There are a large number of online tools available that help enhance your brand from the ground up. You can design a new website, focus on accounting, and develop your new logo all from the comfort of your browser.
Tools such as Canva, PicMonkey, and AppSumo, are especially helpful when it comes to launching your brand during its incubation.
Online tools can also help you manage your business better, through better communication platforms (Slack, Skype), project management platforms (Trello, Flock) and financial management platforms (Btracker, Mint).
These can help you run your sales offerings more smoothly without worrying about overspending or under-budgeting.
When it comes to more formal domain-based services, companies can opt to outsource key services to cut costs.
For instance, e commerce bookkeeping is one such function that can relieve the load on marketers looking to increase sales for their business.
2. Digital marketing to reach buyers
Digital marketing is an effective tool that helps companies reach their ideal buyers.
With a wide range of options available, including Instagram, YouTube, and Google, companies can use the most relevant social platform to reach out to new buyers. In fact, 70 percent of all US adults are on Facebook, according to Pew Research.
Each of these advertising platforms have a starter deal with free credits and great offers. Companies can take advantage of these offers and develop an advertising strategy that works for them.
This is perfect for acquiring new customers at scale, as well as researching the competition online.
Companies can create a stunning image and video-based collaterals and market them online. Online video storage solutions help businesses store their assets at a lower base cost.
Syncing such content to a smart device allows employees to share photos with each other and collaborate on marketing efforts.
Business owners can develop creatives for content marketing projects as well and attract new customers through engaging offers and deals.
3. Focus on existing customers
One of the top low-cost ways of increasing sales is to reach out to existing customers. Researchers at Harvard University have shown that it can be 5 to 25 times more expensive to acquire a new customer than to upsell an existing one.
In fact, research by Bain & Company also shows that increasing retention can have a 5X multiplier effect on your profits, as well.
Companies can develop extensive email marketing programs that reach out to existing customers and talk about new offerings.
These emailers can be developed using online design tools, with video and image assets downloaded via online video storage devices.
4. Reaching out to online groups
Online consumer groups are prevalent across the internet. There are various social media platforms and online groups where your customers frequently hang out.
These groups are generally managed by a few admins who can be approached directly for an organic or inorganic mention. They’re essentially low-cost alternatives to big market campaigns and are more focused in their approach.
Online groups are also interest-specific, which makes it easier to reach out to them.
For instance, sub-communities within Pinterest and Reddit can be tapped into with a single click. Online groups thrive on authenticity and sharing valuable resources about your core offering.