6 Tactics to Amp Up Your Growth on a Budget

Photo by Jon Tyson on Unsplash

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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