Top 5 Ways to Increase Sales for a Small Startup on a Budget
For a new startup, the most important thing is getting their sales up and running. Next comes the hard part once the initial buzz is over, which is converting leads into genuine sales. However, if you are a startup on a low budget, things can get tricky if you do not get the intended sales. So let us take a look at some of the best ways to increase sales for a small startup.
1. Listening and Asking Questions
For any business owner, it is imperative to ask as many questions as possible from your potential customer. However, you also need to focus on the type of questions that need to be asked. For example, it would be best if you did not ask them directly about buying your product or service. Instead, you can ask them whether they would be interested in using your product or service at home.
You also have to listen to your customers diligently. Customer testimonials or reviews should be thoroughly checked for the pros and cons mentioned. The cons should be immediately checked for improvement. It would help if you always shared the user reviews with your potential customers. Customer reviews will make them believe that they are buying the right product. It is essential that your customers see the results beforehand.
Data can be collected over the internet too. Running surveys by targeting your audience based on the product or service, you can also use social media platforms such as Instagram and Facebook for the target group. Surveys are one of the easiest and best ways to collect data from price to quality preferences. You can use the feedback you get and use it in a business plan which will be the roadmap for your startup. Even though good business plan consultants charge a lot and it is difficult to justify the expense, especially when you are a startup on a budget, the long-term benefits of having a clear and concise roadmap make the investment worth it.
2. The Product or Service Should Stand Out to Increase Sales
In today’s world, one can find answers to any question on Google! Finding a product or service has never been so easy. Various social media platforms provide reviews that can help you in making a decision. With so much competition, it is essential that your product stands out.
As they say that the first impression is the last, you need to make an everlasting impression. Therefore, your message should speak to the customers. It should make them think about why they need your product or service. Also, the messages should be compelling; they should invoke instant interest from your customers.
Another way to stand out is by visual stories. Visuals always make a good impact on the customers. Everyone loves watching a product video: be it unboxing or the way it works etc. Adding video, audio, images, animations adds an extra dimension to your product.
3. Overcoming the Objections
For the experienced sales professional, objections are an opportunity. Objection means that the potential customer is already engaged with the proposal and is considering buying the product. Overcoming this final step is crucial to seal the deal. Let us look at some tips for closing the deal:
It is too expensive: since there is a lot of competition in the business field, your product might be a bit higher priced than your competitor. The solution for this is simple: just continue with the conversation to increase sales. Just go on engaging with the customer, telling them about the unique features of your product, and so on.
Please give us more: everyone wants the highest quality product, excellent service, and a low price. Customers want this combination more than any other thing. However, you very well know that price cannot be compromised if you want the product to have the highest standard of quality.
For this problem, you can simply tell them the facts. Tell them the strengths of buying your product, quality, and after-service they will receive.
Not suiting our requirements: in this situation, you need to have empathy. You can convince someone to buy your product, but if it does not match their requirements, they will tend to go somewhere else.
You need to take a pause and imagine yourself in your customer’s shoes. It would be best if you thought from their perspective. Only that way can you have a better connection with them.
I am afraid to change: customers often do not want to change their preferred dealer or don’t want to buy from a different outlet. It would be best if you showed them your proven success. You should probably give them your client testimonials, your past work, etc. You need to convince them that you are reliable and trustworthy.
Overcoming these sales objections is a skill which you need to practice a lot. However, the most important thing to remember is Never Panic!
4. Existing Customers and Competitors Do Help to Increase Sales
While the marketing team concentrates on attracting new customers, you should focus more on your existing customers. For the customers who have used your product or service, you should make them buy again. You can keep in touch with them via direct mail services.
It would be best if you also learned to manage these buyers. Often, you get the maximum sales from your existing customers than from a new one. Focusing on your loyal customers will work wonders for your sales.
Another excellent way you connect with your existing customers and build brand awareness to potential new customers is via email marketing. There are many websites where you can acquire a list of leads in your industry. For example, if you offer services to dentists and need dental leads, you can get them from these websites. You can then send them tips and strategies for the best practices in your industry. That will help increase the brand awareness of your startup and help to increase sales.
One should always look out for their competitors in the market. You should know what they are offering, new techniques which they are using and at what price. It would help if you always strived to be better than them. Competition is the biggest motivation for any business looking to increase sales; their weakness can be your strengths.
5. Money-Back and Multiple Payment Options
When someone makes a purchase online, they always think about the financial risk if the product is not up to the desired quality. What if there is no refund? Will I be stuck with this product forever? Well, these are the things going through a customer’s mind while buying things online. You have to provide a simple money-back policy with no questions asked. When the customer starts trusting you, they will want to buy more from you. That will definitely boost sales.
Nowadays, it is common for every business to have multiple payment options since the users want to be spoilt with choices. Traditional payment methods such as credit/debit cards have been replaced with Google Wallets, Stripe, WePay, etc. Customers are more comfortable paying through these digital methods. Also, with the increasing popularity of mobile payment apps such as Apple Pay, Google Pay, PayPal, businesses need to integrate these payment modes on their app or website.
There are many ways to increase sales when you are a small startup and are on a budget. However, if you have additional funds at the start, it helps a lot as you can get more mileage and reach your goals faster. You can check various government funding subsidies for new small businesses and can even refinance your home for additional funds. Even if you have already refinanced your home, there are ways to do it again. You can check it on the piece titled: how many times can you refinance your home, which is an excellent article on the subject.