As prices all around us begin to rise, we start to get a little uneasy about budgets, pricing, and expenditures. Even though everyone is saying the economy is on the rise and us small business owners are on the upward trend, it’s always smart to cut your budget where you can afford.
Michale Kraus, a blogger, retail consultant, and marketing expert, wrote a great post for allbusiness.com that discusses a few ways you can cut your budget as a small business owner. Using these methods can not only save you money, but will be able to drive traffic to your business, convert leads into sales, and help your business grow in general.
Here are a few tips from Kraus:
I continue to push the social media for two reasons:
- It’s free
- A whole generation of consumers live on social media
The evidence is mounting that social media does create awareness and can drive sales. And with 500 million Facebook users, not to mention millions of Twitter users,the growth of group buying sites like Groupon and Living Social, there are a lot of reasons to jump into the fray.
Reaching out to your existing customers is key. After all, they already shop with you, so why not tap into this important market and give them a reason to visit? You can offer a deal, or perhaps your messaging is about a new line you brought in. Whatever you do, make sure you’re not spamming your best customers with too many emails, since you risk alienating them — and that’s something you cannot afford to do in this fragile economy.
There’s no better way to communicate with a customer and get them back into your store sooner than with a bounce back offer. Hand them a simple printed postcard or other piece when they’re at the cash wrap. Then tell them about the offer (usually it’s good for a discount then next time they visit). The beauty is that you specify the offer and the time period they can get the deal. So push it out four weeks to drive traffic back into your store. Double down and use social media to remind everyone about the card they’re holding and when it’s valid.