Depending on when you are reading this, the end of the year that shall-not-be-named or the bright spark and promise of 2021 are upon you. You survived. But did you thrive, pandemic be damned? Regardless of the business climates thrust upon us, for good or for ill, there are some powerful ways we can all drive growth, and it doesn’t take a pile of cash. Here are two powerful and economical tips to help you prep for success in the year ahead on the cheap – along with tons of helpful links to help you succeed even more:
Up Your Sales Game
If you’re like a lot of businesses, you started on a shoestring budget. As you’ve grown, you’ve had a harder time getting new sales once you exhausted the network you already had. We get it. Efforts at gaining new business can feel like an uphill battle, especially if your team is stretched as it is. The funny thing about hills: In order to surmount them it requires us to apply more pressure to the gas pedal, not less. So, when it comes to increasing our sales efforts when teams are small and resources are light, you can still do a lot to put the pedal to the metal. Here are three economical and proven ways to do so.
According to a study by DMA, every $1 invested in email marketing campaigns generates an average of $32 ROI. Email isn’t dead, not by a longshot. The mistake most small businesses make is not using email enough or in a targeted way. First, you need to understand the “why” of your email. Is it to increase brand recognition? Are you making a direct effort for net-new yearend sales? Are you looking to remind your existing customer base of specials or new offerings? These different segments are known as cohorts and you can increase email effectiveness if you build campaigns targeted to their unique needs. Ready to get started using email to generate more leads and sales? Check out this free guide by Shane Barker. It is filled with email campaign gold that will make your year-end email efforts powerful and effective.
Embrace “warm calls”
According to LinkedIn, cold calls only deliver a 2% return while warm calls deliver over 30%. That’s fully 15X more effective! What is a warm call? Some think it’s talking to people you’ve already had contact with or people who were referred by a business partner or existing customer. I think that definition is far too limiting. You can call people you haven’t met yet, just ensure you have a tidbit of information about them when you call to break the ice. It could be a press release you found, it could be an award the company earned, or it could be something personal about the area they live and work. It takes a little more effort than a cold call but delivers much better results. One of my favorite guides is a free one by HubSpot and will help you to dramatically improve your cold calling success. You can access it HERE.
Get over it, get social
If you consider yourself one of those people that just doesn’t do social media, it’s time to reconsider your stance. LinkedIn is a sales powerhouse resource that doesn’t have to cost you a cent. With over half a billion registered B2B users, it’s a gold mine if used effectively. I wish when I had started my career in sales that tools like LinkedIn were around. In the last 10 years of my career, social media, particularly on LinkedIn, has been invaluable. Contribute to conversations, share valuable content, become a trusted resource for helping others with their businesses. It won’t cost you a cent. We’ve actually written a guide to help you and you can access it HERE. LinkedIn is invaluable in assisting with your “warm calling” efforts too!
Process more and spend less
There is nothing more costly than people. If you’re still using manual processes to run your business, that is costing you big time. According to PwC, “45% of workforce tasks can be automated which could save an estimated $2 trillion in global workforce costs.” You know that people are your most expensive business asset. As you grow, you may be looking at hiring a new person in order to keep up. Before you do that, look to automation so you can scale more economically. The more automated systems you put in place and the more connected those systems are, the more easily you’ll scale and grow on the cheap. A good PSA will save you a ton of time and money that you can use on other aspects of your business.
Don’t believe me? It’s simple math. For a simple illustration of just how much you could save through automating business processes, check out this calculator by DIGITECH Systems. Go on, I’ll wait…
Good, you’re back! Now that you see how much you can save through simple automation like data entry, imagine the savings for more complex automation for invoicing and service tech management. Those savings add up in a hurry and more than pay for the cost of any automation platform you may look at.
If you are a technology solutions or managed print provider, you could save even more by talking to Tigerpaw. You could pay separately for your CRM, service dispatch modules, remote technician applications and a host of other things to make your business more automated. Question is, why would you? Choose a PSA that has ALL the functionality you’re looking for today, and in the future and never worry about “gotcha” pricing on new features and functions. Less money spent on managing business functions means more money for acquiring customers and growing your empire. You can download this great guide on “Facts vs. Myths” to get you on the right track to choosing the right business automation platform.
Regardless of what industry you are in, if you take the time and put in the effort, these two things will go a long way towards growing your business faster and more efficiently than ever. Increasing sales and taking a more systems-based approach could be the best thing you’ve done for your business in years.
Do you have your own tips on making yearend incredible? Please share with our readers! And if you’re looking for additional tips on improving your business, make sure to visit our blog or listen to one of our podcasts by visiting our resources area!