You’ve probably heard that “It takes money to make money.” While that may be true, overspending is not the key to success. A smart business owner understands when to spend and where to save. Here are a few tips to help you spend less in your business.
Ramp up the Word-of-Mouth Marketing
Image via Flickr by Just Tax Credits
Not only is word-of-mouth marketing inexpensive (try free!) but it is also the most convincing form of marketing out there. A study by BrightLocal revealed 79% of customers trust online reviews, one of the most effective word-of-mouth options.
There are many ways to increase word-of-mouth marketing. If a customer expresses their gratitude for service, ask them if they wouldn’t mind writing a review or passing your information along to their network. If you receive a thank you email, reach out to the customer and ask them if they would mind if you posted it on your website. Ask friends and family to refer your business to others.
While word-of-mouth marketing will not negate the need to spend money in marketing, it will help you defray the cost. After all, the more buzz you are receiving, the more customers you’re getting, the more business you’ll be doing, and the less money you’ll need to spend in other forms of advertising and marketing.
Make Bill Paying Easier
The ability to transfer money with Ria Money Transfer is an easy, efficient options that saves you money and time. Ordering checks will be done less often. You cut the cost of postage, printing, and envelopes. You save time because transfers occur with a quick couple of clicks. Some companies even offer discounts for paying online.
Money can be tight for entrepreneurs. Ria allows you to use credit cards and debit cards for money transfers, and the funds are transferred same day in most situations. This means you have more control over when the funds leave your account and when they’re received. Money will spend more time in your account, and you can do away with the late fees incurred by slow mail delivery.
Become a Thought Leader
You can receive free press/PR and your website can achieve high rankings in search engine optimization (SEO) if you position yourself as a thought leader in your industry. While this is not an overnight process, it can save you a lot of money in the long run with more (free) exposure for your business.
Concentrate on SEO
There are multiple ways to achieve SEO, and they seem to change often. Seeking out an SEO expert can be costly, so know your industry before you make the investment. Search for your product or service on Google. If the first page search results are dominated by Fortune 500 companies with enormous marketing budgets, the likelihood of you displacing them is small.
However, there are several things you can do to improve your SEO. Write meaningful/helpful content, engage followers on social media, become a thought leader, and optimize your website with content that will help people in the market for your product or service find you. Higher rankings in Google will mean more organic traffic to your site and will reduce your need to pay those costly fees to drive traffic. Google also bases its advertizing price on your rankings, so it benefits you to place well.
Your goal is getting your content shared. If it makes sense for your industry, and if you haven’t established yourself as a thought leader, reach out to and form relationships with pundits, top bloggers and experts in the field. If you can get on their radar, they’re more likely to share your content.
Rent a Spot, Not an Office
If you’re in a professional services field, it’s not always necessary to have a brick and mortar storefront. Yet, you don’t want to sacrifice professionalism. When you need an office, a virtual business organization makes space available and/or a receptionist to answer your phone and forward calls to your home. This will save you from having to rent an office and signing a multi-year lease.
Remember when it comes to your business, time is money. If there’s something you can do to make yourself more efficient or a task you can streamline, you’ll give yourself more billable hours.