Every business sometimes needs a quick influx of cash. If you’re facing cash flow issues, here are a few simple strategies you can employ right now to fill in the gaps and make sure you’re covered.
Ask Your Happy Customers for Referrals
If a customer is satisfied with your products or services, they’ll be happy to spread the word among their friends. This is a powerful form of marketing because it comes from a real person, not you, the company.
Some people will naturally sing your praises if you ask them to, but you can sweeten the deal by offering an incentive. If you feel uneasy asking people for a favor like this, keep in mind that your purpose is to offer your unique value to the people who need it.
Offer a Loss Leader at a Low Price
Another way to attract new business is to offer a ‘loss leader.’ This is a product you sell below market value for the purpose of bringing in new business. You’ll get some quick cash, but even more importantly, some new customers.
You can use a loss leader to introduce other products through upsells and cross-sells. It also offers an opportunity to entice people to sign up for your email list or join your social media groups.
Have a Flash Sale
A flash sale is a great way to inject a quick boost of cash into your business. Offer a deep discount on a high-value item for a limited time only. Flash sales typically last only 24 hours.
Choose a good product your audience will love and announce the sale well ahead of time. Make sure the terms are clear and stick strictly to them. If you have people wanting to buy after the sale is over, start planning your next one.
Get Reacquainted with Past Customers
It’s much easier and cheaper to sell to past customers than to bring in new ones. You probably have some customers who haven’t bought anything in a while. Now is a good time to rekindle the relationship and offer them a good deal.
Create an offer that’s highly valuable to your customers. Create an occasion for the sale or offer it as a “thank you,” an exclusive deal to reward their loyalty.
Offer a Taster
A great way to attract new customers or get your existing customers to buy more is to offer them a taste of the value you have to offer. Give people a free demo, free trial, seminar, or other offer where they get to see your products or services in action.
If you want to offer something limited, choose a select group of your most engaged buyers since these are the ones most likely to purchase.
Establish a repertoire of these techniques and you can employ them whenever you need a quick burst of cash. If you understand the times in the sales cycle when your sales lag, you can prepare well ahead of time to mitigate the costs.
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