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How to Prospect Effectively Without a Big Budget

Clock5 min. read
byVexxit Staff onNovember 17, 2020

Regardless of what you may have heard or believe, you don’t need to spend BIG to prospect effectively. Here are six prospecting strategies that any business can implement without breaking the bank.

It doesn’t matter what industry you are in or what products or services you sell, you need buying customers. If you want to increase revenue and grow your market, again, you’ll need to find new customers. Finding new customers is what prospecting is all about. While the idea of prospecting may seem daunting, it’s a proven method for gaining new customers and increasing sales. In the midst of this COVID-19 pandemic, prospecting for new customers is crucial to your continued success. Prospecting methods used in the past will require a bit of tweaking since people can’t readily come to you. You’ll need to get creative with your prospecting strategies and if you aren’t already taking advantage of digital technology and social media, it’s time to take the plunge. 

Prospecting strategies that won’t break the bank

Regardless of what you may have heard or believe, you don’t need to spend BIG to prospect effectively. Here are six prospecting strategies that any business can implement without breaking the bank. 

Strategy #1: Stay Connected

Staying connected is all about networking, nurturing connections and forging new relationships with customers, business peers and colleagues, as well as the larger community. Networking is essential to our continued success because it allows us to leverage our connections. However, during a global pandemic, networking methods of yesterday (over coffee, during meetings, at conferences or events), won’t cut it. Social distancing and group meeting restrictions has made in person gatherings almost impossible right now. We can adapt to this new reality of remote work and social distancing by stepping into the world of virtual networking! Set up video chats with peers and colleagues, have virtual meetings or consider hosting podcasts or webinars to educate your customers (and potential customers) about how your products and services can benefit their lives. 

Strategy #2: Improve Web Presence

With social distancing restrictions still in full force, we are web surfing more than ever before. So, if you don’t have a web presence or haven’t given much thought to one – the time has come. One of the first places people go to find products and services or to discover more about a company is the web. With a website customers and potential customers (prospects) can find you faster. Develop content for your website that is relevant, engaging, and informative. Give them an opportunity to get to know you. Think of your website as your online introduction to the world. It should not only showcase your products or services, but it should also showcase your core values and reflect your brand. 

Strategy #3: Use Digital Technology and Social Media

Technology today makes it so much easier to find and reach potential customers. With mobile devices, email, texting and other digital and social media channels (Facebook. Snapchat, Instagram, Twitter, etc.), you have countless avenues to seek out and find new customers. By getting a little creative with your content and promos, you can go viral, attracting a huge database of people around the globe – all for free. Plus, a social media presence is a great way to develop your credibility and highlight your brand. It’s also another avenue to connect with your existing customers and attract new customers. 

Strategy #4: Start a Referral Program

Referral programs don’t cost anything extra but they can bring in a whole lot of new customers. With a referral program you simply encourage existing customers to bring in new customers by incenting them with deals and discounts. Referral programs can include a 2 for 1 offer, a buy one get one free offer, free access to programs or applications, etc. With a solid referral program you let your existing customers bring new buyers to you. 

Strategy #5: Offer Discounts and New Customer Incentives

Everybody likes a deal, which means discount offers and incentives still attract customers. Whenever you tell people that they can save money, you pique their interest. The more people you attract with discount offers and incentives, the more potential buyers you have. Once you get them into your store (whether an online store or a traditional bricks and mortar store), they are likely to look around to see what other products or services you offer. It also might be worth considering discounts to certain groups of people like seniors, healthcare workers or teachers. Discounts of this nature can benefit your business reputation. 

Strategy #6: Partner with Complimentary Businesses

Want to offer your customers or potential customers more? Have you considered collaborating with a business that targets the same audience? Partnering combines the resources of both companies to create unique opportunities that result in better customer experiences. Better customer experiences can lead to faster growth and higher profits for both businesses. 

We have just scratched the surface of successful prospecting strategies. In the world of marketing, there are a plethora of strategies and avenues to explore that will garner more customers, elevate your reputation and increase sales. Some, like the ones listed above, can be implemented for little to no cost. Prospecting strategies and programs range in price and some can (and do) cost a boatload. This article highlights that not all prospecting strategies cost money. In this pandemic, that’s worth noting and maybe putting into practice. This COVID-19 pandemic won’t last forever. Keep doing what you do best and stay the course. It might mean doing things differently and making a few tweaks along the way but be patient and optimistic.

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