Top 3 strategies for increasing small business profits

[roseline371274]

Three strategies to increase profits

There are many ways to increase profits, for example by reducing costs. We will look at three main ways that directly affect sales themselves - attracting customers, keeping them coming back, and maximizing profits.

1. Increase in reviews: the more customers your business attracts, the higher its profit. But to attract new customers you need not only to offer a quality product/service, but also to be recognizable among potential buyers and attractive special database against the background of competitors. This means developing a brand, encouraging customers to recommend you to their friends, and offering convenient and advantageous conditions.

2. Desire to return: getting a new customer is expensive, getting a regular customer is cheap and profitable. Every second purchase costs almost nothing from a marketing point of view, but brings at least the same amount of profit. To do this, it is important to work on the loyalty of your customers, not only through the quality of the product, but also through the accompanying service - a system of discounts, a high level of service, etc.

3. High Marginality: The more you sell marginal goods – that is, goods with the greatest difference in cost and price – the higher your profit. Promote them first – visually (by highlighting them), aurally (through employees). Marginality is also affected by the quality of service – the higher its level, the more people are willing to pay.

These strategies can be implemented in many ways. But the universal option for each of them will be internet marketing - through creating your own website.

Go online

According to WeareSocial , in 2022, 5.16 billion people will have access to the Internet - today this number is even higher. More than 90% of them do it every day - not only to search for information, but also to order a taxi, pay bills, shop, do documents and much more. A significant part of the life of a modern person takes place online.