Business owners are oftentimes required to make certain changes to their business operations to achieve more profits.
In this era of the COVID-19 global pandemic, making these changes has become more urgent to ensure the survival and continuity of businesses.
To make this happen, business owners need to see to the deployment of certain strategies that can increase revenue and ultimately, increase the net profit of their businesses.
1. Lead generation and conversion
Lead generation is a process that is used to attract new prospects to a business. The process also aims at converting prospects to paying customers. Suppose your business has five paying customers already, you can use lead generation to increase the number of paying customers to ten and in so doing, double your profit.
Lead generation requires you to reassess your sales processes and methodology. A reassessment will show you areas where your sales effort is lacking, new sales tactics and channels that you can adopt, and new markets that you may have previously ignored. When all these are optimised, your sales conversion rate increases and so does your profit.
2. Optimising each transaction
When trying to increase revenue (and ultimately, profits), there are many things you can do. You can increase the price of your products or services, cut costs, increase the number of customers buying from you or increase the volume of sales you make to the same number of customers. The last option is sometimes the easiest and cheapest to implement immediately and it can be done by either upselling or cross-selling customers.
Upselling simply means encouraging customers to buy other products (some of which may be pricier) from you, than the one they would usually buy, while cross-selling tries to get customers to buy related or complementary items. Upselling and cross-selling make it easy for you to generate more revenue from the same number of customers without incurring additional marketing cost.
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