Strategies for Maximising ProfitBy admin | 29th September | Marketing Ideas, Marketing Skills, Marketing Strategy, Marketing Training
Very successful companies use a raft of strategies for maximising profit, which they are continually improving and refining to improve their results. They may have a team of marketing people dedicated to implementing these strategies and monitoring the results. If that’s what the successful companies do, how can you replicate that in your small(er) business?
The key is having a number of strategies that are implemented consistently and the results measured so you can make continual improvements. (The words in italics are the important ones.) Marketing is like a recipe you follow – but it’s a different recipe for every business. Because I don’t know your business, I can’t second-guess which strategies will be the right ones for your success, but I do know that you need a number of strategies, being implemented consistently. You also need to measure your results, so you can keep improving your return on investment.
So… how many strategies do you have for maximising profit?
- When was the last time you put your prices up?
- How many strategies do you have for increasing the number of leads you generate?
- What strategies do you have for measuring and improving your conversion rate?
- Do you have strategies in place for maximising customer spend?
- How do you go about increasing the frequency with which your customers order?
If you could improve each area listed above by just 10%, how would that impact your bottom line? Successful companies make these changes all the time, so they keep increasing their net profit. You need to do the same if you want to increase your profits – and make the same amount of money in less time .