How to increase profit in business - page 10.

tjtonmoy

sr. member

Activity: 1008

Merit: 366

Quote from: Kelward on May 05, 2023, 08:43:31 AM

Please feel free to drop your own ideas on how to increase profit in businesses.

Take less profit per product but sell more. That way, you will make more profit in the long run. If you focus on making more profit in a short time, you will lose all your customers. When people see that you are charging them less than others, they will come back to you. But make sure to keep your profits as well. And people like to browse things when they go to any store. It's not about bran or quality, it's about how you display them to your customers. You can keep items in an order so that they can choose what they need and also which is somewhat necessary with that component. People come to stores to buy one item in their mind, but if you can manage to organize your items in that order, then they will pick more than what they require. It's all about mind game. But you need to make them think that they are the one making that decision.
Also if there's competition on which products you sell, be sure to keep premium items and brands that are not available in that area. People will choose them without knowing. Spread your business where those products aren't available widely.

serveria.com

legendary

Activity: 2422

Merit: 1191

Privacy Servers. Since 2009.

Quote from: Kelward on May 05, 2023, 08:43:31 AM

Please feel free to drop your own ideas on how to increase profit in businesses.

Quote

customer is king and should be treated like a royalty.

Not always. There are some "toxic" customers and time-wasters who come to your shop without intention to buy anything. You will lose your time and efforts to sell but the deal is impossible as they were not even considering buying anything initially.

Quote

Stock different brands of the products that you sell.

Sometimes this works against you too. If you sell items of one or few specific brands, you have your own loyal customers, easier to control stock, do accounting, buy items etc. This saves a vast amount of time and work. The more time and energy you have, the more you can achieve.

Think about it.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

That's a very good tip from the op, knowing how to treat and attend to customers i believe is one of the major ways to grow a business really fast, this is because, customers are the best marketers, promoters of any business, the power to make a business really big, or to destroy the business is in their hands, this is why every business owner out there must treat their customers well..

As a business owner, if you like, advertise your business on the television and radio station, have your products pasted in every billboard in town, if every customers that have patronized you are not happy with your service or way of treatment, and will not come back to patronize you again, be rest assured that business will collapse in the long run, except something changes before then.

Distinctin

hero member

Activity: 2926

Merit: 657

No dream is too big and no dreamer is too small

Quote from: wajik-tempe on May 06, 2023, 03:03:53 AM

Building good customer connections is an efficient method to enhance earnings. You may boost client loyalty and attract new consumers by treating them like kings. Furthermore, even after deducting the cost of the incentives, delivering awards and discounts during a certain season can assist raise sales and profits. Stocking a variety of brands of items may help boost sales by giving buyers a larger choices to pick from.

If you can’t build a good relationship with the customers, surely they will never come back, no customers, no profits at all. That’s why if we can make them feel that customers are always respected and they’re always right, then they will always stick to us and will continue to patronize our products. Discounts and promotions are just additional ways to boost profits, and of course having a lot of varieties to sell, makes your business an all in one shop which will offer more convenience and advantage on part of the consumers.

Iadegbola34

member

Activity: 499

Merit: 16

I completely agree that customer relations are crucial for any business and treating them like royalty can result in loyal customers who not only keep coming back but also recommend your business to others, which ultimately leads to increased profit. Your idea of having a season of rewards and discounts is also very effective in increasing sales and profit. I appreciate your willingness to share your knowledge and would love to hear more from you or other forum members on this topic.

Crypto Library

hero member

Activity: 1036

Merit: 933

Find your Digital Services at- cryptolibrary.pro

Quote from: Kelward on May 05, 2023, 08:43:31 AM

Please feel free to drop your own ideas on how to increase profit in businesses.

All the ideas you mentioned will really help to increase the profit in the business Not only the satisfaction of the product but also the behavior of the seller many times the customer got satisfied which you have mentioned well.
Now if I had to mention some more my personal ideas would be something like this-

Make less profit on each product but sell more products
You can initially hire local celebrities for advertising or promotion, which will increase both your sales and profits.
Open accounts on online social media platforms and be active in online media as much as you can. And presenting all the business updates there constantly.
Be aware of what strategies other businessmen are following in other international marketplaces.
And basically follow the trend.
Generating creative ideas

Faisal2202

hero member

Activity: 1428

Merit: 513

Payment Gateway Allows Recurring Payments

Quote from: Kelward on May 05, 2023, 08:43:31 AM

From my experience as a business person, in buying and selling, I have discovered some helpful tips on how to increase profit. I an happy to share some in this forum.
...
Customers will prefer to enter a shop where they will see different varieties of what they need. More customers will enter and will even be tempted to buy more than they planned for. More customers equals more profit.

Customer satisfaction should be the main concern of every shopkeeper, (as you already mentioned), as most of the time when i want to buy something from one shop, they don't even care about you and deal you as a time waster, like nowadays many people just went to shops for example of clothes or of any digital device (smartphone of Computer), ask various questions and at the end, they just make a lame excuse to cover the fact of wasting time of shopkeeper which really make them (shopkeeper) angry.

I recently have an experience of this, i actually went to another city for buying a 2nd hand phone and i almost spent 7 hours in the market, for the first 2 hours i was thinking, shopkeeper will tell me many things about device and will convince me to buy it but, "NO" they were like don't give a *** about a client, they were like you are also a time waster (hahaha) i don't know i should laugh on it or be angry about it, well when i came to know that, i adopted the same behavior as others were adopting and the 2nd day i went again and bought one.

Well as per your query, there are many ways to increase profits, such as;

Talk nicely and ask nicely, For example, when someone comes to buy something, ask him for water (i know that's not how deals are done in bigger cities but in my area, this happens). Ask them to sit (politely), your good behavior will encourage the customer to come again.
Show them some discounts because this will encourage customers to come again
If your store is not online then its a big mistake even if you have a small shop you must use third-party websites for example, Daraz and OLX (only in my region, seek yours), this will your product reach thus more customer will be there and according to your formula "More customers equals more profit"

Further ideas can be suggested but that depends on your niche.

bitzizzix

sr. member

Activity: 2590

Merit: 452

Enjoy 500% bonus + 70 FS

Quote from: Altryist on May 08, 2023, 09:45:46 AM

Quote from: Jody.Drummer on May 08, 2023, 12:13:15 AM

Yes, that's right, our service to customers or consumers is one of the determining factors whether our business runs smoothly or not later. The reason is based on my experience, I prefer good service even though in terms of price it is slightly more expensive. Maybe some people will not care about this, the important thing is that they get quality goods at competitive prices, but for some other people service is one of the things they have to get. In my opinion, the way a businessman serves his customers must really be considered.

To get good business results, you need to look at many indicators, from the quality of goods and customer service to a good assortment of goods. And just due to a good assortment, you can increase turnover and, as a result, profit.

It may take a lot of time to decide on the running assortment, but this is what will determine the success of the business. Service is always important, especially now when it comes to online trading, where every buyer can leave a review and it will be available to everyone.

You are right, and the most important thing for me is. Loyal to customers, providing good quality beyond expectations, not sacrificing qualifications, always maintaining quality according to price.
customer satisfaction by providing quality that is comparable to the price and the best service related to goods or services in business, will make your business promoted by customers. And with customer or consumer trust in your product, and also your product must be of higher quality than others, manage this automatically, your business will grow and also increase profits.
So, the most important thing is the quality of goods and the best service to increase profits and also your business. And henceforth it will go hand in hand with time, but these two things must be implemented or owned from the start.

Altryist

legendary

Activity: 2100

Merit: 1340

Quote from: Jody.Drummer on May 08, 2023, 12:13:15 AM

Yes, that's right, our service to customers or consumers is one of the determining factors whether our business runs smoothly or not later. The reason is based on my experience, I prefer good service even though in terms of price it is slightly more expensive. Maybe some people will not care about this, the important thing is that they get quality goods at competitive prices, but for some other people service is one of the things they have to get. In my opinion, the way a businessman serves his customers must really be considered.

To get good business results, you need to look at many indicators, from the quality of goods and customer service to a good assortment of goods. And just due to a good assortment, you can increase turnover and, as a result, profit.

It may take a lot of time to decide on the running assortment, but this is what will determine the success of the business. Service is always important, especially now when it comes to online trading, where every buyer can leave a review and it will be available to everyone.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: Dr.Bitcoin_Strange on May 06, 2023, 03:27:40 PM

~

I see where you're coming from. Indeed it is more than a requirement to have a good location considering also the factors, not just the people but also how convenient would it be to reach your store, let alone for your distributors and suppliers.

Also worth noting that I had worked with few clients and you're definitely spot on on maintaining relationships with customers. It gives rumors (good rumors of course) around your business regardless if it is a service rendered business or merchandise ones.

Quote from: mvdheuvel1983 on May 08, 2023, 03:29:56 AM

For a customer to be treated as king the businessperson if they have staff working for them must invest in training of the staff. In addition, if you have a physical shop space, consider giving it a modern look because most times, customers will return because of the ambience, atmosphere they experienced while shopping.

It kinda depends still on what business offers to people. Some business would still remain classy especially for those diner restaurants. I wouldn't ever return to a diner restaurant that just do some flashy ambience just to look "latest". Sometimes the latest design is not really the better one. Look on how other manufacturing companies "modernize" their logos.

GigaBit

hero member

Activity: 1764

Merit: 514

Leading Crypto Sports Betting & Casino Platform

Quote from: wajik-tempe on May 06, 2023, 03:03:53 AM

Building good customer connections is an efficient method to enhance earnings. You may boost client loyalty and attract new consumers by treating them like kings. Furthermore, even after deducting the cost of the incentives, delivering awards and discounts during a certain season can assist raise sales and profits. Stocking a variety of brands of items may help boost sales by giving buyers a larger choices to pick from.

There is no substitute for advertising or promotion for business expansion. Those who can manage the marketing process correctly will also find quick success in their business. However, in this case a decision has to be taken depending on the type of goods by which a trader wants to conduct his business. To manage any business, the manager must possess certain qualities. Qualities that are suitable for any type of business such as quick decision making, establishing good customer relations, having the ability to accept any challenge, having the attitude to take risks, being able to set long-term goals, making realistic plans to achieve the goals and so on. Ability to implement step-by-step and self-sacrificing attitude. When these factors are found in a businessman, he will be able to take the business to a level along with the rapid expansion of the business.

Lida93

hero member

Activity: 938

Merit: 605

Leading Crypto Sports Betting & Casino Platform

Quote from: Kelward on May 05, 2023, 08:43:31 AM

Your business should have at least one season when you give out rewards and discounts to customers when they buy your products. This will increase your sales geometrically and when you remove the cost of the reward and discounts, you will still have increased profit.
Stock different brands of the products that you sell.

Haven mentioned certain key elements on how to keep increment in profit by business people and how to delight their customers for better patronage to their business. I would like to pick on the issue of the small scale shop or business, that it depends on the business size that a business man can be able to take up the decision of giving out rewards and discounts to customers. It can't be feasible for such a struggling business with a scarce space shop battling to hold up. Any attempt to have a discount giveaway is tantamount to ending the business.

On the other hand, the model is undeniably advantageous to large business owners. For customers easily switch to where they get value for their money due to the discount they may enjoy therefore leading to increase in demand and sells for the business owner.

mvdheuvel1983

sr. member

Activity: 1022

Merit: 368

Quote from: Kelward on May 05, 2023, 08:43:31 AM

Customer relation, a businessperson must understand that customer is king and should be treated like a royalty. Even it they are buying the least thing in your shop. When they leave your shop delighted, be assured that they will always come back to patronize you. And they will even market your products to their friends. Meaning more patronage for your business which will be increasing your profit.

For a customer to be treated as king the businessperson if they have staff working for them must invest in training of the staff. In addition, if you have a physical shop space, consider giving it a modern look because most times, customers will return because of the ambience, atmosphere they experienced while shopping.

Quote

Your business should have at least one season when you give out rewards and discounts to customers when they buy your products. This will increase your sales geometrically and when you remove the cost of the reward and discounts, you will still have increased profit.

If some businesses adopt a sort of casino VIP loyalty club model, it may attract more customers and increase sales. casino VIP loyalty club model will be for those customers who buy the most and are returning customers. They may even help to make small customer-shop base decisions. At least you will be getting opinions on how to improve your business from the customer point of view.

bettercrypto

sr. member

Activity: 1498

Merit: 271

DGbet.fun - Crypto Sportsbook

Those are good things you said and those are really major help things in any business we will build. Then the consumers, even if it's just a little discount, most of them are actually happy.

Especially if the gimmick you will do in business will be popular and enjoyed a lot, it will surely boost your advantage because your regular customers will surely tell their friends about your promos and freebies for all are your regular customers, and I also think that it is also effective for them to have a discount card from your business as well.

Kadal Ijo

full member

Activity: 1162

Merit: 106

In my opinion, the best thing to increase profits in business is to increase capital and marketing which is getting more massive, currently there are many social media influencers that we can use to advertise our products, and this has proven to be more effective, some conventional advertisements such as television or newspapers also still have performance. which is good so we have to do all marketing tools.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Quote from: Kelward on May 05, 2023, 08:43:31 AM

Customer relation, a business person must understand that customer is king and should be treated like a royalty.

I beg to differ on the part I bolded as it doesn't apply to every customer. There are some customers you wish you didn't have because of their irritant behaviour. No matter how hard you try to please these ones, they won't be appeased. Perhaps, OP hasn't met such unpleasant humans. I think that expression is a cliché that rests on idealism rather than reality.

Quote from: Dzwaafu11 on May 06, 2023, 12:56:49 AM

Too many customers obviously won't increase your profit, and if you're selling things at a loss to them, I don't think that's a good way to attract more customers.

Why would anyone sell below their goods at a loss and still call themselves a business person. OP didn't say sell at a loss but sell at a discount. Selling at a discount doesn't mean selling at a loss. What it simply means is that the business owner decides to lower their profit on the product.

Jody.Drummer

hero member

Activity: 1750

Merit: 567

Leading Crypto Sports Betting & Casino Platform

Quote from: kingvirtus09 on May 07, 2023, 05:14:20 PM

There is nothing wrong with what you said, maybe the only thing I can add is that we make our customers feel the importance of them in the business that we have, then the quality service should always be lumelevel-up as time goes on. It is also necessary to maintain 100% customer satisfaction and to maintain this, the quality products will also be maintained.
Because if all that is implemented correctly, surely in the near future they will promote your business to their friends because they know how you provide value to them.

Yes, that's right, our service to customers or consumers is one of the determining factors whether our business runs smoothly or not later. The reason is based on my experience, I prefer good service even though in terms of price it is slightly more expensive. Maybe some people will not care about this, the important thing is that they get quality goods at competitive prices, but for some other people service is one of the things they have to get. In my opinion, the way a businessman serves his customers must really be considered.

Negotiation

sr. member

Activity: 1204

Merit: 270

Hire Bitcointalk Camp. Manager @ r7promotions.com

Nowadays new ideas, technologies are being added to the business every day to increase the profit in the business. It is true that there will be some costs but to survive in business you have to offer good products and services to your customers. Without a competent team, your services and products will be of low quality. A skilled team can make a company efficient and sustainable. Low investment concept at first, through which you can also test the market and find the best one before investing in your own products and launching them.

DanWalker

hero member

Activity: 1960

Merit: 547

DGbet.fun - Crypto Sportsbook

Quote from: BitDane on May 07, 2023, 06:32:13 PM

One of the major solution to increase profit in a business is to increase sales. More sales means more profit. It can be increased through offering discounts, marketing promotions, advertisements and multi level marketing where the business use people to spread the news about the business and offers commission to them. Making the price competitive also increases the sales which can improve the business' profit.

It is also a great help to reduce the maintenance cost by improving the efficiency of every action made in line with business transaction. Efficiency also helps a lot if in case for the sake of improving profit we decided to open new branches in other places with possible diversified products.

Your solution is like everything everyone is saying here, it's very generic, and every business knows this. I once opened a business and failed. I know all the suggestions people are talking about, but the problem is that doing all of it costs a lot of money, and I don't think many businesses will do that.

We must depend on the circumstances of the business and the amount of capital that the business has... from there, we can develop a specific strategy to help our business survive and grow. There is no single formula to increase profits for all businesses. It is necessary to rely on many factors to evaluate and have a separate solution for each business.

romero121

legendary

Activity: 3234

Merit: 1214

DGbet.fun - Crypto Sportsbook

Look for the demand and do things accordingly. Always use the advancement available with us to create new business opportunities. Never stay down at any moment. Most of the time business failure happens when the funds were utilised in the wrong way and there is no proper audit.

Whether the business is small scale or large scale, there needs to be perfect data and the plan of execution. With business we should always have multiple plans, only then it is possible to improve business. This means we can't be sure of the result, so we can try with the alternate plan to improve business.

With business it takes lot time to book good profit, because these days business along with innovation is a must. With pure business means we should have big capital, as the profitability depends on the investment and so is the risk associated.

Topic: How to increase profit in business - page 10. (Read 1818 times)