How to increase profit in business - page 13.

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

The most important thing is that all this attitude should come from the heart and be sincere. I have a business - I paint and sell paintings all over the world. And when a client writes to me, it's always a holiday for me. I adore everyone who comes to me for a painting, as this is both a profit for me and the value of what I need as an artist.
This is what I wake up for in the morning.

Also about discounts - I have discounts, customers love them. I also give coupons to regular customers.

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

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

Being friendly with buyers is indeed something that is most important in any business. Including the crypto business which can show an attitude of always smiling even though we are tired of answering the same questions. This is the ethics of doing business.
In addition, the products offered are also products that many people need, or products for their daily needs. If we compare it with crypto, such as swap exchange products, blockchain, nft and so on. Don't offer long term products, in general long term crypto products often disappear with time.

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

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

of course, maintaining relationships with consumers is a magical thing, I have a customer that I really care about, she diligently buys my merchandise and even offers to be my reseller. I visited her several times and saw that she was someone who could be trusted and humble. apart from that I also gave her and her child birthday gifts several times and she even considered me her sister.

if you run a business, you must be able to maintain good human relations because finding someone who is honest - trustworthy - kind to you is a treasure that cannot be exchanged for anything.

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Quote from: Hypnosis00 on May 06, 2023, 06:36:51 AM

Generally, it is all about giving good services to the customers. Because the moment that they feel happy and convenient in one place, they will turn back again and possibly bring more as they talk about their good experience.
Where discounts and incentives for loyal customers is also a great idea, and these people will appriciate it much. It is very important to hear feedbacks from our clients/customers whether it was bad or good because in this way, we know what is the thing we need to correct and a need to improve.

Indeed maintaining relationships with customers is one of the things that can be done to increase our profits, it must also be balanced with product quality development, expansion to wider locations, promotions so the world knows that we have quality

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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.

First, the location of your business can also determine the level of profit you get from it and the products you sell. For example when one decides to start of a business in a particular location, is it recommended that the person should carry out a survey to examine the kind of products people living in that area really likes buying more often, for example if one has a wine shop in a location that various ceremony (wedding, engagement part and all sort of parties) usually takes place, definitely the person will be selling there goods more often, but when a person just starts a grocery shop in areas where people are not much residing, ofcuse they will sell less and they will not sell off their goods so quickly to buy more and have the chance of making more profit, but once a person is in a location where their business is selling off so quickly, they have the opportunity to make more profit.

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Quote from: Iranus on May 05, 2023, 10:51:29 PM

Quote from: cryptomaniac_xxx on May 05, 2023, 03:36:37 PM

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

~snip

I guess it's boils down to good customer service and then promotions and marketing as you have said. Yeah, you need to offer variety of items. For example if you are in the shoe business, then you should have at least full sizes of the shoes that you are selling.

So talk to your customer, get feedback so that you can improved. They are the life line of your business, so obviously, you have to treat them very well. I also have online store that born out of the pandemic, and if I may add about the negatives though, there are competitors out there that wanted your business to be destroy so just be careful on who you deal with as well, just saying. Because as much as you are customer centric and giving rewards and discounts, sooner or later they will give you bad feedback because the people that ordered from your is from your competitor.

Quality and competitive pricing are important in business, but in my opinion, customer service is even more important if you want to increase sales and profits. As a customer, I prefer to go to stores with a good service attitude even though the prices may be higher than in other places.
In business, we should sell what the customer needs rather than what we have. I mean we should have many different models and based on the customer's attitude we should behave appropriately. That's something I take very seriously as a customer.

Truly, having a good customer service is the best asset in a business. Even if your shop is known to be expensive but at least high quality items, people will eventually look for a good customer service where there longings be satisfied and may create a good atmosphere and bond that will convince the customers to keep coming back. And maybe you can add monthly promotions and hot deals that offer a variety of discounts that will make the customers to wander more in your shop.

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The feature of successful business which you describe are very essential for maintenance of one's business but I think that behavior matters a lot because if you talk with costumers politely then everyone will buy the things from you but if you talk rudely and does not give any attention to costumers then the number of costumers will reduces even the cost is less than others.

Discount is also the best way but always think that more discount will collapse your business so try to understand this thing. Giving time to your business is also a good idea and if you have more varieties in your business then it will attracts more costumers towards your business so always make your business unique it will positively effects your business.

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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.

I think one of the most important things in this business is that similar products can be found in every price range. If a customer refuses to buy a product because it is expensive, we should be able to say that a similar product is of lower quality but at a lower price. In this way, we sell a product in our store. If we tried to sell products at a single price, we would not be able to sell products to this customer. Our aim should not be to send the incoming customer empty-handed. A customer who leaves without buying anything is a big loss for that store.

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For me marketing is the best way to increase your customer and profit as well. If you're a small business, you need to learn how to adapt on the latest trends and use it to market your product or service especially in social media. Social media can play a big factor to get recognized by possible customers. People nowadays love witty marketing strategy by using what's trending or funny ways of promoting your product. Also, a great design or layout can also help to attract people. Even bigger company spend a lot of effort on social media marketing because that's the fastest way to spread your business on a bigger audience.

After promoting and acquiring new customers, then that's when you have to work on maintaining those customers and make them loyal to you, either through experience or the quality of product you provide, or both. Once your customers enjoyed and we're satisfied with what you offer, you'll get free promotion because they will share it to their family and friends

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Quote from: Lorence.xD on May 06, 2023, 08:25:41 AM

Quote from: ringgo96 on May 06, 2023, 07:20:46 AM

Actually there are many ways to increase profits in business, but it all depends on the business we are running because every business must have its own way to find goods or customers so that they always feel at home to run a business with us, the most important thing in the business is honesty and always respecting the opinions of others and we can give new ideas so that increased consumers can be achieved, And the profit we want must be achieved.

There's a lot of way to advertise and improved marketing strategy of one business if they know what the customer want and what they aim. For example, one of the company set a standard of making a tiktok meme which a lot of people caught their attention, by that other companies also tried those method.

Originality of the product itself and how you market those products that people will love.

If you want to do business, you need to have experience in everything. There are many steps to be taken to sell the product. If you can capture the attention of the audience by marketing well, then you can be successful in business. You have to attract the audience. The more you can bring in the more the demand for your product will increase. If you can't win over the audience then you can't survive in marketing. Marketing is a place where you have to provide what the audience wants.

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

Snip

One way to increase profits in business is to increase sales. In this case, you need to do marketing very well because marketing plays the most important role in positioning any business. In this case you must hire a marketing specialist who is a marketing expert. and adopt new and innovative strategies that your business related companies have not yet used so that you can be successful and increase sales and earn high profits. this is the only good and potential way in my opinion

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Quote from: ringgo96 on May 06, 2023, 07:20:46 AM

Actually there are many ways to increase profits in business, but it all depends on the business we are running because every business must have its own way to find goods or customers so that they always feel at home to run a business with us, the most important thing in the business is honesty and always respecting the opinions of others and we can give new ideas so that increased consumers can be achieved, And the profit we want must be achieved.

There's a lot of way to advertise and improved marketing strategy of one business if they know what the customer want and what they aim. For example, one of the company set a standard of making a tiktok meme which a lot of people caught their attention, by that other companies also tried those method.

Originality of the product itself and how you market those products that people will love.

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Actually there are many ways to increase profits in business, but it all depends on the business we are running because every business must have its own way to find goods or customers so that they always feel at home to run a business with us, the most important thing in the business is honesty and always respecting the opinions of others and we can give new ideas so that increased consumers can be achieved, And the profit we want must be achieved.

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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.
Customer relation, a business person 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 patronise you. And they will even market your products to their friends. Meaning more patronage for your business which will be increasing your profit.

The customer is always right, that's the slogan I was told by my boss when I was operating a small business with him as the lead chief, it doesn't matter how wrong the customer was but you never attack them. You'll always make them feel comfortable and treated like royalty. This strategy always keep the customers coming back and with the friends to patronize you. If you want to succeed as a business owner, don't joke with your customers.

Another way to increase profits in a business is to reduced cost of production. Some businesses are making profits but when the expenses are been removed then they realized they weren't in any profits or the profits they realized has gotten reduced by a very large margin.

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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.
Customer relation, a business person 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 patronise you. And they will even market your products to their friends. Meaning more patronage for your business which will be increasing your profit.
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. 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.

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

Those are strategies and communication/rapport is key to give that thought to your customers that you value them. While those rewards are somehow necessary and can only be applied a few times within a year or depending on how you want to do it as a business owner, that also gives the thought to the customers to come back everytime you're making those to make sure each of their purchases are worth to make. And that's because of those points that's being counted whenever they buy at your store. Even I, as a customer for different stores, that's also tryna making me back when there are points or rewards systems that's being implemented. But then, in all of this, customer service and them being satisfied is a top notch.

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Generally, it is all about giving good services to the customers. Because the moment that they feel happy and convenient in one place, they will turn back again and possibly bring more as they talk about their good experience.
Where discounts and incentives for loyal customers is also a great idea, and these people will appriciate it much. It is very important to hear feedbacks from our clients/customers whether it was bad or good because in this way, we know what is the thing we need to correct and a need to improve.

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Here are the things you need to increase your sales.

1. Know what you sell, because properly explaining what you are selling to your costumer can easily convince them to buy your product.

2. Increase your social media presence by actively promoting your business and use social media boosting to increase reached this is one effective way to increase your sales. But you also need to know your target prospect first so that your marketing campaign will became more effect.

3. Be more active to answer your costumer since 5 minutes delay or more longer can make them turn off and they will look for another seller which can answer their question more faster.

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Thank you for sharing those helpful tips on increasing profit in businesses. I agree that customer relations are key to the success of any business, and treating customers well can lead to increased loyalty and repeat business.

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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. 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 patronise you.

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

This is only applicable if you have an existing business with established market. Not all business have a loyal customer so this suggestion will not gonna gain additional profit on business that doesn’t have a customer.

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.

Marketing is the simplest advice anyone can give to increase profit. This is what I’m doing to increase my business profit. Giving perks and discounts to my customers that purchased multiple times already makes them more loyal to my business.

Purchasing social media ads is the best marketing plan to target audience suitable for my business because social media is the hot spot for all the customers rather than the google ads.

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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. 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 patronise you. And they will even market your products to their friends.

That’s what some business people don’t really understand, they don’t have good customer relationships, when you are having a customer, make sure you know how to relate with them, you don’t just talk to them anyhow, you don’t insult them, whenever they are having problem with your products, make sure you Solve it appropriately, if your relationship with your customer is really nice, then it will always encourage them to patronize you and also invite people close to them to patronize you.

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.

This is also a marketing strategy, when you reduce the prices of your products for some certain period of time, it will help attract people to patronize you, since they notice that you are selling your products at a cheaper price so they will buy your products, which will increase your customer’s, even if the bonanza ends, most of them will still end up patronizing you.

Topic: How to increase profit in business - page 13. (Read 1794 times)