How to increase profit in business - page 14.

SOKO-DEKE

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There are many businesses strategies to boost profits, but the few you've highlighted are the ones that matter most. Being polite to consumers, offering discounts to customers, and selling high-quality goods are all crucial in business , especially in stores businesses. If someone wants to succeed in business, they must take on these duties. My personal experience has shown me that to attract customers you play this tree duties.

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.

Giving customers discounts doesn't imply you should sell your products so cheaply that you will eventually go out of business; rather, it only means you should offer a small discount in comparison to what others are selling. I firmly feel that this practice helps businesses to attract more clients.

Litzki1990

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6The first step to making a profit in business is to always treat customers well. You must always remember that the customer is the target of your business. Never mistreat customers.
Suppose in business case you first started with a shop, the customer in that shop is actually treated very politely with that customer as a result of which it will be seen that the customer will be very happy with you and later he will come back to your shop and bring some more customers. But if you misbehave with customers then that customer will leave your shop with a bad mentality towards you and will tell everyone about your behavior which will make others not come to your shop. So to improve the business you have to treat the customers well first.

Secondly, one must always adopt the righteous path. And accounts should be kept clear. If you are not mature then no matter how much money you earn from trading you will not be profitable annually.

Minecache

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Quote from: Fiatless on May 06, 2023, 02:57:25 AM

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. Instead, treat your customers well and stock your store with a variety of goods so they can make the perfect choice when they visit. As you mentioned, treating your customers like kings is another great way to boost your revenue because they'll notice when things are going well in your store.

Having many customers and making a small profit from each sale might be better than having few customers and making a huge profit from them. An example is having 10 customers that you make $10 from each of them and having 100 customers that you make $2 from each of them. The former will bring $100 and the latter $200. Attracting more customers is an important factor in business growth and profitability.

I agree, we don't need to make too much profit for each product sold, but instead can make a small profit but attract many customers, the total profit will be huge. If we sell cheaper than our competitors, we can retain old customers and attract new ones, which is a huge advantage that many large enterprises are applying. We are consumers ourselves, and we know what we need when we go shopping. Therefore, when doing business, always put yourself in the customer's position, then you will gain customers' love.

KiaKia

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Quote from: cryptoknightt on May 05, 2023, 12:58:45 PM

Discounts are things that can be done in a business to increase profits in business, maintain product quality and maintain relationships with customers by maintaining etiquette with customers and providing new innovations in business that are not monotonous, such as technological improvements contained in a product to be sold Survey competitors can also be done to give our products superiority when compared to competitors' products

Discounts in business is risky too, I have seen people that use discounts to their advantages for their businesses and it works very well for them and I have also seen some people that use discounts and they end up losing more money because even after the discount many customers only take advantage of the discounts and move away from the store.

You need a proper discount strategy that won't end up a mess, I think discounts is not something that every business can make use of, the best businesses that are good for discounts are those that are into wholesale, even if the discount thing isn't working as they wished for they aren't at loss.

rby

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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.

The surest means to increase profit is to make more sales. The best way to make more sales is to involve in good promotion. If you don't give your product the exposure they want, then will age in your shop.
Promotions enables you to highlight the benefits of using your products, and as part of the promotion being said, you can use referral bonuses. This will enable others (your immediate customers) to scout for more on your behalf.

wajik-tempe

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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.

Fiatless

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In this time of economic problems, people are more concerned about cutting costs. If you offer products with cheaper prices, the business will attract more customers. So every business shouldn't focus on making huge profit but the target should be how to attract more customers. This is because more customers will lead to higher profits. So business owners should seek quality products that have competitive prices.

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. Instead, treat your customers well and stock your store with a variety of goods so they can make the perfect choice when they visit. As you mentioned, treating your customers like kings is another great way to boost your revenue because they'll notice when things are going well in your store.

Having many customers and making a small profit from each sale might be better than having few customers and making a huge profit from them. An example is having 10 customers that you make $10 from each of them and having 100 customers that you make $2 from each of them. The former will bring $100 and the latter $200. Attracting more customers is an important factor in business growth and profitability.

adzino

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Advertising and brand recognition is one of the best way in boosting your profits. When you invest in advertising your business out there, people become more familiar with your products or services. Even better if you have something unique that you can use to promote your business. Like a slogan, or a product or anything that when people see will immediately recognize which business it is. The more the people recognize your business, the more you will be earning. But don't expect to earn a lot after few days of advertisement. In a long term thing and it will give you some good ROI after few months.

Dr.Osh

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convenience, customer satisfaction, product quality, low prices, discounts, and good grammar from the seller are the keys where consumers will always be happy to come back to the business you have. it will let them do free advertising to people who need the same or similar products, and they will advertise it for free to their friends. it will increase the number of visitors and consumers at your place.
For example, when bitcoin becomes hype, very many of us do free promotions to the people around us, so that in a short time, bitcoin becomes famous and has a lot of users. Apart from that, another way to increase profits in the business that you have is to take advantage of social media such as Facebook, Twitter, Instagram, TikTok, and others. it has also proven effective in increasing the number of consumers, and increasing the profit we have.

Dzwaafu11

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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. Instead, treat your customers well and stock your store with a variety of goods so they can make the perfect choice when they visit. As you mentioned, treating your customers like kings is another great way to boost your revenue because they'll notice when things are going well in your store.

Iranus

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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.

Don Pedro Dinero

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I generally agree with what you say.

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. Meaning more patronage for your business which will be increasing your profit.

Well, treating them like a king is perhaps a bit of an exaggeration. All customers are not polite to you and you have to know where to draw the line too, depending on the business you have. But yes, the customer is the one who feeds you and you have to treat him as well as you can as long as he is respectful to 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.

Many people do not understand this, and it may seem paradoxical to them, but it has been proven that giving discounts or free things tends to increase sales not only during the promotion but even after it ends.

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.

Well, one of them would be to publicize your business. Not in vain there is a concept called CAC, or Customer Acquisition Cost. It basically consists of investing in advertising and only very few businesses can avoid this and be successful. The question is to maintain a balance and always invest the right amount so that the customers you acquire and what you spend is higher, so that you obtain a higher return on your investment.

cryptomaniac_xxx

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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.

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.

cryptoknightt

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Discounts are things that can be done in a business to increase profits in business, maintain product quality and maintain relationships with customers by maintaining etiquette with customers and providing new innovations in business that are not monotonous, such as technological improvements contained in a product to be sold Survey competitors can also be done to give our products superiority when compared to competitors' products

Kelward

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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.

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