How to increase profit in business - page 9.

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Quote from: Kadal Ijo on May 08, 2023, 01:27:40 AM

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.

Increasing capital and marketing efforts can definitely help you (as a businessman) to increase profits. Those are fundamental basics in today's market rules.
One last additional note about investing in employee training and stuff development can also help increase productivity then ultimately profits.

cydrix

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Advertising and building brand recognition are two of the finest ways to increase your revenue. People become more familiar with your goods or services when you invest in marketing your company. Even better if you can use something distinctive to market your company. Like a tagline, a product, or anything that makes a company's identity obvious to customers. You will make more money as more people become aware of your company. But do not anticipate making a lot of money after a few days of advertising. It will provide you with a good ROI in the long run after a few months.

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The title of the thread seemed misleading when I read your content. The title seems to be asking how to increase profits in business, but instead you wrote some advice for doing it.

Quote from: Rupok on May 09, 2023, 08:58:16 AM

Currently, the successful businessmen are the businesses based on online platforms, because these businesses are now expanding a lot. Customers can now buy all the products online according to their preferences and needs. To be successful in business, you must provide good products to customers.Now is the age of updates, so try to keep updated products in store all the time. Select the quality of the product and sell it. When the buyer gets a good product from the seller, that buyer always buys the product from that store.Avoid any dishonest practices while offering discounts or rewards at any events.

You are right, I can justify it because this kind of business has become a new trend among resellers. Instead of renting a shop to sell their wares, they choose to supply goods at home and sell them online. This business is very profitable and many people have started it. This is something that developed during covid and continues to interest traders today.

Each customer only needs to pay in advance for the goods ordered, or can also pay at home when the order arrives (COD). The problem is that some sellers sometimes try to deceive their customers by sending goods that are of a different quality than those sold in their online store.

Rupok

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Currently, the successful businessmen are the businesses based on online platforms, because these businesses are now expanding a lot. Customers can now buy all the products online according to their preferences and needs. To be successful in business, you must provide good products to customers.Now is the age of updates, so try to keep updated products in store all the time. Select the quality of the product and sell it. When the buyer gets a good product from the seller, that buyer always buys the product from that store.Avoid any dishonest practices while offering discounts or rewards at any events.

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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.

One of the main things about business is rivalry, the profit business gets is always only a part of the overall profit in the business field. So the best way to increase profit is to be up to date with what rivals do, and try to do better. This is not only about quality (quality is for sure an undoubtable thing which should be under strict control of the business owner): also ad campaign, and the other features essential for attracting customers (good positioning in the streets and in media) should be not worse than those of the rivals.

Reid

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I do believe customer - owner - crew relationship should always be the priority if you want a successful business. But it is a different era now especially if you are selling thru online and deliveries too. It's difficult to create that kind of relation when you don't even see them daily/weekly/monthly unlike how it was before. So a business owner must also create ideas on how they can strengthen that relationship to keep them from purchasing from you.

Events are good, discounts, rewards, whatever we could provide to entertain more customers or the customers themselves pulling another to widen your field of marketing. Give them what they want and listen to their suggestion. Try to input it as much as possible and see to it that they will realize that you applied their suggestions.

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Quote from: Dr.Osh on May 06, 2023, 01:18:17 AM

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.

One point that stands out in this topic of how to increase profit in business is the power of advertisements. Be it giving excellent and delightful services to customers which will make them to advertise your product to their friends, who in turn will patronise your business and increase your profit. Or the most powerful of them which is social media. Be it Google, Facebook Instagram or any search engines gives businesses the widest reach, in terms of connecting businesses to customers anyway in the world.

We should remember that good product sells itself, so we should try to be promoting genuine products. Because people will build trust in our business and we will see our profits flying higher.

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Good customer etiquette is essential in any business. Because if you show love and respect to a customer then that customer will buy everything from your store later. Customers will be attracted to you by your behavior and will attract more customers to you. A lot of new customers will buy products from your store if you offer occasional discounts to give special incentives to the customers. And if you do business in this way, you will not have to look back in the future, but your future will move forward. There are many other tips on how to do business with self-esteem and attract customers to a business owner.

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We need to do promoting or anything that can make our product popular some business stablisment uses social media facebook,tweeter, vedios to promote the business products etc., Social media is the ways for today's generation to increase the costumer and at the same time increase the profit. Because more customers more sales followed by more profit.

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Quote from: demonica on May 06, 2023, 09:40:19 AM

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

We are living in a digital era, so social media marketing is obviously the most important aspect of a business. Digital ways of promoting your business along with traditional methods of advertising through billboards and banners will generate great results. Most businesses these days even focus on online selling their services and products.

Having more alternatives for providing your services and products to your customers gives you an edge over your competitors and puts your business way ahead in this modern era where businesses find it difficult to survive.

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Increasing the profit in business is possible out of one's own dedication and the innovation he/she had added to it. We can see good number of businesses all around and the unique one used to be discussed among the friends. This can be food industry, cosmetics, automotive, exchange, anything. Also the unique ideas incorporated into business bring free promotion. This itself a big advantage. In most of the business the spending on promotion used to cost a lot. So, in each and everything we need to be environment friendly as well as it needs to be unique. Even after this we were able to see failure. We shouldn't go down on such circumstances, we should have the confidence to grow up high again.

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In order for you to increase your income in business, you need only a small margin or profit for each sale you make, and you should also have freebies or promos that will make them feel like they are winning when they buy your goods, but they don't know that you can also earn money there.
And above all, customer relations should not be lost because it is very important, or you will have a raffle draw.
This is what is often seen in other grocery stores, restaurants and so on. But what kind of business are you talking about?

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Quote from: BobK71 on May 08, 2023, 05:38:30 PM

Lowering the profit on the product can be a good way because nowadays people trust the business if they get goods with a little less price. They will go to that business area to buy any product. Besides, they can do the marketing to the customers themselves. They will discuss and help bring other customers to the business. It is possible to get quick profit in business. Advertisements can also be made with celebrities one another good idea for expand the business. Basically in any business a entrepreneur have to give more effort from the beginning, but after a few days there will be signs of success. In any business, if reputation can be gained once, then that business will be get quick success.

The idea that cheaper would be better because people do not have too much money is a wrong approach. You need to make a durable product that will last for many years, as many as you possibly could, so that people would spend premium amount of money but will not have to buy it again and again. Anything I buy, I am willing to spend double or triple amount of money as long as it continues double or triple amount of time as well. I would rather spend 3000 on a thing that lasts 3 years instead of 1000 on something that lasts 1 year. Why? Because that 1000 thing will become 1100 or 1200 or even 1500+ in my nation in a year, whereas when I buy it for 3000, and it goes for 3 years, that means I did actually pay 1000 per year for it. Like my phone, I spent 3000 lira for it 5 years ago, still durable, still doing fine, today, even after 5 years, I can sell it for 10000 lira, because inflation is disgusting here, what if I bought something worse and had to change it now? That is why nothing cheap is actually cheap, if you are poor, buy something premium that will last you much longer so you could spend a lot less overall.

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Join hands and help me to grow everybody...

Increasing your business is being determined by her own strategies because there's no business that I have a particular strategies that you can operate with and make your money so you can only make you money in business through your own creativity your own understanding your own way of narrating or fixing things together is how you can only get prosper in your own business

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Quote from: Crypto Library on May 08, 2023, 11:17:04 AM

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

Lowering the profit on the product can be a good way because nowadays people trust the business if they get goods with a little less price. They will go to that business area to buy any product. Besides, they can do the marketing to the customers themselves. They will discuss and help bring other customers to the business. It is possible to get quick profit in business. Advertisements can also be made with celebrities one another good idea for expand the business. Basically in any business a entrepreneur have to give more effort from the beginning, but after a few days there will be signs of success. In any business, if reputation can be gained once, then that business will be get quick success.

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Quote from: Desmong on May 08, 2023, 05:04:50 PM

One if the ways to increase profits in business is for us to make sure that we work with the right people that will inspire us to how to make our business more successful. We need to read books and also understand the nature of the business we are doing so that we can always get on the right track. There are people that might have done the kind of business we are doing so it will be wise for us to ask questions from them.

Increasing your profit for a business that you are doing can only be achieved when you know exactly what you are doing by making a research for that business so we can't making a return and the following people who knows more than you or who knows better than you or that business I don't think that there is any way that you can make a profit for such investment investment comes with reference

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To increase profits in business, you need a competent team, the use of modern technology, diversification, and optimization of accounting. It is also necessary to constantly take courses to improve qualifications. And most importantly, it is necessary to optimize costs, taking into account the current taxation.

Desmong

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One if the ways to increase profits in business is for us to make sure that we work with the right people that will inspire us to how to make our business more successful. We need to read books and also understand the nature of the business we are doing so that we can always get on the right track. There are people that might have done the kind of business we are doing so it will be wise for us to ask questions from them.

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Quote from: Fivestar4everMVP on May 08, 2023, 02:46:37 PM

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.

That is how a business build its reputation: treating their customers like kings, so they will share the word about the business with everyone around them and will surely come back for more. Of course that is not the sole reason which takes the business to the next level, because there is also the quality aspect of the goods and services offered by the house which is taken into consideration by customers.

In my opinion these two factors are equally essential for the success and increasement of its profitability. If you have one, but don't have the other, I fear the business is fated to failure and bankruptcy...

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Quote from: BobK71 on May 06, 2023, 11:42:00 PM

Prosperity in a business depends on an entrepreneur. If he has long planned to expand his business then he will surely get success. It is important to remember that the business you are serving may be done by others as well ‍. You have to find where your difference from them? Why will consumers come to you? What are your facilities that others cannot offer? etc. To provide more benefits which can be a strategy to grow your business. But if one can maintain customer relationship along with all these facilities then surely those customers will not go anywhere else. As a result, your business will expand further and you can increase your profit.

It’s very crucial that we should give highly consideration to the satisfaction of the customers, otherwise they will look for it in other shops or stores. If we can put them as our priority, then they will appreciate and will continue to support our business in return. Furthermore, having discounts and promos will be a huge help too. Customers are easily tempted to buy more when prices are discounted or items are greatly bundled by some other usable products. That way, they will buy more, that will bring more profits to our business.

Topic: How to increase profit in business - page 9. (Read 1818 times)