News in Money: How Businesses Are Changing to Increase Figures

Brooke Chaplan

March 28, 2014

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Businesses are constantly evolving to keep up with savvy customers, a challenging economic environment, and ruthless competitors. Here are some of the ways that businesses can boost their revenues and profit margins. All are based on perceived value, proper use of communication methods, customized products/services, and how one can improve relevant skills.

Pricing and Presentation

If a product or service is perceived to have substantial value, a modest price rise and smart advertising can increase profit margins per sale. Of course, this pricing strategy has its risks. Alienating customers with products priced in excess of their perceived value, can significantly hurt business operations. Customers and clients often judge the business or salesman as much as the product. For better or worse, a proper appearance implies competence, reliability, and trust. Likewise, disheveled businessmen selling wonderful products will be disappointed despite the on paper merit and strength of their product.

Communication and Advertising

Businesses are now tuned in to social media. Many are developing social media sites to advertise their presence, and relationships through venues such as Facebook. One effective approach is to bring in a social media presence with a strong emphasis on testimonials and feedback from satisfied, repeat customers. This ways new customers are bound to see real results first hand before they even try it.

Customize Delivery

Producers thrive when they customize sales to niche markets. The resulting customer loyalty will give opportunities to sell a greater variety of goods and services at substantial profit margins per sale. Businesses other than giant industry leaders such as Exxon Mobil, or Amazon typically do well by focusing on a relatively narrow market segment.

Practice and Improvement

Receiving a Masters of Law online can help existing and aspiring entrepreneurs and business owners to see the finer dynamics of business operations, clear interpersonal communication, and strengths/weaknesses of a business management approach. When you have experience and knowledge on your side, the business is sure to thrive. Make sure you have practice and are continuing to improve education and knowledge of all you employees.

Pricing can make a big difference in business profitability, and surprisingly, higher prices may not necessarily come at the expense of sales volume. Communicating and engaging existing and potential customers is an emerging and critical component of business success. Businesses now have little excuse not to offer customized or flexible products or service terms to interested customers.