Top 10 Tips to Increase Business Profits

Posted by Stephen Taylor on June 9th, 2021

A general thumb rule of business success is that you cannot increase profits directly or indirectly without embracing appropriate marketing strategies.

The onset of the coronavirus pandemic challenged businesses to stay afloat and profitable. The early adopters & innovators around the world survived the impact of the pandemic, registering high profits by enhancing their marketing strategies. These business margins can be attributed to the incorporation of breakthrough marketing technologies in marketing-mix. 

Rapid technology disruption with the influx of digital marketing has escalated the top-line and bottom-line for brands quickly. New technologies have transformed marketing by making campaigns automated, hyper-personalized and immersive for customers and creating ecosystems that are more integrated and targeted for brand marketers. And, it is not just the interface between brands and customers that have been transformed. New marketing technologies have reimagined the customer processes, delivering value to customers and adding significantly to the bottom line.

The right marketing strategy contributing towards high margin revenues and profits focus on improving the variables that ultimately determine your brand’s profitability. By working upon the below business variables, you are set to increase your business profits:

1. Brand Exposure & Awareness

Brand awareness campaigns serve as the beginning of revenue generation and profit-making drive. If you’ve invested considerable time, effort, and finance into the development of a new product, it’s understandable that you can’t wait to showcase it. Just as you wouldn’t stop running with the marathon finish line in sight, you can’t simply halt marketing efforts and place your new product on the shelf, presuming consumers will discover it on their own.

In these competitive times, traditional marketing channels like floor displays, magazine ads, and banners don’t go far. You must position your message in front of your busy, distracted audience when it matters most. Video advertising via mobile helps you do just that yielding high volume sales and profits! Interestingly, over 51% of smartphone users have discovered a new brand or product via mobile videos (Source: Shopkick). Innovative brand awareness campaigns powered by modern technology and platforms like moLotus have been considerably profitable for brands. You can design unique moLotus mobile brand awareness campaigns using multimedia and video formats.

2. Lead Generation

More leads generation and conversion ensure more revenues and profits. Mobile advertising tools are being seen as an excellent way of generating and converting sales leads. Mobile video lead generation campaigns have proved to be the most powerful and effective way of revenue and profit generation.

Mobile lead generation campaigns quickly prompt the consumer to buy a product or service.  A mobile video with a tight and eye-catchy message can offer value to users. The innovative and spam-free moLotus video ad campaigns are helping advertisers to attract more customers to their products. You can incorporate multiple customer response options offered by the platform in your video campaigns, adding more context. The ads can be used to build trust among the consumers and generate more leads and profits than any other online video marketing platform.

Studies show that using mobile advertising for lead generation can increase product sales manifolds, adding to the revenue and profit. It can be an excellent way of increasing product recall among customers. Consumers tend to remember the mobile video advertisements they watched within a month and purchase a product or service after seeing a video ad about it in their mobile message box.

3. Customer Acquisition

Having a solid customer acquisition strategy is an essential component for any business. Without it, you're going to seriously struggle to grow your business in any kind of meaningful way. However, the amount that you have to pay to acquire each customer could be significantly high leading to high cost and low ROI. You should be continually seeking creative ways to improve your customer acquisition strategy so that it costs you less to buy each customer. This can impact and increase the profits of your business dramatically. 

There are a ton of different marketing tools and channels like HubSpot, Marketo, etc. that have been designed to assist marketers in customer acquisition. Identifying the right channel to pursue ultimately comes down to a fair amount of trial and error and wasteful spending. Here comes the significance of marketing tools like moLotus that offers innovative campaigns driving new customer acquisition cost-effectively at the same time profitably.

4. Customer Communication

Now more than ever, customers expect a relationship with the brands they patronize. Businesses can gain valuable insights about customers through interactions. This is a good time to intrigue and interacts with customers about not only the products and services but also their innovative uses in the context of current situations to help build trust and confidence. Instilling customer confidence is expected to increase revenue generation and increase profits manifolds. 

Businesses should create informative and interactive marketing campaigns with multiple response options like SMS, Callback, USSD, Click URL, etc. using an innovative advertising platform like moLotus. Also, a variety of rich media formats including video, dynamic greetings, brochures, slideshows, and showcases are supported by this platform. You can add product pictures, voice-over, and music, creating attractive storyboards, brochures, catalogs, and HQ videos up to 40 sec. in the ad content along with the two-way interaction with customers.

5. Customer Loyalty & Retention

Profit maximization is the ultimate aim of loyalty campaigns and mobile loyalty ad campaigns can do wonders in this regard. Studies show that loyal customers are often ready to spend easily on your products and services than new customers. Mobile ads have disrupted traditional loyalty campaigns via innovative tools like moLotus, Loyalty plus, etc. For instance, moLotus offers the best ad campaigns delivered to the customer’s messages inbox for special occasions like birthdays, anniversaries, reminders, and festivals that are custom-branded with options for name, greeting, reward, call-to-action for each customer.

6. Customer Reach & Scalability

A marketing thumb rule suggests that the more the reach of a campaign, the better is the response. You can reach and handle millions of customers at the same time via mobile marketing campaigns. Campaigns triggered by new-age marketing platforms are offering greater reach and global scalability which is required for the modern tech-savvy customer base. Its spam-free technology quickly delivers automated ads to a huge customer database directly into their inbox opening up more top-line and bottom-line opportunities.

7. Process Transformation & Automation

One way to improve efficiency, reduce costs and enhance profitability is by automating customer processes. Process automation via digital transformation tools offers you the opportunity to transform your key customer processes. All you need to do is embrace the right tool and technology like moLotus to create end-to-end automation and transformation. As marketing automation technology continues to evolve, the breakthrough mobile automation capabilities of tools like moLotus are meeting the monetary expectations of businesses. moLotus can automate the entire customer-related process right from lead generation, customer onboarding, customer support, mobile trade & commerce, outbound calls, loyalty cards, and more.

8. Cost Minimization

Post-pandemic advertising cost minimization has become the top priority for global businesses, resulting in profit maximization. The advent of mobile advertising has led to the creation of effective campaigns on a shoestring budget. Many ad platforms like Facebook, YouTube. etc., are gradually losing their shine on account of burgeoning advertising costs. If you are in pursuit of a cost-effective ad platform,  moLotus could be an economical and profit-driving alternative to other digital advertising tools. It is an ideal option for you to reach your customers on their phones at a lower cost without depending on any app download or active internet connection.

9. Upselling & Cross-selling

It’s easier and cheaper to sell to an existing customer than to gain a new one. The probability of selling to a new prospect is 5-20%. The probability of selling to an existing customer is 60-70%. Take advantage of your existing customer base by offering them additional products or add-ons to a product they already own. Upselling and cross-selling have proved to be one of the most important methods to increase average order value and boost the bottom line (Source: Groove). Brands have perceived considerable profit-making opportunities in uncertain times and are fast adopting mobile advertising tools like moLotus to maximize their revenue via upselling and cross-selling ad campaigns. Some businesses already have designed additional services or products that they can readily upsell and cross-sell while others may need to innovate new ones that their customers need. This is bound to result in an increase in average profit per customer and generate ad revenue.

10. Tracking & Analysis

Just because you’ve created an action plan doesn’t mean your choices are set in stone. Monitor campaign results as your campaign progress in order to make your profits come in a sustainable way. Well-managed, analyzed and optimized marketing campaigns contribute significantly towards top-line and bottom-lines. Mobile marketing platforms are enabled with more effective real-time ad tracking and analyzing features. Mobile platforms like InMobi, moLotus, etc. are well-equipped with real-time progressive trackers. Using these you can manage, analyze and optimize the campaigns. Research shows that top brand marketers are optimizing their campaign performances via moLotus’s real-time tracker and earning considerably via mobile campaigns.

Conclusion

Now more than ever, creativity and innovation are most important for profitability. You don’t always have to make drastic changes in your business to significantly improve your bottom line. Sometimes a simple yet transformative tweak can pave the way for wider margins. To increase sales, and reduce costs consider tapping into a new-age mobile video customer interaction platform like moLotus. Consider its breakthrough capabilities to enhance profit and reduce cost.