Top Ten Ways to Increase Profit in Business
Posted by Stephen Taylor on September 22nd, 2021
How to increase profits has been one of the most mind-boggling questions for global businesses. Profit margin is a key metric that answers critical questions about business, like whether or not the brand is making money or whether customers are properly engaged with the brand. It is said that if the profit margin is not rising then the business is not thriving.
As a large number of businesses struggle to increase profit in the ongoing-COVID business environment, the top priorities of leaders are shifting dramatically. Their needs for speed and flexibility have been amplified dramatically. Traditional margin improvement strategies are being brushed aside due to unrelenting digital disruption, fast-evolving customer expectations, and unprecedented pace of change. Leaders plan to emphasize more on cost management, revenue management, and enterprise agility via new technology adoption. Businesses are expecting more from their digital transformation initiatives for increasing sales and profit.
With the advent of breakthrough marketing technologies like moLotus, every business has the privilege to improve profitability. Sometimes a single effort can significantly increase profit margins, but for most businesses, profit improvement means implementing a whole list of initiatives.
Here are the top ten effective ways to improve profit:
1. Generate More LeadsPerformance-oriented lead generation is considered to be at the core of any business’s success and increased profitability. Having a business lead generation strategy in place helps businesses turn visitors into paying customers. Studies reveal that mobile advertising tools are excellent at generating more leads. Mobile-based lead generation campaigns with tight and eye-catchy messages quickly induce customers to purchase products or services. It is noteworthy that the innovative and spam-free moLotus video ad campaigns are helping businesses to attract more leads than any other tool or technology. The platform is successfully building trust among the consumers and generating more leads and profits for renowned brands at optimum cost per lead. It increases product recall among customers.
2. Acquire New Customers
New customers help businesses increase margin. However, this can sometimes prove to be an expensive strategy for generating revenue. On average it costs eight times the amount of money to get new customers as it does to retain an existing customer. However modern technology has turned customer acquisition to be a cost-effective way to increase profit margin. The simplest and most cost-effective way to get new customers is via moLotus customer acquisition campaigns. It is helping brands in strengthening the customer base and increasing the profits of their business dramatically by its unique two-way interaction campaigns. There are a ton of other marketing tools like HubSpot, Marketo, etc. that assist brands in customer acquisition however with the limited scope.
3. Increase Response & Conversion Rate
Together with lead generation, high customer response and conversion contribute towards super-profits. A suitable consumer response to advertising can benefit a customer and a business. The brand benefits because it can gather insights needed to enhance offerings. moLotus video ads have garnered superior customer responses adding to revenues and profits for businesses. Brands embracing moLotus mobile advertising are experiencing an increase in the percentage of leads eventually converting into sales due to personalized eye-catchy campaigns and offers. Research shows that increasing sales conversion via moLotus is one of the fastest and most cost-effective methods to increase business profits.
4. Reduce Costs
Reducing overall direct costs have a significant impact on gross margin for businesses across the globe. One way to reduce business costs is via the new-age moLotus platform. Nowadays advertising cost minimization has become the top agenda for businesses, resulting in profit maximization. Mobile advertising has led to the creation of effective campaigns on a shoestring budget leading to better ROI and improved bottom line. Many ad platforms like Facebook, YouTube. etc., are gradually taking a backseat due to burgeoning advertising costs. For businesses in pursuit of a cost-effective platform, moLotus could be an economical and profit-driving alternative to other advertising platforms. It is an ideal option for businesses to reach customers on their mobile devices at a reduced cost.
5. Personalized Communication
New-age consumers expect a high level of personalization from brands of all sizes. Studies show that the majority of consumers feel frustrated when a shopping experience is impersonal. Therefore Investing in personalization efforts to build customer relationships and create better experiences can pay off with serious rewards for businesses. They are fast using disruptive technologies like moLotus to send hyper-personalized messages to their customers for better engagement and striking profitable deals. moLotus hyper-personalization attunes the brand message using customer name and required customer data. Brands have started using moLotus to segment customer data and target customers via online personalized recommendations, offers, and messages to increase sales and profitability.
6. Enhance Brand-Customer Interaction
Brands must engage consumers through online dialogues via mobile video advertising. A recently unveiled study suggests that a lion’s share of a brand’s profits may rely on effective brand-consumer interaction. Big brands are creating informative and interactive marketing campaigns via advertising platforms like moLotus offering multiple response options like SMS, Callback, Click URL, etc. Also, it supports a variety of rich media formats including video, dynamic greetings, brochures, slideshows, and showcases.
Brand stories are being built by adding product pictures, voice-over, and music, creating attractive storyboards, brochures, catalogs, and HQ videos upto 40 sec. enabling two-way interaction with customers. Interactive and contextual communication is a gross margin improvement strategy implemented by brands from all corners of the world.
7. Make Buying Easy & Convenient
Convenience is the key to sales and high-profit margins. Customers watching moLotus mobile video messages can easily understand the products and services at their convenience. Surveys indicate that the pandemic-hit customers mostly expect digital, at-home, and low-touch buying options from businesses. They can digitally access the product information and buy them with just a click. moLotus has transformed the buying process making it easy and enjoyable for customers who are unwilling to interact with pushy sales staff. For instance, e-commerce sales have increased due to convenient and hassle-free moLotus mobile buying opportunities resulting in high margins.
8. Transform Customer Processes Digitally
Brands are automating customer processes to improve efficiency, reduce costs and enhance profitability. Process automation via digital transformation tools like moLotus offers businesses the opportunity to transform their customer processes and reduce manual process costs. Various industry verticals including Banking and Insurance are fast embracing moLotus to transform their customer processes achieving high-profit margins.
moLotus has automated and transformed entire customer-related processes for the verticals right from lead generation, customer onboarding, customer support, mobile trade & commerce, outbound calls, loyalty cards, and more. As digital transformation continues to evolve, the breakthrough transformation capabilities of the new-age platform are meeting the revenue expectations of brands.
9. Encourage Upselling & Cross-selling
Upselling and cross-selling strategies aim to increase demand generation and help brands to make profit in business. Businesses have achieved considerable profits in these tumultuous times by running upselling and cross-selling campaigns via tools like moLotus. They have been creating out-of-the-box upselling and cross-selling campaigns via targeting mammoth customer databases and capturing instant leads. Production of innovative services and products by brands keeping in view the changing needs of customers have further added to more upselling and cross-selling opportunities.
10. Focus on Customer Loyalty & Retention
Loyalty campaigns ultimately aim at profit maximization. Research reveals that loyal customers are more likely to spend easily on business offerings than new customers. Loyalty marketing has been disrupted by digital technologies like moLotus adding to business profit. Best examples of profitable moLotus loyalty campaigns are ads delivered to customers on special occasions like birthdays, anniversaries, reminders, and festivals. They are custom-branded with options for name, greeting, reward, call-to-action for each customer. These campaigns are delivered to the customer’s messages inbox without necessitating any app download or data charges.
Profit maximization is an art and businesses need to gradually master it. The key to becoming a high-profit business entity is in realizing that your brand needs to adapt to breakthrough innovations like moLotus. By knowing what your business truly needs, you can create a sustainable, profitable brand that reaps the benefits of digital technologies.
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About the AuthorStephen Taylor
Joined: August 26th, 2020
Articles Posted: 36
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