Effective Strategies to Increase Profits

By | October 24, 2019

The crux of any business is always to operate successfully in a very competitive world, which simply gets measured by how big is the profits that are created. While a number of other parameters may also be used to gauge how a great enterprise runs, profit still reigns supreme and therefore the key to the success regarding any business, is to formulate a powerful strategy to increase profits.

Business success is the consequence of co-ordinated focus on different approaches to thrive and remain on leading, which could translate into variety of (a) customers, (t) enquiries, (c) units sold/serviced or for example even abstract and difficult measures to customer care, but in the end, it will always be how in some form ‘to boost profits’, or simply how to perform a profitable business.

Here let us having a look around into a small shopee store using a peculiar sounding name Lovelysweet Sweet Parlour, who run a popular candy business in the local neighbourhood of downtown Philadelphia. LCP or Lovely while they are called, sell a selection of candies of many makes, shades, flavours and of course tastes and worthy of customers of all ages, as attractive small goodies which appeal to people of all streams in wide variety of events/likes. Let’s see how these ‘Lovely’ folks begin their job of churning any profitable business from basic yet creative thinking.

Push 1: LCP considers innovatively and creates customer attention offering a ‘freebie’, an attractive packet of lip-smacking chocos which can be price-tagged at 4 dollars, in addition to each $50 spent. Just an attractive poster display will make the customer buy for at the least $50, instead of stopping at $40 or 41 roughly, and when he / she opts for your ‘freebie’ the counter girl supplies a “double-pack” for just 6 money.

Push 2: LCP next offers a 20% discount through a small coupon card or something near it on the next check out / order which quietly yet effectively builds customer loyalty yet unobtrusively mentioning “when the buy is made for $200”.

Push 3: LCP means that the packing on each merchandise is attractively and convenience-wrapped, since many are meant as gifts – and so the contact information, phone or name merges as noticeable area of the packing but unobtrusively spreading the consumer net to the giftees at the same time.

Push 4. LCP often uses co-sponsoring activities closely intertwined with like businesses for instance flowers, bathing products and etc, improving visibility all the approach.

In effect what we did see can be a simple demonstration of business accomplishment, adopted by the Lovelys. The focus was on a few basic steps (a) to produce each customer to buy any wee-bit more, (b) to produce him/her to buy more usually, and thirdly (c) to produce others to buy – in place widening the customer base.

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