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Did someone say Friday? Welcome to the start of the weekend! How are you guys doing? I hope everyone is doing well and staying safe. Anyway, I just wanted to share this article by Sfweekly about valuable strategies to improve your business revenue for our Business Discussions. There were a few key points that stood out to me and found useful to survive in this competitive market.
Add Complimentary Services/Products:
Adding this complimentary service or product enhances the value of the item through the customer's perspective. If you can not afford to give away the service or products freely, you could offer a special discount. Although this could be a quick way to increase your profit margins, it can also help maintain customers and lure potential buyers. If you are not sure where to start, research prominent companies' tactics and make adjustments that will fit your business needs. I will share a recent example of this, my friend and I went to a lovely restaurant for dinner and were offered complimentary valet service. This small display was impressive, welcoming, and definitely enhanced the service.
Cross-Promotions:
What is this, you may ask? It is a marketing technique that targets consumers of one product with an offer or promotion to buy a related product. Here's an example of this to paint a better picture. If you sold hair products, you could partner with a blogger, influencer, and local talents to promote your line. Getting this exposure can be a significant break. It increases sales, and brand awareness leading to new buyers, and exhibits all the products you sell. Another situation could be when buying goods online, especially at checkout, companies would have some display at the bottom saying recommended or related purchases.
Increase Distribution Channels:
The article mentioned that expanding your distribution channels can raise your sales volume. I know of this one lady who sells exotic drinks such as sea moss, mango, guava juice, and so on through her store, but she discovered how much more profitable it would be to include distributing to supermarkets. From then, all her drinks are located in major supermarkets and even local mom-and-pop shops. Through this, you can indeed see that changing your channels can positively impact your business and boost revenues.
Do you agree or disagree with these strategies? Or have anything else to add? Let us know by sharing your views below. And as always, my Community friends, be safe and have an awesome weekend.
