3 Ways to Increase Your Profits Without Charging More Money

May 29, 2010 by  Filed under: Advertising 

Would you like to earn more profit with your business? Increasing your prices seems like an easy enough way to make more money, right? Unfortunately, it’s not that simple. Higher prices, especially in today’s economy, can make your customers go someplace else, and you wind up making even less. Let’s look at three things you can do to increase your profit without raising prices.

1. Attract New Customers

It’s pretty simple – more customers means more income, simple as that. If you can bring new customers into your business on a regular basis, you can continue to increase your profits without having to charge more. In some cases, you might even be able to lower prices when you get more customers, because of the economies of scale. This can lead to even more clients dealing with you, which can have a bit of a snowball effect.

2. Convince Current Customers To Visit More Often

This is one of the best ways to increase your business’ profit because your current customers are already familiar with what you offer and are (hopefully) happy with it. You don’t need to convince them to take a chance with you since they’ve already taken that leap of faith. The catch here is that many businesses don’t have any way to reach those customers to convince them to come back sooner. The customer is 100% responsible for coming to you for more business. If you can flip this around, you’ll see your profits climb.

3. Convince Current Customers To Spend More Money

This is another great way to improve your bottom line, for the same reasons as #2 – those customers already deal with you and know you offer good products and/or services. If you can convince them to spend more money whenever they return to buy more, your revenue will continue to climb.

This is another case where many businesses give up all control to the customer, however. When people come to you with a particular need, it may be tougher to convince them they need to buy other things as well. The time to make the case is when they’re still in the planning stages, or don’t even know they need your services soon.

The internet is the perfect way for finding new clients and keeping in touch with the ones you already have. The costs are extremely low compared to almost any other advertising media, and more and more people are using the internet to find local businesses when they need something.

Valley Web Marketing is an internet marketing and consulting firm specializing in email marketing and search engine optimization (SEO) services for local businesses. We’re located in Langley, BC and serve the entire Fraser Valley area. Click here to schedule a free consultation to find out how we can help you lower your advertising costs while generating more business for you: Valley Web Marketing.

Article Source:

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John Lenaghan - EzineArticles Expert Author

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