10/30/2021 Tip: Boosting Profit Margins | Growthink

10/30/2021 Tip: Boosting Profit Margins

Today’s Quote

“It is not the employer who pays wages – He only handles the money. It is the product who pays the wages.”
~ Henry Ford

 

Today’s Tip

This week we’ve been discussing the parts of your marketing system that you can improve by 20% or more to dominate your competitors. These parts are your:

  1. Response Rates
  2. Conversion Rates
  3. Number of Widgets Per Buyer/Getting Customers to Buy More
  4. Repurchase Rates

However, there is one more thing you can do to your marketing system to improve your profitability and dominate your competition. 

That is to boost your profit margins by better systematizing your business and implementing the right processes and procedures will allow you to generate higher profits per sale than your competitors.

Operationally, you should fine tune your marketing and product/service development systems so you boost profits. This then allows you to out-advertise your competition and leave them well behind you.

 

Today’s Resource

Is your marketing plan working?

Ask yourself these 3 questions to tell if your marketing is failing or succeeding:

  1. Does your marketing generate a steady flow of new leads and sales?
  2. Are your marketing activities growing your profits month after month?
  3. Is your marketing so powerful that your competitors would do anything to get their hands on your marketing plan?

If you answered “NO” to any of these questions, you need to stop what you’re doing, and fix your marketing plan right now.

Fix your marketing plan <–

 

Trivia

Today’s Question: What does the legal term “natural person” mean in corporation law?

Previous Question: According to the latest statistics, which daily newspaper in the United States has the highest daily circulation?

Previous Answer: USA Today.

It surpassed the Wall St. Journal in September of 1992 and currently has the highest circulation of any daily paper in the US (1.8 million daily readers).

 

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