Explore ways to increase sales and profitability for banking

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to grow any enterprise you must continually seek ways to turbocharge its engine you must develop strategies that will drive sales to ever higher levels while ensuring that your growth in revenues translates into higher cash flow and profits essentially there are seven ways to increase revenues mastering any one of the seven will produce significant results success in all seven will lead to dramatic growth the first and perhaps most obvious way to increase revenues is simply to make more sales of course one of the best ways to accomplish this objective is by expanding your customer base if you own a restaurant how can you attract more patrons if your business supplies parts to OEMs what strategy will allow you to sell to a greater number of manufacturers if you run a print shop what steps can you take to bring more customers in the door what new strategies will allow you to attract more customers if you have an internet business what are the different advertising appeals that you can use or offer to get more people to click on your site and your offering in addition to expanding your customer base you can also make more sales by selling more often to the same customer customer acquisition costs can be enormous getting a customer for the first time cost more than anything else but once you have developed a customer look for ways to increase the number of times you sell to him or her in any given period in addition to increasing your sales revenues sales to existing customers will be more profitable than going out and finding new customers in the first place in addition to increasing the number of transactions per customer you might also be able to sell the customer additional products or services increasing revenues from your existing customer base in this way is yet another example of capitalizing on your original customer acquisition cost so ask yourself what else would someone who is purchasing my product or service also be interested in the woman buying a new pair of shoes might want to complete her wardrobe with a matching handbag does the opportunity exists for you to sell additional products to your existing customers by the way we call this upselling down selling and cross selling whenever somebody buys from you your credibility is at the maximum peak and that's the time you offer them something new and different to add on to their purchase McDonald's added to their revenues by countless billions of dollars by instead of saying would you like french fries they said which kind of french fries would you like medium or large people choose between medium and large and they sold billions of dollars of french fries became the greatest consumers and vendors of potatoes in the world with one simple question that led to an almost guaranteed upsell with every sale now at this point we've covered four ways to increase gross sales revenues but what is a paramount importance in any business's cash flow and profits in addition to achieving this end by increasing gross sales revenues you can reach the same goal by improving sales margins that is by increasing net sales and net means the amount that you earn from each sale so examine the profitability of each of your customers also determine the profitability of each product you will find that some products and some customers are more profitable than others these are the ones you focus on continually seek ways to increase your revenues both gross and net the prime determinant of your direction will be your ability to grow revenues and profits on a consistent basis I hope you enjoyed watching this video if you did please subscribe to my channel by clicking on the button that appears on the screen and keep learning new stuff