One of the biggest challenges any business faces is finding ways to generate revenues that ultimately lead to profit.
Businesses need constant revenue as it ensures long-term sustainability. Unless you have a stable source of income, it will be hard to pay off the cost of owning and running your company. Furthermore, having significant profit allows you to invest and create more cash flow channels.
2024 is all about integrating technology into your business model. Today’s consumers are sharp and fast; unless you can keep up with them, you may struggle to create a steady consumer base.
Therefore to help you out, here are some ways you can make money and take your company to the next level:
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1. Go For Degrees That Align With Current Trends
A degree can help you gain the knowledge and expertise needed to excel in your field. Disruptive technology has restructured businesses.
Nowadays, you need a profound understanding of manipulating data to run your enterprise. Hence opt for a degree that allows you to analyze, study, and use data to help your business jump to the next level.
Additionally, the degree you choose should also impart specific technical skills, such as proficiency in languages like SQL and Python, making it easier to maintain databases.
You can even boost your business acumen and skills through programs like a bachelor’s degree in data science, usually pursued by anyone who wants to become a business intelligence analyst.
However, as an entrepreneur, you can complete this degree online for a thorough understanding of data management and analysis.
When you can make sense of the data, you can extract valuable insights that can benefit your company. For example, converting the consumer turnover rate into a quantitative report informing you how many consumers have left your brand will help reveal your brand’s weak points.
2. Use the Value-Based Pricing Model
A value-based pricing model is a technique that allows you to price a product or service according to its value. So, instead of setting a fixed cost, you can charge your consumers for added perks and benefits.
However, before you implement this strategy, it is imperative you know how much your target market is willing to pay for your services and products.
For example, a trillion-dollar company like Apple offers value-based pricing for its consumers, so if their clients want better user design, greater storage, and enhanced features, they can access them for a premium price.
On the other hand, companies like Netflix follow the same business model. Consumers can access basic services and features for a set price that allows them to use their Netflix account in a limited capacity.
But, by paying for a better subscription plan, clients can upgrade the programs they can access, the number of devices they can download Netflix on, and enjoy more high-definition shows and movies.
3. Become a Professional at Upselling
As an enterprise, you would want your consumers to buy more than one item from your inventory. However, convincing your clients to make a purchase isn’t easy. This is where your skill of upselling comes into play.
Upselling is a marketing gimmick in which you convince your consumers to buy an expensive product or more items than they originally intended. This is best seen in restaurants.
Cashiers and servers are constantly upselling their consumers. For instance, if a client only wants a burger, the cashier may offer them deals or an upgrade to a meal for a few extra dollars in a way that encourages the consumer to add to their original order. This generates more income and increases the profit margin.
It would help if you did the same. If you’re an e-commerce store, create a web design or use chatbots that frequently recommend products to any logged-in consumer.
While viewing an item, show them recommendations and use keywords like “frequently bought together” or “customers also viewed” to make a sales pitch. A good salesperson is attuned to the needs of their consumers.
Use data collected from your websites to curate a list of popular products and use them to motivate your consumers to buy more.
4. Optimize for Cell Phones
According to data published by Statista in 2022, 6.8 billion people out of the global population of 8 billion were using smartphones. This means that more than 80% of the population is online. You must take advantage of these numbers. If you haven’t optimized for cell phones yet, there’s a massive market you’re missing out on.
Additionally, Insider Intelligence published a report in 2019 that stated the average American spends three hours and forty-three minutes scrolling through their phones; this infers if you have your website optimized for phones, there’s a high chance a potential consumer may come across it.
Therefore, invest in a high-performing application. This saves your consumers the hassle of using the web browser to find your company.
As you optimize your brand for the phone, ensure it is responsive across every cell phone and automatically adjusts itself to its size and resolution. Likewise, enable location services so your clients can get more localized content and conduct a technical SEO to deduce how fast the webpage works on the cellphone.
Don’t forget to activate voice search, which allows more consumers to interact with your site without feeling left out. Not everyone is comfortable using the keyboard, and having access to a microphone can encourage them to interact with your brand and smoothly secure a purchase.
Most companies have also optimized cell phones to allow clients to view products using Virtual Reality. Using VR gives clients a more profound understanding of what they’re purchasing and leaves no room for skepticism. Using VR to drive sales is popular among sectors like real estate.
Final Thoughts
Generating revenue and ensuring your profit margins stay up every quarter is a challenging feat. For any company, nothing is more important than developing a steady revenue stream to continue financing its expenses and keep the company afloat.
This is why as a business owner in 2024, you must adhere to the changing trends that allow you to keep your company relevant.
There are numerous ways you can do this, which include getting a degree that will enable you to predict trends that may occur in the future, using techniques that allow you to persuade consumers to pay higher, or ensuring that your website is suitable for cellphones and not limited to desktops alone.
While times have changed, the core of running a business is still the same; ultimately, it boils down to attracting consumers and earning their loyalty.
