Every business needs to earn money to keep itself going. In a standard, for-profit company, your profit margin — the difference between your sales revenue and business expenses — often dictates your ability to grow and expand. But as a small company, how can you gain the momentum you need to increase that margin?Whether you want to get your startup on the path to profitability or simply increase your overall profit margin, here are five ways you may not have thought of.The people who purchase your products or services are the reason you have profits at all. It makes sense, then, that increasing those profits begins with honing in on the customer experience, said Yossi Caspi, general manager of North America for Nanorep, a provider of customer self-service solutions.”Customer service can have a big impact on revenue, with data showing that more than half (52 percent) of consumers have switched providers due to poor customer service,” Caspi said. “A better customer experience will lead to lower purchase abandonment and higher loyalty, ultimately resulting in increased customer retention, brand recognition and profitability.”Kestrel Linder, CEO of GiveCampus, a crowdfunding platform for schools, agreed, adding that customer sentiment, particularly about your product, can… Read full this story
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