There’s no right or wrong answer to this question. In fact there are a number of strategies that businesses employ to increase their business profitability. What works best depends on the nature of the business, existing customer base, available resources and ultimately the direction and goals of the business.
Consider the following strategies for increasing profitability in your business:
1. Increasing your customer lead generation
2. Improving your customer conversion rate
3. Improving your customer retention rate
4. Increasing the average spend of your customer
5. Increasing the number of times your customer buys from you
6. Increasing the efficiency of your internal processes
7. Reducing your operational costs
Which of these strategies would have the greatest impact on your bottom line?
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