Do you feel like Coronavirus is the end of the world and the end of your business for sure?
It’s easy to feel like this with the amount of doom and gloom that’s all over the news, but much of this is overly pessimistic. In fact lockdowns all over the world are could be the greatest opportunity for business people if you play your cards right.
Here’s what you need to know about getting the correct profit formula and profit margin in the pandemic.
- No Sales Equals No Profit
The first rule of business applies at all times, not just the Coronavirus pandemic, and that is that without sales there is no profit. This might sound obvious but it’s worth remembering.
Too many businessmen and women chase after growing their business without focusing on the bread and butter which is sales. If you have great sales, you don’t have to worry about taking out loans to cover your costs or the cost of the debt interest rate.
It’s also clear that you could spend your marketing budget on high impact campaigns that don’t actually lead to sales. What is the point, for example, of having 10,000 followers on Instagram if none of them are interested in buying your product? Or those 10,000 followers never lead to a sale?
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- Online Is King
Remember that if you are selling a product – for example, a book – there is no point in spending any of your money on campaigns in major supermarkets or booksellers because people are spending less time there.
Instead, you can go all-in and focus your budgets on services like Search Engine Optimization (SEO) as your audience is now predominately online. This includes writing a great blog and having a stand-out website with lots of quality content and great backlinks.
Also don’t neglect social media. Think about how you can utilize TikTok, Instagram, and Facebook.
- Broaden Your Horizons
Remember that if you have moved your business online – your best option in the pandemic if you can – then the whole world is now your oyster. This is the business mind status.
Think about how you can tailor your services to the global market. If your product has a niche then scale this up, think about how many people in the world would be interested in that niche.
Try to take out any local phrases or words and, if applicable, to write in American English.
Do your research into different markets and find out what their specific selling habits are and then act on them. Remember don’t just think about Amazon, be on as many platforms as you can.
India’s online Christmas sales are expected to be $6.5 billion, a staggering amount you can get in on. This is how you can improve the profit margin.
The Best Profit Formula or Profit Margin for a Pandemic? Focus on Sales
What’s the best profit formula or trick for the best profit margin? Focus on sales and don’t worry about what everyone else is doing.
Remember your audience is online now and that opens up a huge expanse of possibilities as to who can purchase your products – take advantage of this. Also, consider spending your marketing budget entirely on online advertising rather than on in-person events.
If you are interested in learning more about the best profit formula or profit margin for your business, then be sure to check out the rest of our site.