Regardless of your niche, industry, and no matter what’s happening right now, you can still grow your profits. Do you know that even in the midst of the pandemic recession, some businesses in your niche and industry are making 10 times or more sales and profits than the rest? You should uncover their secrets and follow suit.

How Do You Create Profits?

When you discover and create a product that would meet people’s needs and wants, that is the starting point of making profits. Usually, the price of the product or service must exceed its cost of production for profit to occur.

Once you can find a felt need in this recession and meet it, you can be sure of making profits ultimately. Look out for people’s felt need in recession and meet that need better and faster than your competitors so that you can stay on the lead.

After researching and interviewing the CEOs of famous and successful companies, the following are the consistent strategies they’ve adopted to stay on the lead and increase profits;

• Make Your Follow-up and Support Services Superb: You should strive to beat your competitors in following customers up and offering them support. Superb customer service can attract customers like nothing else.

• Use Cost Cutting Techniques for Production: To offer a better price than your competitors, you need to incur fewer production costs. For instance, use outsourcing to fill the skillset gap, automate tasks to reduce costly errors/reduce human inputs, and shop for better deals when buying production and business-running materials.

• Continuous Product Enhancement: Especially during a recession, you need to tweak your product and/or service to meet people’s pressing and most urgent needs. You should strive to present a better offer both in form, quality, and price than your competitors.

• Be Swift: Take the lead and be the first to gain a major segment of your target market. This will result in more sales, hence more profits. Use relevant business solutions such as outsourcing and automation to speed up tasks and reduce delays in delivering your product or service to your target market.

• Boost Product Quality: Strive to beat the quality of your competitors’ products at a lower price.

• Offer Guarantees that You Can Deliver: Customers hate empty promises. While it is a good gimmick to use guarantees and warranties to increase sales, make sure you deliver what you promised.

• Availability is Necessary: Customers want reliable clients. They want to be sure you can always be at their service whenever they call for it. So, make sure you always stock up. Also, ensure the process of buying your product or service is easier than your competitors’.

Finally, in order to rack up sales and profits, ensure your terms and conditions are more attractive than that of your competitors.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams