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How to Increase Profit Margin: 5 Strategies for Any Business

Hubspot Sales

Every company has its eyes on its bottom line and, in turn, is mindful of its profit margin — the most definitive metric of how successful your sales efforts are, relative to your expenses. Ways to Increase Profit Margin. Find gaps in your sales process where a disproportionate number of prospects fall off.

Margin 111
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How to Navigate Pricing In a Pandemic

Sales and Marketing Management

We can see the echoes of this time and the 2008 recession and also know that this is a time for everyone to reevaluate everything, from how they market their brand, to pivoting their business (if they can and if needed), how to sell, how to price their products and services, and much more. This is no small feat in a recession.

Chemicals 177
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12 Common Ways You Undermine Your Chances of Closing (& How to Avoid Them), According to The Virtual CRO's President

Hubspot Sales

Value leaks are easy to spring, but if you remain mindful of where and how they can pop up, you can ensure that you‘re not undermining your chances of closing throughout your sales process. Here, we’ll take a closer look at the “why” behind value leaks, get a better sense of when they might occur, and review how to avoid them.

Closing 125
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How to Successfully Cut Costs and Keep Your Team Together in Tough Times

Sales Hacker

Evaluate the tools your team is using to see if there’s any underutilized sales software that could make your team more efficient or any tools that are being left unused for a reason. With the prospect of a healthy bonus, your team will be better motivated to sell. Margin compression is a huge obstacle to overcome in a down economy.

Hiring 105
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6 Practical Tips for Protecting Profit Margin

The Brooks Group

In order to maintain a healthy profit margin, you must reinforce the importance of value within your sales culture. Keep in mind these 6 tips for protecting profit margin: 1. Build a sales compensation plan that focuses on gross margin, not volume. Provide training that shows reps how to build value and negotiate.

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How to Quickly Uncover Customer Wants and Needs

SBI Growth

We recently introduced an enterprise software firm to the Solutions Option Framework. Approach prospects in non-threatening ways. Uncover a prospect’s actual wants and needs. 4) Offer 3 Options – Provide the prospect with multiple ranges in price and features to help uncover the unknown. What are they willing to pay for?

Customer 282
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How to get referrals and testimonials from satisfied small business clients?

BuzzBoard

Since small businesses often operate on tight margins and schedules, providing a small discount or offering added value in exchange for a referral can work well. Consider using feedback platforms or software to collect client testimonials. The post How to get referrals and testimonials from satisfied small business clients?