A few years ago, Codeby committed itself to a mission that directs us daily: To make our clients more profitable. I myself have been constantly working for this mission to be successful, through insights, new technologies and solutions that always aim the evolution of the companies we work with, I believe that our mission added to our enthusiasm, makes our team wear the shirt of our clients and always operate in favor of their growth.
But back to profitability, this is undoubtedly a word that draws the attention of any entrepreneur, but sometimes it can be difficult to put into practice, right? In today's article I will talk a little bit about the principles of profitability and why it is so important for us at Codeby to make our customers profitable.
What are the principles of profitability?
Since profitability represents how much you earn on each sale, the improvement of a company's results depends on the commitment of sales strategies. If you invest in improvements in customer service, user experience, multichannel, and other amenities that make customers feel comfortable doing business with your brand. Then your business is generating opportunities and growth.
You may have heard that it is less costly to sell to a customer who already knows your business than it is to get new customers, so it is important to know how to retain customers and also your company's employees.
By retaining customers, your business can reduce your CAC (Customer Acquisition Cost) and increase your LTV (Life Time Value).
By retaining employees, your business ensures that your people are more involved with your purpose and reduces the cost of hiring and training. Since your company has a high employee turnover rate, you need to analyze what is causing so much turnover and understand how to focus your efforts on retaining talent and incentivizing your team.
Many times, we end up investing in several costly processes that do not bring the expected return. Therefore, it is necessary to create a cost reduction system, where periodic and assertive analyses of the investments your company makes are made and to find out if it is really necessary or if it is bringing results.
Profitability is the result of efficient decision-making and good sales strategies, all of this involved in a good relationship with your customer, because once your customer is treated as a priority, the chances of him becoming an ambassador of your brand and bringing more customers are high, which constitutes good sales and high profitability.
Knowing these principles, what is your company doing to achieve even greater results? and if you provide any kind of service, what are you doing to get there?