Although it can be challenging to increase your organization’s profit margins, creativity may help you get the job done.
You probably have many traditional ways to stabilize your cash flow after 2020’s ups and downs. You might be leasing a smaller office space after you have moved to a remote or hybrid working environment. Maybe you’ve renegotiated vendor agreements. You might be interested in these unconventional methods to grow your ROI.
1.Invest in Marketing Platforms that Perform
Your online marketing strategy may include buying ads on Facebook or Google. You will need to invest a lot to get a good return on your initial investment. Other platforms, such as Instagram and Youtube, are less saturated than those that require a significant initial financial investment.
Another option is to start a company podcast. You don’t have to pay for ad space.
Quill’s research reveals that branded podcasts have a high return potential. They can increase brand visibility by 89%. Even more critical, podcasts increase purchasing intent by 14%
Although you may never have considered podcasting, now is the right time. It takes very little investment to start a podcast, especially if a few enthusiastic advocates are on your team.
Podcasts can also weather recessions as listeners can listen in free. To track podcast traffic as a lead generation tool, make sure that you measure it.
2.Automate More Tasks
Automation can be used to automate repetitive jobs and free up time for employees. There is probably some automation already in place. With the aid of AI-driven technology and integrations, you can automate more tasks.
What areas or departments are most ripe for automation and why? Customer support is an excellent place to start. Many companies are using chatbots to answer common questions and address concerns. Some software can help customer service agents better solve problems and recognize when clients get nervy. Marketing is another area. You can do more with less effort, even if you have a small group of dedicated marketers. Imagine how a machine could drive social listening or send personalized messages with minimal human intervention.
People don’t enjoy the length of their daily tasks. Automating a few of their most time-consuming, nagging tasks allows them to focus on higher-level work. It’s a great way to increase your ROI without having to hire extra staff.
3.Unclog Your Sales Pipeline
Meet with your sales team and discuss your customer journeys. Start with lead generation. (e.g., how people find your brand). You can then move on to signing the dotted line.
It’s easy to see where you are going wrong when you step into the shoes of a leader.
You might have too many stages in the sales process. You’d want to be closer to a sale with each step. However, this could lead to you losing customers.
You might be letting your customers down by limiting the number of touchpoints you provide. This could mean that prospects feel lost or abandoned by your sales team.
This can help you open your sales pipeline to new possibilities by removing the stumbling block and friction points. It is possible to accelerate your sales cycle and increase profitability.
4.Reorganize your Team
What if you could retain the same core staff but scale up your business over the next year?
You might be able to do this by doing some thoughtful reorganization based on your staff’s strengths and weaknesses. Your efficiency could be improved by shifting responsibilities within your team. Efficiency, productivity, and ROI all go hand-in-hand.
Avoid employee grumbling and corporate growing pains. Ask them if they believe a reorganization makes sense. Once everyone is on board, you can proceed with plans for evaluating workers’ professional goals and skill sets. It is possible to make the most of each person’s skills and background by realigning their duties. You might also see an improvement in morale if the restructuring is done correctly.
A new year means fresh ideas for your company. Get started planning for 2022 so that you make the most of every day. And don’t forget to give some of the benefits to your stakeholders.