Increasing Business Revenue
As a protection lawyer working in Mexico, Diego Ruiz Duran knows a thing or two about what it takes to grow and nurture a business in such a way that you ensure that revenues continue to increase. When his own business was first getting started, Duran had to learn quickly the differences between businesses that offer a physical product versus one that offered a non-physical product, and the methods that must be used to grow these businesses. The strategies that would be employed by these different kinds of businesses must be catered to the local communities in which they serve. Ensuring that revenue continues to increase for a local small business will involve research, planning, and targeted execution.
To begin with, Duran says, you must know your potential clientele in the community in which you will operate. In his own business, offering legal services, there is not a physical product to advertise, and thus advertising his business will involve informing his chosen audience about the type of services he provides, his successes and wins in the legal profession, and what he can do for any potential client. This will be a different marketing strategy from a business that offers a physical product of some kind, which is often showcased in the advertisement campaign. There is no doubt, however, no matter what kind of business it is, advertising is a cornerstone to increasing revenue and bringing in more clients.
In order to do this properly, a certain amount of research must be conducted on the target audience and potential clientele of the business. For Diego Ruiz Duran, this involved researching the legal profession in Mexico, identifying a need in the pool of potential legal clients, and any gaps in legal services being offered that he could provide. Likewise local businesses would do well to do some research on the demographics of their community, the needs and wants of that community, and in what way the business can provide for these factors. Once these factors have been identified, it becomes necessary for the business to conduct a targeted campaign directed towards the demographic that is most likely to be interested in services. For example, Duran would likely not advertise his particular legal services to the demographic that only deals with property or real estate law, as his particular area of expertise has to do with legal protection. Likewise, the business that produces products or services geared towards teens and young adults would likely be wasting their resources targeting advertisements towards the middle aged or elderly.
Campaigns to advertise products and services should be aimed at the most likely client base, and thus avoid wasting resources and money trying to draw in clients who will likely not use your services. Advertising to clients is the only way to increase revenue. The local small business looking to better their profit margin should always consult a financial planner who will help them budget and find areas where overspending might be a problem, and costs can be reduced.