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6 Effective Marketing Tips To Improve Your Business Revenue

Increasing sales and boosting performance is on the spotlight of many businesses today. With the advent of new technologies, traditional ways of selling and marketing techniques may seem outdated as businesses evolve and continuously adapt to these new techniques.

Marketing business concept on the virtual screen.

Marketing business concept on the virtual screen.

If you are feeling left behind, ask yourself these questions:

  • Do we have the right marketing plan?
  • Do we have great sales talent?
  • Does our marketing strategy still work?
  • And most importantly, how do we get more leads?

These questions may help you as you explore and find out the effective tips and tricks applicable to your business to boost your sales. Always remember that your success will depend on the amount of hard work and energy you exert.

As you all know, increasing sales, productivity, and performance is one of the most challenging tasks in the world of business. Sometimes all one needs is an inspiration from a great entrepreneur. If you think you need one, check out this blog post.

Now, you can see what the awesome ways are to boost your sales.

1. Remember, People Enjoy Benefits

You think you have great products? Good, because most people buy products, not because they just want to or just because they look great, but because of the benefits they can get along with it. If you are thinking of a service or product to sell, start by identifying what benefits people often seek or want to enjoy these days. It can be cost-efficient or time and energy saving. With this, you are also addressing the question why customer buy such products.

2. Focus On Existing Customers

Instead of attracting new customers, reach out to those who have already tried your products. Always secure and maintain your relationship with them to make sure they will always buy again. You can do this by reaching out to them on a regular basis, and ask how they are doing personally and professionally.

According to experts, the best sales leads are those who are already transformed into existing customers. As a matter of fact, existing customers have a higher chance of buying again your products rather than new ones. Also, don’t forget to ask them if they know someone who absolutely needs your services. Making referrals will also boost your sales gradually.

3. Study Your Competitors

All business owners need to know their competitors. Always think one step ahead of them. You can try their products or services and discuss with your sales team if you are lagging behind them. Also, analyse their techniques, strengths, and weakness. And use them as an advantage to outpace your competitors.

4. Create Unique Product Innovation

After studying your competitors, you should be able to think of unique products or services that will completely outdo them in the long run. These unique products should always satisfy the needs of your customer, and would make them always prefer your products over other identical production in the market.

5. Build A Strong, Reliable Customer Service

With reliable and innovative customer service, you’re giving your prospects access to a wide range of products and services that you offer. Not only that, but it can also help you stabilise the connection between you and your customers by addressing complaints, questions, and feedback.

Building a customer service system also builds a strong foundation and connection with your existing customers. Remember that it’s not important how you perceive your products, but how your customers perceive them.

6. Maximise Social Media And Content Marketing

Most people spend their time on social media apps. Using them to your advantage will help you boost your sales. Here are some benefits of social media marketing:

  • Increased Brand Awareness: Social media is a cost-efficient method to increase your business visibility and branding. It helps you reach out to more customers with just a touch of a button.
  • High Conversion Rate: With increased visibility, customers are most likely going to flock to your website and increase traffic. This is possible even with just a single content post, comment, and like.
  • Social Listening: Social media lets you interact with your customers freely. It also helps your business create connection and positive interaction with your customers. You’ll surely hear what the customer wants and needs. You may take a look at your favourite brands’ micro-blogging accounts.

Summing It Up

Increasing business revenue is really hard and demanding. It will definitely challenge you to think outside the box and take a lot of risks. Hang on, utilise these tips to your advantage, and bring success to your company!

Baker McKenzie announces global revenues of $2.9 billion

Baker McKenzie has announced revenues for the fiscal year ended 30 June 2020 (FY20) of $2.9 billion. In terms of constant currency revenues were up 1.2% compared to the previous year. In US dollar terms, the Firm’s reporting currency, this translates into a flat year (FY19 $2.92 billion), after the effect of adverse currency movements during the year.

All of our regions recorded growth in constant currency terms – Asia Pacific up 1%, EMEA higher by 2%, Latin America rose 2% and North America increased 1%. In US dollar terms, three out of our four regions – Asia-Pacific, EMEA and North America – each experienced slight growth. Latin America revenues, however, fell by 12% in U.S. dollar terms, highlighting the weakness of currencies in that region during FY20. The first quarter of FY21 has continued that growth with revenues and profitability up in all four of our regions.

Our PPP for FY20 is down 12% year-on-year as compared with FY19, reflecting the significant investments we made in new technology, infrastructure and laterals and other talent, as well as the negative impact of FX. Over the last decade the Firm has grown by 37% in terms of revenue and 31% in terms of PPP.

We saw revenue growth in our two largest markets – the United States and the UK. Some of our markets that saw high single-digit or double-digit growth include: Thailand, Singapore, South Korea, Netherlands, Belgium, Sweden, Luxembourg, Hungary, Egypt, Kazakhstan and Morocco.

Milton Cheng, Global Chair, Baker McKenzie says, “I am proud of how our Firm has stepped up this past year to record a reasonable set of results, given the economic and logistical headwinds we have faced since January and the softening of demand we saw in the final quarter of FY20. It is a strong demonstration of our collective resilience.

“We continue to look to the future. Despite the ongoing challenges of COVID-19 and the decline in economic activity in many parts of the world, Baker McKenzie is heading into FY21 with confidence, bolstered by our client base, resilient team, and exciting investments in the future of our industry and communities. The Firm has appointed new leaders, including our first Chief Sustainability Officer, as well as announcing our innovation arm Reinvent.

“A record number of lateral hires these past 12 months combined with our continued commitment to developing home- grown talent, as well as our significant investments in technology and our new services centres ensure that we are well prepared for a new set of challenges over the next decade.

“We have also learnt how to collaborate, work and socialise together in new and innovative ways that bring out the very best of Baker McKenzie. We transitioned smoothly to working remotely, with nearly all of the teams in our offices across the world working from home for significant periods of time over the past months.”

PwC reports global revenues up 3% to US$43 billion

For the 12 months ending 30 June 2020, PwC firms around the world had gross revenues of US$43 billion – up 3% in local currency and 1.4% in US dollars.

During the first nine months of FY20 to the end of March, revenues grew by nearly 7% over the same period last year with increases across all lines of business and in every major market. From April to June, revenues were significantly impacted by the lockdown and subsequent slowing economies as countries around the world fought the COVID-19 pandemic. Compared to the same three months in 2019, revenues were down from April to June 2020 by 6%.

“First and foremost the COVID-19 pandemic has been a human tragedy that has deeply affected the lives of many people around the world including members of our PwC family, their relatives and friends and our heartfelt condolences go out to all those who have lost loved ones,” said Bob Moritz, Chairman of the PwC Network.

“Since the pandemic struck, our priorities have been the safety and wellbeing of our people, protecting and preserving jobs, and helping our clients and the communities in which we live and work deal with the impact of COVID-19. I am proud of what we have done over the last year and the way our people have adapted quickly to a huge amount of change while at the same time continuing to connect, collaborate and innovate for the benefit of our stakeholders across the world.”

“While the last few months have been very challenging for everyone, we have re-focused our business to help our clients manage the immediate impacts of the pandemic and reinvent their businesses for future success. It has never been more important to provide our stakeholders with high quality services. We have also continued our significant investments in technology and upskilling our people to help build a sustainable PwC for the future. Our investment in technology was borne out at the height of the lockdown when 95% of our 284,000 strong workforce were operating out of the office with no interruption to the service we were able to provide”, added Bob Moritz.

Revenues across the world

In the Americas, revenues rose by 3% with a particularly good performance from businesses in the United States and Canada. Revenues in Western Europe were up by 2%, while in Central and Eastern Europe, revenues grew by 4%.

Revenues from the Middle East and Africa rose by 10% with a strong result from the Middle East where revenues were up 14%. Across Asia, revenues grew by 5% while in Australasia and the Pacific, revenues were down 1% reflecting difficult trading conditions throughout FY20.

Regional growth numbers for the full year FY20 mask the impact of COVID-19, with all regions performing as anticipated up to the end of March 2020 and then feeling the full impact of the economic restrictions caused by lockdowns in the months of April, May and June. For the last three months of FY20, in most markets around the world we experienced declines in revenues compared with the same period in FY19 with falls in revenues of up to 30% in certain countries.

Revenues by line of business

Around the world, our businesses are focused on providing high quality services that help our clients respond to an ever more complex and challenging environment and address current and future opportunities. While all our lines of business continued to grow in FY20, each was impacted by the economic effects of COVID-19 and we expect market conditions to be challenging for all our operations as we go into our new financial year.

Assurance: Assurance remains PwC’s largest operation across the world and our brand defining business, serving key stakeholders and helping to build trust in the world’s capital markets. In FY20, revenues from our assurance operations grew by 3% to US$17.6 billion, driven by continued strong demand for our core audit. As management and other stakeholders seek insight into operations, risks and performance, and to increase confidence and resilience in business, we have seen continued strong growth in our broader assurance services, such as internal audit and governance, risk and controls. Demand for our digital risk solutions has also remained strong as companies look for support as they accelerate their transition to the Cloud. With almost 119,000 professionals, PwC is the world’s largest provider of assurance services.

Advisory: PwC Advisory operations grew by 4% to US$14.7 billion. This growth was driven by high demand across the world for advice on strategy, business transformation and value creation in the first nine months of the financial year. Our advisory business differentiates by bringing together consulting, deals and cybersecurity professionals, and our operations benefited from increased teaming with our tax and risk assurance colleagues to provide a more integrated service for our clients that gives the advice and support they need from strategy right through to execution. PwC Advisory now employs over 71,000 people.

Tax & Legal Services: PwC Tax & Legal revenues grew by 2% to US$10.7 billion, with demand for tax reporting and strategy, people and organisation and legal services in the first nine months of the year offset by the impact of the pandemic in the final three months. Guided by our PwC Global Tax Code of Conduct, the over 55,000 professionals in our Tax & Legal Services teams use their knowledge and expertise to help clients – ranging from individuals to the largest global corporations – to navigate complex and challenging environments, address people and legal issues, and comply with their tax and reporting responsibilities.

The year ahead

“While we adapted quickly to many of the new challenges that the COVID-19 pandemic brought, there is no doubt that the next 12 months and beyond are going to be difficult. Our economists are predicting that the global economy will contract by 5.5 % by the end of 2021 and while different countries will recover at different rates it is clear that the economic downturn will impact us and our clients across the world,” said Bob Moritz.

We are now very clearly focused on a number of priorities.

  • Jobs: Doing the right things to preserve jobs for our people, continue to invest in building the workforce PwC needs for the future, while maintaining the sustainability of our operations. Unfortunately we have seen some job losses in a few markets around the world, particularly in the advisory business, but we are working hard to limit these by containing non-essential costs and investments.
  • Safety and Wellbeing: Where we are returning to office based work, ensuring that our people are safe and comfortable and that we have processes and technologies in place to protect our people in line with relevant safety protocols. And where our people remain working from home, we continue to provide the support that they need to meet the challenges this can bring.
  • Quality: The uncertainty created by the pandemic and its economic impact has placed an even greater focus on the importance of trust in institutions, information and increased transparency. Investing in the enhancement of the quality of all of the services we provide to our stakeholders remains our number one priority, including continuing to invest the US$1 billion we announced last year to drive quality and innovation by making us the most cloud-enabled organisation in the world.
  • Clients: Supporting our clients across the world as they deal with the impact of the pandemic and look to restart operations, repair their balance sheets and rethink their business models.
  • Innovation: Driving and scaling up innovation right across our network and the development of new products and services. As our stakeholders grapple with the challenges of the current economic environment, it is vital that we are able to advise and support them on the best ways to construct sustainable businesses for the future.
  • Upskilling: Upskilling our own people and collaborating with UNICEF in support of Generation Unlimited to help upskill young people across the world has become even more important as the pandemic has accelerated the use of technology and remote working. Despite the economic uncertainty, we continue to invest heavily to help our own people and others better prepare for the new world of work.
  • Diversity and Inclusion: Redoubling our efforts to create a PwC culture where everyone feels valued, listened to and has the opportunity to grow and succeed and taking a leading role in the global dialogue on diversity. We have created our first global diversity and inclusion leadership council.

“The pandemic brought many challenges but it also brought the opportunity to reflect and to some degree rethink the future. How we work together, how we use technology, what real estate we need, whether we need to travel so much, how to innovate, how to connect with our stakeholders and how to prioritise our health and wellbeing. These are all issues that we are actively working on as we think about the PwC of tomorrow,” said Bob Moritz.

The PwC Global Annual Review will be published in October 2020 and will cover in more detail how PwC responded to the COVID-19 pandemic, the work that we do with our clients, stakeholders and the communities where we operate, how we supported our people, the results of our quality inspections and how we are embedding a high-quality culture across PwC, and the actions we are taking relating to important issues such as diversity and inclusion.

Baker McKenzie announces record global revenues of $2.92B

Baker McKenzie has announced record revenues for the fiscal year ended 30 June 2019 (FY19) of $2.92 billion. In terms of constant currency, Baker McKenzie’s revenues were up 4.4% compared to the previous year. In US dollar terms, the Firm’s reporting currency, this translates into growth of 1.2%, after the effect of adverse currency exchange.

Baker McKenzie remains the most geographically diverse global law firm and all of our regions recorded growth as follows: EMEA +5.2%, AP +2.1%, LA +9.0% and NA +4.0%

All of our key financial metrics improved over last year: revenue growth, net income, profit margin, Profits per Partner (PPP), Revenue per Partner and Profits per Lawyer. We are especially pleased to accomplish this amid a market with flat demand. PPP was up by 3% to $1.48 million in US dollars. Overall net income or profit rose by 2% to $1 billion. Over the last decade the Firm has grown by 40% in terms of revenue and 50% in terms of PPP, outperforming most of our competitors.

Among our standout markets, all with significant double-digit growth, include Bogota, Buenos Aires, London, Prague, Turkey and Warsaw.

Baker McKenzie Acting Chair Jaime Trujillo says, “Recording 4.4 percent growth in a market as challenging as this while maintaining our commitment to all of our offices and our full service offering is a good result. The investments the Firm continues to make in legal services, the centres of excellence we have opened in lower-cost locations, and more effective partnering with clients, supported by long-term investments in industry, practice and client programs have enabled us to show profitable growth.

“This is despite the distinct geopolitical head winds throughout the second half of the year, which prompted our clients to cancel or postpone projects. We are also one of the most geographically diverse professional services firms in the world, both one of our key strengths, and at times a challenge in markets impacted when the US dollar is so strong, as it was this past year.”

Our Future

Jaime concludes, “There have been moments in the past year when the Firm was tested as much as it has been in our 70-year history, but I am extremely proud of how we have come together and dealt with the issues that we have faced. Neither has it been an easy 12 months for the profession as a whole, with softening client demand as a result of geo-political uncertainty, an increasingly competitive market with new entrants and a declining overall market. It takes a Firm like ours with an enormous amount of resilience, experience and strong leadership from all our partners to be confident to face the challenges ahead.”