So your product/service solves a problem, attracts users and they actually use it. Now it’s time to make sure it’s contributing to the viability of your business, it’s time to increase your revenue!
This, for example, can be done by influencing your customers on what to buy, and by stimulating customer referral.
A great indication that your customers are truly satisfied with your product or service is customer referral. Meaning that they tell others about it, or even better – stimulate others to use your product or service.
As a satisfied customer is more likely to refer others to your product or service, even without the promise of a reward. If you have a good indication about how satisfied your customers are, and you have the right incentives for referrals, you should see a good amount of new leads coming in from your referral program.
Price optimization can be used by companies to determine how customers will respond to different prices for its products and services. By that, it can be used to determine the price that helps your company to best meet your objectives such as maximizing the profit.