Call centers have become an indispensable component of today’s business landscape, serving as important customer service hubs for companies across industries. Despite their ubiquity, many may wonder how these call centers actually generate revenue and contribute to a company’s profitability. In this article, we will take a closer look into the inner workings of call centers and explore the various ways they make money.
Call centers are essentially centralized offices equipped with a multitude of telephone lines, computer systems, and a team of trained professionals known as agents. They act as the primary channel of communication between a company and its customers, handling inbound and outbound calls, providing customer support, and processing various transactions. The revenue generated by call centers can be attributed to their ability to enhance customer experience, streamline operations, and foster customer loyalty, all of which ultimately lead to increased sales and profit for businesses. By delving into the intricate mechanisms behind call center profit generation, we will unravel the key strategies employed by these establishments to maximize their financial potential and solidify their position as invaluable assets for businesses around the world.
Revenue Streams in Call Centers
A. Inbound calls
Inbound calls are a crucial source of revenue for call centers. These calls refer to incoming calls made by customers seeking assistance or information. They can originate from various channels such as customer service hotlines, technical support lines, or sales inquiries. By effectively monetizing these inbound calls, call centers can generate significant profits.
There are several ways call centers can monetize inbound calls. Firstly, they can offer premium services or special packages that customers can purchase to enhance their experience or gain access to additional benefits. For example, a telecommunications call center may offer a faster internet speed package for an additional fee.
Another way to monetize inbound calls is through upselling and cross-selling. Call center agents can actively promote complementary products or services to customers during their interaction. For instance, a customer calling to inquire about a mobile phone plan could be informed about available accessories or offered an upgrade to a higher-tier plan with more features.
Call centers can also use inbound calls to gather valuable customer information and sell it to third-party organizations. This is typically done by analyzing the customer’s call history and preferences to identify potential leads for targeted marketing campaigns. By leveraging this data, call centers can generate additional revenue through partnerships with advertisers or by selling customer insights.
B. Outbound calls
Outbound calls, on the other hand, involve call center agents proactively reaching out to customers or potential clients. These calls are primarily used for purposes such as sales, lead generation, market research, or customer surveys. Monetizing outbound calls requires strategic planning and effective communication strategies.
One way to generate revenue through outbound calls is by selling products or services directly over the phone. Call center agents can make persuasive pitches to potential customers or existing clients, highlighting the benefits and features of the offering and encouraging them to make a purchase. Sales-focused outbound calls require well-trained agents who possess excellent negotiation and communication skills.
Another approach to monetizing outbound calls is by generating leads for other businesses. Call centers can partner with organizations that rely heavily on acquiring new customers or clients, such as insurance companies or real estate agencies. By identifying potential leads and gathering their contact information, call centers can sell these leads to interested businesses, earning a commission for each successful conversion.
Outbound calls also play a crucial role in customer retention. Call centers can proactively reach out to existing customers to conduct customer satisfaction surveys, gather feedback, or offer special promotions to encourage repeat business. By nurturing the customer relationship through outbound calls, call centers can increase customer loyalty, resulting in long-term profitability.
ISales and Lead Generation
A. Importance of sales and lead generation in call centers
In the highly competitive world of call centers, generating sales and leads is crucial for profitability. Sales and lead generation refer to the process of identifying potential customers and converting them into paying clients. This function plays a significant role in driving revenue and ensuring the financial success of call centers.
By actively engaging with customers through outbound calls, call center agents can identify sales opportunities and promote products or services. They have the chance to build relationships, address customer needs, and persuade them to make a purchase. Effective sales and lead generation efforts can result in increased conversion rates, higher average order values, and ultimately, greater revenue streams for call centers.
B. Strategies for effective sales and lead generation
To maximize sales and lead generation, call centers employ various strategies and techniques. One approach is to utilize targeted marketing campaigns to reach specific customer segments. By analyzing customer data and demographics, call centers can identify potential leads and design tailored campaigns to attract and engage them. This targeted approach increases the chances of conversion and enhances the efficiency of sales efforts.
Another strategy is to invest in sales training and development programs for call center agents. Providing comprehensive product knowledge, sales techniques, and customer service skills empowers agents to effectively sell products and capture leads. Regular training sessions and continuous coaching help agents stay updated with the latest sales strategies and industry trends, enabling them to adapt and perform well in a constantly evolving market.
Moreover, call centers often leverage technology to streamline their sales and lead generation processes. Customer relationship management (CRM) software is commonly used to track customer interactions, manage leads, and prioritize follow-ups. CRM systems provide valuable insights into customer behaviors and preferences, enabling call center agents to personalize their sales approach and tailor offers to individual customers.
The integration of advanced analytics tools also supports effective sales and lead generation. By analyzing customer data and call center metrics, managers can identify patterns and trends, measure the success of sales efforts, and make data-driven decisions to optimize sales strategies. This data-driven approach ensures continuous improvement and increased efficiency in sales and lead generation activities.
In conclusion, sales and lead generation play a vital role in the profit generation of call centers. By implementing targeted marketing campaigns, investing in agent training, and leveraging technology and analytics, call centers can enhance their sales performance and achieve higher conversion rates. The implementation of these strategies is crucial for maximizing revenue streams and ensuring profitability in the competitive call center industry.
ICross-selling and Upselling
A. Definition of cross-selling and upselling
In the highly competitive world of call centers, cross-selling and upselling play a vital role in increasing revenue and generating profits. Cross-selling refers to the practice of offering additional products or services to a customer who is already making a purchase, while upselling involves persuading customers to upgrade or purchase a more expensive version of a product or service they are considering.
B. Benefits of cross-selling and upselling in call centers
Implementing effective cross-selling and upselling techniques can bring several benefits to call centers. Firstly, it allows call centers to maximize their customers’ purchasing potential by offering them relevant products or services that complement their original purchase. This not only increases the average revenue per customer but also enhances customer satisfaction as they feel better served and informed about additional options.
Moreover, cross-selling and upselling can help call centers improve customer retention rates. By presenting customers with personalized offers based on their previous purchases or preferences, call centers are able to build stronger relationships and increase customer loyalty. This leads to repeat business and a higher lifetime value per customer.
Additionally, cross-selling and upselling contribute to increasing the overall profitability of call centers. By leveraging the existing customer base, call centers can reduce acquisition costs and focus on driving incremental revenue from upselling and cross-selling initiatives. This results in a higher return on investment for the call center’s marketing and sales efforts.
C. Techniques for successful cross-selling and upselling
To successfully implement cross-selling and upselling strategies, call centers need to adopt several techniques. First and foremost, call center agents should be trained to actively listen to customers and identify opportunities where cross-selling or upselling may be appropriate. By understanding the customer’s needs and motivations, agents can make relevant recommendations that add value to the customer’s experience.
Furthermore, call centers should utilize customer data and analytics to personalize their approach. By analyzing previous purchase history and customer preferences, call centers can tailor their cross-selling and upselling offers to each individual customer. This targeted approach increases the likelihood of success and positively impacts the customer’s perception of the call center’s expertise and understanding.
Additionally, call centers can implement proactive approaches to cross-selling and upselling. By being proactive and alerting customers to potential benefits or upgrades, call centers can effectively create awareness and generate interest for additional products or services. This requires call centers to have in-depth knowledge about their offerings and the ability to effectively communicate the added value of the recommended options.
In conclusion, cross-selling and upselling are essential profit-generating strategies in call centers. By intelligently offering relevant products or services to existing customers, call centers can increase revenue, improve customer retention, and enhance profitability. Implementing techniques such as active listening, personalization, and proactive approaches can further enhance the success of cross-selling and upselling initiatives.
Customer Retention and Loyalty Programs
A. The Significance of Customer Retention in Call Centers
Customer retention is a vital aspect of a call center’s profit generation. It costs significantly more to acquire a new customer than to retain an existing one, making customer retention a cost-effective strategy for long-term profitability. Call centers understand the value of building strong relationships with their customers and ensuring their satisfaction to encourage repeat business.
B. Loyalty Programs as a Revenue-Generating Strategy
Loyalty programs play a crucial role in driving customer retention and increasing revenue for call centers. These programs offer incentives, rewards, and exclusive benefits to customers who continue to engage with the call center’s services. By implementing loyalty programs, call centers can encourage customer loyalty, which leads to increased spending and repeat business.
Call centers can monetize loyalty programs by offering exclusive discounts, special promotions, and personalized offers to loyal customers. These incentives not only encourage customers to continue using the call center’s services but can also incentivize them to increase their spending, leading to higher revenue generation.
C. Examples of Successful Customer Retention and Loyalty Programs
Numerous call centers have successfully implemented customer retention and loyalty programs to boost their profit generation. One example is a telecommunications call center that offers loyal customers discounted rates on their monthly bills and exclusive access to new features and services. This approach not only helps retain customers but also encourages them to upgrade their plans, generating additional revenue.
Another example is a retail call center that provides loyalty program members with early access to sales, special events, and personalized recommendations. By offering these exclusive benefits, the call center successfully cultivates customer loyalty and increases customer spending, resulting in higher profitability.
Overall, customer retention and loyalty programs are essential strategies for call centers to generate sustainable profit. By focusing on building strong relationships, offering incentives, and providing personalized experiences, call centers can maximize customer retention and drive revenue growth.
Cost Reduction and Efficiency
A. Why cost reduction is crucial in call centers
Cost reduction is a crucial aspect of running a successful call center. As call centers often handle a large volume of calls and customer interactions, the expenses associated with running these operations can be significant. By focusing on cost reduction, call centers can improve profitability and maintain a competitive advantage in the industry.
One of the main reasons why cost reduction is crucial in call centers is the need to maximize resources and minimize expenses. By identifying areas where costs can be reduced, call centers can allocate their resources more efficiently, leading to improved profitability. Additionally, cost reduction allows call centers to offer competitive pricing to clients, attracting more business and increasing their revenue streams.
B. Strategies for reducing costs and improving efficiency
There are several strategies that call centers can employ to reduce costs and improve overall efficiency:
1. Workforce optimization: By effectively managing staffing levels and schedules, call centers can ensure that they have the right number of agents available to handle customer calls without incurring unnecessary labor costs. This involves analyzing call volume patterns, implementing flexible scheduling, and utilizing workforce management software.
2. Automation and self-service options: Embracing technology can help call centers reduce costs by automating certain tasks and providing self-service options to customers. Interactive voice response (IVR) systems can handle routine inquiries, freeing up agents to focus on more complex customer issues. Chatbots and online knowledge bases can also provide self-help options, reducing the need for agent involvement.
3. Streamlining processes: Assessing and streamlining call center processes can lead to significant cost reductions. This involves identifying bottlenecks, eliminating redundant steps, and implementing standardized procedures. By improving efficiency, call centers can reduce handling times and increase the number of interactions agents can handle.
4. Outsourcing non-core functions: Call centers can reduce costs by outsourcing non-core functions such as IT support, payroll, and HR management. Outsourcing allows call centers to leverage specialized expertise while reducing their overhead expenses.
5. Implementing cost-effective technologies: Investing in cost-effective technologies, such as cloud-based call center software, can help reduce infrastructure and maintenance costs. Cloud-based solutions offer scalability, flexibility, and lower upfront costs compared to traditional on-premise systems.
By implementing these strategies, call centers can effectively reduce costs and improve overall efficiency, leading to increased profitability. It is crucial for call center managers to regularly analyze and optimize operations to ensure ongoing cost reduction and efficiency improvements.
Outsourcing and Offshore Call Centers
A. Explanation of outsourcing in call centers
Outsourcing is a strategic business decision where a company contracts with an external party to handle certain aspects of its operations. In the call center industry, outsourcing refers to the practice of hiring a third-party service provider to handle customer interactions, such as handling inbound and outbound calls, to achieve cost savings and operational efficiencies.
Call center outsourcing has become increasingly popular among businesses due to the potential benefits it offers. By outsourcing call center operations, companies can focus on their core competencies and leave customer support and communication to specialized service providers. These outsourcing companies are equipped with the necessary infrastructure, technology, and skilled workforce to handle call center functions effectively.
B. Advantages and disadvantages of offshore call centers
Offshore call centers are a specific type of outsourcing where the call center operations are outsourced to another country, typically with lower labor costs. This practice has both advantages and disadvantages.
Advantages of offshore call centers include:
1. Cost savings: Offshore call centers often offer lower labor costs, allowing companies to save significantly on operational expenses.
2. Expanded availability: Operating in different time zones allows offshore call centers to offer round-the-clock support, increasing customer accessibility.
3. Language diversity: Offshore call centers often have multilingual agents who can cater to the needs of customers from different regions, enhancing customer satisfaction.
4. Scalability: Offshore call centers can quickly ramp up or down operations based on client demand, offering flexibility and cost-efficiency.
Disadvantages of offshore call centers include:
1. Language and cultural barriers: Communication issues may arise due to language proficiency or cultural differences, leading to customer dissatisfaction.
2. Data security concerns: Offshore call centers may face challenges in ensuring data privacy and security, which can pose risks to sensitive customer information.
3. Distance and time zone differences: Geographical distances and time zone differences can impact real-time collaboration and coordination between the company and the offshore call center.
Conclusion
Outsourcing call center operations, including offshore call centers, can be a strategic approach for companies to generate profit. It allows businesses to benefit from cost savings, improved customer support, and scalability. However, it is important for companies to carefully consider the advantages and disadvantages of offshore call centers before making a decision. Understanding the potential risks and benefits of outsourcing can guide companies in making informed choices that align with their profit generation goals. Ultimately, outsourcing should be implemented strategically and with proper coordination to ensure success in the call center industry.
Technology and Automation
A. Role of technology in profit generation for call centers
Technology plays a crucial role in the profit generation of call centers. It helps streamline operations, enhance customer experience, and improve overall efficiency. With the right technology tools and solutions, call centers can maximize their revenue potential and increase their profitability.
One key role of technology in profit generation is automation. Automation tools can handle repetitive and time-consuming tasks, freeing up agents’ time to focus on more value-added activities. For example, automated call routing systems can direct calls to the most appropriate agent based on skills and availability, leading to faster response times and improved customer satisfaction. Additionally, automated dialing systems can significantly increase outbound call volumes, allowing agents to make more sales calls and generate more revenue.
Furthermore, technology enables call centers to collect and analyze data to gain valuable insights into customer behavior and preferences. This data can be used to optimize sales and lead generation strategies, personalize customer interactions, and identify upsell and cross-sell opportunities. Predictive analytics tools can also help call centers accurately forecast demand, optimize staffing levels, and improve resource allocation, leading to cost reductions and increased profitability.
B. Examples of technology and automation tools used in call centers
Call centers utilize a variety of technology and automation tools to enhance profit generation. Here are some examples:
1. Customer Relationship Management (CRM) Software: CRM systems enable call centers to store and manage customer information, track interactions, and provide a unified view of the customer journey. This helps agents deliver personalized and efficient service, resulting in improved customer satisfaction and increased sales opportunities.
2. Interactive Voice Response (IVR) Systems: IVR systems automate call routing and provide self-service options for customers. This reduces the need for agent intervention in simple inquiries and enables faster call resolution, leading to improved efficiency and lower operational costs.
3. Predictive Dialers: Predictive dialers automatically dial a list of phone numbers, filter out busy signals, voicemails, and no-answers, and only connect agents to live calls. This maximizes agent productivity by eliminating manual dialing and reduces downtime, resulting in increased outbound call volumes and higher sales opportunities.
4. Speech Analytics Software: Speech analytics tools analyze call recordings to extract valuable insights, such as customer sentiment, emerging trends, and areas for improvement. This enables call centers to identify training needs, optimize scripting, and enhance overall customer experience.
5. Workforce Management (WFM) Systems: WFM systems help optimize staffing levels, scheduling, and forecasting based on historical and real-time data. This ensures the right number of agents are available to handle call volumes, leading to reduced costs, improved efficiency, and enhanced service levels.
By leveraging these technological tools and automation solutions, call centers can streamline operations, improve customer experience, and ultimately increase their profit generation capabilities. Embracing technology is essential in today’s fast-paced, technology-driven world to stay competitive and drive profitability in the call center industry.
Quality Assurance and Training
A. Importance of Quality Assurance in Call Centers
Quality assurance plays a crucial role in call centers as it ensures that the services provided meet the expected standards of quality. In a highly competitive industry, maintaining a high level of customer satisfaction is essential for profitability and success. By implementing quality assurance processes, call centers can identify and address any gaps or areas for improvement in their operations, ultimately leading to improved customer experiences and increased profit generation.
B. Training Programs to Enhance Customer Service and Profit Generation
Training programs are an integral part of a call center’s strategy to enhance customer service and maximize profit generation. Properly trained agents are more equipped to handle customer queries effectively, providing accurate and timely resolutions. This leads to improved customer satisfaction, repeat business, and increased revenue streams.
Call centers typically offer comprehensive training programs that cover various aspects of customer service, including effective communication, problem-solving techniques, product knowledge, and listening skills. These training programs aim to equip agents with the necessary skills to handle different customer scenarios, ensuring consistent and efficient service delivery.
Additionally, call centers also provide training on sales techniques and upselling strategies to maximize profit generation. Agents are trained on how to identify opportunities to recommend additional products or services to customers. With the right training, agents can confidently offer cross-selling and upselling suggestions, increasing the average transaction value and ultimately driving higher revenues.
Furthermore, continuous training and development programs are essential in keeping agents updated with the latest industry trends, technology advancements, and best practices. This allows call centers to stay competitive and adapt to evolving customer demands, ensuring that their services remain profitable in the long run.
In conclusion, quality assurance and training programs are vital elements in the profit generation strategies of call centers. By implementing effective quality assurance processes and providing comprehensive training programs, call centers can enhance customer service, increase revenue streams through cross-selling and upselling, and adapt to changing market dynamics. Investing in quality assurance and training not only ensures profitability but also positions call centers for long-term success in the industry.
Monitoring and Analytics
A. The significance of monitoring and analytics in call centers
Monitoring and analytics are crucial components of profit generation in call centers. By closely monitoring various metrics and using advanced analytics tools, call centers can gain valuable insights into their operations, customer interactions, and overall performance. This data-driven approach allows call center managers to make informed decisions, identify areas for improvement, and drive profitability.
Effective monitoring enables call centers to track key performance indicators (KPIs) such as call volume, average handling time, first call resolution rate, and customer satisfaction scores. By analyzing these metrics, call center managers can identify bottlenecks, inefficiencies, and areas of improvement within their operations. For example, if the average handling time is high, it may indicate a need for additional training or process optimization to reduce call durations and increase agent productivity.
Additionally, monitoring customer interactions, such as recording calls and analyzing customer feedback, provides insights into the quality of service being provided. This helps identify areas where agents may require additional training or where customer dissatisfaction is prevalent. By addressing these issues, call centers can enhance the overall customer experience, leading to increased loyalty and repeat business.
Monitoring also plays a vital role in ensuring compliance with regulatory requirements and industry standards. Call centers are often required to adhere to strict guidelines, such as the Payment Card Industry Data Security Standard (PCI DSS), to protect customer data. Regular monitoring and audits help call centers identify and rectify any non-compliance issues, safeguarding both customer information and the call center’s reputation.
B. Key metrics used for measuring profit generation
In order to measure profit generation, call centers rely on several key metrics that provide insights into their financial performance. These metrics include:
1. Average Revenue per Call (ARPC): This metric calculates the average amount of revenue generated per call. By tracking ARPC, call centers can identify trends and evaluate the effectiveness of sales and lead generation strategies.
2. First Call Resolution Rate (FCR): FCR measures the percentage of customer inquiries or issues resolved during the initial call. A high FCR indicates efficient customer service and reduces the need for follow-up calls, resulting in cost savings and increased customer satisfaction.
3. Customer Lifetime Value (CLV): CLV represents the predicted net profit generated from a customer throughout their relationship with the call center. By understanding the CLV of different customer segments, call centers can prioritize their efforts on high-value customers and tailor retention strategies accordingly.
4. Cost per Call (CPC): CPC calculates the average cost incurred for each call handled by the call center. By monitoring CPC, call centers can identify opportunities to reduce costs and improve operational efficiency.
5. Net Promoter Score (NPS): NPS measures customer loyalty and likelihood to recommend the call center to others. A higher NPS indicates satisfied customers who are more likely to become loyal and refer others, driving profit generation through increased customer acquisition.
By closely monitoring these metrics and leveraging analytics tools, call centers can optimize their operations, enhance customer satisfaction, and ultimately increase profitability. It is essential to regularly review and analyze these metrics to identify areas for improvement and implement strategies that drive profit generation.
Scaling and Expansion
A. How call centers can scale their operations to increase profitability
In order to increase profitability, call centers need to effectively scale their operations. Scaling refers to expanding or increasing the size and capacity of the call center to handle larger volumes of calls and provide more services. There are several strategies that call centers can employ to successfully scale their operations and boost profitability.
Firstly, call centers can invest in advanced technology and infrastructure. Upgrading their telecommunication systems, hardware, and software can improve efficiency, streamline processes, and handle a larger volume of calls. This allows call centers to handle more customers and generate higher revenue.
Additionally, call centers can implement workforce optimization strategies. This involves managing staffing levels, scheduling, and workload distribution effectively. By deploying the right number of agents with the necessary skills, call centers can ensure that they are able to handle increased call volumes without compromising on quality. This leads to higher customer satisfaction, repeat business, and ultimately, increased profitability.
Furthermore, call centers can explore different operating models such as opening up multiple locations or utilizing remote agents. By diversifying their operations, call centers can tap into new markets and reach a wider customer base. This can lead to increased revenue streams and growth opportunities.
B. Considerations for expanding call center services
Expanding call center services is another strategy for increasing profitability. Call centers can consider adding new service offerings that align with customer demands and market trends. This could include providing omni-channel support, social media management, or even specialized services for specific industries.
When expanding services, call centers need to carefully assess the feasibility and potential impact on profitability. This involves conducting market research, analyzing customer needs and preferences, and understanding the competitive landscape. By identifying gaps in the market and offering unique value propositions, call centers can differentiate themselves and attract more clients.
Additionally, call centers should prioritize training and development programs to equip their agents with the necessary skills and knowledge to handle new services. This ensures that the expansion does not lead to a decline in service quality. Continuous training and upskilling also contribute to agent satisfaction and retention, which in turn positively impacts profitability.
Finally, call centers should have a robust scalability plan in place. This involves anticipating future growth and making necessary preparations in terms of infrastructure, technology, staffing, and resources. By planning ahead and being proactive, call centers can smoothly handle increased call volumes and deliver consistent and high-quality services to clients.
In conclusion, scaling and expanding call center operations is a key strategy for increasing profitability. By investing in technology, optimizing workforce, diversifying operations, and expanding service offerings, call centers can tap into new revenue streams and realize growth opportunities. However, it is crucial for call centers to carefully consider the implications and plan for scalability to ensure sustained profitability in the long term.
Section XII – Conclusion
A. Recap of profit-generating strategies in call centers
In this article, we have explored various profit-generating strategies in call centers. We began by defining call centers and understanding the importance of profit generation in this industry.
We then delved into the revenue streams in call centers, focusing on inbound and outbound calls. For inbound calls, we discussed ways to monetize them, such as implementing upselling and cross-selling techniques. Similarly, for outbound calls, we explored strategies for lead generation and effective sales.
Customer retention and loyalty programs were highlighted as significant profit-generating strategies, emphasizing the benefits and providing examples of successful implementation. We also stressed the importance of cost reduction and efficiency in call centers, and provided strategies for achieving these goals.
The article further covered outsourcing and offshore call centers, discussing the advantages and disadvantages of this practice. We explored the role of technology in profit generation, presenting various automation tools and examples of their usage in call centers.
Quality assurance and training were identified as crucial elements in profit generation, with an emphasis on enhancing customer service. Monitoring and analytics were also discussed, focusing on key metrics used to measure profit generation.
Finally, we addressed scaling and expansion in call centers, providing insights on how operations can be scaled to increase profitability and outlining considerations for expanding call center services.
B. Overall importance of understanding profit generation for success in call center industry
Understanding profit generation is essential for success in the call center industry. By implementing the strategies discussed throughout this article, call centers can maximize revenue streams and increase profitability. Efficiently monetizing inbound and outbound calls, implementing effective sales and lead generation strategies, and focusing on customer retention and loyalty are all critical to driving profits.
In addition, call centers must strive for cost reduction, efficiency, and the integration of technology and automation tools. By staying updated on industry trends and measuring key metrics through monitoring and analytics, call centers can optimize their operations and generate higher profits.
Furthermore, a strong emphasis on quality assurance and continuous training programs is necessary to enhance customer service, leading to customer satisfaction, loyalty, and ultimately, increased profits.
Lastly, the ability to scale operations and carefully consider expansion opportunities is crucial in creating profitable growth in the call center industry.
In conclusion, an in-depth understanding of profit generation strategies is essential for call centers to thrive in a competitive market. By implementing these strategies, focusing on improving efficiencies, and prioritizing customer satisfaction, call centers can achieve long-term success and profitability.