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Boost Customer Retention Through the Roof With These Strategies

Loyal customers are the backbone of any business. They’re so valuable that some companies, like Amazon and Apple, have built entire businesses around them. But as you probably know, it’s also incredibly hard to find and keep loyal customers. The good news is that even if your company isn’t one of those massive multinationals with billions of dollars at its disposal, there are plenty of strategies you can use to incentivize customer retention—even if they’re only small changes that don’t cost much money or effort. In this artlce, we’ll dive into the details of each strategy so you can get creative with incentives for your customers.

Publicly recognize your loyal customers

Publicly recognizing your loyal customers is a great way to thank them for their business, but it also encourages other customers to buy from you more often. The main benefit of public recognition is that it’s free, so there’s no reason not to do it. Thanking customers publicly can be as simple as sending an email or making a post on social media. You should publicly recognize your most loyal customers at least once per month or whenever they reach a certain milestone.

Finally, be sure that the recognition you give is personal, specific, and heartfelt. This will allow you to show off your knowledge of the customer’s preferences or needs and build trust in future transactions with them.

Create a customer loyalty program

As a business owner, you should be looking for ways to ensure that your customers are happy and loyal to your company. One of the best ways to do this is by creating a customer loyalty program. A customer loyalty program is an easy way for you to reward your most loyal customers and encourage them to return again and again. It will also help bring in new customers who want access to great deals as well.

There are many different types of customer loyalty programs out there; some businesses offer discounts on certain days or weeks of the year while others offer exclusive access to products or services only available through their program. You can structure your program however it works best for you and your business.

Create a feedback loop

How do you know if your customers are happy? That’s why it’s so important to create a feedback loop—a way for customers to give you specific information about what they like and don’t like about your product or service. Creating this type of feedback loop is one of the best things that companies can do to improve customer retention rates.

Here are some examples of how you might create a feedback loop:

  • Ask customers how they feel after they’ve used your product or service.
  • Send out surveys after each interaction with a client (phone call, email exchange).
  • Create social media groups where people can discuss their experiences with others who have had similar experiences (or even different ones) with your brand.

Give your customers VIP treatment

The first step is to recognize your most valuable customers, who are often your best promoters and advocates for your brand. This can be done through some methods, such as sending them regular updates on new products or services, offering them exclusive deals only available to VIP members, or even just making sure they feel like they get special treatment when they do business with you.

Survey your customers to learn more about them

Conducting surveys is an excellent way to learn more about your customers. Surveys can be conducted online, by phone, or even in person. The more information you gather from surveys, the more likely it is that you will know exactly what your customers need and want from your company.

Surveys are a good way for businesses to get feedback from their customers on product development or service improvements. They are also helpful for making sure that all employees in the organization understand what customers expect them to do for their business.

Conclusion

The customer retention strategies in this article can help your business get more loyal customers. They’ll also help you make sure those customers keep coming back for more. You don’t need to do all of these things at once, but they’re worth exploring as you find out what works best for your business.

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Business

Reasons Why Protecting IP Is Such An Important Step For Founders

Locking down funding for a startup or business venture takes a lot of work. One area founders should not overlook is the protection of their intellectual property, or IP, as such protection is not only important to owners, but to those looking to invest as well. Below is a quick look into why IP protection must be kept in mind as founders work to secure investors.

First, what all falls under the term “intellectual property”? Essentially, it is the property of the mind in terms of the product, or outcome, from ideas, information and knowledge generated by you or other members of the team. IP can be categorized in four types: patents, copyrights, trade secrets and trademarks. Often, these points are considered to be the most valuable assets owned by the startup. IP is what gives the budding business a competitive edge in the market and sets it apart from others.

IP represents a significant financial and legal asset, regularly estimated at more than 80% of a company’s total value. Because it is an intangible asset, it is very vulnerable to being copied by rivals or stolen if not legally protected. That’s why safeguarding it properly is so important from the onset. Just as a logo, brand and even the physical assets of a startup must be insured and protected, so too must IP.

Another reason why adequate protection is so necessary is that it has practically no limit on its potential value. Unlike asset classes with fixed values which can depreciate, such as machinery, the value of IP can increase indefinitely. Ensuring it is secured also reduces operational risks during the startup process and down the line.

Having a solid intellectual property portfolio makes new companies more attractive targets for financiers. When this portfolio is well secured and has rights in major markets, it boosts trustworthiness and appeal to backers, as the venture seems ready to be taken seriously. It also creates a strong foundation for scaling the business quickly and extensively.

Protected IP also works as a marketing and sales tool that can be leveraged several ways. For instance, when a company merely wants to sell an asset they have copyrighted, patented or trademarked, the distinguishing symbols of ownership can make the product more desirable. How so? These symbols send the message that the owner believes in the product, or its innovativeness, to such an extent it needs to be kept safe from competitors. This message appeals to customers and investors know it.

The costs of going through an attorney to research, file and protect IP legally may be daunting for startups. However, when the creation and protection of intellectual property is adequately funded, the chances of such investments being recouped are often far greater than the alternative.

For further information on securing funding and what investors want to see in terms of the steps taken to protect IP, please see the accompanying resource.

Infographic provided by Bold Patents, experts on design patent
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Business

The Benefits Of Getting An Alternative Mortgage And How To Choose The Best Lender For You

Mortgages have traditionally been financed in Canada by banks and credit unions that also offer deposit accounts and insurance products. However, today’s Canadian homeowners have plenty of options when applying for mortgages.

Fortunately, financial firms are continuing to develop innovative mortgages that meet the different needs of borrowers rather than pushing consumers to comply with rigid norms. As a result, rather than being excluded from homeownership totally, more people are able to obtain the necessary finance to purchase a home.

Some of the most popular mortgages today are alternative mortgages. But what exactly is an alternative mortgage, what are its benefits, and how can you choose the best alternative mortgage lender? Let’s find out.

What Is an Alternative Mortgage?

An alternative mortgage is any mortgage that does not match the threshold of a traditional home loan. Alternative mortgages may have variable interest rates rather than fixed interest rates and they may charge higher rates than traditional types of mortgages.

This type of mortgage is ideal for borrowers who don’t qualify right away through banks yet still want to buy your dream home. What’s more, these home loans require a minimum down payment of 20% or more.

Who Is an Alternative Mortgage Ideal For?

An alternative mortgage is an ideal alternative for many people who would be, or have been turned down by a bank. When you engage with a reputable mortgage broker, you have a plethora of options. You will have access to a wide range of alternative mortgage options to meet your specific circumstances, whether you’re a first-time buyer, self-employed, or have a lower credit score.

Rather than waiting to make a purchase or refinancing, an alternative mortgage can help you acquire the inexpensive funds you need right now to purchase a home, especially if you opt to work with a mortgage broker.

Benefits Of Getting an Alternative Mortgage

Here are some of the biggest benefits of alternative mortgages.

Tolerance for poor credit history: Non-traditional lenders reserve their lowest rates for persons with poor credit histories. Private mortgage lenders in BC, Canada may even consider lending you money if your credit score is 500 or lower, which is something that regular lenders will not consider.

Faster approvals: When applying for an alternative mortgage, a first-time homebuyer might not need to have proof of income or assets. As a result, the time it takes to get approved for one of these loans is usually shorter than traditional mortgages.

Flexibility: An alternative mortgage can offer more flexibility than a standard fixed-rate mortgage. For example, an interest-only mortgage or a payment schedule with a longer term can provide more flexibility if you have a large amount of money in savings and want to make larger payments over time. If you are self-employed and have a variable income, you may be able to obtain a variance mortgage to fit your fluctuating income.

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Business

What Are Included in An Employment Background Check Report?

Verifying the information provided by your job candidate can be done by doing a background check. Additionally, it can show details that were either accidentally or purposefully left out, like residency in other areas where a criminal record might be found. These reports encourage a productive and secure work environment, and they serve as an effective risk management tool that has been shown to lower the likelihood of a poor hire.

Driving Records

An employment background check is done to review a person’s criminal, employment, and/or financial history. Many employers verify the backgrounds of potential employees. For instance, driving records are included in background checks for employment for various reasons. For example, an employer may require a certain license endorsement for commercial driving or prohibit the employee from driving at night or in particular types of vehicles. It is also important to check whether a person has any violations or accidents on their driving record. These violations include speeding, driving under the influence (DUI), and reckless driving.

Driving records are included in a background check because they can reveal a person’s history of moving violations. This information may be useful if the person is applying for a driving position, especially one that requires driving.

Credit History

Credit history is one of the many pieces of information employers look at during a background check for employment. The purpose of a credit check is to ensure that an applicant is creditworthy, which is why it is so important to ensure that your history is accurate. Employers can also see if you are on time with your payments and if you are making reasonable debt payments. This will demonstrate to prospective employers that you are responsible and trustworthy. The FCRA requires employers to provide a copy of a candidate’s credit report, explain their rights under the FCRA, and allow them to dispute negative information. Some states also place limitations on the use of credit history for employment. These restrictions apply to law enforcement, government agencies, corporate executives, and individuals with fiduciary responsibilities. However, employment background checks based on credit history are generally still a legal option for many companies.

Criminal Record

Criminal background checks can help employers determine if an applicant has a criminal past. They include a search of a state or nationwide criminal record repository. Some employers choose to search multiple states or every county in which an applicant has lived. Although criminal records are included in background checks for employment, employers should not use them as a blanket disqualifier. The best practice is to evaluate each applicant based on specific traits rather than stereotypes. In addition, employers should follow the guidance provided by the Equal Employment Opportunity Commission (EEOC) when making job-relatedness determinations.

Employment History

You may encounter questions about your employment history when running a background check. This includes a person’s previous employers, dates, and skills. If you are embarrassed about a past job, contact a recruiter, who can explain to a potential employer why this may affect your chances of employment. Most potential employers are not discouraged by past terminations, but it is important, to be honest.

One of the most common reasons employers want to conduct background checks is to determine if a prospective employee has a criminal history. This information can reveal a person’s past mistakes and character issues. For example, a criminal record can reveal whether an applicant has been arrested or prosecuted or whether they are on the terrorist watchlist. However, employers can only check certain records about a job applicant if they have their consent.

Social Media Activity

Background checks that include social media activity can help determine if a candidate is fit for the job. This screening can determine whether the candidate has posted anything about themselves or their professional interests. It can also show if a person has posted any content that might be considered inappropriate. While traditional background checks do not include social media activity, it is possible to get a comprehensive check of a prospective employee for around $20. Social media background checks can also help you verify an applicant’s eligibility for employment in the U.S. They can also tell you if a candidate has any online connections and professional endorsements.

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Business

How to Collect Zero-Party Data Through Email Surveys: Types and Advantages

One of the most used methods of collecting data as an e-commerce email marketing agency are email surveys. The reason is very simple: they work. Also, these can decrease unsubscribers, increase engagement, and help you sell more because through surveys the actual audience is telling you what they want, then you know what to give to them.

Any information that helps you understand customers better can be translated as a question in an email survey. This type of collecting data is based on the concept of embedded hyperlinks in an email’s HTML code, in order to send a survey in an email and the hyperlinks are responses. Basically, clicking a link counts as a response, and these clicks are recorded in a database of your email survey tool to analyze all collected results.

When using Klaviyo, this platform allows you to add personalized profile property tags to each of your subscribers’ profiles whenever they click on certain buttons with personalized syntax. Check here how you can power up your email marketing strategy by using this feature to leverage surveys and collect information through gamified emails.

Email surveys can be divided into 6 types:

  1. Customer Satisfaction and Net promoter Score Surveys
  2. Post-purchase survey for e-commerce
  3. Surveys embedded in newsletters
  4. Trial satisfaction surveys
  5. Satisfaction survey for events and conferences
  6. Increasing mobile app retention

Now that you know what is an email survey and their types, it’s important to talk about the advantages and disadvantages of it. On the positive side this method of collecting data provides higher response rates than other traditional methods. Are extremely low cost and require minimum resources, the margin of error is very little as there’s no mediator involved. Email is a much quicker way to address large quantities of respondents and collect data through the email platform.

On the other hand, sometimes the responses received cannot always be genuine  as some respondents may answer for the sake of receiving the incentives only. It’s also limited in reach, as not everyone has access to email, and even getting an email ID can be a difficult task at times.

With email being one of the top channels for capturing insights, email surveys are the simple and direct way to gather feedback and information from your customers to then be used as zero-party data that converts and leverages your overall marketing strategy due to the advantages of receiving what your audience wants directly from them.

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Business

Modernizing Sales & Operations Planning

 Sales and operations planning (S&OP) is all about looking to the future. As we head into a new year, it’s only appropriate to set our sights on what’s to come — in life and in business. Here is a brief look into a few of the best S&OP practices to consider implementing in 2022.

The past few years have been a rollercoaster for many businesses. Reflecting on all that has changed is important as companies begin the critical management process of S&OP. From continuing the integration of contemporary work-from-home policies to keeping health at the forefront of operations planning, such factors add to the usual projection demands making the process more complex.

Health concerns are not the only new factors in play. Innovative technologies have made leaps and bounds in terms of advancing data collection and analysis. These AI (artificial intelligence) and automation developments are already impacting — and improving — S&OP practices and offer numerous opportunities. Investing in progressive platforms and software is rapidly becoming essential in the realm of S&OP. Not only to expand cross-organizational coordination but in achieving profitability and staying ahead of the competition.

Another advantage to investing in sophisticated software is to enhance forecasting capabilities. Necessary for understanding changing consumption patterns and gauging financial impact, a key part of S&OP is to anticipate demand and align supply to maximize fulfillment and minimize cost to serve. With AI and machine learning systems, the proficiencies to successfully predict market fluctuations and variations are yours to utilize. This optimization works to create a more comprehensive plan when identifying company goals and the required resources to accomplish them.

Having cutting-edge tech at your disposal can do wonders but can go wasted without proper communication practices. S&OP is best when management and executive teams work together to ensure department functions and goals are aligned. Such cross-functionality cohesion requires transparency, balance, and data-driven leadership.

Start the new year right by establishing a strong leader. Elect someone who can champion your S&OP collaboration and take it to the next level. Be sure to effectively communicate any course corrections, new objectives, quality information, and to engage with team members through a dynamic feedback loop. Engagement on all levels can get the entire organization moving in the same direction, which is the main purpose of S&OP.

Whether your organization conducts S&OP planning monthly, quarterly, or yearly, the importance of getting it right by implementing the latest approaches cannot be understated. For further information on S&OP best practices, please see the accompanying resource created by the experts at ifm.

Infographic provided by ifm

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Business

4 Compelling Reasons Why Your Business Needs a Digital Marketer

Today, digital marketing is increasingly becoming one of the most valuable assets for any business. Again, having a well-laid-out digital marketing strategy helps you establish an authoritative presence online. That’s why you need a digital marketer in your venture. A digital marketer can help you connect with existing and new customers online. They’ll also connect your business with your ideal clients on social media and Google through SEO and PPC. Before choosing a digital marketer for your business, you should consider hiring people who have  completed online marketing courses.

Here are some of the reasons you need a digital marketer for your business.

They help you connect with potential buyers from whom they spend most of their time

More people are spending most of their time on the internet. Studies show that over 7.7 billion people use the internet across the world. The internet is an essential part of everybody’s everyday life. Therefore, it is essential to have a marketer dedicated to marketing your products on the internet. It is straightforward for people to overlook marketing in the digital space. A digital marketer will help you stay on top of your game while increasing sales online. It is crucial to also note that since most of your clients spend their time online, they are likely to check on your online presence to confirm your credibility. If your company lacks an online presence, you risk losing potential customers to your competitors.

Your competitors have digital marketers

If you’re wondering whether to invest in a digital marketer, look at your competitors. Most of them already have one as part of their team. A digital marketer will create professional social profiles, and optimize your website for SEO. They’ll also run advertisements on social media, both paid and unpaid, to help increase sales. It’s important to have a digital marketer on your team to help increase leads from the internet. If you want your product to attract attention, start by finding a qualified person for your digital marketing.

A digital marketer will help you compete with the larger corporations

Competition is one of the most challenging parts of running a business. When you run a company with larger corporations as your competitors, you must set yourself apart to compete with them. The digital marketing space gives you a fighting chance against well-established businesses. Different digital marketing methods create a level playing field for everyone in the market.

Digital marketers can easily target your ideal audience.

You can easily target your ideal audience with digital marketing. This is unlike other methods of marketing where you are not able to target the people interested in your product or services directly. A digital marketer will help you directly reach leads interested in your business, which will increase your business’s bottom line.

A digital marketer will help you increase your business’s visibility on the internet. They will help your business grow to a greater height even while competing against big corporations since the digital marketing space already has a level playing field.

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Business

How to Become a Crorepati by Saving ₹1,000 Per Month in Mutual Funds

What’s the dream amount you want to accumulate from your mutual fund investment? While different people might have different answers for this, Rs.1 crore is a desirable corpus. But many investors shy away from trying to aim so big, thinking it will be hard to achieve. But 15x15x15 rule has shown us that if you are willing to put Rs.15,000 every month in a fund that gives you 15% annual returns, you can accumulate Rs.1 crore in 15 years. But many investors might not be able to afford to put aside Rs.15,000 every month for this. If you are one among them, fret not; read on to find out how to become a crorepati by savings just Rs.1000 every month.

Systematic investment plans

To understand how to reach your goal, you must understand the tools you would be using. One essential tool here is SIP.

You can invest in a mutual fund in two ways; you can either invest a lump sum amount and get returns from the principal or invest a small amount of money monthly to create a corpus in the long term.

Since the goal amount is enormous, monthly investment is more affordable. Such monthly investments in a mutual fund are called systematic investment plans or SIPs. When you register in an SIP, your monthly contribution will be automatically debited from your account without fail. This can help you employ a more disciplined investment approach, which could come in handy when you invest for a more extended period of time.

The power of compounding

Compounding is another factor that could help you with your goal in long term investment plans. In the investment space, compounding is the scenario in which your returns are reinvested to the fund, and your returns also start to gain profit. Let us take the help of an example to understand this further.

Let us suppose you invested Rs.10,000 in a mutual fund. For ease of calculation, let us imagine that the fund’s NAV grew 2% per day for the first two days.

Here, at the end of day one, your profit would be Rs.200. This amount will now be added back to the principal, making the total investment at the start of day 2 Rs.10,200.

For day two, your profit would be Rs.204, even when the profit was the same 2%. Growth like this can significantly aid your corpus building in the long term.

Reaching Rs.1 crore

Thanks to compounding, you can reach your dream goal of Rs.1 crore by investing Rs.1000 every month if you are willing to stay invested for the longer term. Investment experts believe that you will be able to reach your goal in about 34 years if your investment continues to give you returns over 15%. If you are taking up this goal, make sure you constantly monitor and assess your investments to stay on the right track. On the other hand, if you are willing to increase your monthly instalment every year according to the increase in your income, you will reach your goal much faster.

SIP calculators

Calculating your returns from investing in the longer term can get confusing; hence it is advisable to take the help of an SIP calculator. It simplifies your investment planning by showing the monthly SIP needed for you to reach your goal.

No amount of corpus is out of reach if you have the right investment vehicle and the luxury of time. Talk to your investment advisor to find a fund that suits your goals and target.

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