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SmallBusinessUpdate

  • 5 Ways to Establish Core Brand Values

    5 Ways to Establish Core Brand Values

    Your brand is more than just your company or product name. It’s one of the best ways of setting yourself apart from your competitors. Unfortunately, many business owners are confused as to what “branding” really means and how it affects their company.

    In a nutshell, your brand value reflects the values your company holds. It embodies your company’s history, vision, and mission. It also stands as your promise to your client with regards to what they can expect from the products and services you offer.

    Consider brands like Nike and Apple. These two companies success can be attributed to how well their brands reflected their core values. Nike’s logo and “Just Do It” tagline resonates not just with athletes but people who are looking to channel their drive to succeed. Meanwhile, Apple’s “Think Different” slogan makes it clear to everyone that the company is all about developing the best and most innovative products that are within everyone’s reach.

    Defining your brand and the core values it embodies is challenging as it entails time, patience and a little bit of self-discovery. Here are five ways to establish your business’ core brand values:

    1. Pick Values That Resonate With Your Business

    Discovering your company’s core brand values is a challenging process. One way to go about this is to make a list ofSwan, Towel, Flower, Holiday, Hotel, Bed, Djerba traits that are important to you. But this should go beyond listing down nice sounding adjectives like “trusted” or “reliable.” You have to dig deeper and look beyond your idealized vision of a perfect company.

    You can utilize your own negative experiences with other brands. For example, your stay at a glamorous B&B with perfect amenities might have left you feeling disconnected by its cold and snobbish staff. So instead of focusing on “great amenities,” make your mark by offering services that will make your “customers feel welcomed” and loved. And once you’ve chosen values that truly resonate with you, start focusing your energies on that.

    2. Be the Best Representative of Your Values

    What do your customers say about your brand? Are they impressed with your customer service or with the low price? Find out what traits your customers already associate with your brand and build on that.

    Let’s say your customers love the effort you make in answering their queries, then you can make “going the extra mile to answer your questions and meet your needs” as your core value. And since you’re already known for it, make sure you keep representing your core values through advertisements and innovations.

    3. Understand Who Your Competitors and Customers Are

    You should also consider what your customer needs and expects from your brand while also taking into account what solutions are already being offered by your competitors. Analyzing what your rival is offering can reveal a gap that you can fill, or it can give you ideas on how you can offer a different solution that will better reflect your values.

    4. Create Ways to Showcase Your Brand

    Image result for taste happiness coke

    Once you have established your core values, you have to think about how you can simplify them down to a few key words that will act as a reminder for your business team. Think Coke’s “Taste Happiness” or Nike’s “Just Do It” slogans. This will also help your employees understand and live your values.

    Having clearly defined core values will also make it easier for your company to showcase your brand. Aside from your logo, tagline or slogan, there are also other methods you can use to push your brand, like creating your voice or using a unique color scheme.

    5. Develop Relationships That Embody Your Values

    You can also strengthen your core brand values by using it when building business relationships. Refer to these values in your recruitment and marketing and sales strategies. Hire people who believe in the same values and who are willing to share and spread these ideals.

    It’s essential that you establish your core brand values from the start. These will act as the building blocks of your business and will attract consumers who believe in the same values.

    [Featured image via Pixabay]

  • Google Rebrands AdWords, Introduces ‘Smart Campaigns’ for Small Businesses

    Google Rebrands AdWords, Introduces ‘Smart Campaigns’ for Small Businesses

    Google has revamped how its ad services and products are organized and sold in a bid to make its advertising system easier for brands to understand.

    After two decades, Google is retiring AdWords and DoubleClick names and rebranding them instead. They are also being reorganized in order to better showcase their capabilities and growth trajectory. DoubleClick products and the Google Analytics 360 Suite will now fall under the umbrella of Google Marketing Platform. DoubleClick Ad Exchange and DoubleClick for Publishers will be integrated into the Google Ad Manager while AdWords will now be called Google Ads.

    The newly introduced Google Marketing Platform is designed to assist clients in planning, buying, measuring and optimizing their digital media and customer experience. The decision to merge the DoubleClick and Analytics 360 Suite brands was the result of marketer feedback regarding the advantages of using analytics and ads technology to create improved customer understanding and bigger business results.

    Meanwhile, Google Ads will represent the extent of the company’s advertising capacity across its numerous properties, like Google Maps, Google Play, and YouTube. Google Ads will also roll out a new type of ad strategy called Smart Campaigns. This feature will be utilizing machine learning technology and focuses on small businesses. It will be the default experience of start-up companies.

    As for the Google Ad Manager, the unified programmatic system is developed to help partners to generate higher revenue in a more efficient manner.

    The three new brands are being hailed as a way to help all advertisers and publishers pick the right solutions for their business, regardless of the size. It also aims to make it easier for companies to provide consumers with trustworthy ads and an improved experience regardless of the channels and devices used.

    The restructuring of its ads business was announced on Tuesday by Sridhar Ramaswamy, the SVP of Ads at Google. According to Ramaswamy, the company’s extensive ad offerings is challenging for advertisers, ad agencies, and publishers to navigate. He also mentioned that while advertising opportunities have never been greater, it has also become more complicated.

    “It is harder for advertisers, publishers, and agencies that help them choose the right products for their business and know how to use them,” Ramaswamy said.

    Despite the changes, brands have nothing to worry about as Ramaswamy emphasized that Google’s “underlying products aren’t changing.” But while the rebranding is basically just a name change, there will be small changes in some ad interfaces that will streamline the different services that the company’s advertising and marketing products offer.

  • Small Businesses are Struggling to Find Workers Due to Low Unemployment Rate

    Small Businesses are Struggling to Find Workers Due to Low Unemployment Rate

    A recent LinkedIn employment report has revealed that the US job market is hale and hearty. The country’s unemployment rate is down across the board while hiring is 4.5% higher when compared to this same time last year. While the news certainly is encouraging, the report also underlines the challenges that small businesses are facing with regards to hiring and keeping the right people.

    Numbers Point to Good News

    Aside from the news that hiring rates are high and unemployment rates are down, the LinkedIn Workforce Report for June also revealed some interesting specifics. For instance, there’s a 12.4% increase in hiring in cities that rely heavily on the oil industry. Tech firms, financial and insurance services, architecture and engineering firms, and automotive and transportation companies are also hiring more people.

    Hiring in San Francisco Bay Area - June 2018

    However, there are also several cities where the demand for skilled workers is simply not being met. These cities include Austin, Washington DC, the San Francisco Bay Area, New York, Los Angeles, and Seattle. Conversely, Hartford, Miami-Ft. Lauderdale and West Palm Beach have thriving communities of skilled workers, making it easy for small and big businesses to fill their employment requirements.

    The LinkedIn study isn’t the only one touting these numbers. Reuters has also reported that job growth in the US went up in May while the unemployment rate dropped to 3.8 percent, an 18-year low for the country. Total payrolls rose to 223,000 and the average hourly earnings have increased by 0.3 percent month-to-month.

    Image result for 2018 us unemployment rates

    The report does paint a rosy outlook for American households. Tom Porcelli, Chief US Economist of RBC Capital Markets admits the news about unemployment rates “literally checks off all the right boxes.” He also said that they have been looking for any negatives about the findings but admits that so far, they haven’t found anything.

    What it Means for Small Businesses

    The LinkedIn report doesn’t mean everything’s smooth sailing though. One key takeaway from it is the fact that with more businesses hiring, the labor market has become a tight one. This means companies are fighting for a workforce that’s steadily growing smaller.

    The labor shortage means that the majority of businesses will have no other option but to increase wages in order to attract the workers they need and keep the ones they want. This is good news on the side of the employees, as it implies that salary growth is picking up.

    Unfortunately, not all small businesses can go head to head with bigger and more established companies who have better financial backing. This year’s Randstad US Salary Guide says that wages have risen by as much as 3% across different industries, a rate that not all small businesses can meet.

    Low unemployment rates also mean small companies will start to lose out on business. A Federal Reserve survey showed that in some states, restaurants struggle to find waiters and cooks while construction and manufacturing companies simply can’t find workers, regardless of whether they’re skilled or not. This lack of workers has translated to rising production costs, as well as canceled or delayed projects.

    So what can small businesses do to attract skilled workers? Aside from matching the going rate, they can offer an incentive program or a profit sharing option. Work from home options and extensive training can also be used to sweeten the deal. In short, small businesses would have to be more creative with their perks.

  • 5 Ways to Boost Your Brand Using Social Media Polls

    5 Ways to Boost Your Brand Using Social Media Polls

    If you’re managing a small business or start-up brand on social media, getting people to interact with you can be challenging. This is where polling comes in handy since it encourages engagement and improves the visibility of your brand. Social media platforms such as Facebook, Twitter, or Instagram, have polling features that you can tweak and use to listen to your target audience, similar to doing marketing research. Because choices are provided, users can participate in the polls without fear or apprehension of giving a wrong answer. And since replies remain undisclosed and anonymous, users tend to be more honest with their responses.

    Here’s how you can use social media polling to improve your marketing strategy and boost your brand on several platforms:  

    1. Gather feedback and insights.

    Creating a poll is one of the ways to know what your audience likes and dislikes without disrupting their user experience. By posing a quick question, your brand will be able to get instant feedback from customers about the products and services you offer. If users feel that their opinions are valued, then they are more likely to be loyal to your brand. Gaining invaluable insight from a poll also allows you to identify areas for improvement and factor in suggestions from customers.  

    2. Drive product decisions.

    With polls and surveys, you can determine which products or promos interest your target audience right away. This real-time information can be crucial for driving product decisions and possible sales leads for your company. Last Halloween, Hello Fresh used an Instagram Stories poll to help determine which one of its recipes customers preferred most. This simple poll not only helped generate positive sentiments towards the brand, but it also allowed customers to feel that they made an impact or contribution to the company’s meal kit options. You could do the same for your brand, too.

    3. Get ideas for content.

    Coming up with fresh content on social media can be a big undertaking but polls can help you overcome that hurdle. By asking what your audience wants to see or read next, you encourage engagement by listening to their opinions. Consider a cross-channel approach in creating social content, like using Instagram Stories in polling what to include in your next Facebook post. Users are more likely to be pleased by seeing curated content across platforms based on their interests.

    4. Break the monotony.

    Polls that are too focused on business can cause your audience to lose interest in your brand. So even though this type of polling offers a wealth of marketing data, try to come up with entertaining and fun polls every once in a while that strengthen your brand’s voice and maintain engagement. Furthermore, this makes your brand look more approachable.

    5. Increase engagement.

    You don’t have to limit your brand to a specific market since social media polling allows you to tap into a larger audience. When users check out your poll, they tend to visit your profile as well, thus increasing your visibility on the social platform. Remember to be responsive to every comment or like, even after the poll has ended, to keep up a dialogue between you and your audience and increase the likelihood of future engagement.

    As social media polls become increasingly useful to understanding your audience, it pays to use the feature as part of your marketing strategy. Learning from and listening to your market will help you take the next step in scaling up your business.  

    [Featured image via Pixabay]

  • PayPal Will Soon Integrate More Payment Options Into Google Services

    PayPal Will Soon Integrate More Payment Options Into Google Services

    Google’s rebranding of Google Pay this year was done to make twofold transactions go more smoothly. Now, the company is integrating PayPal into the mix. This will enable PayPal users to pay bills and make purchases without having to log in or out of Google services.

    The integration between Google and PayPal will go live later this year. It will cover any services and apps using Google Pay, like Gmail, the Google Store, and YouTube and will also work with peer-to-peer transfers.

    The two companies working together is not new. PayPal has already been a payment option for Google Play since 2014 and in online and in-store transactions that are handled by Google Pay since 2017. Google is also working with other payment partners like Braintree, Cybersource, Mastercard, Stripe, and Visa.

    The expanded relationship between Google and PayPal will undoubtedly benefit the two companies. For the former, it will mean a reduction of users leaving the site just to complete a transaction, a move that more often than not results in abandoned purchases. This will also give buyers more payment alternatives, ensuring that more sales are completed. As for PayPal, the union will also give its members an incentive to use its services to buy things, thereby leading to higher transaction revenue.

    This partnership also underlines the changes and challenges happening to online payments. A large number of consumers are already willing and ready to pay for services and items online. The problem is that with so many payment options and shops, it’s difficult to keep consumer interest. The challenge now for app publishers, shop owners and platform owners is how to keep people engaged in the product and not migrate to another site.

    The solution is to introduce services where payment transactions are already enabled at the point that they’re needed with minimum fuss. This means no jumping to another site or app, no logging in several times or taking additional steps just to finalize a payment. 

  • 7 Tips That Will Keep Your Small Business From Taking Over Your Personal Life

    7 Tips That Will Keep Your Small Business From Taking Over Your Personal Life

    For many entrepreneurs, running a small business is exhilarating and liberating. You not only have control over daily operations, but you can decide who you want to work with, and you can even choose to turn your passion into your business. Small business ownership also gives many people a deep sense of pride in building something of their own. 

    However, running a small business comes with its fair share of challenges that can often be overwhelming. You have to deal with a lengthy list of tasks like maintaining inventory, fulfilling customer orders and resolving customer complaints. Finding the right staff and keeping them enthusiastic about working for you is also tough, not to mention managing the business finances and making sure you stay afloat. All these things can take away time with your friends and family and wear you down physically and mentally. Before you know it, the business that was once a source of pride is now taking over your entire life.

    But whether you’re an employee our you own the company you work for, you’re bound to face challenges. To reap the rewards that come from small business ownership, you’ll need to learn how to cope with the daily grind and achieve good work-life balance.

    Here are seven tips that will help you maintain a well-rounded life while running your business:

    1. Begin With a Plan

    As with almost goal you want to achieve, starting with a plan gives you a guideline for success. Whether it’s for a balanced personal life or growing your clientele, having clear objectives will lessen your mistakes and get you to your goals faster. However, remember to make your goals SMART: specific, measurable, attainable, relevant, and time-based. Break up your objectives into small actionable items and create a manageable to-do list. Set a reasonable time frame for achieving these tasks and goals. Stick to your schedule and review it once in a while to see whether you need to adjust your pace.

    2. Track Your Progress

    Set milestones to keep track of your progress towards the goal. Most people tend to put off taking action if the deadline seems far away. To avoid this, create smaller goals you can evaluate more often. These serve as guideposts to the bigger goal and help in assessing the effectiveness of your plan. Set aside time to evaluate your accomplishments, results, and progress. Tweak your strategy if you missed or exceeded your mini-goals.

    3. Learn to Delegate

    Most entrepreneurs either run their businesses single-handedly or have a lean team of a few people. They would sometimes prefer to do everything themselves—even the menial, time-consuming tasks involved in operating the business. Learning to delegate non-strategic tasks, such as website maintenance and administrative work, through outsourcing helps business owners focus more on revenue-generating activities. And if you’re swamped with several projects, it’s best to hire skilled people and train them. You don’t have to micromanage with competent people on board, giving you more time for important things.  

    4. Catch a Break   

    You don’t have to feel guilty about taking a break. Studies have shown that having one actually increases productivity. It may sound counterintuitive, especially if you’re on a tight deadline, but a brief diversion from the task improves your focus and performance. Breaking the monotony of work makes your brain aware of the change and enables it to respond quicker. There’s nothing wrong with your attention; it’s just that the brain considers constant stimulation, like repetitive work, as unimportant.  

    Moreover, similar to other muscles in the body, your brain becomes exhausted after prolonged use. It needs time to recover by taking short breaks when faced with long, monotonous tasks.   

    5. Take Care of Your Body  

    It’s not rare to hear about small business owners falling ill due to overwork and stress. Some people have different responses to stress, but no one is immune to it. Aside from a host of diseases, chronic stress over a prolonged period also affects mental health. Look out for symptoms of stress that cause changes in your body. Engage in physical activities like regular exercise to boost energy, improve mood, get better sleep, and stave off other health problems. Also, eat healthier foods to fuel your body’s nutritional needs.  

    6. Have a Support System  

    Your family should be part of your support system. They are the first ones to feel the consequences of your business decisions. Spend more quality time with them and be present mentally. Communicate the importance of getting their unwavering support. Outside the home, you also need to establish connections with like-minded people who can help with your growth. There are organizations and peer-coaching groups that will gladly lend a helping hand. Surround yourself with positive, motivated entrepreneurs and avoid overly critical, negative people.

    7. Learn to Say “No”

    Turning down a service request is hard, especially if it came from your biggest client. Assess your capabilities and resources in handling the job, as well as your time in taking on another project. Saying no to unwelcomed requests may hurt your reputation with the client, but it’s better than delivering mediocre output. You should be providing top-notch service to make your clients satisfied, as well as showing your serious dedication to work.  

    There is no panacea for balancing a small business with your personal life; instead, make the latter your utmost priority. Most business leaders agree that it’s important to take care of yourself first before devoting time to your work. Keeping your business competitive and running smoothly will require lots of energy. And without stamina, you might not be able to keep up.

    A good work-life balance makes you more self-motivated and productive. By following the tips listed above, you’ll be better able to take your business to greater heights without sacrificing your personal life.

    [Featured image via Pexels]

  • Kabbage Teams Up with Ingo Money to Disburse SMB Loans Within Minutes

    Kabbage Teams Up with Ingo Money to Disburse SMB Loans Within Minutes

    Mobile lender Kabbage has partnered with push payments innovator Ingo Money to speed up disbursement of loans to small and medium-sized businesses (SMBs) accounts in real-time. The team-up, slated for a summer launch, is welcome news to SMBs that need fast loan payouts for their additional working capital.

    By leveraging Ingo Money’s “push payments in a box” platform, Kabbage can make the funds available to business debit cards or wallet accounts immediately. Whereas loan application and approval from financial institutions take weeks, online lenders like Kabbage has reduced the entire process to mere minutes.  

    According to PYMNTS website, Kabbage President Kathryn Petralia addressed the necessity of SMBs having quick access to funding and pointed out that customers often resort to using PayPal to withdraw loan payouts. With Ingo Money, clients now have more available options in moving money within the Kabbage platform.

    According to Lisa McFarland, chief product officer at Ingo Money, the push payments functionality means that Kabbage doesn’t need loan originating banks to handle the money transfer transaction to its customers. Apart from the technology, Ingo will also facilitate the SMB authentication and account verification of Kabbage customers prior to real-time funds transfer.

    Innovations like mobile lending have become crucial in keeping up with fast-paced technology and the changing business landscape. Small business owners have become more digitally savvy and increasingly depend on mobile platforms for conducting business. With available data online on business activity, sales, shipping, and accounting information, Kabbage can get a comprehensive snapshot of an applicant’s performance right away.   

    In a study done by Kabbage, about 17 percent of small business loans were made through a mobile device. Following this trend, mobile lending may account for 20 percent of SMB lending by the end of 2018. Kabbage even increased its available credit line up to $250,000 for businesses with larger and expanding operations. As of December 2017, the mobile lender has extended over $4 billion in loans to over 130,000 SMBs in the US.

    The mobile lender’s investors include SoftBank Group Corp., BlueRun Ventures, and Mohr Davidow Ventures, as of writing.

    [Featured image via Kabbage]

  • How EMVs Made Credit Card Processing More Secure

    How EMVs Made Credit Card Processing More Secure

    Due to rising incidents of fraud and data theft, credit card issuers and merchants switched to using EMV technology to authenticate transactions. Taking its name from Europay, Mastercard, and Visa, EMV was developed as far back as the mid-1990s, but the technology was only widely adopted in the US with the advent of the liability shift in October 2015. This shift meant that the least EMV-compliant party in a payment process would be the one held liable for fraudulent transactions. 

    The use of cards with magnetic strips slowly gave way to the use of the newer more secure EMV cards.

    EMV uses small chips or microprocessor to store information, perform processing, and generate dynamic data for every transaction. This makes it nearly impossible to replicate transaction code and create counterfeit cards. Meanwhile, mag stripe cards store unchanging data on sensitive cardholder information that are easy to duplicate.

    Because of its security features, EMV-enabled cards significantly reduced fraud-related incidents. According to Visa, merchants accepting ‘chip cards’ reported a drop in counterfeit fraud losses by 58 percent in December 2016 when compared to December of the previous year. Similarly, Mastercard fraud data also saw a 54 percent decline in counterfeit fraud from April 2015 to April 2016.

    The migration to chip technology may be slow but looks encouraging. During the recent Secure Technology Alliance Payments Summit, keynote speaker Stephanie Ericksen of Visa revealed that 96 percent of the company’s payment volume at point-of-sale (POS) use EMV cards. In addition, 59 percent of POS terminals in the US accept chip cards—an impressive growth since the liability shift.

    Fraud reduction is the biggest benefit for merchants upon shifting to EMV technology. Compliance with the standard also limits the financial liability of business owners if they process a fraudulent transaction. Customers also seem to prefer using EMV-enabled terminals that offer more security. In fact, a 2016 survey by NerdWallet revealed that 43 percent of respondents prefer using chip cards for in-store purchases.

    Chip technology helped combat fraud in face-to-face settings, like grocery stores checkout lanes, that use counterfeit cards. But it did not completely eliminate data theft and other types of fraud. Fraudsters have shifted their focus to card-not-present (CNP) fraud on transactions done via phone or online. The threat becomes even more significant as the eCommerce in the US grows at an exponential pace.    

    According to Brett McDowell of the FIDO Alliance, 50 percent of reported fraudulent transactions are attributed to CNP fraud. The majority of data breaches in 2016 were due to weak or stolen passwords. This indicates the need for stronger authentication and identity verification processes to better secure the overall payments system, including the EMV ecosystem.  

    Despite the achievements and progress in EMV migration of the payments industry, business leaders acknowledge that there is more work to be done. They are also upbeat on the next step in the chip card transition—contactless payments.

    Dual-interface EMV cards can also have contactless card reading or near field communication (NFC) features. Consumers only have to tap their card on the terminal scanner for faster checkout. However, there are several hurdles to this technology, such as lack of acceptance, confusion among users, and few companies issuing NFC-capable cards.

    There is more to the future of payments, including embedding biometric readers on cards to verify a cardholder’s identity. Industry leaders are also looking at cryptocurrencies, artificial intelligence, and blockchain as other forms of payment technologies. 

    [Featured image via creditcards.com YouTube]

  • PayPal Ventures Into Banking, Targets Customers Who Don’t Have Bank Accounts

    PayPal Ventures Into Banking, Targets Customers Who Don’t Have Bank Accounts

    PayPal is venturing into new territory. The online payments company is reportedly set to offer traditional banking services to their consumers. Features like debit cards, direct deposit paychecks, FDIC insurance, and other financial services are expected to be introduced in the first half of 2018.

    What makes PayPal’s move more interesting is the fact that the company does not have a US banking license. However, the San Jose-based company has gotten around that little detail by collaborating with small banks that can handle those services. For instance, a Delaware bank will be managing debit cards while a Utah bank can offer loans to small businesses and other PayPal customers.

    At the moment, PayPal Holdings Inc. is only offering these features to a select group of clients. The company won’t be requiring a minimum balance nor will it charge any monthly fees. However, users will have to pay ATM fees if they use machines that are not included in PayPal’s MoneyPass system. They will also be charged one percent of any checks deposited via the smartphone camera system.

    Bill Ready, PayPal’s Chief Operating Officer, said the company’s new services are not intended to replace conventional banking system. He further explained that what the company wants is to offer banking choices to customers that have difficulty accessing them, which is something PayPal believes is vital as the world moves towards a more digital ecosystem.

    “We’re trying to bring more of those people into the digital economy,” Ready said. “For folks who don’t have bank accounts, for folks who don’t have credit and debit cards, we want to give them something so they’re not turning to prepaid cards, check cashiers and payday lenders.”

    PayPal’s COO also noted that there are around 30 million people in the US without bank accounts and that they spend about nine percent of their pay on fees and interests from alternative monetary services. With PayPal’s new banking features, these people will hopefully be given access to the digital economy.

  • Top 5 Bad Habits of Small Business Owners

    Top 5 Bad Habits of Small Business Owners

    Does running your small business feel like an uphill battle? Like many business owners, you’re having a hard time taking your operation to the next level or you’re struggling just to stay afloat. Sadly, you might be the reason why your business is not flourishing because of the bad habits you’ve developed. Perhaps you’re taking on too many tasks or using outdated business practices.

    A responsible entrepreneur has to take the time to step back and look at themselves for habits that might be sabotaging the business. Here are five to watch out for:

    1. Poor Financial Accounting

    Your finances are key to growing your company, but that doesn’t mean that you have to handle it yourself. It’s virtually impossible to run the company and monitor its finances at the same time. Sloppy record keeping, poor billing and collection systems and unfavorable trade terms can hinder your cash flow.

    You need to work with a capable accountant or financial advisor if you want to keep your business running smoothly. And contrary to what you may believe, hiring these experts is not necessarily expensive. A lot of accounting firms are now offering packages that allow them to provide better services and value to their clients. But if hiring an accountant simply isn’t feasible, there is also a plethora of affordable accounting software that you can purchase to help keep your business finances on track.

    2. Hiring the Wrong People

    One mistake that most business owners make is hiring the wrong people. Some employers go for the cheapest ones while others opt for the most experienced. Going cheap might seem like a good deal at first but can be costlier in the long run, especially when you factor in the training they’ll need. Meanwhile, someone with a lot of experience might have an attitude or mindset that’s not right for your team.

    When it comes to hiring, it’s better to pick quality over price. Choose someone that really fits into your team and company’s culture. Vet prospective employees carefully and don’t hesitate to offer the highest compensation you can afford once you’re sure you’ve found the right person.

    3. Micromanaging or Failing to Delegate Tasks

    One bad habit that afflicts many small business owners is the tendency to micromanage or not delegating tasks. Being hands on might be ideal when you first start your business, but once it starts to grow, you have to learn how to delegate effectively. After all, you can’t sustain an 80-hour work schedule forever.

    Delegating might be difficult at first but it can be done. You can make it easier by eliminating tasks that are redundant and those that no longer add any value to your business. You should also carefully choose who you delegate to. Don’t just pass the job to someone who’s older or has been with the company longer. Pick someone with the right skills, capabilities, and motivation. You also have to make your expectations clear when delegating. Have a definite schedule on when your staff should check-in with you and what results you want to see. Make sure communication lines are always open so that you can provide answers or direction.

    4. Delaying Implementation of a System or Process

    A lot of small companies start with virtually no systems or processes in place. You might be able to go without a clear-cut system when you only have a few employees and clients. But as your business grows, you have to start developing it formally. This means creating company guidelines, developing systems and processes and coming up with financial and operational plans. This is crucial in order for your company to scale. Delaying the implementation of a system or process will make it difficult to monitor and assess business growth.

    5. Not Taking Risks

    Don’t expect your business to succeed if you’re afraid to go outside your comfort zone. Take a look at successful companies. They have thrived because their owners are proactive, forward-thinking and are not afraid to take risks. These companies are always the ones that introduce new services, use the latest technology or experiment with different business strategies. If you have the habit of just sticking to what’s safe then you’ll just stagnate. So take a deep breath and take a risk. You’ve already taken the biggest one – you started a business.

    Bad habits can drive away good employees and hurt your bottom line. Take time for self-evaluation and be honest about any habits that might be detrimental to your company’s growth. Once you have identified what bad habits you need to break, you can start changing for the betterment of your company and yourself.

    [Featured image via Pexels.com]

  • ZenBusiness Wants to Make it Easier for One Million Small Businesses to Get Started by 2023

    ZenBusiness Wants to Make it Easier for One Million Small Businesses to Get Started by 2023

    Austin-based company ZenBusiness has secured $4.5 million in seed money, thanks to numerous angel investors. The startup is also embarking on the lofty goal of assisting one million businesses get started.

    ZenBusiness, which began operations in 2015, helps small business get off on the right foot by assisting with legal documents. The company will inform clients of each and every form required by the state and the reports that have to be filed yearly. This will undoubtedly be a big boon to first-time business owners and entrepreneurs, as the process and requirements of launching a small business differ per state.

    The corporate creation and management company is offering a fast, easy and affordable alternative to the complicated process of filing legal and business documents. ZenBusiness will provide clients a set of questions to answer that will determine the business they want to start. The business platform then creates and files all the needed documents for free, except for the state-mandated fees. What’s more, this is all accomplished in as little as 48 hours.

    Company owners can also avail of the $10 monthly package that lets ZenBusiness become the business’ registered agent and allows them to handle “annual filings, franchise tax, all of the red tape around an entity.” The company is also open to paying any potential fines in the event that they have been remiss with any of the documents. The payment will be taken from the $4.5 million seed money from investors Lerer Hippeau, Greycroft, Slow Ventures, Founders Fund, and Revolution’s Rise of the Rest.

    ZenBusiness founder Ross Buhrdorf explains that their platform and affordable pricing ensures that every small business owner has the “resources and protection they need to turn their business dreams and ideas into reality.” Burhdorf has also set a very lofty goal for the company, that of helping develop one million small businesses by the year 2023. This roughly translates to 2.5 million new jobs for Americans and over $100 billion in income for workers.

    [Featured image via Pexels]

  • Will Trump Tax Cuts Benefit Your Small Business?

    Will Trump Tax Cuts Benefit Your Small Business?

    Small businesses are feeling very optimistic these days, with a record number believing it’s the perfect time to expand. The positive outlook has reportedly been fueled by the changes instituted by the Trump administration’s tax-reform package.

    Survey Says It’s a Good Time for Small Businesses

    According to a survey released by the CNBC and Survey Monkey, the Small Business Confidence Index for Q1 saw numbers rise from 57 to 62. The five-point increase is the largest move per quarter that the index has seen since the two companies started measuring in 2017.

    The CNBC/SurveyMonkey Survey also highlighted several key takeaways. For instance, 47 percent of small businesses stated that on the whole, business conditions are good. Only 44 percent believed that last quarter. The survey also revealed that 32 percent of small business owners are planning to add more full-time workers in 2018.

    How the New Tax Law Affects Small Businesses

    It should be pointed out that the Q1 survey is the first done since President Donald Trump enacted the Tax Cuts and Jobs Act (TCJA) on December 22, 2017. The rise in optimism and confidence is quite the surprise, considering that in the Q4 2017 survey, small-business owners were split in the middle regarding the effect the tax law would have on their business. Now it seems that 46 percent of those surveyed believe Trump’s tax policy will have a positive impact; an impressive jump from the 38 percent of last quarter.

    What kind of impact will the new tax law have on SMBs? The final iteration of the bill allow pass-throughs of as much as 20 percent of the income. However, these deductions depend on the type of business.

    In personal service businesses, like lawyers, architects, and brokers, the 20 percent deduction is only permitted for married partners that filed joint incomes of as much as $315,000. Meanwhile, the deduction is allowed for single taxpayers with incomes of up to $157,000.

    For businesses that are employee intensive, like manufacturers and restaurants, the deductions depend on the payroll. The 20 percent deduction is actually confined to 50 percent of the payroll. So companies with a lot of workers get a big break. The new tax law basically gives these businesses a good reason to expand and hire new people.

    Last December, Adam Looney of the Tax Policy Center was interviewed on PBS’s News Hour where he explained how the ‘pass-throughs’ would work for small business.

    Benefits of Tax Cuts to Small and Medium Sized Businesses

    The TCJA appears to have a trickle-down effect on consumers and small businesses. The higher take-home pay and bonuses resulting from the new tax law have given consumers more spending confidence. This was clearly seen during last year’s holiday season.

    This consumer confidence is a good sign for small and medium-sized business. With increased spending, these companies can generate more revenue that they can use to either improve the business or pay off creditors. For instance, savvy business owners can take steps to improve their credit rating, like paying their bills immediately.

    Companies with improved credit ratings have access to more capital. This can be beneficial to owners thinking of expanding operations, improving an office, buying new equipment, or refinancing a debt.

    More importantly, a positive credit score makes it possible for entrepreneurs to apply for small business funding with banks. These traditional lenders typically look more closely at credit scores. They can also offer small businesses better terms and rates. For example, instead of paying 20 percent interest on a credit card, a businessman can get capital at 8 percent interest which can be used to pay off debt and place the company in a healthier space, finance wise.

    Small businesses certainly have a lot to look forward to now that the TCJA is in effect. However, the changes introduced in this new law can be challenging to navigate. Some of the new rules are just so complicated that tax experts might have trouble processing them. So it’s a good idea for small businesses to invest in reliable tax advisers this year.  

    [Featured image via YouTube]

  • How Your Business Can Identify and Capitalize on Micro-Moments

    How Your Business Can Identify and Capitalize on Micro-Moments

    There’s no question that smartphones have become a ubiquitous part of our daily lives. Studies have shown that 46% of Americans reach for their phones first thing in the morning, while 91% of people automatically reach for a mobile device to check on something when doing a task.

    This reliance on smartphones has become so pervasive that many industries are putting more effort into targeting mobile users than those on conventional devices like a desktop. It’s a smart move since turning even a small segment of these users into customers can yield huge profits. An effective way for companies to profit from this group is to take advantage of “micro-moments.”

    What are Micro-Moments?

    Google coined the term “micro-moments” in 2015 to identify the exact points in time that lead to a consumer finally making a purchase. The company described these moments as “critical touch points within today’s customer journey, and when added together, they ultimately determine how a journey ends.”

    Essentially, these are the critical points where someone takes to their device (which is most often a smartphone) and takes steps regarding a need. It’s the intersection of what a customer wants and needs at the moment and what they know.

    Google has determined four key moments based on the consumer: “I want to do,” “I want to know,” “I want to buy” and “I want to go.” Most decisions made by shoppers can be traced to one of those four moments. For instance, a shopper who’s headed to Turkey would research on what to “do” in that country. A travel agency can come up with a promo that will arrange a trip to Istanbul’s famous Blue Mosque.

    Image result for micro moments

    [Graphic via Think with Google]

    How to Capitalize on Micro-Moments

    Now that the importance of micro-moments have been established and their constant evolution noted, companies have to think about how they can use these instances to their advantage. Here are some things to consider if you want to catch that perfect micro-moment with a customer:

    1. Put Your Business Profile Out There

    It pays to ensure that your business profile is accurate and completely filled out on Google, particularly if you have a physical storefront. There has been an increase in “near me” or “right here” searches, as more users are looking for a place to go for a certain activity. Getting your business profile up will help with micro-moments where a customer wants to “do” something or “go” somewhere. Google’s Local Guides program assists users in verifying if your profile information is accurate.

    2. Flaunt Your Value With Original and Significant Content

    The need to know is one micro-moment that could hit you several times a day. This is why people are always looking for content on eCommerce sites. Having unique and relevant content is a great way to introduce your business to shoppers who are searching for information on either a particular product or on something that has captured their interest. Regardless of whether it’s a short how-to video or some DIY tips, make sure to flaunt your value by offering good content that appeals at the moment.

    3. Speed is of the Essence

    Speed is key if you want to use micro-moments to your advantage. When asked, almost half of customers admit that they will leave a website if it’s unresponsive or takes too long to load. People also don’t like having to go through different windows or steps just to get information. Optimizing your site for mobile devices and streamlining your buying process is a good way to entice consumers to go to your page and stay.

    4. Improve User Interface

    Another area that brands should focus on is how the user experiences their website and content. When a potential customer goes to your site or a specific page, what will they see? Will they be able to find what they’re looking for quickly or are they going to spend time wading through redundant information?

    Aside from ensuring that information is accessed quickly, transactions should also be simplified. Complicated checkout pages or a cart that requires several clicks in order to finish a purchase will turn consumers off. There should also be fewer distractions on the checkout pages, especially those on mobile devices, as these further cut down the odds of conversions. The goal is to make shopping quick, fun, and simple.

    Companies have to be ready to take advantage of micro-moments. This means that business has to do some forward thinking to anticipate what their customers would need. Changes may also need to be made to ensure that websites are optimized for mobile.  

    [Featured image via ThinkWithGoogle]

  • How to Attract More Customers and Boost Your Sales with Webinars

    How to Attract More Customers and Boost Your Sales with Webinars

    In the early 2000s, only established companies or enterprises could afford to conduct webinars. However, in more recent years, advances in teleconferencing have made hosting a webinar more feasible for small businesses and even solopreneurs. 

    It’s clear that webinars are one of the more effective and useful online marketing tools today. Industry analysts have also determined that as businesses continue to use more video and incorporate social media into their marketing strategies, webinars will continue to be a trend. But how can you use this technology to attract more customers and sell more products?

    Explaining the Webinar

    A webinar, or “web seminar,” is a video conference conducted over the web. It utilizes the internet to connect the host (person conducting the webinar) to the audience (viewers and listeners).

    Webinars can be conducted in several ways. The hosts can choose to show themselves on camera during a live presentation or switch their screens to show demonstrations or slideshows. The webinar could also just be an audio presentation and speakers from different locations can be invited to co-host.

    Instead of using the technology for seminars, businesses, schools, and other organizations can also use it to give lectures. As a matter of fact, 2 out of 3 webinars are used for educational purposes. According to Clickmeeting’s research, 40 percent of webinars are staff training, how-tos, and product training while 15 percent are e-learning classes and online education courses. It could also be used as a promotional presentation to launch or sell a product and connect with new customers.

    Why Webinars are Popular

    The webinars rise in popularity is due to one very simple fact—it’s very effective in getting your message across.

    Webinars can be utilized to provide fundamental training for employees at a lower cost. Instead of paying for a conference or class just for continuing employee education, companies can offer a free webinar. It provides the same knowledge that employees would get from a conference without having to shoulder transportation or food expenses.

    This marketing tool is also very effective in allowing customers to interact with content. Customers who sign up for a webinar can quickly provide feedback or ask the company questions. More importantly, content is delivered in real-time.

    How to Boost Sales with Webinars

    Webinars have so much potential to do your company good. Conversely, it also has the capacity to do some damage if it’s not done right. Here are some suggestions on how you can conduct a webinar that will boost conversions.

    1. Make it Engaging With Visuals

    Visuals are the way to go if you want your webinar to be engaging and memorable. People prefer infographics over bullet points, as the former is easier to understand and more interesting to look at. This has been proven to be true on social media, as more users click or shared posts with images. For example, Facebook posts with images reportedly received 87 percent of engagement among users while Tweets with images receive 18 percent more clicks that ones that on have text.

    2. Keep Audience Interest Up

    Webinars typically run for about an hour, with half of that time devoted to getting your message across. You want to keep your audience interested throughout the entire seminar. Remember that you can quickly lose the attention of your audience if your presentation is boring or has too many instances of inactivity.

    One way to keep things lively is to opt for an interactive presentation. For instance, ask the attendees to answer a poll or write something down every 15 minutes or so. Entertain live callers who ask questions. Not only will this liven things up, it also makes the session sound more conversational.

    3. Practice, Practice, Practice

    Practicing a speech or a presentation, even one you’ve done a thousand times before, is always a good idea. Go over your notes and check your visuals a few days or hours before you air your webinar. Rehearse with a colleague or a friend. Record yourself. Doing these things will give you the chance to identify possible problems with your material or how you present it.

    4. Keep it Fun With Freebies

    Freebies and bonuses make life fun. Offering the audience a chance to win a prize will incentivize them and keep them engaged. The rewards don’t even have to be big or expensive. Cash, gift cards, discounts or a private consultation with you or one of your expert staff will suffice.

    Don’t underestimate the power of webinars. If you’ve never considered using this marketing tool, perhaps 2018 is the year to give it try.

    [Featured image via Pixabay]

  • eBay Plans to Add AR Features to Enhance Shopping Experience

    eBay Plans to Add AR Features to Enhance Shopping Experience

    eBay is on a quest to make shopping more interactive and enjoyable by incorporating augmented reality into the buying process. The company has even tapped the services of expert data scientist Jan Pedersen to ensure that they’re on the right track.

    In a bid to provide their clients with a better shopping experience, eBay is reportedly developing an augmented reality kit that will help customers see the product better and make shopping more dynamic. For instance, the AR kit can help drivers check how a particular tire design will look on their vehicles. It could also assist women to look at a dress or an appliance with a more critical eye. Shoppers can also use the kit to check what size box they will need for their purchases.

    eBay is currently on a roll, with a holiday quarter that saw a 10 percent increase in its merchandise volume of $24.4 billion. The season also saw around 170 million shoppers using the platform. The company wants to continue that success and is seeking to convince investors that they can also go up against a giant like Amazon. Jeff Bezos’ company is currently dominating the market with its same-day delivery system.

    Amazon might be the king of logistics, but as eBay CEO Devin Wenig told investors at a recent technology conference, it’s not the only thing that’s important. According to Wenig, price and inventory are also critical.

    eBay is known for offering one-of-a-kind products at affordable prices, but the company is also looking to improve its inventory. To that end, it is planning to add more clothing and home products to attract women and young consumers. At the moment, the retail giant’s base is geared towards older men.

    Mohan Patt, the company’s vice president of buyer experiences, revealed that eBay is pushing to maintain its growth and is looking to enhance its artificial intelligence to further improve what customers will be offered. The company aims to expand its reach beyond shoppers who already know what they’re looking for to people who are browsing the different product categories, seeking inspiration.

    This is where artificial intelligence and date will come in. According to Patt, this personalization will be the key to getting consumers to purchase items they didn’t know they wanted.

    To ensure that the company’s vision for customization and a more engaging shopping experience goes off without a hitch, eBay has engaged the services of Jan Pedersen. The renowned data scientist will be at the helm of the eCommerce leader’s AI endeavors.

    Wenig describes Pedersen as “a true pioneer” and said he joins the company at a crucial time when AI is “capable of transforming personalized, immersive shopping experiences.”

    Pedersen and his team will be responsible for developing eBay’s strategy and technology that will be used to better interact with customers.

    [Featured image via eBay]

  • 4 Accounting Software to Consider Using for Your Small Business in 2018

    4 Accounting Software to Consider Using for Your Small Business in 2018

    Small business owners understand how crucial it is to have a handle on their finances. Unfortunately, most small businesses can’t afford to hire a full-time accountant. However, a good accounting software makes it easier to monitor business accounts. It can also track expenses and bills, creates invoices, manages inventory and generates reports that help evaluate how a business is doing.

    There are several factors that one should consider when choosing accounting software. An interface that’s easy to navigate and understand is one such factor. Small business owners should also consider its features and how they can help in running operations. It should also be compatible with other tools that the business uses. Lastly, brands should consider how much money they have to shell out. Do they want the basic or are they willing to spend more to get an accounting software with extra features?

    Top 4 Accounting Software for Small Businesses

    Intuit Quickbooks Online

    Image result for Intuit Quickbooks Online 250x250

    Quickbooks Online is one of the more popular accounting software out on the market today. It can easily cater to the needs of small businesses and as well as major enterprises. Small companies would find that its interface is easy to master, so new accountants or those without an accounting background can easily navigate their way around.

    The software syncs automatically to a single dashboard. This allows various users to view the company’s accounts, create billing statements and invoices and generate over 40 different reports. Quickbooks can also be integrated with other Intuit tools like GoPayment and Quickbooks Online Payroll.

    Kashoo

    Image result for kashoo 250x250

    Freelancers and small businesses simply love Kashoo’s improved interface and clean navigation tools. The software offers basic accounting capabilities, like pre-formatted reports, templates for products, customers and suppliers, and forms for invoice, bills, and payroll. Users can also track project costs and create sales tax rates with this software. Kashoo also provides its clients with free chat, email, and phone support.

    Wave

    Image result for wave accounting 250x250

    Wave is the best online accounting software for consultants, freelancers, and companies that have less than 10 employees. The program can handle simple financial reports and everyday office processes like invoicing and receipts, managing a balance sheet and generating profit-loss reports. It can also manage payroll and direct deposits. However, the software cannot track payments and bills and has no cash flow report capability. It should be emphasized that Wave only offers very basic accounting processes and won’t be able to handle complex cash transactions.

    Zoho Books

    Image result for zoho accounting 250x250

    This is the perfect software for micro-businesses. It boasts an extensive range of essential accounting tools. It also has features like automated workflows, inventory management, invoice tracking and time tracking. It can even provide automatic payment, and bank feeds notifications. The software can be integrated into more than 25 business and productivity Zoho apps. Users can also avail of the company’s robust support network, whether it’s online or by phone. Its well-designed video tutorial also makes it a breeze to learn how to maximize it for your small business need.

    [Featured image via Pixabay]

  • PayPal Here Launches Two New Card Readers, Giving Small Businesses More Ways to Accept Payments

    PayPal Here Launches Two New Card Readers, Giving Small Businesses More Ways to Accept Payments

    Every customer wants a swift and smooth payment transaction, with little fuss. This holds true regardless of whether they’re buying from a major enterprise or a small business. That goal is certainly possible with PayPal Here’s two new payment card readers.

    PayPal recently launched a Chip and Swipe reader and a Chip and Tap reader, both of which will help users and small companies easily conduct credit card transactions anywhere.

    The Chip and Swipe reader is an improved version of the company’s previous swipe-style reader. It now comes with support for debit and credit cards with EMV chip technology. Meanwhile, the Chip and Tap reader can process contactless payment options from NFC-supported devices and also accepts EMV-supported cards. The device also comes with a portable charging stand.

    Image result for paypal chip and swipe card reader

    Both payment readers can easily process transaction choices like Apple Pay, Samsung Pay, and Google Pay.

    PayPal’s new readers have been designed with portability in mind. The two devices are about the size of a deck of cards, making it possible for small retailers and entrepreneurs to do business in any location—a country fair, the neighborhood cafe—without worrying about wires or having to carry bulky hardware. They can easily connect to any mobile device using Bluetooth technology. The readers also have a user-friendly interface and can now be used for extended periods, thanks to their rechargeable lithium-ion battery.

    PayPal is offering the Chip and Swipe reader for $24.99 and the Chip and Tap reader for $59.99. Both devices will work seamlessly with the PayPal Here. The app is available via the Apple App Store and Google Play.

    In a statement, PayPal In-Store’s Chief Chris Gardner stated that the company understands the “challenges small businesses face—including protection from fraudulent transactions and the costs of equipment to run their business—and constantly work to develop products and services that allow them to thrive in an increasingly competitive environment.” Their new and affordable card payment readers are their newest endeavor to help small business.

    Gardner also pointed out that small and medium businesses also look for a “one-stop shop” for all their commerce and payment services. After all, these companies don’t have the time to deal with various vendors to manage all these financial activities. PayPal is determined to be the company to handle these demands. Merchants can use PayPal for their online transactions, PayPal Here for their physical processes, and PayPal Working Capital to help finance their expansion.

    [Featured image via PayPal]

  • Microsoft Teams Gets a Big Update, Features New App Store

    Microsoft Teams Gets a Big Update, Features New App Store

    Microsoft is adding cool new features to its Teams collaboration tool. The update is touted to be the “biggest single release of new functionality” since it launched last year and will bring a new app store, new search, discovery, and integration features, as well as new Slack-like commands.

    The update will also present users with new ways to find apps in the new app store. Users can now search apps by name, integration type, or simply browse the list of available apps by category.

    Users familiar with Slack will note that the Microsoft Teams competitor has its own app directory that highlights tools applicable to team collaboration. Teams, however, highlights apps that users frequently access or that have been added by their organization.

    The update also introduced a new personal app space; a place where you can view your apps as well as items and tasks assigned to you across Jira Cloud or Planner. In addition, you can now include information from apps to your messages with the use of interactive cards. According to Microsoft, “You can search for a specific task in Trello, a work item in Wrike, or a weather forecast, and include an interactive card with that information into a message.”

    Another Slack-like feature that the Microsoft Teams update introduced is the slash command. With slash command, you can perform tasks, navigate Teams, set your status to “Away,” call a co-worker and add team users.

    Teams users also have “@” commands. By typing “@” in the command box, it displays a list of apps that you can either query or command.

    Microsoft announced that the Teams update has started rolling out yesterday. However, it may take some time before every user gets the new features.

  • Apple Announces ‘Business Chat’ with Upcoming iOS Update

    Apple Announces ‘Business Chat’ with Upcoming iOS Update

    It seems that more and more tech companies are starting to monetize their messaging apps to meet the communication needs of businesses. The latest company to go this route is Apple, which recently announced that it will be launching Business Chat, a feature that was actually unveiled during last year’s Worldwide Developer Conference.

    Apple will be releasing a new operating system update this Spring, the iOS 11.3. The company will also introduce a host of new features along with the iOS update, one of which is the Business Chat.

    With the Business Chat feature in place, users will be able to talk directly with a company’s business representative via the iMessage app. In addition, the new feature will offer payment capabilities via Apple Pay as well as make appointments if such is applicable to the business.

    The move seems to signal Apple’s serious intent to enter into the niche. SnapChat made a similar move earlier this month by launching its own WhatsApp Business app.

    While many people may not be used to using chats to contact companies, demand for business messaging is increasing. In fact, a Facebook-commissioned Nielsen study concluded that the majority of consumers would actually prefer messaging a business than calling their hotline. Based on the survey, 56 percent expressed a preference in using text to contact companies. Furthermore, a total of 67 percent believed that business messaging is going to pick up in the next two years.

    However, it will be a big challenge for Apple to make it big in business messaging given its smaller number of users. Facebook Messenger has a head start with around 1.3 billion users using the app with 80 percent of its 65 million businesses users already using the platform to connect with customers.

    While WhatsApp may be a bit late in entering the business chat segment, Apple can’t compete in terms of the size of its user base. WhatsApp has around 1.3 billion users worldwide.

  • 4 Tips for Personalizing Your Next Email Campaign

    4 Tips for Personalizing Your Next Email Campaign

    When it comes to online marketing, setting up an effective email campaign frustrates many business owners. Most operate under the assumption that having an email opt-in plugin and signing up with an email marketing service is enough to get high conversions. What they have failed to grasp is the importance of email personalization.

    One study has revealed that 70% of businesses neglect to personalize their emails. Making this mistake significantly undermines your campaign, considering that personalized emails boost revenue six times more than generic ones. Personalization yields a 41% higher click-through rate and recipients are also 29% more likely to take action to your message.

    Image result for email personalization

    [Graphic via FormGet]

    So how can you personalize your email marketing to boost your campaign? Here are four tips:

    Tailor it to the Demographic

    One of the best ways to boost response rates is to tailor your email’s look and message to specific demographic elements, like age and gender. If you’re selling care products, cosmetics would grab the interest of women while men would want to know more about shaving products. Making use of a distinct appeal to the preheader can also encourage open rates. For instance, referencing winter when selling snow boots and winter jackets to people in states experiencing cold weather will catch their attention.

    Come Up with the Right Questions

    “Ask and ye shall receive” is a good mantra to remember when designing your email marketing campaign. A lot of businesses simply assume they know what the customer wants only to have their messages ignored. Instead of assuming, ask your audience key questions, like their reason for becoming a user, subscribing to a newsletter or visiting their website. It’s simple and can give you valuable data.

    Wedding specialist Paper Style hit the goldmine when they asked visitors on their site whether they were preparing for their wedding or someone else’s. Not only did the simple question quickly segmented probable clients, it also gave them insight on the type of correspondence to send to their prospects.

    RewardStream - 45 Examples of Personalized Marketing2

    [Graphic via PaperStyle case study]

    Time it Well

    Timing is everything, especially in email marketing. Every customer has a distinct routine when it comes to emails. Some check once in the morning while others look at their inbox every half hour. Sending an email when your client is most likely to check their inbox and will help boost sales.

    Related image

    [Graphic via Fusion BPO]

    However, finding the right time can be challenging. A number of email service providers are now offering tools that can study when subscribers check their inbox and make adjustments to the delivery time.

    Personalize Your Brand

    Don’t limit personalization to emails or to how you use your customer’s data. Your brand can use a personal touch as well. Personalizing your brand humanizes it, making it easier to connect with your customer. It could even boost your click-through rate.

    This was clearly shown in an experiment conducted by HubSpot. The company sent two emails to test what else could be done to make them feel more personal and to enhance customer engagement. One email was from the company itself, while the other was from someone in HubSpot’s marketing team.

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    [Graphic via HubSpot blog]

    Interestingly, the results showed that more people clicked on the message sent by a person than the one sent by a business. This demonstrated that people were more amenable to a more personal touch in business. So if you want a more positive response, a personalized email is the way to go. Aside from using a real person, you can also try making it more informal. Using a conversational tone or the pronouns “I” and “we” can also improve your response rate.

    [Featured image via Pixabay]

  • 5 Tips to Help Your Business Identify Payment Fraud

    5 Tips to Help Your Business Identify Payment Fraud

    Previous data security breaches that targeted large retailers like Neiman Marcus and Target have caused merchants and consumers alike to be more wary about payment fraud. Credit card companies have automated processes that allow them to spot fraud even before their clients realize that something is wrong.

    Unfortunately, payment fraud doesn’t just happen online. Business owners should remember that it can happen in brick-and-mortar stores as well. To avoid this kind of problem, businesses should be able to recognize potential payment fraud.

    5 Tips for Identifying Payment Fraud

    Suspicious Shopping Behavior

    A customer’s behavior while shopping can give a hint as to whether something illegal is happening. Shop personnel should take note of customers who look agitated, nervous, or in a rush to leave. Take into account people who appear to be ringing up purchases in numbers that are greater than what the average customers buy, or those who buy items indiscriminately, regardless of the size or cost.

    Other red flags to watch out for are those who seem to take an unusually long time to sign the sales slip or who look at the signature on the back of the credit card before signing.

    Unusual Order Amount

    It’s practically unheard of to buy 50 items of the same product, especially if they’re expensive. While most consumers won’t do this, cybercriminals would since they’re using stolen cards. Pay attention to multiple orders, particularly if the orders are for electronic devices, clothes, jewelry, and other high-end items.

    Billing and IP Address are Not Compatible

    An Internet Protocol (IP) address is used to identify devices and to give a general location of the user. So an IP address that’s incompatible with the customer’s billing address requires closer attention. For instance, if the person’s IP address is located in Japan but the credit card is registered to someone in Lexington, Kentucky, the transaction might be fraudulent. Verify details by calling or emailing the card company.

    Owning an Abundance of Credit CardsImage result for many credit cards

    The typical American consumer only has an average of 2.6 credit cards. Having an abundance of credit cards associated with a lone IP address or account could be an indication of fraud. While it’s possible the account holder just likes having numerous credit cards, it’s still best to take a closer look at the account.

    Expedited or Rush Shipping

    Some malicious individuals want to give off the impression that they’re in a hurry by demanding rush shipping, regardless of whether the cost of shipping will cost more than the actual value of the purchase. Businesses should be wary of high shipping cost and take additional steps to check the transaction. They should also be extra careful of expedited orders where the billing address is different from the shipping address.

    What to do if In-Store Fraud is Suspected

    Personnel in brick-and-mortar stores face a conundrum when it comes to probable payment fraud. On one hand, no business wants to antagonize innocent customers but on the other hand, personnel can’t ignore fraud. So what is a business to do?

    Major credit card issuers like American Express and Visa have issued guidelines on what staff could do. One very important rule is to never confront or try to apprehend the customer. Doing so would only put the employee and other people in danger.

    Employees can also verify the card’s validity by calling the authorization center and ask for a Code 10 authorization.  The call involves a series of yes or no questions, so the customers will not know that their purchase is being flagged as a suspicious transaction.

    [Featured image via Pixabay]