Author Archives: adminde3

How to Improve Customer Retention Rate for Your Business

Businesses grow by acquiring new customers, but they thrive by keeping existing customers happy through customer retention. Customer retention is the process of turning a one-time buyer into a repeat customer. The goal of customer retention is to keep your existing customers. Returning customers are 50 percent more likely to purchase from you as compared to new customers. I see these stats all the time from analyzing towing company  data. Retained customers also help reduce your marketing costs as word of mouth advertising drives more sales than paid advertising.

 

The goal and methods for retaining customers vary from one industry to another. However, here are some practical ways you can use to retain customers for your business.

 

Stay ahead of churn rates

The first step to retaining customers is knowing your churn rates. Churn rates will help you know how many customers are leaving your business and which ones have stopped buying from you. If you know your churn rates, you will anticipate changes accordingly. This will help you adjust your strategies to boost customer retention. You will also know if your customer retention strategies are working or not.

Offer superior products

You may use all tactics known for customer retention, but if your product sucks, customers will turn it away. Depending on the product or service you offer, ensure it stands above the competition. Work on product quality, labeling, design, and pricing, to ensure customers get value from your products. No customer will be willing to refer their friends and family to a product that gave them a bad experience.

Use CRM Software

Customer relationship management software supports and facilities customer retention by helping you track customer behavior over time. You can use the software to predict customer purchase patterns and behavior. Once you have a clear idea of customer purchase patterns, it will help you enact strategies and make appropriate adjustments accordingly.

 

Embrace Email Marketing

Once you have vital data that tells you when and why your customers are leaving., you will be in a better position to target them using email marketing. Email marketing presents an effective online strategy to create conversions. It can be integrated with CRMs to send targeted emails to customers who leave without making a purchase, or to those who stop buying.

 

Add Personalization

The use of CRM and email marketing makes it very easy to add personalization to your messages. You will be able to handle each customer interaction uniquely. You can leverage the data you have to create unique content and baits that make former customers want to purchase from you again. Personalization will show your customers you care and value for them.

 

Improve customer satisfaction

The first step to improving customer satisfaction is by offering superior customer support. Excellent customer support will make a huge difference in the success of your business. You can take advantage of artificial intelligence applications and chatbots to keep your customers engaged. Have a dedicated line of customer support staff to handle all customer queries.

5 Effective Ways to Promote Your Business on Social Media

Social media presents an inexpensive way to promote your business. Ever since I started using social media to promote towing service businesses, I have seen tremendous success. The use of social media to promote your business involves more than just maintaining a regular posting schedule and asking people to like your posts. The goal is to find a balance on posting engaging content, educating, and offering value to your readers and selling or promoting your products.

Here are some effective ways to promote your business on social media.

 

Choose the right platform

There will be no shortage of social media platforms on where to share your content. The number of social media platforms is growing each day and to choose the right one may be overwhelming. Sharing your content on the right platform is essential. To choose the right platform for you, consider your business and your customers, to determine where they are mostly found. This way, it will be easy to connect with them.

 

Create a calendar and encourage engagement

You should never scramble to create a post at the last minute. Doing so may lead to low-quality content. A lack of organization may lead to repeated posts that could be annoying to your audience. Create a content calendar and schedule the topics to post. Post content that people want to read. Ask key questions to promote engagements and encourage your readers to share your content.

 

Avoid over promoting

People often fall for the trap of treating social media too much like regular advertising. You do not want to blatantly promote yourself on every post you share. You need to aim at creating content that people will truly enjoy watching and want to see. Promoting yourself would be ideal when done once in a while. For every one directly promotional post, ensure the six others are content-based.

 

Address problems effectively

 

You will receive a lot of feedback on social media. You may encounter people who are upset and post something negative about your business. Carefully monitor mentions and all complaints and ensure you answer them sufficiently to keep your brand clean. If you spot a bad comment or review, engage with the person, and publicly own up. This way, people will trust you more and know you engage with all concerns from customers.

 

Make use of video

Visual content works so well on social media. Video is ideal for grabbing people’s attention and conveys its message in a unique way. Visuals stand out as people scroll through their social feeds. They are more likely to engage with your content and promote what you are sharing. In your videos, aim at providing value. Create something that your audience will find useful.

As a bonus point, instead of trying to get as many followers as possible, put a lot of focus on finding customers who are interested, loyal, and will keep engaged with your business. Build a community of loyal followers and ready customers. These are people who are more likely to repost your content, like your posts, and purchase your products.

Best Ways to Monetize Your Blogs

If you have a  blog that generates at least 10,000 monthly unique visitors, then it is relatively easy to monetize and create a steady revenue with it. However, a challenge comes if you want to monetize a blog that receives relatively low visitors per day. No matter which stage you are in your blogging, making money with a blog, be it as a hobby or a business, such as a towing service blog, it is possible.

 

Here are some practical ways you can use to make money with your blog.

 

Monetize with CPC and CPM Ads

One of the easiest and most effective ways for bloggers to make money is by placing ads on their sites.

First, we have CPC/PPC Ads – which are cost per click and pay per click ads, that are banners that you place on the sidebar or on your content. Each time your blog visitor or reader clicks on the banner ad, you are paid for that click. The second type of banner is CPM Ads – which are cost per thousand impressions. These are ads that you for a fixed amount of money that is based on how many people view your ad. The most popular network for placing these ads is through Google AdSense.

 

Selling Private Ads

When it comes to selling ads, you can work privately. If you have enough traffic on your site, advertisers may come to you directly and ask you to place their ads on your site. Additionally, you can contact advertisers yourself. There being no middle man between you and the advertisers, you can benefit the most by setting your ad rates. Private ads can take the form of buttons, banners, and links.

 

Including Affiliate Links

 

You can include affiliate links in your content. Affiliate marketing is a very good way of making money from your blogs. When advertisers have products to sell, you reach an agreement to be paid a percentage of sale or commission for each sale they make, if the buyer is coming from your site. They will give you an affiliate code that tracks all the buyers coming from your site. You can utilize the use of affiliate marketing through networks such as Amazon Associates.

 

Sell Digital Products

 

If you don’t intend to advertise other people’s products on your site, you can consider selling your digital products. You may sell products such as eBooks, online courses, workshops, images, videos, apps, plugins, themes, among others. You need to choose one avenue that is very relevant to the type of audience you have for your site. Listen to your readers first before you can create a product for them, and not the other way round.

Additionally, you can use your blog as a content marketing tool for your business. In this way, you would think of a blog as a content marketing tool that drives visitors to your business website. Let’s take an example you sell refurbished phones from your home, you could use your blog to attract visitors to your site where you list your current phones form sale.

5 Best Income Generating Assets to Invest in Today

Many successful entrepreneurs utilize the full potential of income-generating assets to ensure a steady stream of revenue from multiple sources. If you can maintain a diverse portfolio of income-generating assets, as an investor, you will be assured of generating consistent income all year round. The best part about income-generating assets is that they are not only reserved to savvy investors – anyone can invest today, whether you are fresh from college or approaching retirement.

 

Finding the right combination and balance of assets to invest in will entirely be depended on your choices, preferences, capital, and levels of risk. That said, let’s have a look at the assets to invest in today.

 

  1. Business

The first and most important asset you can have today is your own business. A business is an asset – it generates money for you while you work or sleep, and depending on the people running your business. The type of business to start will depend on your skill levels, expertise, and preference. You can start any business be it a barbershop, a taxi business, a logistics, and delivery business, towing, eCommerce among others. However, for your business to start generating revenue for you, you will need patience and to put the right resources in different units of your business.

 

  1. Real Estate

Investing in real estate will never get outdated. Though getting into real estate may seem like a mountain to climb, there are several real estate investing strategies you can use to generate consistent revenue even if you are a beginner. You can invest in rental properties and earn by renting out your properties to tenants. When you hire the right property manager, your business will run smoothly. You can also get into real estate by flipping properties, which includes buying old properties and renovating to sell at a profit.

 

  1. Investing in Stocks

Stocks present a fantastic opportunity to invest in an already established company. With stocks, you invest in business equity and generate income through dividends. With individual stocks, you will have the opportunity to buy single shares and test the industry you are getting into. On the other hand, you can opt for mutual funds, which are more diverse than individual stocks. Investing in mutual funds involves getting different stocks across several companies.

  1. Certificates of Deposits

CDs are what in other quotas may be referred to as money markets. They are time deposits that work similarly to saving accounts. However, investors simply invest a set amount of money and earn income that is accrued over a specific time. You will require to meet set amounts of time before you can access funds, else there is a penalty.

 

  1. Private Equities

Private equity investing involves the act of investing in private companies. Many of these companies are in their early stage of development. They present a wonderful opportunity especially if you find yourself amid the next successful startup that goes into IPO. To get everything right, you will need to do extensive research on the field and startup you want to invest in, based on the fact that many startups fail within the first five years.

5 Things You Should Consider When Picking Stocks

Not all investors are great and knowledgeable when it comes to picking stocks. Those investing in equities are faced with a tough task; to perform personal due diligence, or if they have an advisor, to evaluate recommendations. Picking the right stock is essential to any shareholder or success of an investor.

When you decide to pick stocks, here are key factors you must consider, to avoid losing money.

 

  1. Earning potential of the stock

The first thing to consider is the earning growth of the stock you intend to pick. Look for trends in a company’s earnings. Over the years, has the earnings increased? If that is the case, it is a good indication that the company is doing well. You also need to look at the nature of the stock market, what we call stability and volatility. At some point, the company will lose value in the market, but what matters is its long term stability. Any company that can weather the downturns and come back relatively strong, and only seems to have real trouble when everyone else does, would probably be a good bet.

 

  1. Management

For the company you intend to invest in, how much do you trust the people in charge of managing its resources? Does the leadership of these people promote a stable and long-lasting company culture? How is the company performing? It is innovative and adaptive to disruptions? Are there any indications that show it will be in existence for the next couple of decades? You need to take into account any scandal that any of its top management has been involved in, and the reputation it paints for the company.

 

  1. Price-earning ratio

Price-earning ratio (P/E) refers to a measure of how well a stock price is doing in relation to a company’s earnings. If we can use fundamental analysis and value investing strategies, P/E ratio is one of the major considerations when deciding to invest in a stock or not. P/E ratio is calculated by dividing the current share price by its earning per share. The higher the P/E ratio, the more likely it is that there will be significant growth in the future.

 

  1. Debt-equity ratio

All companies carry debt, including Amazon, Apple, Facebook, etc. You should never fear investing in a company that has debt, but you need to do more analysis to determine what type of debt is the company carrying. You need to watch out for companies that have high debt levels relative to equity. Divide the total liabilities of a company to the total amount of shareholders’ equity. Those with a low-risk tolerance should have a number that is 0.3 or less.

 

  1. Dividends

Many investors look at dividends when deciding to invest in a stock. Ideally, you want to invest in a company that pays dividends, as it has a higher degree of stability. Analyze the trend of the dividends, and see if they are yielding a higher payout from one period to the next. Also check out on dividend distribution as higher dividends may also mean the company is not investing enough.

 

Key Steps to Follow to Get Your Startup Off the Ground

Launching a startup can be quite exhausting. It is going to require a lot of bravery and energy, as well as a keen balancing of the limited resources at your disposal. However, if you are passionate about the field you are entering, you might accomplish remarkable success. Stats show that about 80 percent of all startups fail, due to many reasons we shall discuss in our next guide.

That said, this short guide looks are some actionable steps you can take today, to get your startup off the ground.

 

  1. Research your idea

Before you can start building a business, take time to consider your options, and research the market. When you get informed with vital stats at the very beginning, you will be better placed to understand how things work in the world of business. Back your decisions with valid data and follow it up to make it happen. Neglecting the research stage would lead to a lot of issues and the possibility of failure for your business.

 

  1. Conduct competitive analysis

Researching your business idea is very important. If you are going to drive your business to success, you have to have a good idea of the competition. Conducting a competitive analysis would be very important. The analysis will help you understand what your competitors are doing right and wrong, and help you understand key areas for improvement. If the market you intend to enter is faced with common problems, find a solution to these problems and solve customers’ pain points

 

  1. Get your funding right

Now that you have succeeded in initial plans of getting your market right, the next step is to secure your funding. You will need to know how much it costs to efficiently run your business. You will have to spend money on getting business permits, securing your place of operation, getting your products, paying your team, among others. You will have a couple of options when it comes to getting funding. These include; your savings, bank loans, investors, grants among others.

  1. Develop your selling platform

A selling platform would be any platform where you can display your product or prototype, and get traffic or sales to help you make an informed decision on the next step of your sales process. You will need a good website to provide consumers with basic information about your business and also monitor useful analytics.

 

5 Hire the right team

The most important aspect and drivers of the growth of your company are the people you hire. To hire the right people for your company, look for those with similar values and work ethic and accommodate for diversification in terms of gender, skillset, and ethnicity. You will need to create a cohesive workplace, but at the same time, identify what every employee can bring on the table, with their skills and abilities.

As the last step, you should not forget about legal factors. Ensure your company is well incorporated with the right structure. You may decide to go for a sole proprietorship, a limited liability company, or a corporation

Tips for Staying Productive Working from Home

Those of you who know the joy and freedom of working from home, whether you are self-employed, telecommuting or freelancing, also know the pain of procrastination, losing focus, and lures of laying on the couch. Working from home requires a keen balance between work and personal life. If you work too hard, you will not have a personal life. If you work too little, you will not meet your bills.

So how do you stay productive and at the same time achieve work-life balance? Let’s have a look at what to do;

Designate a specific workspace

Having a specific workspace is important to help you stay focused. It is a spot in your home where you “go to work”. It will result in less distraction and a deeper focus. If you have an official office at home, it will be ideal for promoting your productivity. Make the best out of the available resources and avoid working in your bedroom.

 

Take frequent breaks

Sun and fresh air are very important for your productivity and rejuvenation. Regular exercise will add important elements to your health. It doesn’t have to be complex exercises, but as simple as walking. Short breaks between work will also increase your mental clarity and overall productivity.

 

Keep regular hours

Keeping regular hours can be a challenge to many, but is a sure way to ensure you are productive. You should not let transition from office to your home stop you from keeping a strict schedule. Set a time table for your work that breaks down how your day should be. Avoid activities such as watching movies and playing video games that may erode your productivity.

 

Establish a morning routine

You need to create and maintain a morning routine. By simply keeping regular hours, having a morning routine will help you have a more productive workday. Create a routine for your morning that you repeat each day and see how it will have a positive effect on your work life and mindset. Many successful people attribute their financial and personal success to a strict morning routine, so it is a great way to start today.

 

Keep social life active

Socializing is as important as working, be it working in an office or remotely.  Disconnection, isolation, and loneliness can be a bad recipe for your health and lead you in less productivity. While working from home, you can keep yourself connected to family and friends through Skype, Zoom, and social media. Always take time to refresh and catch up with others.

 

Customize your environment

We may not be able to control where we work, but we can control how the workplace looks like. Personalizing your workplace can be fun and gives you a unique place that is good for your mental health, motivation, and productivity. You can include scented candles, photos, art, plant – whatever makes you excited. You can also include custom chairs, desktops, audio setup, and electronics. A customized environment will help you feel comfortable, motivated, and focused throughout the day.