Category Archives: Economics

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Safety Measures You Can’t Neglect In Your Business

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One of the things that far too many business owners forget is that it is their responsibility to make sure that the business is a safe environment for every single person in it. It’s all too common for people to ignore things like health and safety because it can feel as though the need for them is so rare. However, anyone could tell you that it’s far better to have the correct safety measures in place and to never really need them than to need them and suddenly realize that you never bothered to think about them properly. With that in mind, here are a few simple safety measures that every single business needs, and how you can fit them into your organization.

Emergency Equipment

It’s no exaggeration to say that the correct emergency equipment can potentially mean the difference between life and death for some of your employees. If you don’t have things like defibrillators and fire extinguishers set up in your business, then a dangerous situation could easily turn into a genuinely life-threatening one. Check out these Foremost Equipment medical devices to see the kinds of things that your business needs to have installed. It can feel as though you’re spending a lot on these kinds of things, but the reality is that it’s always better to spend money on taking care of your employees than to put them at any kind of risk.

Correct Procedures

If you don’t have the correct health and safety procedures in place, then you’re essentially tempting fate every single day. It can sometimes feel as though health and safety procedures are just there to get in the way and make life more inconvenient for you and your employees, but the reality is that those measures are in place to protect people. Simple things like keeping desks and walkways clear, or turning off computers at the end of each day might not seem as though they would make that much difference but every little thing adds up to a safer working environment for everyone.

Frequent Training

Of course, all of the procedures in the world around going to mean a thing if your employees don’t know how to follow them. Make sure that you’re providing training for every single person in the business, including yourself so that everyone is up to speed on exactly how to conduct themselves safely in the workplace. And don’t just do this once either, make sure that you’re offering frequent refresher courses so that all of the relevant safety measures that you have in place are fresh in their minds all the time.

It’s important to remember that this stuff isn’t just purely academic. If you don’t have the right safety measures in place, then you’re genuinely putting your staff at risk in a way that is pretty much inexcusable. Remember that if something happens to one of your employees that could have been avoided with measures that you failed to put in place, you’re the one who’s going to be liable for that.

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Is A Career In Medicine Right For You?

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When you’re a kid, and someone asks what you want to be when you grow up, there are always some pretty predictable answers: firefighter, astronaut, movie star. But one of the most common that comes up, again and again, is, of course, doctor. The appeal of working in medicine should be pretty obvious to just about anyone. You get to work directly with other people, saving and improving lives every single day. Of course, that doesn’t mean that it’s always going to be easy or enjoyable. The reality is that medicine is one of the toughest fields out there and if you’re not ready to handle that then you could end up having a pretty unpleasant time. Here are a few important questions to ask yourself in order to figure out if a career in medicine is right for you.

Are you willing to put in the training?

Working in medicine is, for obvious reasons, involves a lot of specialised skills and knowledge. Because of these things, it’s important to remember that you’re never going to be able to work in that field without going through incredibly extensive training. You need to ask yourself if you’re willing to put in the time and effort that most medical schools require of you. Becoming a doctor isn’t something that happens overnight. You need to be willing to put in many years of hard work in order to reach that stage. It’s crucial to ask yourself, are you willing to put in that time?   

Can you work long hours?

Speaking of time, there are few career paths that demand quite as much of your time as working in medicine. This is especially true for doctors and nurses. You need to be constantly ready for anything, and there’s always a chance that you’ll be needed, even when you thought you were having time off. Not only that but the hours can be incredibly long and exhausting. If you’re truly passionate about what you’re doing, then that shouldn’t be too much of a problem, but if you’re not then, it can leave you feeling incredibly frustrated and unhappy.

Can you handle the pressure?

Some jobs allow you to sit back, relax, and skate by putting in the bare minimum amount of effort possible on a day to day basis. That simply isn’t going to fly if you’re working in a medical environment. The reality of working in medicine is that people’s lives are often at stake and if you’re not ready to handle that kind of pressure, then you could be putting people in danger. You need to think incredibly carefully about whether or not the kind of pressure involved in working in medicine is something that you’re able to handle in the first place.

Of course, this isn’t designed to discourage anyone from wanting to go into a career in medicine. Instead, it’s designed to make you think much more clearly about whether or not it’s the right career choice for you. Because, if it’s not, then you could end up under more pressure than you could possibly handle. Of course, if it is right for you, then you shouldn’t let anything stand in your way.

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Same Book, Different Chapter: Transforming Marketing

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A marketing strategy isn’t working so the company should tear up the plan and start again.

That is the attitude lots of businesses take when their strategy is clearly failing. Yes, there needs to be changes and adaptations yet evolution is better than revolution. As a rule, the less trauma there is, the better it will be for the firm in the long-term.

So, it’s better for a company to evolve and modify a current plan, right? Yes, that’s right because the foundations may already be in place. Plus, everyone has worked too hard to throw it in the garbage. But, when you are not used to making subtle alterations, the process can be difficult.

Thankfully, there is no reason to fret because Life Space Blog has got your back. Below are the factors to consider regarding your new marketing plan. Hopefully, it will bear fruit sooner rather than later.

Review The Map

A plan is like a map in the sense it should guide you from one place to the next. In the beginning, marketing merely is about raising awareness of the brand. But, the next level is to target new and emerging markets, and then it is to compete with the big boy brands. In the confusion, it is easy to get lost, especially if the map isn’t an effective one. With that in mind, take a look at the goals which you set out in the beginning. Are they telling you where they are and where you plan to go? If the answer is no, the company has to redefine its goals. Whether you start all over again or not, you won’t succeed until the targets are tailor-made for the business.

Assess Strengths And Weaknesses

Plenty of companies continue on their merry way without realizing they are in trouble. It sounds ignorant yet it’s a very straightforward task because the warning signs may not register. Or, the cracks may get covered by an overly successful part of the strategy. Just be clear, because one area of the plan works doesn’t mean it’s a solid approach. If the marketing policies are uneven, they will all fall under the pressure at some point. So, the best course of action is SWOT analysis. In simple terms, you and the team write down a list of strengths, weaknesses, opportunities and threats. Not to point out the obvious, but you want to focus on the weak areas and how to improve.

Makeover The Team

Firstly, there should be a team in charge of marketing. If there isn’t, creating one may be the answer to all your prayers. Should you have one, something’s not right or else the marketing effort would be more successful. Whatever you do, don’t fire or clear out the whole team. Not only is it a costly move, but it’s also terrible for company morale. Employees are essential to success, and you need them on your side to grow and expand. Rather than lash out, make subtle changes to personal instead. For example, you can change the team leader. Hopefully, a new leader will persuade people to come up with new and engaging ideas. Plus, the current leader has had their chance and failed. Sometimes, a reshuffle is an excellent way to stimulate creativity.

Concentrate On Easy Victories

When there is a new team in place, the boss needs a quick win. Then, everyone will have confidence in their ability to lead. Also, it will validate the risky decision to change personnel. A mistake lots of managers make regarding marketing is taking on the big projects first. After all, that will make the biggest impact. Sadly, the reason they are still on the to-do list is that they are devilishly difficult. After a while, managers realize this yet it’s too late to turn back. They are in a corner with nowhere to go but down. Now that you know this, you should avoid the significant tasks for the time being. Instead, get the team to focus on a project which ticks all the boxes. For example, you may try and increase traffic to the site with subtle changes to calls to action. Any increase in the numbers will impress the higher-ups and legitimize your position.

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Outsource

Some people see outsourcing as passing the buck. However, there is a reason it’s one of the best tips on writing a marketing strategy available. Think about it logically for a second. Not only do you not have the skill or experience, but you don’t have the resources, either. As a business investment, it doesn’t seem like a very sound one. But, by hiring a firm who has all of the above, you can clear up any issues. Thanks to their reputation, list of clients and ability to focus on one area, they can produce a high standard of work. Plus, outsourcers also tend to cut costs too. So, the product is better and cheaper. It may be a no-brainer depending on the circumstances.

Mobilize The Company

Not enough bosses understand the link between marketing and the rest of the firm. Yes, adverts bring in customers and money which helps fund the organization as a whole. But, the role of marketing is wider-ranging than being a cash cow. To produce quality content, the team needs everything from problem-solvers to up to date statistics. Without them, they may omit vital information which may lure in new customers. Therefore, the entire company needs to get behind the department. Does accounting know how big the budget is for the year? Great, then get them to tell marketing. Does a big boss need to sign off on any content or material? Okay, make sure someone is available at the drop of a hat. The more closed-off the company is, the harder for the department to do their job. Openness and communication are the keys to success in any project.

The first thing the company has to realize is that a new book isn’t necessary. As a rule, writing a new chapter is a savvier course of action. After that, the department has to assess its weaknesses and prioritize tasks.

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Where Is Technology Tripping Up Your Business?

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Many company owners often fail to see the implications or complications of a technological world. It’s not always easy to identify where new technologies might apply to your business. But if you fail to recognise that changes are happening and need to happen for your company to be competitive, you might be in for some trouble ahead. Here are just 3 ways your business might tripping up already:

Not Investing In The Latest Innovations

Investing in technology takes a lot of thought. It often takes a lot of research too. It’s worth doing though so that you can keep up with your competition. After all, your customers will expect it. They want to order online and chat with customer service representatives online. Information is essential!

Investments often take a long time to justify, but technology is different. It may not be a do-or-die scenario, but many companies certainly feel under that level of pressure. If you’re looking for ways to fund the new technologies your company needs, then you might contact Unsecured Capital Australia for some ideas on how to finance it. Does your business have products, customer services, ordering systems, and security? All of them can use the latest innovations in technology.

Not Seeing The Opportunities Technology Offers

Perhaps the biggest barrier to investing in new ideas is to not see the potential of what it might offer your company. Every time something new is developed, it takes time for business leaders to implement it and utilize it to suit their own company needs. The news of this ripples out, and eventually you might hear of it. Want to become the company that is first to realize new opportunities? All it takes is an innovative leader with creative thinking.

Work anywhere, any time – credit

The days of creating technology to solve existing problems are far from over. What might stand you apart is the initiative to use emerging technologies to solve problems you didn’t know you had yet. Can you do business in different ways? Can you reach new customers or reduce overheads. What can emerging opportunities provide for you?

 

Not Using Technology To Improve Ways Of Working

New ways of working can drastically reduce your overheads. Remote or distant working has been the dream of many bosses and their employees for decades! Imagine being able to get the job done without having to leave your bed! What about working around caring duties, or even working from a different timezone? All of these were the stuff of dreams. Today it is rapidly becoming the norm.

Flexible working is just one way that your business and employees could benefit from  your investment in new technologies. Smaller premises or even no formal premises might be possible. You might not even have staff on the payroll. Instead, you engage a team of freelancers, reducing your tax and insurance obligations. There will be no pension pot to protect, and no health and safety laws to uphold.

Technology is offering more and more people the chance to work flexibly, develop their own businesses, and live life they way they want to. If the thought of technological advancement is tripping your company up, consider the changes you could make.

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Rise Of The Machines: Top Tech For Your Forward-Thinking Business

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Take a look around you. What can you see? In this day and age, it’s virtually impossible to escape technology. When you go to a store, you’ll see people pressing their card on a reader to make an instant payment or finding items for their cart off a recipe website. When you’re on the train or bus, you’ll notice the majority of people listening to music or surfing the net on their phones. Wherever you go, you’re likely to come into contact with technology of some sort, Danny Swersky believes in technology for education. Technology has revolutionized the way we communicate and the way we work. If you run a forward-thinking company, you may be wondering what’s next and considering whether you’re taking full advantage of the gadgets, programs, and machinery available to you.

Improving communication

It’s amazing to think that not that long ago we were talking to each other through tin cans. The field of communications has evolved at lightning speed, and we’re almost spoiled for choice when it comes to getting in touch with people. In a matter of seconds, we can make a call, we can video chat, send an email or an SMS or leave a voice note. In business, developments in communication technology have had widespread success, and it’s easier than ever to collaborate with colleagues, maintain contact with existing clients and engage with new customers. Investing in technology such as smartphones, systems that facilitate video calling and conferencing and programs that give you the option to communicate via instant messages and group emails are worthwhile. Consider the cost of organizing a meeting overseas compared to offering employees the chance to get involved in a video conference. You’ll save hundreds, even thousands of dollars on flights and accommodation, as well as a huge amount of time. If you don’t already use state of art communications technology and you’re spending a fortune on client meetings, business events, travel and expenses, now is the time to consider modifying your approach.

Image from https://commons.wikimedia.org/wiki/File:Video_Conference_Room_West_of_Council_Chambers.JPG

Promoting development

Training is incredibly worthwhile for business owners and employees, but the way we learn is changing. Gone are the days of sitting down with a notebook and jotting down text from a board. Online courses offer employees greater control and flexibility, and they can also be a cheaper option for employers. There’s also the fascinating world of virtual reality to consider. VR is taking the world by storm, and if you offer training programs or the opportunity to learn on the job, this could be a form of technology worth embracing. Virtual reality gives people a real sense of what it’s like to be in specific scenarios, and it helps them to hone their skills in a safe environment. Consider a medical student learning how to conduct a procedure as an example. With virtual reality programs, that student can practice over and over again without any risk to their professional reputation or the patient’s health or safety. In a business context, you could invest in trying to improve your sales team’s performance in pitches. If a person who lacks confidence in their public speaking abilities is able to practice and rehearse in a realistic setting, this will enable them to build confidence so that they do a better job when they stand in front of a panel.

Image credit https://www.flickr.com/photos/pestoverde/26666393696

Boosting efficiency

Improved efficiency is one of the best and most influential advantages of technology in business. If you take a peek inside a factory, you’ll see a dazzling array of components, machines and parts all doing jobs that would either be impossible or incredibly time-consuming if they were left to a human workforce. If you work in manufacturing or construction, it’s so beneficial to invest in modern systems and machinery that will increase productivity and efficiency and reduce costs in the long-run. It’s worth getting in touch with companies like Dynatect Manufacturing to learn more and get tailored advice that could benefit your company. Away from the factories and warehouses, technology also makes a massive difference to efficiency levels in offices all over the world. Many of us use online systems and software to manage everything from rotas and accounts to collaborative projects.

Automating

Quite a few tasks in your business can take up more time than you’d want it to, which takes away from other areas you’d rather focus on. Technology is a great way to cut down on that, and even take all of the time investment out of it completely. This affects almost every area of your business. If you need to arrange a lot of travel for your business, ChatGPT can be a great way of helping with this, for example.

Anne and Carl Deane recently spoke about how this could replace travel agents in the future. With the time you save automating with technology, you can focus on other areas and run your business much better. It’ll help avoid mistakes while future-proofing your company better than you’d think.

Image via https://commons.wikimedia.org/wiki/File:SpaceX_factory.jpg

Promoting healthy living

Many employers have taken it upon themselves to try and encourage healthy living. Sick days cost businesses in the US more than $220 billion per year. As a business owner, it makes sense to try and keep the workforce fit and healthy in a bid to cut costs and improve productivity. There are various ways of promoting good habits at work, such as including discounted gym membership in the employment package and stocking vending machines with healthy snacks, but another option you may wish to consider is the provision of wearable technology. We all know how popular wristbands that count the number of steps you’ve taken have become. Mostly, these are used by people who are trying to increase their activity levels in their leisure time, but there’s nothing stopping business owners from trying to promote active lifestyles at work. Office jobs are predominantly sedentary and providing employees with a wearable tracking device could encourage them to move more, reducing the risk of health problems such as type 2 diabetes and obesity.

Image courtesy of https://www.flickr.com/photos/timo_w2s/31731774776

Cut costs

This can be a controversial subject matter. A lot has been said over the decades about how replacing human functions with robotics and software has meant that people have lost their jobs and employment opportunities are reduced as a result. While this is a regrettable side effect of advancing technology it is an unavoidable fact that improvements in technology can save businesses a lot of money. Here are some ways that using the latest tech can cut your business costs.

  • Technology can work 24 hours a day 7 days a week and is, therefore, more efficient. Yes, there will be an initial outlay in the cost of installing new tech or equipment, together with the running and maintenance costs but in all likelihood, the increased production and associated costs of that will outweigh the initial and ongoing running costs.

    Take, for example, speech recognition for medical transcription software, this works by directly transcribing in real-time. Meaning that dictation does not have to be produced, outsourced, and later transcribed by personnel. This represents a huge decrease in the amount of time and money spent on achieving the same result. Not only does this improve efficiency but it will also have the wider benefit of improving healthcare.
  • Lower margin for error. While even technology can let you down from time to time it is generally thought to be more reliable than manpower in terms of margins for error. Therefore less resources are likely to be spent on rectifying problems or mistakes that have occurred.

Customer engagement

If your business involves selling products or providing a service, it’s essential to engage with customers. You want to encourage existing customers to use your business again and bring new clients in. If you think back to the days before cell phones, the Internet and automated systems, you had to be manning a phone at a desk or be available to speak to somebody in person if you wanted to tell them all about your business or try and persuade them to place an order. Nowadays, you can reach out and interact with customers long after you’ve shut up shop or locked up the office. You can take calls when you’re not there, respond to inquiries on the go and enjoy 24-hour advertising thanks to the Internet and social media sites.

Image sourced from https://www.flickr.com/photos/132889348@N07/20009412344

Technology plays an instrumental role in modern business. If you’re not au fait with the latest innovations or you haven’t updated your systems or invested in new tech in a while, why not have a look around and see how your business could benefit from being more forward-thinking?

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Are You Liable If Your Small Business Gets Hacked?

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https://pixabay.com/en/cyber-security-internet-security-2851201/

At this point in time, it very much looks like one of the most-used words of the 21st century is going to be “hacked”. There seems to be no limit on the number of businesses that have been hacked; some of the most well-known companies in the world have found themselves having to apologize for falling victim to hacking. Most recently, the Equifax leak was thought to have impacted half the US population— it’s clear that the scope for hacking knows no limits.

When you’re a small business owner, seeing these huge companies falling victim to hacks can be extremely disturbing. After all, if the big fish can experience this, then surely your smaller business can too? And if the worst does happen, are you liable for what then happens to that data?

The Good News

Let’s start with the positive news; there’s a reason big companies are hacked. These companies are targeted specifically because they are the big fish; hackers anticipate the largest payoff if they focus their resources on huge, multinational companies.

For small businesses, the potential for return on investment for hackers just isn’t as good, so there’s every chance that your company simply isn’t big enough to be worth hacking. This is one of the few areas where it’s better for your business to be niche and small, rather than huge and dominating the world!

The Bad News

Hacking is a relatively new problem, so it’s fair to say that the legal system hasn’t quite caught up to the liability of companies when they are hacked. There’s no cut-and-dried legal precedent. In some ways, that’s good news– you’re not definitely liable… but you’re also not definitely not liable.

In the current climate, the best thing you can do is be sure that your business is 100 percent compliant with all the rules and regulations surrounding data storage. This is especially true if you hold customer financial data; for example, an ecommerce store that stores credit card information. If you’re not immediately sure about where you stand in regards to security legislation, then make it a priority to contact a SOC auditor to assess your compliance. If you can prove you have taken the necessary steps to comply with legislation, you have a much stronger chance of defending your case in the event of a lawsuit.

The Ugly News

If you are hacked and customer data is leaked, then you might think that avoiding being found financially liable is the only thing you have to worry about. That’s not the case. In the aftermath of a hack, you’re also going to need to take huge steps to restore customer confidence in your business. This is easier said than done; it can take years to get your reputation back to a level field.

For modern businesses, hacking is an ever-present threat that can cause problems for a number of reasons. The best solution is to protect yourself as best as you can, and keep customers informed if you do suffer a data breach. If you can commit to these two things, then your business is in good shape.

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The Trouble With Big Data

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Big data is all the rage these days, and it’s certainly something that appears as if it will drive the businesses of tomorrow.

However, it’s also an area of business that is very much in its infancy, and as with any other young technology, it can often be a source of frustration and problems. But what are these issues, and how can they impact your business?

Given that the vast majority of companies these days use web technology to reach and engage with customers, it’s vital that you understand the potential pitfalls of collecting – and using – data. Let’s take a closer look at everything you need to know.

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Privacy

First and foremost, it is essential for your business to look after your customer’s personal details and any other business-sensitive information you hold on a database.

Hacking, malware, and data theft is an all-too-common problem, and although you only hear about the big companies suffering from data breaches on the news, the reality is that small businesses suffer most. It is vital that whether you use a cloud-based online database service or invest in creating your own, security is at the forefront of your mind. Don’t forget, even in a small company, the information held by your database could be available to a lot of different people.

Employees, suppliers, and even customers could have some kind of access, and a clever hacker could – in many cases – find an entry point in any part of the chain.

Communication

On the face of things, the data you collect about your customers can inform you of how to speak and communicate with them. However, the reality of big data is that it just isn’t that simple.

Data only tells you a part of the story, and every metric you see is quantitative rather than qualitative. Ultimately, you have no idea why a particular customer liked a particular ad, or clicked on a particular call to action, only that they did. And it is easy to draw false conclusions about any item of data you have.

The simple truth is that the average business owner just doesn’t know how to sift through the sheer volume of data they are presented with, and it is all too easy to become overwhelmed. The result of that could be sending the wrong messages to the wrong people, and even making poor business decisions based on misreading the information.

People

Continuing on from the previous point, one of the biggest issues with big data is down to the people that use it. As we looked at above, it’s easy to misinterpret data sets dues to our own preconceived ideas. And you can pretty much prove any point you like when there is so much data on the table, regardless of whether it is true or not.

Also, the people accessing the data can be an issue, and you have a choice of two different options, both of which can cause their own problems. First of all, you could take on everything in-house, which means hiring more people and putting others through expensive training courses.

Secondly, it involves outsourcing to a third-party, meaning you have to hand over your sensitive information to people you don’t know. If you go down this route, it’s essential that you choose a reputable, experienced, and open company that you trust implicitly.

Are you a big data lover or hater? Let us know in the comments!

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Turning A Business Dream Into Reality

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Many of us will have some form of dream. It might be to travel the world, tick off all those destinations you placed on your bucket list or simply to have a family and grow old with someone you love. It might have been a business idea you had, or even a career change you wanted to make. Many of us go on to live the reality of our dreams, but when it comes to starting a business, some of us are to fearful of the unknown. I wanted to share with you how you can potentially turn a business dream into a reality.

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Start off with a business plan

It is so important to sit down and work on your business plan if you are serious about making this dream possible. It may seem like a pointless task at this stage, but this is your secret weapon when it comes to the later stages of your business launch and the future. You will be able to outline where money will be spent, projections for future sales, and how you plan to launch your business. It can help iron out some of the more difficult hurdles you could face in the future. There are plenty of tutorials online to help you create your business plan from websites like entrepreneur.com however, if you don’t feel comfortable, you can always hire someone to do it for you.

Secure some funding for your business

Funding is a huge part of any business launch, and of course, the upkeep of it moving forward. So it is vital to secure some funding and your business plan can aid you with that. You could choose to find investors who may want a percentage of your business profits. You might also want to look at other options like loans or capital investors like swiftfinancial.com who can advise you on products that might suit your business. If you have the capital, you could invest yourself and use savings or speak with family members. This can often be the point where people seem fearful, but if you have a business plan and are confident, then this shouldn’t be your stumbling block.  

Harness your idea and focus on your unique selling point

Once you have your plan and the funding in place it is simply about fine tuning your idea. This is when you can focus on the brand and distinguish a unique selling point. Perhaps enabling you to outshine any competitors you may have in the industry. Focus on what makes your business model or product different from other options out there on the market.

Have the courage to take a leap of faith

Finally, you may find that the only thing stopping you now from turning your business dream into a reality is you. Don’t let a lack of courage bring you down and take that leap of faith. Doing all the necessary groundwork in advance should help give you the confidence that what you have is a solid business idea. So just go for it.

I hope that this helps you turn your business dream into a reality.

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Customer Retention: Why Loyalty Counts For Your Business

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Finding new customers is tough.

In fact, it’s one of the most difficult aspects of being in business. Given that you need to sell products or services to ensure your business is successful, all business owners are well aware of the need to appeal to new customers to help keep the balance book looking good. The ability to appeal to new customers is the driving force behind so much business advice– until now.

Instead of talking about yet another method that will allow you to drive new customers to your company, let’s instead focus on the customers that you already have. The customers who have made a purchase; who already know you exist, and are hopefully well aware of what your company can offer to them. It’s these customers that you should be focusing on, at least as much as you are thinking of attracting brand new ones.

Why Is Customer Retention So Important?

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To put it simply: because there is a finite source of new customers. There is a point at which your company will have captured all the customers it is realistically going to. The smaller your business is, the more important that customer retention is, especially if your business is particularly niche. There is a point at which everyone who wants to use your business will have– so customer retention is vitally important.

A business cannot survive on new customers who shop once and then never return. That strategy might provide the occasional funding boost as new customers flock in as the result of an advertising campaign, but it’s not sustainable. Returning customers, those who are loyal to you, are worth their weight in gold.

Is It Possible To Control How Often A Customer Returns?

You can’t exactly hack into the minds of your customers, but that doesn’t mean you can’t drop hints. Changes to business technology and usage of social media give you an opportunity to constantly be nudging customers in the right direction.

One of the most effective ways of ensuring a customer will come back for more is to offer them a discount code. Send through a small card with their first order, which entitles them to between 10-20 percent off the next time they shop. The code should expire within two weeks of being issued. Everyone loves a bargain, so this will encourage them to come back sooner rather than later. Setting a time limit on sales and deals is always a good way to encourage customers to return.

How Can You Keep Your Business Fresh In Customer’s Minds?

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Social media is the best way of ensuring customers never have the chance to forget that your business exists. Offer incentives for ‘likes’ and ‘follows’ for your business pages; most companies offer a 5 percent discount code as standard. This is well worth it, as you’re then able to use social media to encourage your customers to come back. Yes, some might get the code and then block/unfollow you, but the majority won’t– meaning you can insert your company into their general social media usage.

Why Do Some Customers Shop Once, Then Never Again?

There’s no doubt that it’s frustrating when you have a one-time-only customer. You’ve likely incurred some expense to draw them to a purchase; lead generation, advertising, marketing etcetera. It’s nice that all of that worked and brought a customer to your site, but a one-off purchase doesn’t quite return your investment.

If you find single purchases are happening often, then you’re going to need to investigate why. Asking your customers is the single best way to achieve this. Look for customer satisfaction survey software, create a few questions pertinent to your business, and then ask all customers to complete it. Of course, some won’t; some people aren’t interested in giving feedback and simply will refuse to participate. That’s okay, because others will participate, especially if they’re incentivized to do so.

You need to go through the results of this survey and see if there are any common, negative themes. Maybe your site is too slow or the order process was too fiddly; if you see the same criticism in numerous pieces of feedback, then this is an area you need to improve. It’s these small problems which might make customers reluctant to return, so fixing them is a priority.

Of course, some customers may shop with you just once, and the reason they haven’t returned is nothing to do with your business at all. Customers might have been buying a gift or needed a product for a single purpose that they otherwise don’t require. So don’t assume all one-time-only customers are a bad sign for your business; sometimes, it’s just circumstance. There’s relatively little you can do to draw these customers back, so don’t lose too much sleep over them.

How Can Former Customers Be Enticed Back?

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So what about the other type of one-time-only customers; the ones who fall into the gaps? What about customers who do have reason to continue shopping with you, but elect not to do so– and don’t explain why on a feedback form?

There’s relatively little you can do to retain these customers. The issue might be that they just didn’t like what they bought, or they have found a competitor that they prefer. Harsh truths, but ones you have to follow.

Of course, that doesn’t mean you just have to accept they’re gone forever. Market direct to them, even consider outright calling customers to tell them about an exciting new offer. Any technique that can create a buzz around your business is beneficial; this strategy might just be enough to bring back those customers you had once presumed lost.

Understanding how customer retention is key to your business is vital. Shiny new customers are all well and good, but in the long run, it’s the loyal returners who will do the most for the health of your business. With your mind focused in their direction, you can be confident that your business is able to flourish, thanks to the loyal support of the customers who already know and love your company.

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The Secret To Finding The Best Spot At Trade Shows

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Trade shows and expos are a brilliant opportunity to meet a lot of customers in a short period and showcase your company. If you do it right you can come away with a lot of good contacts but if you get it wrong you’ll waste a day standing behind a table doing nothing. Your presentation is key and you need an eye-catching stall that draws people in, but the thing that will really make or break your expo experience is the placement of your stall.

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You might be hoping for a definitive answer to the very best place to set up but the truth is, there isn’t one. There are spots that are better than others and certain places you should avoid at all costs but it often depends on your own needs. Experts disagree on the importance of your location; some claim that location alone won’t stop you from drawing people in while others say it’s the biggest factor.

Either way, you need to know where to place your stall because there’s no point getting event popup printing companies to create an amazing display for you if nobody is going to walk past it anyway. You need to be somewhere that gets enough foot traffic as well as offering enough space for you to set up your presentation materials properly, but how do you find that magic spot?

Know What You Want

It might be tempting to go for the biggest stall you can get but it doesn’t always work. The thinking behind it is that the bigger your stall, the easier it is to notice so you’ll get more people coming in. The thing is, if you haven’t actually got enough products or displays to fill the space, it’ll look empty. Having a stall that’s way too big makes you look unorganized and immature as a company so people won’t trust you.

There’s also no need to go for the same sized space at every show you go to. You’ll see a different set of customers at each one so make sure you’re tailoring your stall each time rather than just getting the same thing.

Study The Floor Plans

The best way to choose the perfect spot at a trade expo is to study the floor plans and work it out for yourself, don’t choose based on the price. One of the first places to avoid is the entrance. Some people think that they’ll get more traffic because everybody has to walk right past them on the way in. However, people are reluctant to stop at a stall before they’ve had a bit of a walk around. That means most people won’t come to your stall on the way in and when they’re leaving they aren’t likely to either.

Check the layout of the room and see if you can have a guess at what the natural flow of people might be. Then you can place your stall along that path and hopefully get more foot traffic. It’s also a good idea to look for any obstacles like pillars that will restrict people’s view.

Location, location, location is an old cliché that usually applies to real estate but it works just as well for trade shows.

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