Modern marketing today is a complex task with many moving parts, but the one thing that’s a constant in any marketing plan is defining the target customer.
In other words, there’s no successful marketing without a clearly defined buyer persona. For some businesses, this can be one single profile, while others can have several. In any case, knowing who exactly you’re selling to is crucial to your business success and sales.
Read on to learn how to create a target market profile and market to your customers the right way.
1. Dive Into the Data
To define your target market the right way, you need to dive into your marketing demographics. These include data from your website through Google Analytics, social media insights, and email marketing data. Then, you can look for similarities in customer profiles, devices used, demographics, and conversion rates.
This is the best way to determine whether you should focus your marketing efforts on desktop or mobile marketing, change your ad copy, or adjust some KPIs according to your buyer persona behaviors.
2. Analyze Your Competition
If you can’t define your own target market, opt for a target market analysis of your competitors. This is the quickest way to learn more about your ideal customer, what makes them buy, and what to avoid.
Your target market may be similar to the competition, but there are still some differences. These are worth exploring if you want to find a unique side to your brand and products.
3. Know Your Product’s Value
Your product is extremely valuable to you as a seller and business owner, but it doesn’t always translate to the customers. This is where storytelling comes into play, especially through branding and marketing.
How will customers benefit from your product? How does your product improve their lives, save them time or money, or make them happier? Highlighting the benefits rather than the features will help customers see why they need your product in their lives.
4. Know Your Product’s Purpose
Aside from knowing your product value, you also need to define your product’s purpose. This goes beyond its obvious purpose; in fact, you need to dig deeper. Why do your current customers choose your product over the competition? Is there a specific reason such as price, quality, performance, or ease of use?
You can also dive into your customers’ psychographics to learn about their habits, values, opinions, interests, lifestyles, and shopping preferences. This will help you understand the needs and expectations of your product.
5. Test and Optimize
If you’re new to the market and don’t have a clear vision about your target audience, test a few paid ads and see what happens. Set them to different audiences and follow the performance.
Typically, your target audience will have the most conversion rates, but there’s also potential in users who click but don’t buy yet. These may need a gentle push down the sales funnel, a little lead nurturing, or some adjustments to the ad in order to convert. This way, you can optimize your campaigns and start discovering what customers like.
Now You Know How to Create an Accurate Target Market Profile
Whether you’re starting a new business or want to understand your current customers better, you need to define a target market profile.
This will help you create more efficient marketing campaigns that’ll bring better results, conversion rates, and sales.
Need more marketing and business tips? Check out some of the other articles we’ve written on these topics and stay tuned for the latest industry trends and news.
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2020 has kicked off with a variety of new marketing trends.
Marketing is all about getting your business out there and building a relationship with customers. In many cases, businesses will start marketing campaigns to push products or rebrand themselves.
Whether you’re starting a business or already have one, marketing will be essential to the long-term success of it. Many business owners understand that they need to develop an effective marketing strategy but they’re not sure where to start. A recent study by Safari SEO Brisbane found that the majority of small to medium enterprise businesses invested between 10-15% of net revenue back into the business each monthly through various marketing channels with paid and organic digital marketing initiatives being the most popular mediums.
Read on to learn about some of the most effective trends to use in your marketing strategy.
Customer Experience
As companies are settling into their 2020 plans, improving customer experience has become a priority of many.
Providing quality customer experience is a major part of marketing because it will encourage customers to keep coming back.
As the internet has grown, customers are given a lot more power in terms of what kind of content they’re seeing.
Nowadays, most customers are purchasing products as a result of their research and not advertisements.
When you provide great customer experience, people that are researching your company will see that in reviews and referrals. You can’t tell customers that you have a great product. Instead, you’ll need to show them why what you have to offer is a good investment.
Although many businesses are prioritizing customer experience into their business marketing strategies, they often don’t know what makes a great customer experience.
Quality customer experience consists of these things:
Efficiency
Convenience
Intelligent and Friendly service
By focusing on these, customers will start coming back and recommending your company to others. Consider including easy payment options to further simplify the purchasing process and make customers happier.
Employee Management
Proper employee management goes hand in hand with customer experience. If you have employees that are rude or don’t know what they’re doing, most people will stop doing business with you.
The best way to approach employee management is to develop efficient and effective training programs. If your company has a variety of positions, you’ll need to make training programs for each one. Everyone will need to understand the basics of the business, but put the focus on their role in the company.
For example, you shouldn’t train a cashier how the warehouse of your business works. Instead, ensure that they understand everything there is about being a cashier. This includes both using the teller and interacting with customers.
What you can do if you’re looking to train everyone about a certain subject is how to behave when dealing with customers. When running a store, cashiers aren’t the only people that customers will interact with.
Building a Brand
One of the main concepts of business marketing is building a brand using a variety of methods. Some businesses prefer to advertise their way into mainstream success whereas others like focusing on what their business stands for.
Building a brand is all about creating an image for your company. Many people have the misconception that creating a logo is building a brand for yourself. When you think about companies like McDonald’s, you think about much more than their signature logo.
McDonald’s has managed to build a brand that makes consumers think about their logo, colors, affordability, and employee-customer relationships. When people think about getting quick, cheap food, McDonald’s is one of the first that comes to mind.
This is essentially what you’ll need to do for your business. No matter what industry you’re in, you must focus on what the goal of your business is and how you’ll portray it to customers.
If you had a business that revolves around fitness, you wouldn’t incorporate video games into your image. Instead, you’d focus on healthy food and exercise. You need to make it make sense.
Advertising on Social Media
Out of all the new marketing trends over the past few years, social media has remained one of the most effective. To this date, businesses focus on social media because there are over 3.2 billion active daily users.
Anyone looking to effectively grow their business will need to use social media because putting up physical ads no longer earn you customers.
Putting up posters and billboards slightly increases the chance that someone will see it. The chances of someone looking into your business because of these ads are much less.
When you advertise on social media, you can choose your target audience by selecting a variety of filters. You can go on something like Facebook or Twitter and choose the age range, gender, and location of people you want to see your ads.
Running a social media account is also effective because it will give customers a way to interact with your business outside of cash transactions.
You should also create a website to give customers something to redirect to from your ads. Having a website allows customers to learn more about your business and they can purchase products from it, allowing you to maximize your profits.
If you’re looking to make a name for yourself in the digital world, you can get involved with a digital marketing service. One of the popular services are Climb Online, so consider checking them out if you want help with SEO and social media.
Start Developing Your Marketing Strategy
An effective marketing strategy will allow your business to quickly grow and start earning regular customers. Your strategy should target those that would be interested in your product or service. By using the marketing trends in this article, you’ll quickly make a name for yourself.
We encourage you to start looking into building yourself up on social media. You’ll be able to start interacting with potential customers and you’ll get an idea of what people want. From there, you can start working on creating a great customer experience.
Browse our articles if you’d like to learn more about marketing.
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In a world where we are constantly working hard and striving to be the best versions of ourselves, it’s integral to keep the atmosphere of a workplace in its most positive state and morale at its highest level possible. A lot of employers struggle with this, especially as there is no one solution to please everyone. All employees are different and respond to different things so while it’s ideal to try and tailor morale boosters to each specific employee, this becomes near impossible when the number of employees in one workplace reaches double, triple, or even quadruple figures. Small businesses may find this easier as there are usually a smaller amount of employees to look after; but even then, choosing the right method to boost morale can be tricky.
Naturally, employees who are happy are more likely to perform better. This will only benefit the business so surely it’s a given to make an effort to keep employees happy, right? In order to do this, below are a few ways to help boost morale in the workplace and hopefully keep the large majority of your employees happy.
Praise
It’s a proven fact that children who are personally praised by an authoritative figure for doing well, perform better in school, in extracurricular activities or at home. So, why should this be any different for adults? Receiving praise for doing well is always a good feeling and makes one feel like they’re excelling. A more personalised method of praise like an in person interaction, works wonders and is easier for small business and large businesses. It only takes a few words, a smile and a gentle pat on the back on a regular basis to boost morale.
Team Building Activities
Whether it’s a team building retreat or an activity one day that involves getting all employees together and encouraging space for a friendly competitive spirit to come out can prove to be both fun and beneficial for your employees’ ability to work together. The fun side of it is also likely to boost morale and improve chances of employees genuinely enjoying their jobs.
Bonuses
Not all businesses are able to give every employee a bonus at the end of the year, but it is a great incentive to perform well on the job. It can also make employees feel like they are appreciated, which is incredibly important.
Showing Gratitude
Being thankful for someone’s hard work and actually showing genuine gratitude for it is so simple but works wonders for an employee’s motivation and morale in the workplace. Whether it’s being grateful for the extra work they agreed to do or for not making a fuss about having to do some employee drug testing, showing gratitude for your employees can go a long way.
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When it comes to personal finance, finding the right sources when you need funds quickly is paramount. Finding a balance between a trusted lender and high approval rates can be tricky and making the wrong choice can end up costing you considerably more. With lawmakers reported to be looking to tackle high-cost, high-interest loans, you’ll want to be able to spot one before using one. So where can you still find a loan with high acceptance and affordable interest?
Search the Market
To be able to find lenders who offer high approval rates with low-interest rates, you’ll need to look at the market in general to compare the lenders. This way, finding high acceptance loans becomes a much easier task to navigate. You’ll find specialist lenders who can help with searching the market so that at a glance you can compare what’s available to you. You’ll want to ideally avoid the lenders who will charge you a fee during the application, only pursuing no fee lenders. One of the problems you may find is that some lenders will claim they can offer high acceptance even with poor credit and charge a fee to go through an application. This way, they will still make money from you even if you are declined. Be cautious with any of the fee-charging lenders and make sure you read their terms carefully before agreeing to a loan.
Avoid Payday Lenders & High Interest
As tempting as it may be to use a payday lender, you should consider all your options. Because payday loans are designed for the short term, they generally charge a higher rate of interest. This is why it is not advisable to take one out if you want to pay a loan over a longer period with more manageable repayments. Although they offer same-day funding and high approval rates, you’ll find better options when you start to look.
Budget Accordingly
This is important; you should be working out exactly what you can afford to borrow and repay each month before applying for any borrowing. Even if you think you know what you can pay or a loan term seems affordable, you should audit your finances to see what disposable income you actually have each month. The reason this is important is that some lenders who offer high acceptance rates may focus more on what you can afford than your credit rating.
Although your credit score will play an integral part in the approval process, you need to be able to prove what you can afford.
Responsible lending is vital in 2020, with more and more lenders wanting to ensure that lending to you does not create financial difficulties. You should, for this reason, only use trusted lenders. If you’re unsure how to spot a trusted lender, then use the Better Business Bureau to see a list of them. Not only will you be able to see all the trusted lenders you should ideally use, but you can also find out about any current scams you should avoid falling victim to.
Don’t Go For the First Offer You See
There is searching, and then there’s searching well; because there are hundreds of online lenders available, it can be easy to go with the first offer you see just because the monthly repayments seem affordable. As the saying goes, if it’s too good to be true, then it probably is. Fully consider your options, even when using a comparison tool.
Although a lender may come out as the top result in comparison, that could just be because it offers the lowest monthly repayment. It may miss out on other aspects such as the interest rate and length of the term. If you take your time and not rush into a loan just because you want the funds quickly, you can hopefully save yourself a lot of money.
Consider the Amount You Want to Borrow
With the loan amount itself, do you need to borrow that much? The reason you should ask yourself this question is that it can affect the chances of being approved. The lower the loan amount is, the higher the acceptance rate because the lender will be taking a much lower risk. You should consider whether the loan amount is enough to cover what you need it for, and secondly, that it is not too excessive. Some lenders will offer a higher amount by saying what they can offer up to, but you should carefully consider if you need to borrow more than you need.
Additionally, with higher amounts of loan, you may need to offer the lender more assurances, such as with a secured loan, and attach something as collateral to guarantee it. If you want to keep it unsecured, then keep it low to what you need it for and those high acceptance rates should still be accessible.
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Every entrepreneur aspires to have a business that grows and generates a good profit. Fortunately, with a bit of careful planning, any company has the potential to become successful! To help you achieve success, here are some simple methods to grow your small business fast.
Use a variety of marketing techniques
Marketing plays a key role in business success. When done correctly, marketing campaigns have the power to advertise your products and services to a global audience, drive traffic to your site, and establish you as an authority in your industry. This should lead to increased sales and revenue potential. There are many different marketing strategies available to small businesses. You should aim to experiment with a variety of marketing techniques to find what works best for your business. For instance, try combining techniques like social media marketing with traditional print marketing, such as posters and business cards.
You can easily have printed marketing materials designed by searching for printing services near me online. Make sure you monitor the success of your marketing campaigns closely. That way, you will be able to identify what works well and tailor your future marketing efforts to make them more effective.
Hire a Professional Inbound Marketing Agency
There are several reasons why small businesses should hire an inbound marketing agency. Perhaps the most important reason is that inbound marketing can be highly effective in helping small businesses to generate leads and convert those leads into customers. Inbound marketing is about creating valuable, relevant content that will attract visitors to your website or blog. Once they are there, you need to engage them with compelling calls-to-action so that they take the next step and become leads. Finally, you need to nurture those leads until they are ready to buy from you.
Focus on your employees
Every successful business needs a team of productive, loyal employees. If your employees are dissatisfied in the workplace, then they are going to be far less motivated and committed to your business. This will have an obvious negative impact on your business in terms of productivity and revenue potential. For that reason, it pays to invest in your employees and take steps to boost workplace morale. Some simple ways to achieve this include offering rewards and incentives, holding regular career development meetings, and maintaining a welcoming, supportive atmosphere in the workplace.
You should also make sure that all of your employees have received adequate training and are provided with the correct equipment to enable them to complete their work tasks safely. You can find plenty of great advice on how to boost employee morale within your company.
Look for new opportunities
One of the easiest ways to grow your business is by identifying opportunities to gain new customers and increase sales. For instance, many modern companies are increasing profits by taking their businesses global with the help of international selling platforms like Amazon and Etsy. These marketplaces allow businesses to advertise and sell their products and services to customers all around the world. Many of the platforms offer packages which include order fulfillment and shipping to various countries across the globe. The profits can then be deposited into your business bank account in the local currency.
Expanding your business globally has great potential and can allow you to access a new marketplace and ensure continued growth. However, it should only be attempted after careful planning and plenty of market research. If you’re unsure which steps to take, then it may be worth consulting with a global business expert for specialist advice on how to take your company world-wide.
Provide quality customer service
Quality customer service is another crucial element of any successful business. Think about it – people aren’t going to come back to your company and spend money if they have a poor experience. Recent research by American Express found that 33 percent of customers will consider switching companies following a single experience of bad customer service. Businesses should also be aware that negative feedback travels extremely fast and far in the modern world, particularly via social media platforms. Even just a few examples of poor customer service can harm a company’s reputation and credibility. With this in mind, every business should strive to deliver the highest level of customer service possible. Finding ways to enhance the customer experience can be a reliable way to grow your business and generate more sales. Some simple methods to improve your service include installing customer service technology like chatbots, ensuring that your website is mobile-optimized, and offering customer loyalty programs.
Take the time to get to know your customers and truly understand their needs. You should also make sure that your employees receive sufficient training on how to interact with customers and provide a high-quality level of service.
Final thoughts
Every business owner needs a clear plan in place to help their company grow and reach its short-term and long-term goals. Fortunately, there are plenty of effective strategies and techniques that can be implemented to increase visibility, improve sales, and boost profits. Use the simple methods above to help you grow your small business today!
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5 Steps to Building an Accurate Target Market Profile
/in Marketing & Sales/by StrategyDrivenIn other words, there’s no successful marketing without a clearly defined buyer persona. For some businesses, this can be one single profile, while others can have several. In any case, knowing who exactly you’re selling to is crucial to your business success and sales.
Read on to learn how to create a target market profile and market to your customers the right way.
1. Dive Into the Data
To define your target market the right way, you need to dive into your marketing demographics. These include data from your website through Google Analytics, social media insights, and email marketing data. Then, you can look for similarities in customer profiles, devices used, demographics, and conversion rates.
This is the best way to determine whether you should focus your marketing efforts on desktop or mobile marketing, change your ad copy, or adjust some KPIs according to your buyer persona behaviors.
2. Analyze Your Competition
If you can’t define your own target market, opt for a target market analysis of your competitors. This is the quickest way to learn more about your ideal customer, what makes them buy, and what to avoid.
Your target market may be similar to the competition, but there are still some differences. These are worth exploring if you want to find a unique side to your brand and products.
3. Know Your Product’s Value
Your product is extremely valuable to you as a seller and business owner, but it doesn’t always translate to the customers. This is where storytelling comes into play, especially through branding and marketing.
How will customers benefit from your product? How does your product improve their lives, save them time or money, or make them happier? Highlighting the benefits rather than the features will help customers see why they need your product in their lives.
4. Know Your Product’s Purpose
Aside from knowing your product value, you also need to define your product’s purpose. This goes beyond its obvious purpose; in fact, you need to dig deeper. Why do your current customers choose your product over the competition? Is there a specific reason such as price, quality, performance, or ease of use?
You can also dive into your customers’ psychographics to learn about their habits, values, opinions, interests, lifestyles, and shopping preferences. This will help you understand the needs and expectations of your product.
5. Test and Optimize
If you’re new to the market and don’t have a clear vision about your target audience, test a few paid ads and see what happens. Set them to different audiences and follow the performance.
Typically, your target audience will have the most conversion rates, but there’s also potential in users who click but don’t buy yet. These may need a gentle push down the sales funnel, a little lead nurturing, or some adjustments to the ad in order to convert. This way, you can optimize your campaigns and start discovering what customers like.
Now You Know How to Create an Accurate Target Market Profile
Whether you’re starting a new business or want to understand your current customers better, you need to define a target market profile.
This will help you create more efficient marketing campaigns that’ll bring better results, conversion rates, and sales.
Need more marketing and business tips? Check out some of the other articles we’ve written on these topics and stay tuned for the latest industry trends and news.
Adjusting Your Marketing Strategy: What to Implement and What to Avoid
/in Marketing & Sales/by StrategyDrivenMarketing is all about getting your business out there and building a relationship with customers. In many cases, businesses will start marketing campaigns to push products or rebrand themselves.
Whether you’re starting a business or already have one, marketing will be essential to the long-term success of it. Many business owners understand that they need to develop an effective marketing strategy but they’re not sure where to start. A recent study by Safari SEO Brisbane found that the majority of small to medium enterprise businesses invested between 10-15% of net revenue back into the business each monthly through various marketing channels with paid and organic digital marketing initiatives being the most popular mediums.
Read on to learn about some of the most effective trends to use in your marketing strategy.
Customer Experience
As companies are settling into their 2020 plans, improving customer experience has become a priority of many.
Providing quality customer experience is a major part of marketing because it will encourage customers to keep coming back.
As the internet has grown, customers are given a lot more power in terms of what kind of content they’re seeing.
Nowadays, most customers are purchasing products as a result of their research and not advertisements.
When you provide great customer experience, people that are researching your company will see that in reviews and referrals. You can’t tell customers that you have a great product. Instead, you’ll need to show them why what you have to offer is a good investment.
Although many businesses are prioritizing customer experience into their business marketing strategies, they often don’t know what makes a great customer experience.
Quality customer experience consists of these things:
By focusing on these, customers will start coming back and recommending your company to others. Consider including easy payment options to further simplify the purchasing process and make customers happier.
Employee Management
Proper employee management goes hand in hand with customer experience. If you have employees that are rude or don’t know what they’re doing, most people will stop doing business with you.
The best way to approach employee management is to develop efficient and effective training programs. If your company has a variety of positions, you’ll need to make training programs for each one. Everyone will need to understand the basics of the business, but put the focus on their role in the company.
For example, you shouldn’t train a cashier how the warehouse of your business works. Instead, ensure that they understand everything there is about being a cashier. This includes both using the teller and interacting with customers.
What you can do if you’re looking to train everyone about a certain subject is how to behave when dealing with customers. When running a store, cashiers aren’t the only people that customers will interact with.
Building a Brand
One of the main concepts of business marketing is building a brand using a variety of methods. Some businesses prefer to advertise their way into mainstream success whereas others like focusing on what their business stands for.
Building a brand is all about creating an image for your company. Many people have the misconception that creating a logo is building a brand for yourself. When you think about companies like McDonald’s, you think about much more than their signature logo.
McDonald’s has managed to build a brand that makes consumers think about their logo, colors, affordability, and employee-customer relationships. When people think about getting quick, cheap food, McDonald’s is one of the first that comes to mind.
This is essentially what you’ll need to do for your business. No matter what industry you’re in, you must focus on what the goal of your business is and how you’ll portray it to customers.
If you had a business that revolves around fitness, you wouldn’t incorporate video games into your image. Instead, you’d focus on healthy food and exercise. You need to make it make sense.
Advertising on Social Media
Out of all the new marketing trends over the past few years, social media has remained one of the most effective. To this date, businesses focus on social media because there are over 3.2 billion active daily users.
Anyone looking to effectively grow their business will need to use social media because putting up physical ads no longer earn you customers.
Putting up posters and billboards slightly increases the chance that someone will see it. The chances of someone looking into your business because of these ads are much less.
When you advertise on social media, you can choose your target audience by selecting a variety of filters. You can go on something like Facebook or Twitter and choose the age range, gender, and location of people you want to see your ads.
Running a social media account is also effective because it will give customers a way to interact with your business outside of cash transactions.
You should also create a website to give customers something to redirect to from your ads. Having a website allows customers to learn more about your business and they can purchase products from it, allowing you to maximize your profits.
If you’re looking to make a name for yourself in the digital world, you can get involved with a digital marketing service. One of the popular services are Climb Online, so consider checking them out if you want help with SEO and social media.
Start Developing Your Marketing Strategy
An effective marketing strategy will allow your business to quickly grow and start earning regular customers. Your strategy should target those that would be interested in your product or service. By using the marketing trends in this article, you’ll quickly make a name for yourself.
We encourage you to start looking into building yourself up on social media. You’ll be able to start interacting with potential customers and you’ll get an idea of what people want. From there, you can start working on creating a great customer experience.
Browse our articles if you’d like to learn more about marketing.
Ways to Boost Employee Morale
/in Managing Your People/by StrategyDrivenNaturally, employees who are happy are more likely to perform better. This will only benefit the business so surely it’s a given to make an effort to keep employees happy, right? In order to do this, below are a few ways to help boost morale in the workplace and hopefully keep the large majority of your employees happy.
Praise
It’s a proven fact that children who are personally praised by an authoritative figure for doing well, perform better in school, in extracurricular activities or at home. So, why should this be any different for adults? Receiving praise for doing well is always a good feeling and makes one feel like they’re excelling. A more personalised method of praise like an in person interaction, works wonders and is easier for small business and large businesses. It only takes a few words, a smile and a gentle pat on the back on a regular basis to boost morale.
Team Building Activities
Whether it’s a team building retreat or an activity one day that involves getting all employees together and encouraging space for a friendly competitive spirit to come out can prove to be both fun and beneficial for your employees’ ability to work together. The fun side of it is also likely to boost morale and improve chances of employees genuinely enjoying their jobs.
Bonuses
Not all businesses are able to give every employee a bonus at the end of the year, but it is a great incentive to perform well on the job. It can also make employees feel like they are appreciated, which is incredibly important.
Showing Gratitude
Being thankful for someone’s hard work and actually showing genuine gratitude for it is so simple but works wonders for an employee’s motivation and morale in the workplace. Whether it’s being grateful for the extra work they agreed to do or for not making a fuss about having to do some employee drug testing, showing gratitude for your employees can go a long way.
Find High Acceptance Loans the Easy Way
/in Managing Your Finances/by StrategyDrivenSearch the Market
To be able to find lenders who offer high approval rates with low-interest rates, you’ll need to look at the market in general to compare the lenders. This way, finding high acceptance loans becomes a much easier task to navigate. You’ll find specialist lenders who can help with searching the market so that at a glance you can compare what’s available to you. You’ll want to ideally avoid the lenders who will charge you a fee during the application, only pursuing no fee lenders. One of the problems you may find is that some lenders will claim they can offer high acceptance even with poor credit and charge a fee to go through an application. This way, they will still make money from you even if you are declined. Be cautious with any of the fee-charging lenders and make sure you read their terms carefully before agreeing to a loan.
Avoid Payday Lenders & High Interest
As tempting as it may be to use a payday lender, you should consider all your options. Because payday loans are designed for the short term, they generally charge a higher rate of interest. This is why it is not advisable to take one out if you want to pay a loan over a longer period with more manageable repayments. Although they offer same-day funding and high approval rates, you’ll find better options when you start to look.
Budget Accordingly
This is important; you should be working out exactly what you can afford to borrow and repay each month before applying for any borrowing. Even if you think you know what you can pay or a loan term seems affordable, you should audit your finances to see what disposable income you actually have each month. The reason this is important is that some lenders who offer high acceptance rates may focus more on what you can afford than your credit rating.
Although your credit score will play an integral part in the approval process, you need to be able to prove what you can afford.
Responsible lending is vital in 2020, with more and more lenders wanting to ensure that lending to you does not create financial difficulties. You should, for this reason, only use trusted lenders. If you’re unsure how to spot a trusted lender, then use the Better Business Bureau to see a list of them. Not only will you be able to see all the trusted lenders you should ideally use, but you can also find out about any current scams you should avoid falling victim to.
Don’t Go For the First Offer You See
There is searching, and then there’s searching well; because there are hundreds of online lenders available, it can be easy to go with the first offer you see just because the monthly repayments seem affordable. As the saying goes, if it’s too good to be true, then it probably is. Fully consider your options, even when using a comparison tool.
Although a lender may come out as the top result in comparison, that could just be because it offers the lowest monthly repayment. It may miss out on other aspects such as the interest rate and length of the term. If you take your time and not rush into a loan just because you want the funds quickly, you can hopefully save yourself a lot of money.
Consider the Amount You Want to Borrow
With the loan amount itself, do you need to borrow that much? The reason you should ask yourself this question is that it can affect the chances of being approved. The lower the loan amount is, the higher the acceptance rate because the lender will be taking a much lower risk. You should consider whether the loan amount is enough to cover what you need it for, and secondly, that it is not too excessive. Some lenders will offer a higher amount by saying what they can offer up to, but you should carefully consider if you need to borrow more than you need.
Additionally, with higher amounts of loan, you may need to offer the lender more assurances, such as with a secured loan, and attach something as collateral to guarantee it. If you want to keep it unsecured, then keep it low to what you need it for and those high acceptance rates should still be accessible.
Simple Methods to Grow Your Small Business
/in Managing Your Business/by StrategyDrivenUse a variety of marketing techniques
Marketing plays a key role in business success. When done correctly, marketing campaigns have the power to advertise your products and services to a global audience, drive traffic to your site, and establish you as an authority in your industry. This should lead to increased sales and revenue potential. There are many different marketing strategies available to small businesses. You should aim to experiment with a variety of marketing techniques to find what works best for your business. For instance, try combining techniques like social media marketing with traditional print marketing, such as posters and business cards.
You can easily have printed marketing materials designed by searching for printing services near me online. Make sure you monitor the success of your marketing campaigns closely. That way, you will be able to identify what works well and tailor your future marketing efforts to make them more effective.
Hire a Professional Inbound Marketing Agency
There are several reasons why small businesses should hire an inbound marketing agency. Perhaps the most important reason is that inbound marketing can be highly effective in helping small businesses to generate leads and convert those leads into customers. Inbound marketing is about creating valuable, relevant content that will attract visitors to your website or blog. Once they are there, you need to engage them with compelling calls-to-action so that they take the next step and become leads. Finally, you need to nurture those leads until they are ready to buy from you.
Focus on your employees
Every successful business needs a team of productive, loyal employees. If your employees are dissatisfied in the workplace, then they are going to be far less motivated and committed to your business. This will have an obvious negative impact on your business in terms of productivity and revenue potential. For that reason, it pays to invest in your employees and take steps to boost workplace morale. Some simple ways to achieve this include offering rewards and incentives, holding regular career development meetings, and maintaining a welcoming, supportive atmosphere in the workplace.
You should also make sure that all of your employees have received adequate training and are provided with the correct equipment to enable them to complete their work tasks safely. You can find plenty of great advice on how to boost employee morale within your company.
Look for new opportunities
One of the easiest ways to grow your business is by identifying opportunities to gain new customers and increase sales. For instance, many modern companies are increasing profits by taking their businesses global with the help of international selling platforms like Amazon and Etsy. These marketplaces allow businesses to advertise and sell their products and services to customers all around the world. Many of the platforms offer packages which include order fulfillment and shipping to various countries across the globe. The profits can then be deposited into your business bank account in the local currency.
Expanding your business globally has great potential and can allow you to access a new marketplace and ensure continued growth. However, it should only be attempted after careful planning and plenty of market research. If you’re unsure which steps to take, then it may be worth consulting with a global business expert for specialist advice on how to take your company world-wide.
Provide quality customer service
Quality customer service is another crucial element of any successful business. Think about it – people aren’t going to come back to your company and spend money if they have a poor experience. Recent research by American Express found that 33 percent of customers will consider switching companies following a single experience of bad customer service. Businesses should also be aware that negative feedback travels extremely fast and far in the modern world, particularly via social media platforms. Even just a few examples of poor customer service can harm a company’s reputation and credibility. With this in mind, every business should strive to deliver the highest level of customer service possible. Finding ways to enhance the customer experience can be a reliable way to grow your business and generate more sales. Some simple methods to improve your service include installing customer service technology like chatbots, ensuring that your website is mobile-optimized, and offering customer loyalty programs.
Take the time to get to know your customers and truly understand their needs. You should also make sure that your employees receive sufficient training on how to interact with customers and provide a high-quality level of service.
Final thoughts
Every business owner needs a clear plan in place to help their company grow and reach its short-term and long-term goals. Fortunately, there are plenty of effective strategies and techniques that can be implemented to increase visibility, improve sales, and boost profits. Use the simple methods above to help you grow your small business today!