Business.com |
- The Best Dog-Friendly Companies of 2019
- Choosing CRM Software: A Buyer's Guide
- Equipment Leasing: A Guide for Business Owners
- 4 Ways to Motivate Your Employees in 2019
- How to Convert Old Customers Into Current Ones
- How to Improve Your Chatbot Strategy
- What Is Thought Leadership, and Why Does It Matter?
- Business Insurance: How to Safeguard Your Livelihood
| The Best Dog-Friendly Companies of 2019 Posted: 12 Jun 2019 11:08 AM PDT 
Dog ownership is a rewarding experience. Companionship with a canine buddy can easily brighten a day and ease tension. So, when a company lets its workers bring their dogs to the office, it's no surprise that experts believe nearly everyone benefits. As companies begin considering more nontraditional perks to entice new talent and keep existing employees engaged, Rover.com released its first-ever list of the top 100 dog-friendly companies in the United States. "The bond between humans and animals is good for human health and can build connections in the work environment," said Phil Tedeschi, Rover's human-animal behavior expert and executive director of the Institute for Human-Animal Connection at the University of Denver. "Pets often allow for engagement and shared activity, in turn strengthening bonds among co-workers." Rover's list, released earlier today, was created to coincide with National Take Your Dog to Work Day on June 21. Pets at work good for businessAccording to the National Institute for Occupational Safety and Health, approximately 40% of American workers feel overworked and pressured. A stress-relieving perk like pet accommodations can help combat workplace maladies such as burnout, which has been recognized by the World Health Organization as a serious health risk. Earlier this year, Rover conducted a survey of more than 1,200 American dog owners and found that 75% of those who were able to bring their dogs to work were more likely to stay with their current employer. These respondents were also more likely to feel engaged at work, with two-thirds saying they felt strongly that they were more likely to interact with their co-workers in a positive manner. "Company culture is one of the most important factors that attracts talent to a workplace and tends to keep them there," said Jovana Teodorovic, Rover's head of people and culture. "While having dogs at the office brings the obvious playfulness and endless wagging tails, it also heightens employees' emotional intelligence, helping them feel more comfortable opening up with one another." The 15 companies with best dog-friendly work policiesMost of the top 15 dog-friendly workplaces on Rover's list are located on the West Coast, with California being the most represented state. Unsurprisingly, tech companies feature prominently at the top, with big names like Amazon, Airbnb and Uber landing in the top 10. Six of the top 15 companies are in pet-related industries, with Trupanion, PetSmart and Nestle Purina Petcare ranking near the top of the list. In addition to allowing dogs in their offices, the best dog-friendly companies offer pet-related time off and a pet stipend. They also provide pet amenities. For example, Amazon's main campus in Seattle has a dog park for its 6,000 registered dogs and provides free poop bags and dog treats. Here are the top 15 dog-friendly companies in the U.S. For the full list, visit Rover's website.
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| Choosing CRM Software: A Buyer's Guide Posted: 12 Jun 2019 10:16 AM PDT  CRM software was originally designed to help businesses build and maintain relationships with new and existing customers. Since then, CRM software has evolved from a simple contact management system into a robust tool that helps users manage sales, marketing, point-of-sale (POS) transactions, accounting, vendors and other types of operational data all in one easily accessible solution. From a growth standpoint, CRM helps you find leads, follow up with prospects and nurture them through the sales pipeline. CRM is also used to maintain customer loyalty by storing key information to boost sales – for instance, by personalizing the experience and providing excellent customer support. Here is our 2019 guide on how to choose the right CRM software for your business. If you already know what you need and just want to see our recommendations for the best CRM software, visit our best picks page. Editor's note: Looking for the right CRM software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs. How much does CRM software cost?The cost of CRM software varies greatly. Vendors typically use a subscription-based pricing model. Pricing depends on several factors, such as the number of users and the types of features available. Generally, you pay a set per-user, per-month fee. Some vendors charge a flat monthly fee for a set number of users, but you may find that in order to support the number of users you need (and the features you want), you need to buy a more expensive plan, or there can be additional fees for things like additional users. Pricing can range from $10 per user, per month to thousands of dollars per month, depending on your business's needs. Don't have a budget for CRM software? Or maybe you're not sure that CRM software is right for your business, but you're curious to see what it has offer. Many vendors offer free trials of their software. There are also free versions of popular CRM software; some are full-featured but limit the number of users or records, while others offer only the bare minimum capabilities. What features should you look for in CRM software?CRM doesn't just keep your contacts organized – it offers a bevy of tools to help you boost sales and execute more effective marketing campaigns. Here's more about the features CRM software offers small businesses. Lead management and sales. Find new customers by automatically generating leads from various sources like social media, website visitors, inbound calls, newsletter sign-ups and more. Follow up with leads automatically with preset emails and tasks, or contact them directly yourself. CRM can nurture prospects all the way through the sales pipeline, from lead generation to closing the sale. Additionally, many CRM allow users to create and store sales quotes and track invoices. Marketing. Many CRM solutions have built-in marketing tools, including email templates, email marketing pipelines, SMS messaging and lightweight project management tools. Some even offer competition tracking and sales forecasting capabilities. E-commerce. Some high-level CRM software has built-in e-commerce functionality, while other products allow for easy e-commerce integration, either by accessing the API or by using a third-party service. Reports/dashboards. Most CRM software includes some reporting functionality, and many of the higher end products sport live, dynamic dashboards. Make sure any exporting or importing needs you have (for instance, transferring information to and from Excel or QuickBooks) are compatible with a system you choose. Call center. Most low-cost CRM products do not have call center capabilities, but there are third-party integrations available to link call center software with CRM software. However, if a call center is central to your business, it may be worthwhile to adopt a CRM with full call center features. [See Related Story: Best Call Centers and Answering Services for Businesses] Workflows/approvals. Project management is an important aspect of any CRM. Most high-quality CRM have built-in workflows and checkmark-style approvals that help with task management and organization. However, the extent to which these project management tools are customizable varies from product to product, so if you require a specific workflow step or approval process, make sure it is achievable with the application you choose. Questions to ask when considering CRM softwareThere are many different types of CRM software available, so choosing the right one is key to making it work for your business. Here's what small business owners advise asking potential vendors:
Ready to choose a CRM solution? Here's a breakdown of our full coverage:
Editor's note: Looking for the right CRM software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs. |
| Equipment Leasing: A Guide for Business Owners Posted: 12 Jun 2019 09:00 AM PDT  Buying and maintaining equipment is expensive, and as soon as you invest in a piece of machinery, it's only a matter of time before a new version comes out, making yours obsolete or inferior. Due to the high costs involved in owning and operating equipment, many small business owners opt to lease rather than own. Leasing offers advantages that owning does not, including lower monthly payments, which are typically spread out over the course of months or years rather than delivered in a lump sum. Many commercial equipment leases also include service agreements or service add-ons, which offer peace of mind for business users and negate the need for in-house technicians. If your business needs new equipment or technology, but you can't afford it, leasing may be an option to consider. Leasing lets you make smaller monthly payments, typically over a multiyear period instead of buying it all at once. At the end of the lease, you may return the equipment or buy it for a price that factors in appreciation and how much you paid over the life of the lease. Benefits of equipment leasing
Editor's note: Looking for information on equipment leasing? Use the questionnaire below, and our vendor partners will contact you to provide you with the information you need: Of course, not all equipment leases are the same, and there are lots of ways to finance a lease. If you're interested in leasing equipment for your business and you want to do so with a loan, we encourage you to check out our review of the alternative lender we recommend as the best for equipment loans. The lender we chose as our overall best pick also offers leasing options. If you are unsure whether equipment leasing is a good option for you, continue reading to learn more about how to get started, the leasing process, the different types of leases available and what to consider when looking for a lender. How to get startedBefore you start the process, answer the following questions. It may seem like a lot of effort upfront, but without answering these questions as they relate to your business, you can't make an informed decision on leasing or buying equipment. What is your monthly budget?Leasing offers substantially lower monthly payments than purchasing, but you still need to factor the costs into your monthly cash flow. Start with what you can afford and work from there; don't work the other way around by getting price quotes and trying to squeeze them into your budget. How long will the equipment be used?For short-term use, leasing is almost always the most cost-effective way for businesses to go. If you're using the equipment for three years or more, a loan or standard line of credit may be more beneficial than a lease. Factor in your business's growth as well: If your company is rapidly growing and evolving, a lease may be a better option than buying. How quickly will the equipment become obsolete?Technology becomes outdated more quickly in some industries than others. Consider obsolescence before deciding whether buying or leasing makes sense for you. Can you get a lease for your equipment?The range of equipment that qualifies for a lease is practically limitless. But there are a couple of conditions.
Purchasing vs. leasingWhile many businesses benefit from equipment leasing, an outright purchase is more cost-effective in some instances. When comparing purchasing and leasing options, consider these factors:
Pros of leasingA lease is ideal for equipment that routinely needs upgrading – for instance, computers and electronic devices. Leasing gives you the freedom to obtain the latest machinery with a low upfront cost, plus you have reliable monthly payments that you can budget for. At the same time, leasing provides a wider range of equipment options for businesses. Leasing makes it financially possible to afford equipment that would otherwise be too costly to purchase. Cons of leasingLeasing requires that you pay interest, which adds to the overall cost of a machine over time. Sometimes, leasing can be more expensive than if you were to purchase the equipment outright – especially if you purchase the equipment when the lease term has expired. In addition, some lenders enforce a specific term length as well as mandatory service packages. This can add to the cost if the lease term extends beyond how long you need the equipment. In this scenario, you could get stuck with a monthly payment as well as storage costs associated with unused equipment. Pros of buyingWhen you own a piece of equipment, you can modify it to suit your exact needs. This isn't always the case with a lease. Similarly, buyers aren't bound by the limitations imposed by an equipment lessor. Purchases also enable you to resolve any issues more promptly, because you don't have to obtain approval from the leasing company to schedule a repair or order a replacement part. In addition to the depreciation tax benefits available through Section 179, you can recoup some money by reselling the equipment when it's no longer of use to you. Cons of buyingLike leasing, purchasing has its drawbacks. The biggest is obsolescence; with a purchase, you're stuck with outdated machinery until you buy new equipment. Also, the competitiveness of the marketplace and the availability of tax incentives with leasing are often enough to dissuade many business owners from purchasing equipment outright. The costs to maintain and repair machinery, in addition to a steep purchase price, may put too much of a financial strain on many businesses. By some estimates, businesses budget 1% to 3% of sales for maintenance costs. This is a rough estimate, though. The equipment itself, service hours, equipment ages, quality and warranty determine the actual maintenance costs. Equipment leasing vs. other financing optionsA purchase isn't the only alternative to leasing. In fact, it's not even the most common. Loans, lines of credit and factoring services are popular means of financing large equipment as well. Like a purchase, loans provide more ownership of the equipment. With a lease, the lessor holds the title to any equipment and offers you the option to buy it when the lease concludes. A loan enables you to retain the title to any of the items you purchase, securing the purchase against existing assets. Unfortunately, terms can be the major drawback of a loan. Unlike a lease, which provides fixed-rate financing, a loan or line of credit's interest rates may fluctuate throughout the loan term. This can make budgeting problematic, depending on the size of the loan. In addition, banks and other lenders often require a much larger down payment – 20% of the total cost of equipment by some estimates. Factoring is another way to purchase costly equipment and is often faster than applying for a loan. By leveraging your accounts receivable, you can quickly turn outstanding payments into cash by selling these invoices to a factor. Often paying up to 90% of the total value of your accounts receivable (depending on the creditworthiness of your customers), factoring is an ideal alternative to leasing and loans for startups and small businesses. Funding is usually available in a matter of days. This makes factoring a popular resource for smaller manufacturing operations, the transportation industry, and businesses that routinely handle contracts with a fast turnaround. The leasing process: What to expectWhen applying for a lease, you can expect the process to include the following steps. Step 1You complete an equipment lease application. Be sure you have financial data available for your company and its principals, as this may be required upfront or after initially completing the application. Step 2The lessor processes your application and notifies you of the result. This usually happens within 24 to 48 hours of you submitting the application. Some lessors may not require financials and/or a business plan for applications on dollar amounts from $10,000 to $100,000. For financing on $100,000 to $500,000 (and up), expect to provide complete financials as well as a business plan. Step 3Once you receive approval, you must review and finalize the lease structure, including monthly payments and the fixed APR. You'll then sign the documents and resubmit them to the lessor, typically along with the first payment. Step 4When the lessor has received and accepted the signed documents and first payment, you are notified that the lease is in effect and that you are free to accept delivery of the equipment and commence any training necessary. Step 5Funds are released within 24 to 48 hours directly to you or the manufacturer you are purchasing from. 2 types of equipment leases: Operating lease or finance leaseOperating leaseThere are two primary types of equipment leases. The first is known as an operating lease. In short, this structure allows a company to use an asset for a specific period of time without ownership. The lease period is usually shorter than the economic life of the equipment. At the end of the lease, the lessor can recoup additional costs through resale. Unlike an outright purchase or equipment secured through a standard loan, equipment under an operating lease cannot be listed as capital. It's accounted for as a rental expense. This provides two specific financial advantages: 1. Equipment is not recorded as an asset or liability. 2. Equipment still qualifies for tax incentives. Dealers' rates may vary widely, but in general, the average APR for an operating lease is 5% or lower. Average contracts last 12 to 36 months. With the prevalence of leasing, new accounting regulations from the Financial Accounting Standards Board require companies to reveal their lease obligations to avoid the false impression of financial strength. In fact, all but the shortest-term equipment leases must now be included on balance sheets. While leased equipment does not have to be reported as an asset under an operating lease, it's far from free of accountability. Finance lease or capital leaseSometimes known as a finance lease or capital lease, this lease structure is similar to an operating lease in that the lessor owns the equipment purchased. It differs in that the lease itself is reported as an asset, increasing your company's holdings as well as its liability. Commonly used by large companies, such as major retailers and airlines, this setup provides a unique advantage, as it allows the company to claim both the depreciation tax credit on the equipment and the interest expense associated with the lease itself. In addition, the company may choose to purchase the equipment at the end of a finance lease. Given the financial edge this provides, the APR for a finance lease is higher, often double that of an operating lease. Standard interest rates currently hover between 6% and 9%. Average contracts range from 24 to 72 months. Lessee responsibilitiesThere are additional responsibilities that can result in expenses above and beyond the cost of your monthly lease payment. These typically include the following items:
Comparing equipment finance providersGiven the costs and considerations addressed in the sections above, it's essential to compare several lease providers to ensure you get the best rate. Before beginning your search, you should familiarize yourself with the three different types of equipment finance providers and the benefits each provides. Lease brokerA lease broker serves as an intermediary between you and any prospective lessors. The broker will present you with the offers and submit your requests for financing, handling much of the paperwork for you. Brokers represent only a small segment of the leasing market, and their service does not come cheap. Brokers reportedly charge 2% to 4% of the cost of the equipment to negotiate a deal. The benefit of using brokers is realized in their extensive relationships. Often industry-specific, they specialize in obtaining a wider range of equipment, sometimes at a better price than would be available through standard channels. Leasing companyThis is often the subsidiary leasing arm of a manufacturer or dealer. Also known as a captive lessor, a leasing company's sole aim is to facilitate leases with its parent company or dealer network. For this reason, you will usually only deal with a leasing company when working directly with a manufacturer. Independent lessorThis type encompasses all third-party lease providers. Independent lessors include banks, lease specialists and diversified financial companies that provide equipment leases directly to a business. They differ from leasing companies in that they typically specialize in the remarketing of equipment, a skill that enables them to group products from multiple manufacturers and offer more competitive APRs. Tips on choosing a lessorThe best advice for choosing a quality lessor is to examine them with the same level of scrutiny with which you and your business are being scrutinized. Give preference to those willing to partner with your business. This may be represented in the level of background and experience they have in relation to your line of business, or their willingness to work with you on certain terms. Some fees specified under the lessee responsibilities – particularly application fees and late fees (at least on the first late payment) – may be covered or waived altogether depending on the lessor. Also take time to research the following:
Questions to ask a dealerBefore you choose a dealer, get price quotes from at least three companies, and ask all the dealers on your list these questions. Asking the right questions is half the battle for getting a fair deal on business services and goods. How much money is required upfront?Lease financing often provides 100% of the dues required for an equipment purchase. Loans do not, often requiring up to 20% of the total as a down payment. If a down payment is required, consider reassigning capital to cover any upfront costs. Who takes advantage of the tax incentive?Under a loan structure, your company can claim depreciation. However, you will have to provide a down payment, and the interest rate is higher. Under a lease, the lessor claims depreciation. In exchange, they offer a lower APR – often half that of a loan. If the depreciation credit is important to you and you still want to lease, ask about the availability of finance or capital leases. Are the financing terms flexible?Leasing is often viewed as the most flexible financing option, especially compared to loans. Depending on the structure of the lease, you can start with low payments and increase them as time goes by (known as a "step-up lease"), defer payment to give yourself an extra window before the first payment is due, and even add more equipment onto an existing lease under a "master lease" structure. Sylvia Rosen, Chad Brooks and Saige Driver contributed to this article. Editor's note: Looking for information on equipment leasing? Use the questionnaire below, and our vendor partners will contact you to provide you with the information you need: |
| 4 Ways to Motivate Your Employees in 2019 Posted: 12 Jun 2019 08:00 AM PDT  Unfortunately, according to Gallup research, just one-third of U.S. employees feel engaged at work. Clearly, the challenge is figuring out what motivates your people. And it's not as simple as paying them more money either. Yes, compensation is absolutely important, but so too is something like recognition, which, according to a Salesforce study, is an important motivating factor, so much so that 70 percent of employees would work harder if they were recognized for their work. While motivational factors have changed over the years, research tells us that many workers today will agree on a number of things that drive satisfaction on the job. 1. Work-life balanceWork-life balance is a big deal to today's employees. According to the 2017 World Happiness Report, work-life balance is one of the biggest predictors of happiness. But work-life balance can mean any number of things to different people. For some, it means having a flexible work schedule, allowing them to work from home on some days or set their own days off. For others, it means having access to exercise facilities for free. Some people may even want childcare facilities in the workplace so they can bring their kids to work. It's here where research comes in. You can read all day about how other companies managed to turn their workforce around and maximized their human capital, but basic HR will tell you that their experiences will not necessarily reflect how your employees will respond to the techniques you might pick up along the way and attempt to implement. Before you start making grand plans to create motivated and passionately productive employees, you'll want to take a step back and assess the psychographics of your workforce. One way to do this is to send out questionnaires asking employees about their idea of work-life balance in the company and, as a finisher, ask how they would like to see the company aid them in creating a balance between their work and personal lives. In some firms, first-line managers have regular one-on-one interviews with every member of their team to ask about their short-term and long-term goals for their stay in the company. This kind of personal touch is effective in that it creates the impression that management is ready to collaborate with their employees in achieving their aspirations and assures upward mobility on the corporate ladder. 2. A pleasing work environmentGrumpy bosses and uncooperative co-workers actually do make the workplace – where employees spend most of their waking hours – unbearable. Having to put up with this takes a toll on an employee's wellbeing and ultimately affects their performance. The logic is simple: no one enjoys working in a toxic and stressful work environment. Creating a positive work environment is to create a productive work environment. This is why, regardless of industry, you should work to develop people skills among those in management and invest in regular team-building activities that actually forge bonds between employees. Another way is to buff up your bottom-up communication is to take some time throughout the day to go around and interact with your employees and get their ideas. Not only will they feel that their efforts and presence are appreciated, but you're also likely to find that your employees have some insights worth taking note of. Last, but not least, is the necessity of an aesthetically appealing office. Research by the Commission for Architecture and the Built Environment and the British Council for Offices shows that 24 percent of people in the workforce reported that their office environment was directly tied to their job satisfaction. Meanwhile, 91 percent of managers believe that the office layout contributes directly to staff performance. Effective workplace design can come in the form of proper lighting and aeration, comfortable and non-broken office chairs, established spaces for breakout discussions, and even interior plant life, which has been proven to have physiological and psychological benefits in the workplace. These not only make a workplace conducive for work, but they also give employees the impression that their wellbeing is valued – contributing further to their work lives. 3. Vision and company cultureAiming for the moon is the spirit of entrepreneurship. There's absolutely nothing wrong with maintaining, or even scaling, your business by setting huge annual marks. For as long as these are reasonable and even mildly feasible, go for it. However, you would do well to break this down into smaller goals proportionate to shorter, more immediate spans of time. Once you've set your goal for the year, express this in terms of quarterly goals, then monthly goals, then weekly goals. Doing so poses a number of benefits for your employees. First, smaller goals logically seem easier to accomplish even if they add up to much larger ones. The perception that the goals have been scaled down makes them seem less daunting, thus motivating employees and providing them with little but regular pumps of fulfillment. This, in turn, also has the effect of pushing them to keep up the pace. All these things come together to create a culture that encourages working together towards a singular vision and goal. As teams collaborate to reach goals, like collective sales quotas and other productivity milestones, team members can develop the qualities and spirit that would enable them to get ahead – rapport, cooperation and creativity. 4. RewardsPreparing a full set of rewards for meeting or exceeding marks will do wonders. What you're doing is banking on the emotional satisfaction that comes with accomplishing goals by slapping on one more thing to be glad about. Cash incentives on top of commissions are a great way to encourage outstanding work. However, employee rewards don't have to come in the form of money. Gamifying achievements by handing out badges and other tokens signifying accomplishment work in professional environments. Treating your team to a meal allows you to reward them and simultaneously provide them with the setting to enjoy each other's company and build rapport. For smaller or more abstract goals, even simple verbal praise and an accompanying rewarding gesture can make a much larger positive impact than you would expect. We tend not to take career advancement as a kind of reward, but assuring your employees that every accomplishment takes them one step closer to a well-deserved pay raise or promotion breeds top-performing members in a company. These are just a few of the many ways you can adjust your motivational strategies for your employees in 2019. The bottom line is that your strategy depends on your people, so don't be afraid to deviate from these suggestions and adapt them to your circumstances. What matters is that your company begins making smart decisions based on employee feedback. |
| How to Convert Old Customers Into Current Ones Posted: 12 Jun 2019 07:00 AM PDT  Research shows that it costs five times as much to attract a new customer as it does to retain an existing one. And since you only need to increase customer retention by 5 percent to increase your profits by 25 to 90 percent, it's a strategy worth pursuing While it's not always easy to pinpoint why a customer stopped buying from you, there's usually a reason. It could be the result of a poor experience (it only takes one hiccup to lose a customer), your competitor was better priced, they moved areas, or you just haven't given them a compelling offer worth acting on. The good news is that as long as the customer is in your database, you can still reach them. You've already done the hard work of getting these customers to know, like, and trust you. Now you just need to entice them to come back. Here are three reactivation ideas to implement into your business marketing campaign. Use snail mail to surprise and delight.Contrary to popular belief, direct mail is not dead. It's actually one of the most important and underutilized forms of marketing. Unlike email and digital marketing — which is hotly contested and overcrowded — snail mail is reasonably clutter-free and cost-effective. It has an average response rate of 9 percent for house lists, whereas e-marketing, as well as social and paid advertising, only garner 1 percent. It performs better because there's a massive difference between receiving a virtual gift and a physical one. A digital coupon to put towards your next purchase is the norm, and so it's forgotten as quickly as it's used. Direct mail is more memorable because it's almost becoming unique. In an age where everything is digital, receiving an unexpected package in the mail is exciting and intriguing. Most customers can't wait to see what's inside, and best of all, they want to share this experience with friends and family. So when everyone else is bombarding their customers' inboxes with special offers, be different. Surprise them with a hand-delivered package and personalized message. They'll be back shopping with you in no time. Pique their interest with a compelling offer.The key word here is compelling. You need to strategize an offer that's too good for your customer to refuse. Basically, it overrides any pre-existing feelings they have towards you. Once you've axed that barrier, they'll start doing business with you again. Typical examples would be a buy-one-get-one-free offer, a gift card, or a coupon to put towards their purchase. How you deliver that offer is up to you. Direct mail and email are both effective and complement each other beautifully. In fact, a study found that 59 percent of customers' purchasing decisions are influenced by email marketing. Here are a few effective subject lines for reactivation emails:
Make sure the campaign's message and gifts are personalized. This is your chance to show the customer that you've taken the time to know what would appeal to them. If you give them something they'll never use, you've lost a golden opportunity. Lay it all out.Sometimes you've just got to set aside your ego and swallow a bit of humble pie. Drop them an email and ask where you went wrong. Here are some popular reactivation email subject lines:
It could be that your product's features didn't fulfill a need they had, so describe what changes you've made since they stopped buying from you and what they can expect going forward. It also helps to throw in a few positive customer testimonials. Perhaps an unfortunate incident happened that resulted in bad public relations and lost customers. Own it. Say you're sorry and explain the measures that you've put in place to prevent something similar happening in the future. The goal here is to show them that they matter to you. It's why you've taken the time to send them a personalized email. If they start buying from you again, follow up with something to make them feel extra special. Trying to find new customers requires far more work than making up with dormant customers. Go through your database, pick out those customers who haven't bought from you in a while, and strategize how you're going to win them back. Then make it happen. |
| How to Improve Your Chatbot Strategy Posted: 12 Jun 2019 06:00 AM PDT  Chatbots are quick to respond to customer queries and can help solve their problems swiftly. With regular live chat, in which users speak to a customer service professional, questions may not get answered for hours on end. By then, your business may have potentially lost loyal customers who grew frustrated waiting for assistance. According to Drift's 2018 State of Chatbots Report, 77 percent of consumers expect to get instant responses when reaching out via chat. So, if your brand isn't delivering the customer service experience they expect, you can bet they'll be quick to find that assistance elsewhere. In addition, chatbots can also be personalized to your target audience so they match your brand image and relate to customers on a deeper level. Here are a few ways you can improve your chatbot strategy in 2019 in order to improve relationships with your website visitors. Track important KPIsIf you have chatbots on your website but aren't keeping track of how they're affecting your business, you have no way of knowing how you can optimize them further for better results. It's essential that you track important metrics, such as lead generation and engagement, so you know what steps to take next. A few important KPIs (key performance indicators) you should track are:
Pay attention to repeat visitorsToo often businesses are more focused on acquiring new customers than catering to existing ones. While it's important to generate leads, paying attention to returning customers comes with its own benefits. Harvard Business Review reports that acquiring a new customer costs anywhere from five to 25 times more than retaining one, so putting emphasis on this part of your conversion strategy will boost your ROI and improve your relationship with customers you already have. Use your chatbot to pay extra attention to repeat visitors who are clearly interested in and invested in your brand. If your bot has had previous conversations with them, send them a greeting asking if they need any help or welcome them back to your site. Remain genuine in trying to help them with whatever they need and they'll remain loyal to your business. Refine your chat copyWhen users engage with your bot, you not only want them to have a positive UX, but you also want to make sure the conversation is on par with your brand image and overall mission. If it doesn't do its job of helping users navigate your website and answer their questions, the entire thing is futile. On top of that, your chatbot's copy should be written in a way that accurately represents your brand. Greet users with a welcoming greeting. If they haven't already asked you something, you can start the conversation by asking them an engaging question about their experience on the website or if they need help with navigating products or webpages. A few rules of thumb to keep in mind when creating conversations for your chatbot are:
All of these things will help to humanize your chatbot so users don't feel like they're speaking to a product of AI and instead feel like they're talking to a real person behind the screen. Chatbots have the ability to boost conversions and engagement tremendously, so it's important to take full advantage of all they can do for businesses. When used correctly, your business is likely to see positive results after implementing chatbots. With a few tweaks, you can optimize your chatbot to its fullest potential so you're getting the conversions your business deserves. |
| What Is Thought Leadership, and Why Does It Matter? Posted: 12 Jun 2019 06:00 AM PDT 
Attaining the status of "thought leader" is an elusive goal that many business leaders and executives strive for. However, with the right tactics, along with dedication, patience, and education, you may be able to successfully influence others in your respective field and become a reliable source of insight and information. What is a thought leader?While the term "thought leader" might sound like another corporate buzzword, its meaning is very valuable to individuals and businesses alike. As a notable expert in a specific company, industry or society, a thought leader is someone who offers guidance and insight to those around them. In other words, a thought leader has a positive reputation of helping others with their knowledge and insight. Jake Dunlap, founder CEO of Skaled, said that thought leaders draw on the past, analyze the present and illuminate the future to create a comprehensive, unique, and impactful view of their area of expertise. "They possess an innate ability to contribute to the conversations happening today while also being able to speculate on what is going to happen tomorrow," Dunlap told Business News Daily. "Rather than chime in on every topic, they set the pace for the industry, and offer intelligent insights and informed opinions." Having this unique ability allows thought leaders to bring a point of view to the table that cannot be obtained elsewhere. This is especially helpful when running a business. "A thought leader recognizes trends before they happen and applies that insight to achieve actual business results," said Numaan Akram, founder and CEO of Rally. However, sharing insightful thoughts and strategies is only one part of being a thought leader. Knowing how to successfully lead is crucial as well. [See Related Story: 4 Ways to Define Leadership] "I believe thought leaders are not only on the cutting edge in terms of their ideas, but [they] also know how to inspire and influence others," said Walt Rakowich, a leadership speaker and retired CEO of ProLogis. "Leaders can have great ideas, but true thought leaders have the courage to express their ideas and inspire others to implement them." Additionally, Akram said thought leaders not only create new ideas, but they also know how to deliver results to back up their hypotheses. How to establish yourself as a thought leaderThought leadership is not something you create overnight. It takes a lot more than one blog, social post or networking event to cement yourself as a trusted figure in any field. Expertise, insight and a valuable perspective are elements that lead to thought leadership status. Rakowich said you must build your experience and cultivate credibility over the long term. "Experience takes time, patience, hard work, and a willingness to listen and learn from others," said Rakowich. "Those leaders who can observe and connect information from a number of sources are generally well positioned to create ideas that are informed by the needs of the marketplace. Credibility combines that expertise with a measure of humility, honesty and an appreciation for the human aspect of leading people." Clarify your area of expertise (and stick to it)Dunlap says thought leaders need to be clear and consistent with their insights within their area of expertise. Creating a niche market or specific area of expertise can help you build your brand and establish credibility in your field. "Don't attempt to be a thought leader in every area related to your industry," Dunlap said. "Instead, focus on what you know best and hone in on that message repeatedly. It's more effective to go deep on a few topics than to spray across too many complementary topics." Step back from your business agendaAs a thought leader, you must understand the issues that impact your audience and offer useful, educational advice driven by these issues. Although taking part in things like charity events and source interviews may not increase your bottom line immediately, the long-term results can be beneficial to you, your business and your audience. Showing your audience that you are a present, well-rounded professional can steadily build your reputation and credibility as a thought leader. Keep learning about your industryEvery industry is evolving – some faster than others – and as a thought leader, you need to stay on top of what's happening so you can share and comment on trends. "You must constantly learn [about] your industry, as well as the macro forces at work in the broader economy," said Akram. "Being a thought leader requires forward thinking, but you must also have the discipline to study market dynamics to find patterns. From there, you can combine what you have learned, analyzing those patterns with your vision to solve real-world problems." Listen to othersThought leaders don't have all the answers, and they are never done learning. Mark Rogers, Psy.D., founder and CEO of Insights Without Borders, noted that it's important to admit what you don't know and remain humble enough to listen to what others have to say. Learning from others in your field is a great way to stay connected and expand your knowledge on a topic. "True thought leaders genuinely understand and listen to each other's stories," said Rogers. "They treasure [the fact] that we are all in the human journey and the authors of our own lives." How to boost your industry presence to enhance your credibilityRogers said thought leadership is an extension of one's personal brand, specifically his or her ability to build an authentic online reputation and social media presence. "Social media platforms such as LinkedIn or Twitter ... become the foundations for your thought leadership strategy and key channels for your social networking," said Rogers. To boost your industry presence, Rogers advised aspiring thought leaders to do the following:
Once your reputation or brand begins to grow, you can start sharing or making bolder claims and predictions about your industry. Continue this cycle to become a trusted thought leader in your industry. Some source interviews were conducted for a previous version of this article. Additional reporting by Adam C. Uzialko. |
| Business Insurance: How to Safeguard Your Livelihood Posted: 12 Jun 2019 05:00 AM PDT  These business owners say they can't afford the coverage they need. If you're among those who have no insurance or are underinsured, you're playing Russian roulette with your assets, because not having insurance can cost much more than the annual premiums if adversity strikes. Whether you have some insurance or no insurance, it's time to talk with a trusted insurance broker about your current business needs. They may be able to design a plan you can afford. Of course, your needs depend on the type of business you run. However, for general-purpose insurance, we talked with James Nevers, CFP and senior advisor at Soundmark Wealth Management, to find out what the different types of business insurance are and what they can do to cast a safety net around your business. Home-based businessesYou may think you're protected against claims with your personal home and auto policies. Nevers said this is a common misconception. According to the Insurance Information Institute, most homeowners policies specifically exclude business liabilities. The same holds true for your personal auto coverage. Your business and personal life must be separate, Nevers said. "If a customer visits your home office and slips and falls on your driveway, your personal homeowners might not pay the claim. If you use your car for work and while you're driving to a supplier's warehouse to pick up parts, you get into an accident, your personal auto policy might not cover you either. It's best practice to have separate business, auto, property and liability policies as well as your personal home and auto coverages." Coverage essential for all businessesWhether you sell goods or services, consider investing in the following types of insurance to shield your enterprise from disaster:
Not all these policies have to be bought separately. What is a business owners policy (BOP)?Designed for small and midsize businesses, a BOP combines property and liability insurance, Nevers said. It often includes business interruption insurance as well. Package policies or BOPs are usually generated for businesses that face the same kind of challenges and degree of risk. "It's a catch-all," Nevers said. "If you have a BOP, it's much easier to add workers' comp and general liability later." Additional coverage you may needDepending on the type of business you operate and if you have employees or not, you might consider these types of insurance:
Insurance is never a one-and-done process. As your business develops and changes, you need to keep in contact with your insurance broker, who can let you know when or if you need to update your policies and coverages, Nevers said. "You don't need to become an expert in business insurance yourself," he said. "Focus on your business and your family, and let someone else do the insurance work." |
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