Monday, 28 December 2020

Business.com

Business.com

5 Money-Saving Customer Support Solutions for Small Businesses

Posted: 28 Dec 2020 12:03 PM PST

One-third of small businesses fail due to a lack of money. Financial issues are more urgent for them than for big enterprises with higher margins. COVID-19 has worsened an already-hard situation, forcing up to 10% of small businesses across the U.S. to close permanently. 

Now more than ever, businesses are looking into cost reduction. However, the competition for the client is even harsher. A drop in service quality could drive customers away and end up costing a business even more. 

Customer service is one of the areas where business owners can optimize resources without significant compromises if they're wise about it. Here are five ways to save money on your customer support without losing quality of service. 

1. Introduce self-service solutions.

Self-service tools are also called Tier 0 of customer support, as they provide customers the most basic information. This saves consultants time and lets them focus on more complicated and pressing issues. 

The most common self-service solution is the FAQs section (knowledge base) of a website. In addition to addressing the most frequent concerns and taking a load off the support team, a FAQs section can be useful for SEO. Adding a FAQs page to your website can boost your rankings in search results with an added schema markup.

Back your knowledge base with data detecting the most common questions. Otherwise, you may miss important insights from customers' feedback and not cover all the urgent issues. 

Another self-service solution is a training video. Businesses usually create these for the customer support team, to teach them all the peculiarities of the product. Why not communicate the same information directly to customers? Explaining the product in detail can prevent customers from contacting your team with the most basic questions. Videos are much more interactive and explanatory than written instructions, so publishing one on your site can save your support agents a lot of time otherwise spent on handling technical problems. 

Most people try to resolve an issue themselves before reaching out to a customer support team. By introducing a self-service option, you'll both save money on support expenses and satisfy your customers. 

2. Use alternative channels of communication.

Ideally, your business should be present on all the platforms and channels your customers use. But when it comes to cutting expenses, one has to compromise. 

Almost two-thirds of customers would like an immediate response from support representatives (within 10 minutes). Email is mostly used to solve nonurgent matters, so your business should have a direct phone line or live chat so that customers can reach a representative fast. Since handling calls is expensive and takes more time, the live chat option makes the most sense for saving money. 

Live chat has been gaining popularity for years and can often replace the phone line. The exception would be businesses dealing with the most sensitive issues, like financial companies and healthcare facilities. Also, think twice before cutting off the phone line during sales or the holiday season, since people tend to get extra anxious and want to talk on the phone in these times.   

3. Automate the processes.

AI and automation tools are increasingly part of customer service. The cost savings vary for each business, but they could reach up to 75% of the budget. A great example of customer service automation is answer templates – prewritten, automatic answers to common questions received over live chat. 

Chatbots are another tech solution that can accelerate the customer support process and save resources. Elaborate virtual assistants are way too expensive and unnecessary for small business operations, but simple chatbots are still effective for answering simple questions, sorting and classifying inquiries, and handling basic requests. 

The trick with this kind of tech is to not overdo it. Even though chatbots and other tech solutions optimize resources, they can drive away customers who prefer human interaction. People are more tolerant of chatbots if they allow escalation to a real person. Some issues require a human touch, so complete automation of customer support is not an option. The best way to provide an exceptional customer experience is to use a combination of digital tools and professional representatives for your customer service. 

4. Consider outsourcing.

Around 37% of businesses outsource at least one department to save money and resources and to get much-needed advice and expertise. The smaller the business is, the lower its customer communication flow. Not all outsourcing companies are ready to take on a client with a small business load, so, while choosing a customer support provider, look for flexible solutions and adaptable service costs. For small businesses with a low volume of customer inquiries, the most appropriate pricing model would be to pay per ticket or per minute. [Are you looking to outsource your customer service? Consider our picks for the best call center services.] 

5. Use your data for the hard choices.

There are situations when you just can't afford full-package service and need to make real cuts in service. To minimize the damage, you need to base these decisions on data. 

For example, 24/7 customer support is costly but increasingly expected. If you can't afford to employ people covering the phone 24/7, focus on your busiest hours, providing a phone option for the time of day when you get the most calls. At other times, limit your options to a cheaper channel, like live chat (or offer none at all, if the money situation is dire and the call volume is that low). Set an auto-reply on your email or phone line, notifying people that they reached out after business hours. By providing an option for the customer to leave a message, you can mitigate their dissatisfaction and anxiety.  

Data from your customers can also help you to understand what channel is essential for your business and which one is supplementary, the languages your customers prefer to speak, and the key factors in their satisfaction and their frustration. 

If most of your customers' inquiries are general and nonurgent, it may be reasonable to narrow down your customer support to emails only. If you can't afford a phone line but your customers tend to be impatient, it may make sense to use live chat instead of email. 

Whatever cuts you have to make, keep in mind that they won't go unnoticed. U.S. companies lose more than $62 billion every year because of poor customer service, since many people tend to switch to a company's competitor after a negative interaction with the support team.

Your small business can explore many ways to cut your customer service expenses, from streamlining your workflow to implementing AI solutions. The key to success is to determine the priorities for your business and apply the right strategy for those needs. 

5 Ways to Generate More Money with Your Online Store

Posted: 28 Dec 2020 08:00 AM PST

The new year has arrived, and it's time to start making resolutions. If you're like many business owners, your goal is to make more money with your online store. 

At this point, you likely have a physical product or service that you sell to individuals. Maybe you're making a nice profit, but you want to increase your margins. What can you do? 

Well, you're in luck. Today, we are going to explore several strategies you can use on your website to make more money. Our tactics involve putting a spin on existing products, forming partnerships, and much more. 

It's important to note before we start that every business is different. You should always take the needs of your customers into consideration before making a major adjustment to your marketing strategy. If one of these tips look useful to you, test the water by creating a poll on social media and your website to see with your subscribers think. 

Now that we got that out of the way let's get started. 

Look for affiliate opportunities 

Affiliate marketing is a strategy used by brands looking to boost their profits. Essentially, affiliate marketing involves promoting products or services from other companies. If you get a visitor to click-through and make a purchase, you get a commission for the sale. This strategy is so lucrative that some people make a living by simply selling products with affiliate codes. 

When you consider that 92% of internet users buy goods online, it's clear that not all consumers will need the product you're offering. But here's the thing, you can still help them and make some money by directing them to someone who has the product they need. 

If you want to start selling items with affiliate codes, it's a good idea to find products or services that mesh well with your own. For example, if you offer an email marketing service, you may want to partner with a web hosting company. When a website visitor lands on your blog and needs a hosting solution, they will find the affiliate code and click-through. 

Making affiliate connections comes down to understanding your customers' needs and offering solutions to their problems. Consider companies that compliment your own, and don't forget to sign up for affiliate programs run by each brand so you can profit when one of your readers makes a purchase due to one of your links. Write valuable content that includes the affiliate links, and keep track of your sales. 

Create a subscription service 

You can also create a subscription service or tier plan if you want to make more money with your online store. 

Businesses selling SaaS should consider creating multiple software tiers with new and advanced options in the premium version. This change will allow customers to buy the product that's right for them. Instead of paying double for something with unnecessary features, they may stick around much longer because there is a cheaper, more practical option. 

A whopping 76% of business leaders who use subscription-based models said that it aided in customer retention and improved sales. In other words, when you give consumers the option to buy the perfect solution for them, you stand to impress your audience and increase overall sales. 

If you sell physical products, don't worry. Subscription boxes have grown in popularity and have helped plenty of businesses increase their profit margin. The key to making a good subscription box is to group products together that are already frequently purchased together. 

You can use this opportunity to include new test products and get rid of things that are crowding your warehouse. The best part about subscription boxes is they are, for the most part, recurring revenue. You'll see some customers come and go, but generally, the numbers are positive. 

Host online classes 

Online classes are helpful and useful for everyone, and it's not hard to see why. As consumers get invested in new hobbies and industries, they have the desire to learn. Online classes can help bridge the gap between consumers and the need for your brand. 

Let's go back to that email marketing SaaS example we used earlier. If that business wants people to buy their service, they need to let potential customers know why they should pick their product when there are plenty of competitors out there. 

By offering free classes, you're giving consumers a chance to stick around and see what makes your brand special. If you work hard and make informative videos that provide tangible value to your audience, you'll see a sharp boost in sales. 

You can even create an advanced course designed for people that have already purchased your service. Use this strategy, so consumers get maximum value for their purchase. If you can show them how to get more for their money, they are more likely to continue making purchases with your company. 

Use Google AdSense 

You're probably aware of all of the helpful tools Google puts out for web developers. But are you familiar with their AdSense tool? Essentially, Google AdSense lets you put advertisements on your website. When one of your customers clicks an ad, you make a profit. 

The strategy is almost like affiliate marketing but has some key differences.  

Google is connected to the advertisers that want to put ads on your site. When you work with this program, businesses can compete for your ad space. As a result, you'll usually get a high-quality ad partner, which means there's a good chance your readers have heard of the company. 

As your business grows, you'll open up doors to new paid advertisement opportunities. We suggest that you only promote brands that you trust and that you genuinely believe benefits your customers. 

Personalize on-site marketing

Finally, we are going to wrap all of these strategies together by talking about personalization marketing. Did you know that businesses have lost a jaw-dropping $756 billion in the last year due to poor e-commerce personalization? 

In other words, you have to show your customers things that appeal to their interests and pain points if you want your business to grow. You can implement personalized marketing across all major platforms, including social media, email and your website. 

When personalizing content on-site, we suggest looking at your target audience's behavior and making suggestions that they would find helpful. For instance, if someone is looking at a bunch of products in one category, you can show them a list of curated blog content that dives into the topic in detail. 

If you need proof that personalization marketing is the way to go, consider this; marketers that used this strategy in their advertising saw an average boost in sales of 20%.

The way you personalize your content and promotions will vary depending on your customers, product selection, and industry. 

There are more revenue streams for online business owners than ever before. We all have our strengths and weaknesses, and it's essential to take these factors into consideration, along with the needs of your customers. 

If you excel at building social connections and partnerships, your brand may be better suited for affiliate marketing. However, if you're strong point is marketing, you may want to work on a brand new, irresistible subscription box. 

The choice is yours to make, but know this; the more important ingredient in a successful marketing campaign is perseverance. 

How Recycling Can Help Entrepreneurs Generate Additional Profit

Posted: 28 Dec 2020 07:42 AM PST

Did you know that, as per the Environmental Protection Agency, 75% of the waste stream is recyclable, and we only use about 30% of it? It turns out that the opportunity is there – we don't take advantage of it. 

But with an efficient waste management plan in place, the global electronic scrap recycling market alone could reach $34.32 billion by 2022? Imagine what could happen to landfills if every company took it upon themselves to adopt a couple of recycling practices of their own and stuck with them for the long run. 

It's not too late to jump on the sustainability bandwagon. What's more, you can generate profit while doing so. It's a win-win.  

Why should small businesses recycle?

Below are five benefits associated with incorporating recycling into your business: 

Boosted savings 

Contrary to the popular belief, recycling isn't expensive. In fact, it's more costly not to recycle when you have a fully operational business with employees. For example, with a centralized recycling program in full swing, you can cut costs related to hiring people who would pick up everyone's trash and throw it in garbage bins. It thus becomes employees' responsibility to clean up their working spaces and bring waste to the recycling stations.    

The newly found capital can then be turned into carefully strategized funds that are allocated, say, to a marketing or a sales budget.   

Increased revenue

The best part about getting savvy in recycling is the opportunity to earn your money back. You can sell recyclables for additional income and keep them for business expenses. Waste Outlet is a company that allows you to trade waste and secondary raw materials and earn cash.

The recycling industry continues to evolve and expand the boundaries of what disposable materials can be turned into treasure. Keep an eye out for updates about your local recycling practices; soon enough, things that may not be recyclable now may soon generate profit for you. 

Better networking and investment opportunities 

Leveling up your recycling game has the potential to bring plenty of profitable networking opportunities. As you make your adopted recycling practices public, the word you spread reaches the right people who are interested in following your lead and even developing meaningful professional relationships. 

The reputation you build for your company can also result in investors becoming intrigued by your impact and wanting to support your business financially for the greater good of humanity. 

Employee retention 

An unpublished study by Lightspeed shows that workplace sustainability and recycling matter to millennials more than to any other previous generation. The study also makes a point about millennials confessing their willingness to quit a job if their employer isn't planning on adopting environmentally-friendly work practices.    

Community building

The desire to make a difference in the world serves as a great foundation for building communities united by the same goal. Use it to encourage your staff to participate in the recycling programs established by your company and join the companywide meet-ups aimed at sharing their personal journeys to a waste-free lifestyle. 

It always feels good to know you're part of something bigger than yourself.   

What are the best recycling practices to adopt?

To make sure your business thrives in an eco-conscious environment of its own, you have to create easy-to-follow guidelines that help everyone stay on track. Here are some tips to consider as you implement a recycling program in your business:

Getting rid of old electronics

In today's highly technological world, it's hard to imagine an employee without a smartphone or a company without computers. And while it's great to stay connected and use technology to drive your business forward, you have to think about the ramifications of owning these devices. Here's where recycling comes in handy. 

One way to get rid of the electronics you don't use anymore is to bring them to a local waste facility or sell them for a profit. For companies, a better alternative would be to rent a receptacle to collect old units and dispose of them all at once. Items like air conditioners, refrigerators and microwaves fall under this category, too.      

Trading junk mail

Getting paid for selling junk mail is a real concept that's widely practiced among companies. Just like cardboard, junk mail can be turned into cash. Companies like Small Business Knowledge Center compensate you for forwarding them your junk mail and email solicitations related to insurance, travel, banking, investments, and office supplies among others, and provide you with bonus points for doing so.    

Installing recycling bins 

Perhaps the easiest way to get everyone on board with your "going-green" plans is to place recycling bins where they're needed most: This can mean setting up cardboard and paper bins next to printers and fax machines; food waste, glass, and plastic bottles bins in the kitchen and common areas; bins for batteries and electronics waste at the reception and in the meeting rooms.     

Composting 

If you are a small restaurant owner, chances are, you deal with food waste daily. The garbage piling up in the kitchen, leftovers and food scraps might even give you headaches on days when admin work requires your undivided attention. Composting can be a big help to you. Not only does it help to create biodegradable and organic compost, but it also acts as a nutrient substance for growing your own plants and fruits. 

When trying to save money, using compost as a cost-effective fertilizer is a way to go. 

Disposing of furniture

Have you ever heard of the term "junkyard furniture"? It's a venture that entails tweaking discarded items and turning them into new and functional furniture. You can become the furniture donor by either donating it to a local charity or selling it to those who refurbish it. 

If there's a lot of furniture you want to get rid of, hiring a waste receptacle would be a smarter decision.  

Fostering a companywide green culture is key to seeing quick results  

To ensure you institute a recycling program that has a high level of support and compliance among your staff, management must lead by example and incentivize personnel whenever possible. Apart from making an effort to capture their attention via educational campaigns, as a small business owner, show them firsthand how to lead a waste-free life when at work. 

Entrepreneurs who want to integrate long-term sustainable practices into their companies tend to make charitable donations to causes that take environmental protection seriously. They also offer rewards to employees who participate in at-the-office challenges that encourage waste recycling or that brainstorm unique ways that your company can practice sustainability.

Coming up with a strategy to minimize waste and maximize profits may seem daunting at first, but it doesn't have to be. Taking small steps like switching to a digital cloud and transitioning to renewable energy pave the way for bigger changes. 

Remember this:

  • The motto "Reduce, Reuse, Recycle" can (and should) be applied to your business no matter how big or small. When implemented, it's a sure way to cut back on unnecessary expenses and increase revenue exponentially. 

  • Apart from the positive impact on the environment, recycling has the power to boost your business's reputation and create a like-minded community of people working together for the common good. 

  • Coming up with a companywide strategy for waste elimination doesn't have to make your hair stand on end. Recycling, composting and refilling are just some of the ways to reduce your company's carbon footprint.

7 Ways to Keep Remote Teams Healthy and Happy

Posted: 28 Dec 2020 07:00 AM PST

Even before the pandemic, remote work's popularity had been steadily increasing. Various studies have shown that a flexible work arrangement is favorable for both sides as employers see increased productivity and employees manage a better work-life balance. As the new normal pushes most of the world's workforce to telecommuting, another set of challenges are bound to arise in an otherwise perfect situation.

Working from home means being responsible for managing your time. It can be great if you have a set schedule to follow, but when you have the freedom to work as you wish, it is easy to get side-tracked by distractions. While this is not to say that remote workers get distracted by every little thing at home, it may be best to set reasonable expectations for the week.

Another pitfall of remote working, especially at home, is that the line between your work and personal life is blurred. It can be troublesome not to know when to detach from work after a long day. Overworking can be a real issue when there are no parameters in place like a virtual Bundy clock or a system to ensure that management is accurately tracking hours.

As for communication, technology has made online video conferences and meetings extremely easy to manage. Messaging apps can address communication gaps and cloud platforms for team collaborations that allow people to work on projects simultaneously. While all of these are great, the human aspects of impromptu lunches, group brainstorms, or break chitchats at the watercooler are some things that most office workers will miss.

For those who have only started remote working, the idea of a virtual workplace culture may be foreign. The loss of face-to-face interaction may be hard to fathom for those used to working with others in an office.

Employee burnout is an alarming phase, and its consequences can be catastrophic to the whole organization. According to a survey, over 65% of employees working from home since the pandemic started are experiencing burnout symptoms.

Although telecommuting offered the advantages of breaking from the daily commute and a rigid office structure, the combination of stress and financial anxiety may be a burden too significant to bear for some. Management support and mental health breaks are valuable in keeping employees from feeling isolated and overwhelmed.

Employee engagement is an essential part of the virtual company culture as it encourages everyone to be a part of the team. It is also a necessary part of remote team management to keep workers involved in the organization. Here are seven ways to keep remote employees healthy and happy.

1. Encourage the work-life balance mindset

Work-life balance is more than just a buzzword in corporate offices. Employers can do better than acknowledging the importance of work-life balance by encouraging it among remote workers. You can achieve this by providing options for flexible work hours or days. Having the freedom to choose the arrangement that fits them the most will show employees that you value them as people with lives and not just workers.

Additionally, set scheduled meetings in advance so employees can confirm their availability and prepare for the agenda. Managers and leaders should set the example of working only during work hours and by not sending work messages outside those times. While employees can choose to work anytime they want to, sticking to a routine can help establish structure and maintain healthy habits.

2. Provide structure

A solid organizational structure, which includes established policies, procedures, and scheduled meetings, helps in managing remote workers. These things help reinforce the consistency of the process when it comes to employee operations. Scheduled mandatory meetings can foster a sense of community, especially among those who may find social interactions scarce or difficult.

An informal structure that fosters personal connections between individuals is valuable among teams. A monitored space for discussing interests outside work helps create social ties. Getting individuals to talk with each other creates familiarity and contributes to employee satisfaction. In a remote work setup where a manager's availability may not always be possible in real-time, getting feedback from peers allows workers to move forward with their tasks efficiently.

3. Provide accessible and easy-to-follow process documents

Keeping organized makes for smoother virtual workflows and increases productivity. It is crucial to provide employees with an accessible document or set of documents that detail workflow processes and include checklists to make tasks easier. Process mapping helps employees feel secure about their responsibilities and expectations.

4. Recognize contributions

Having a recognition culture in place is a great way to celebrate successes big and small. When everyone is treated with the same appreciation from management, it boosts workforce morale, especially for those unused to working from home. Communication platforms where employees share the same virtual space can be used as an avenue to share recognitions.

Beyond the shout-outs, employers may also choose to award financial incentives or gift cards. Consider other perks such as workspace upgrades and health benefits. Making the recognition visible will not only keep hardworking employees happy but empower others to do the same.

5. Have an open-door policy

An open-door policy means encouraging open communication and feedback between management and employees. Having accessible and approachable leaders promotes transparency and a positive virtual work environment. When leaders regularly listen to concerns, questions, and ideas, they make employees feel valued.

In a remote work setting where people have different schedules, leaders may feel the pressure to respond to every message around the clock. A simple way to enforce the open-door policy without placing the burden too much on leaders is to dedicate a regular schedule for this type of communication. Reassure workers that even though leaders will not respond right away outside of working hours, they will get back to them as soon as possible.

6. Hold remote work skills workshops

Investing in employee skill development is an excellent way to foster commitment and trust. Empowering your workforce to develop new and relevant skills will keep them motivated. A huge advantage of working remotely is that it is easy to create a dedicated virtual space where interested individuals can attend skills training and workshops.

There is a lot of content out there for skills-building but avoid an ad hoc approach as it will result in disjointed learning experiences. Employers should find the time and resources to design a training course that is useful in the workplace. Helping employees build skills will benefit them and the organization in the long run.

7. Support employee side projects

Some employees may have skill sets that may be valuable to other business projects outside of their work. As long as these side projects don't interfere with their work and there's no conflict of interest with your company, support their interests by letting them spend a portion of their time, energy, and effort on projects they are excited about.

Having the freedom and control to pursue side projects will motivate and raise worker productivity as they are allowed innovation and creativity. When they derive purpose and meaning from these projects, they feel more fulfilled and content, resulting in the willingness to be accountable in all their work. Happy employees are overall more trusting and bound to be more engaging with the leadership and their peers.

How to Manage Your Business's High Call Volume

Posted: 28 Dec 2020 06:15 AM PST

Fielding incoming calls from customers, answering their questions and resolving their problems  is a core function of any good customer service team. Sometimes, however, your company might get more calls than it can handle, leading to long customer wait times, dissatisfied customers and team members, and, ultimately, lost revenue.

However, by effectively managing your high call volume, you can keep your customers and team happy without losing potential sales.

How to effectively manage high call volume

Here are eight effective, affordable tactics you can use to regain control of your call volume and please both your customers and your team:

  • Hire more (or temporary) staff. Expanding your customer service team is a great short-term solution for handling increased call volume. It doesn't address the reason(s) behind your increased call volume (unless a staffing shortage is to blame), it does immediately increase your ratio of customer service reps to answer calls.
  • Increase staff training. If customer service staff aren't adequately trained, they may be overwhelmed with a large volume of calls. Give your customer service reps the tools and knowledge they need to succeed. With a fully supported and trained team, your call volume might be more manageable.
  • Forecast high-call periods. If seasonal factors or marketing initiatives increase the number of calls your business receives, prepare in advance. Hire more staff and put the necessary protocols in place before your prediction becomes a reality.
  • Add FAQs to your website. Including FAQs on your website can lower your call volume. Many consumers check a company's website first before calling. If your site doesn't have an FAQs section, ask your customer service team which questions they answer the most frequently and what the official company answer is for each question. If your customer service team already has FAQs document they use, modify it slightly, and place this information in a prominent, easy-to-find place on your website.
  • Add chatbots to your website. Install a chatbot on your website to field consumer questions that might otherwise require calls. This approach is becoming increasingly popular, including among entrepreneurs who say they will implement chatbots in their companies.

  • Map out your team's incoming call workflow. Your team can save immense amounts of time by immediately knowing to whom they should route incoming calls. When you devise a workflow that enables your employees to pair callers with the right agents for their needs, you can more quickly address customer concerns and distribute work among your team more evenly.
  • Implement automated answers. When customers call your company, perhaps they don't necessarily need a person to answer their questions. Consider offering pre-recorded answers to FAQs among your call menu's options that customers can listen to when they call in.
  • Pivot to callbacks. A recent survey by Software Advice reports that 3 in 4 customers would rather have a company agent call them back later instead of waiting on hold. By offering to call your customers back, they talk with actual customer service reps, but without the frustrating wait time. An additional benefit for you and your staff is that you can avoid the wave of upset customers and the ripple effect on your team's morale.

What is a high call volume?

A high call volume is when the number of inbound calls exceed what your team can accommodate. When your team can't handle the number of incoming calls, customers experience long wait times and interact with customer service representatives who may be too overwhelmed to fully assist customers. Customers, in turn, may turn to your competitors instead, thus leading to revenue loss for you.

A high call volume is a 10% increase in calls above its usual volume. This guideline may be helpful, but it's not the whole story. If your team struggles to answer calls before the 10% mark, you're experiencing high call volume.

What causes a high call volume?

High call volume rarely happens for no reason. Even during the biggest call rushes, you and your team can trace the increased number of calls to one or more of the below factors:

  • Seasonal spikes. Your company may see an uptick in calls during (and shortly after) the holiday season. Another example might be if you're an outdoor adventure company – you likely experience high call volume in late spring as customers make early plans for their summers. 
  • Service outages. Following a natural disaster, large numbers of people without basic services may call your company if what you sell can quickly remedy their urgent situations. You may also face a substantial influx of calls if your services become unavailable – an example might be a DDoS attack at a project management software company that blocks customer login and platform use. 
  • Marketing initiatives. That massive discount you're advertising is likely to increase your incoming call volume. If going viral is part of your marketing strategy, that may also result in more people calling your company. 
  • Marketing mistakes. Owing to an error, you may have plenty of confused (but interested) new customers dialing in. 
  • Structural flaws. Agents who aren't well trained or are simply wrong for the job can contribute to call backlogs. Additionally, a small call staff can lead to long wait times that cause customers to call your company's other departments.

If none of these reasons explain your high call volume, you should determine the reason why you're experiencing this increase. Sure, tending to all of your calls immediately might feel more important, but when you resolve the underlying issue, you potentially decrease the number of calls you have to answer in the first place.

The pros and cons of high call volume

High call volume is cause for concern, but you can find silver linings in it as well, including:

  • Clear demand. Sure, right now, you're overwhelmed, but it can be better to have greater demand for your products and services than no demand. High call volume, if handled well, can translate to more sales and profits. Low call volume, on the other hand, can reflect low sales (and demand) that ultimately hurt your bottom line. 
  • Direct conversations with customers. It's one thing for a customer to buy goods or services from your company because they need them. It's another for a customer to choose your company above your competitors because you've forged a connection with them. A high call volume allows your team to form that personal bond, thus potentially leading to increased customer loyalty.

A high call volume is a business concern because it can be unpredictable, difficult to manage, and it can have serious, long-term repercussions for your business. The cons of a high call volume include:

  • Lost sales. When someone calls your company and can't reach you even after an extended waiting period, they may abandon you and go to your competitors. Nobody wants to wait, especially when they need something. If another company can provide it more quickly, that's where your customers will go.
  • Loss of future sales due to poor reviews. Internet reviews can make or break a business these days. Additionally, people who call your company and can't reach you (or who have a poor customer experience) can share their story to thousands of potential future customers on Facebook, Yelp, and other review sites. 
  • Loss of employees. High call volumes, and the accompanying wave of upset customers who unload their wrath on your employees, drain your team. If you don't take steps to manage your high call volume, your employees will leave. And with fewer people handling your incoming calls, you're back at square one with a poorly staffed customer service team tasked with managing an even higher call volume.

How To Finance Your Business During COVID-19

Posted: 28 Dec 2020 06:00 AM PST

It's already a problematic prospect to find investors for a startup. With the global pandemic hitting the world's economies, venture capital firms are spending a lot of time vetting the viability of their current and future investments. The New York Times mentions that while startups were bracing for the worst, the worst never happened. What's more, as the economy continues to tank, it's the massive corporations that have the most to lose. This tendency of smaller businesses to be resilient suggests that this is the best time to register a business. However, after it's registered, financing the company is another thing you must consider. In this article, we'll look at the best ways to fund your business during the coronavirus pandemic.

1.   Angel investors

An "angel" investor is anyone who invests their own money in an entrepreneurial company. For an angel investor to think that your company is worth investing in, they need to be clear on what you intend to do and how you intend to do it. There are even angel investors that wish to remain anonymous, passing their donations through cleverly set up LLCs in Wyoming or Florida. The motivation for these investors isn't profit, but the opportunity to see new technology grow, thrive and replace old ways of doing things. These investors aren't looking at how profitable your business is likely to be, only that it challenges the existing status quo.

Angel investors top this list because, despite the economic slowdown worldwide, they are still investing in emerging technology and new businesses throughout the world. Since they're not motivated by profit, Angel investors don't have to worry about making money from their investment. Research shows that more than half of British angel investors made new investments during the early months of the pandemic. For new companies that are looking to supplant old ways of doing things, angel investors are possibly their best bet for a solid financial footing.

2.   Crowdfunding sites

If you've got a great idea that other people have already told you seems like something big, you might want to look at a crowdfunding solution. According to Business News Daily, crowdfunding is when a group of people pools their funds together to support an entrepreneurial enterprise. The most typical crowdfunding examples you'll find are companies producing goods and services that rely on an established fan base. People who are already invested in an enterprise are more likely to put money into crowdfunding. But they aren't the only ones. Game development companies and musicians tend to rely on crowdfunding for covering costs.

Crowdfunding has the benefit of connecting to your core audience immediately. What's more, as each of these investors sees the passion in the business themselves, they'd be eager to share the business's products with their social group. Several crowdfunding sites are dedicated to providing this service to businesses, complete with community management, and update tools. A compelling story helps new potential funding sources connect with your company. While there is less funding to go around, many people are still willing to back projects they identify with. Your business might be just what they're looking for.

3.   Small business credit cards

Credit cards can be a source of funding for smaller businesses. Sole proprietorships and single-member LLCs are most likely to benefit from this funding source, but there are caveats to be aware of. Small business credit cards might rely on the strength of the business owner's personal credit score. Defaults or late payments would, in this regard, impact your personal credit score as opposed to the business's. Unpaid interest can be too high, with some credit cards going up to as much as 20% on overdue credit. Just like personal credit, getting sunk into credit card debt will cost you in the long run.

You can get these credit cards issued from an online application without any added hassle of going into the bank. However, several smaller companies give credit cards that don't require a personal guarantee. The downside of going with these companies is that the economy's uncertainty may prove to be too much for smaller financial institutions. While the interest rates and personal guarantee requirement from large banks might be oppressive, they are a better choice for the security they bring.

4.   Venture capital firms

Venture capital (VC) firms are concerned about funding the best, most innovative products with a lot of potential for growth and earnings. VC firms are motivated by profit, so if you're looking for a company that's willing to fund a potentially high-earning idea, these are your best bet. The problem is that because of their profit-focused approach, the business may struggle to retain its passion. VC firms also demand a lot of transparency in your business dealings, but it helps that there's accountability built into the system.

What's more, the COVID-19 pandemic seems to have avoided these firms altogether. VCs have stated that the pandemic hasn't affected their portfolios much at all, and most of them are seeing significant growth. This influx of money means that VC firms may likely have many funds to invest in the coming months. If you're looking for funding for an idea, it might not be such a bad deal to pitch a venture capitalist firm. If they deem your idea worth funding, you'll be set up until the launch, at the very least.

5.   Small business loans 

Established businesses have the benefit of accessing state and federal aid packages to help them weather the pandemic. However, a new business needs to approach banks if they are to get the funding they need to establish themselves. Banks are seeing a downturn in the economy happening and aren't looking at giving loans to individuals. Businesses might have a better time securing financing from these banks since they have the potential for earnings. Depending on how the bank views your proposal and your unique value proposition, they may be inclined to fund your enterprise.

Credit risk scores are already a concern among bankers. Banks have adopted real-time analytics engines to help them with risk determination in a post-COVID environment. There's no telling at this point how massive the impact on the economy will be. Still, many economists estimate it to be quite large. For banks, new businesses may prove to be the way out of this economic slump, especially if their established payments are being interrupted by complications from the pandemic.

COVID-19 has forced us to realize that the world around us is more fragile than we'd like to believe. Many of the things we take for granted have been put into stark relief, from supply chains to employment. Once the realm of people who have the money and the time to spend, new businesses are now looking like a savior for talented individuals. If their skill and passion can help them to make a difference in the world, the only thing they need to see it through is funding. These funding methods are far from foolproof, but with the right approach, you can probably get enough financing to make your dream a reality.

5 Ways to Use Push Notifications to Grow Your Business

Posted: 28 Dec 2020 05:00 AM PST

Are you looking for a way to quickly reach your target audience, even if they aren't on your website? If so, you may want to consider adding push notifications to your marketing strategy. 

Essentially, push notifications are alerts that pop up for consumers that opt-in to your messages. Desktop users will typically see notifications on the bottom-right side of their screen. Mobile users receive push alerts, which show as an active notification on their phone when they unlock it. 

You can use these alerts to get consumers to take all sorts of actions on your website. Businesses across all industries can benefit from the flexibility of push notifications. Today, we will explore several ways you can use these helpful marketing tools to increase sales, engagement, and traffic on your website. 

Ask a question

If you want people to click on your notifications, you need to get their attention. There are plenty of ways to encourage users to click through, but we like asking questions. Before we present an offer or piece of content, we pose a question that stops consumers in their tracks. 

An effectively timed, personalized question can be the difference between a user clicking through and ignoring your notification. Research shows that adding personalized calls to action (CTAs) to your marketing material, including push notifications, results in 42% more website visitors. 

You can craft personalized messages by segmenting your audience by behavior and personal preferences at the time of the opt-in. Include a question or two that you can use to personalize push notifications for users. Consumers prefer interacting with businesses that create content that matches their goals and pain points. 

Think carefully about your target audience's goals and create a series or drip campaigns with push notifications that address these issues. You can send your best blog content, send helpful videos, and infographics with the eventual goal of closing in for the sale. 

Leading with a question ensures that users will stop to see what you have to say. If your content is top-notch, a headline can be the thing that bridges the gap between the visitor and your website. 

Get more event registrations

Push notifications are also an excellent way to get more people to register for your events. If a consumer decided to approve your notifications, they are obviously interested in what you have to say. If you hold a live video event, such as a webinar, there's an excellent chance that the people who allowed notifications are also interested in attending your event. 

All you have to do is create a push campaign with three phases. First, you want to let everyone know the time, date, and purpose of the event. Use this opportunity to link subscribers to a registration form so they can secure a spot. 

The next step involves sending out notifications the day before your live video presentation. Let consumers know that it's coming up, and now is the perfect time to register. 

Finally, send a notification out to all of your push subscribers on the day of the webinar. There is a good chance you'll bring in additional traffic from people that planned to attend but forgot to signup. 

Using this strategy, you can maximize attendance, which means you will have more opportunities to grow. 

Announce a limited-time sale

You can also use push alerts to get more direct sales. If you've segmented your audience, you likely know what product or services each customer prefers. Use this information to create a limited-time sale exclusive for people subscribed to your push notifications. 

Not only will you get more traffic by sending out this alert, but you'll also see more sales because you leveraged the power of the fear of missing out. Fear of missing out, also know as FOMO, is a phenomenon where people are more likely to make split-second buying decisions based on elements like time and price. 

An impressive 60% of consumers have made a purchasing decision in the past due to FOMO, usually within 24 hours. For the best results, create promotions for your push campaign and include a countdown timer or strict cutoff time on the deal. 

If you plan on sending the same promotion to your email and social media subscribers, you may want to consider creating custom links for each platform. Tracing the performance of your push campaigns is essential for your success. When you can see how many of your overall sales come from push alerts, it's easier to pinpoint performance strengths and weaknesses. 

Reduce cart abandonment and re-engage inactive visitors 

Businesses across all industries struggle with re-engaging inactive subscribers and reducing cart abandonment. Push notifications can help you with both of these issues if you send them out at the right time. 

The average cart abandonment rate across all industries is 67.1% for desktop users and 77.8% for mobile users. In other words, most of the people that make it to your website and add an item to their shopping cart will leave before completing their order. 

When a customer opts-in for your notifications but abandons their shopping cart, you can bring them back to your website with push alerts. 

Setting up timed alerts within 24 hours can dramatically improve your sales while reducing cart abandonment. In fact, adding push notifications to eCommerce websites results in 13.71% fewer abandoned carts! Imagine if you could convert over 1/10 of the people that don't complete their order on your site.  

Re-engaging inactive subscribers works similarly to cart abandonment alerts. If a subscriber doesn't visit your website or click a notification after a set amount of time, you can send them additional alerts that encourage them to come back to your online store. Use this opportunity to win them over by offering exclusive promotions. 

Gather user feedback

Finally, we like using push alerts to gather feedback from customers. You can learn a lot about your website, products, and marketing strategy by listening to what customers have to say. If you want to get more reviews and actionable advice from people invested in your brand, consider sending out a feedback form through a push notification. 

A simple message like, "can you tell us how we did?" can be extremely useful, especially if you meet and exceed expectations. 

After getting enough feedback from users, you can start making changes on your website that reflect your audience's needs. For instance, if customers complained that the checkout process was too clunky, you could redesign that part of your website. 

User feedback is all about slowly improving your business over time. You can use push notifications to learn more about your customers and what they expect from your company. 

Push notifications are here to stay. We will see more businesses adopt this technology in 2021. These alerts have proven helpful at converting both desktop and mobile users, and they are only getting better. 

As companies discover new ways to create intuitive push notifications, we have to start thinking about the practical uses of this technology in our industry. We need to ask ourselves how we can use this constantly evolving technology to build a better brand. We've outlined five practical uses today but expect to see many more in the years to come.
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