Business

Actionable Ways Every Startup Can Use to Retain Customers

Published

3 years ago

July 5, 2021

Customers are the backbone of every business, including startups. That being said, most startups often focus on attracting new customers and converting leads by launching different types of marketing strategies. That strategy applies to online media like LinkedIn too. Therefore read EarthWeb’s Meet Alfred review and see all the growth service features here.

While it’s crucial to keep up the lead number day by day, retaining old customers moreover using customer onboarding videos is, in fact, beneficial in the long term. The existing customers, especially, are vital in making 55-70% of sales compared to new clients. What’s more, over 68% of startup sales come from existing customers.

Those staggering numbers perfectly show how past customers are paramount for a startup to build a large, reliable customer base.

However, a study cites that companies lost around 20% of customers each year due to a lack of brand-client relationship. This results in wasted marketing resources used to convert them. In the long term, this lead acquiring strategy won’t be that effective when you simultaneously lose customers right away.

Why do customers leave?

So, what makes existing customers leave your business? To answer this question, let’s take a look at some factors that initiate them to choose other brands.

Brands don’t care anymore

This is one of the reasons why people run away from your brand. Customers are used to getting ‘some treatment’ when they purchase your product or leave a great review about you. They are willing to promote your product to their closest one because simply they find it valuable and satisfying.

If you pay attention to these customers, they will feel more appreciated. Eventually, your customers become loyal and will go back to you when they need your service.

At the same time, customers may file a complaint about your product that they find upsetting. When you ignore this feedback, customers will see you as ignorant and not care about them anymore.

Dissatisfied with your customer service

Customer service is the heart of your business. The old adage which says that ‘customers is king’ is still relevant and should be deliberately met to increase their business experience with you.

Making sure to serve the best for every customer is vital to improve your startups in the future. When customers don’t find your customer service helpful, they can be easily upset and leave you for your competitors.

Five methods startups can retain customers effectively

Getting new leads and conversions is essential for the business’ sustainability. However, make sure to take care of your past customers before they move on to your competitors. The following are the top five methods you can try to retain customers.

1. Listen to your customers

Customer reviews and feedback are a great source to know whether a business needs improvement. Their voices are often honest and constructive to take into account.

Listening to their feedback will help you understand how well your marketing strategies are performing. You can learn many things to elevate your business from your customers’ perspective, especially for a startup that requires extra room for improvement.

You will learn more from your customers than anyone else. Their reviews allow you to notice what areas that need improvements and what areas you just nailed them right.

Suppose many customers complain about ruined packaging. In that case, it’s time for you to check the supply chain and packaging department whether there’s something wrong with the delivery or the materials.

2. Deliver their complaints faster

Listening to customers’ complaints is actually a powerful way to gather enough business-important information. It allows you to understand how your customers really feel about the product or service you deliver.

However, what matters the most is the action right after you receive that feedback. It’ll be better if you can reach out to them directly using a call center, not via social media comments.

Realizing the issue is critical for you to increase credibility. When you solve an issue faster, customers will trust your brand as they can easily ask you whenever they run into problems.

3. Personalize your messages

One way to strengthen your relationship with customers is by making a personal approach in a business sense. For example, you can send personalized marketing emails using your customers’ first names instead of a plain, overused ‘Sir/Madam’ template.

Using the personalized message on your site or social media can significantly improve your bond with the customers. You can also include engaging content like explainer videos or even GIFs and memes to hook their attention.

When you succeed in attracting customers, sending promotional information becomes seamless. You don’t need to worry about driving away customers when you have a friendly relationship with them.

4. Offer incentives

Another way to retain customers is by offering incentives for a period of time. Well, who doesn’t love discounts or even free items? Create a specific sales page on your website and direct your customers to it.

You can manage a huge offer when it comes to big events, like Valentines and Halloween. You can also incorporate a particular strategy to attract past customers as well as potential customers with interesting offers. That way, even old customers can’t resist joining your incentives programs.

If you have an offline store, you can use things like QR code and ask your customers to scan it, so they can see your special offers.

5. Use email automation to re-engage customers

When customers are inactive for some time, you need to build communication with them. Surely, you don’t want to lose past customers because of a lack of brand interaction.

To make sure they don’t go to other competitors, send them email automation to attract them into your brand. You can send an email that says ‘you miss them on your platform’ and give them an invitation code that leads to a discounted product.

With email automation, you can also increase your relationship with your customers effectively. Promotional emails and newsletters are some of the most effective ways to engage with customers.

Takeaway

Lead conversion is essential for every business, especially in a startup where customers are the biggest assets. However, many have failed to care about existing customers as they focus on acquiring new ones instead.

Loyal customers have made up over half of the business sales. When you lose these clients, you practically lose the majority of your sales and waste so much money in converting new customers. Therefore, it’s essential to retain old customers for your startup sustainability.

Author

Andre Oentoro is the founder of Breadnbeyond, an award-winning explainer video company. He helps businesses increase conversion rates, close more sales, and get positive ROI from explainer videos (in that order).

Twitter: @breadnbeyond

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/andreoentoro/

Business

The EU Digital Identity Wallet: A Comprehensive Overview

Published

3 weeks ago

July 5, 2024

sylvia J

The European Union is spearheading a transformative initiative with the introduction of the EU Digital Identity Wallet. This ambitious project aims to provide EU citizens and residents with a universal digital identity system, enhancing convenience, security, and efficiency in accessing both public and private services. In this article, we explore the key aspects of the EU Digital Identity Wallet, its benefits, challenges, and implications for the future of digital identity in Europe.

1. What is the EU Digital Identity Wallet?

The EU Digital Identity Wallet is a secure and interoperable digital identity system designed to facilitate seamless authentication and verification processes across the European Union. It allows individuals to store and share personal information and credentials digitally, including identity documents, licenses, certificates, and more. The wallet can be accessed through a mobile application, providing a user-friendly interface for managing and presenting digital identity information.

2. Objectives of the EU Digital Identity Wallet

The primary goals of the EU Digital Identity Wallet are:

Empowering Citizens: To provide individuals with control over their personal data and digital identity.
Simplifying Access: To streamline access to online services by providing a single, trusted source of identity verification.
Enhancing Security: To offer a secure and reliable method for digital authentication and reduce fraud and identity theft.
Promoting Interoperability: To ensure compatibility across EU member states, fostering cross-border digital interactions.

3. Key Features of the Digital Identity Wallet

Interoperability: Designed to work seamlessly across all EU member states, enabling citizens to use their digital identity in different countries without barriers.
Data Privacy: Users retain full control over their personal data, deciding what information to share and with whom.
Multi-Functionality: Beyond simple identification, the wallet supports a range of functionalities, including age verification, electronic signatures, and secure document storage.
High Security: Incorporates advanced security measures, including encryption and biometric authentication, to protect user data.

4. How the Digital Identity Wallet Works

Registration and Verification: To use the wallet, individuals must first register and verify their identity through a secure process, often involving biometric data and official documentation.

Data Storage: Once verified, users can store various credentials in their digital wallet. These can include identity cards, driver’s licenses, academic diplomas, and other official documents.

Usage: When accessing a service requiring identity verification, users can present their digital wallet. The wallet generates a secure, verifiable digital credential that can be shared with service providers.

Updates and Management: Users can update their stored credentials as needed, ensuring that their information remains current and accurate.

5. Potential Benefits

For Citizens:

Convenience: Eliminates the need for multiple physical documents and simplifies the process of proving identity online.
Control: Empowers individuals to manage their own data, enhancing transparency and trust.

For Businesses:

Efficiency: Reduces the burden of identity verification processes, lowering operational costs.
Trust: Provides a trusted method for verifying customer identities, enhancing security and compliance.

For Governments:

Streamlined Services: Facilitates more efficient delivery of public services and reduces administrative overhead.
Cross-Border Integration: Supports the EU’s vision of a digital single market by enabling cross-border interactions and services.

6. Implementation Challenges

Despite its promising features, the EU Digital Identity Wallet faces several challenges:

Data Privacy Concerns: Ensuring that user data is adequately protected and that privacy rights are upheld is a critical issue.
Interoperability: Achieving seamless interoperability across diverse national systems and regulations requires significant coordination and technical standardization.
Public Adoption: Encouraging widespread adoption among citizens and businesses necessitates addressing concerns about security, usability, and trust.

7. Timeline and Rollout

The EU Digital Identity Wallet is part of the broader European Digital Identity framework. The initiative is progressing through several phases:

Development: Pilot projects and technological development are underway to refine the system and address potential issues.
Testing: Extensive testing is being conducted to ensure reliability, security, and user-friendliness.
Deployment: The wallet is expected to be available for widespread use by 2025, with ongoing updates and improvements based on user feedback and technological advancements.

8. Legal and Regulatory Framework

The EU Digital Identity Wallet operates within a robust legal and regulatory framework designed to ensure security and compliance:

eIDAS Regulation: The Electronic Identification, Authentication and Trust Services (eIDAS) regulation provides the legal basis for electronic identification and trust services in the EU.
GDPR Compliance: The General Data Protection Regulation (GDPR) ensures that user data is handled in accordance with strict privacy and data protection standards.
National Legislation: Each member state must align its national legislation with EU regulations to support the implementation of the digital identity wallet.

9. Future Implications

The EU Digital Identity Wallet has the potential to revolutionize the way individuals interact with both public and private sectors across Europe:

Digital Transformation: Accelerates the digital transformation of public services and private sector operations.
Innovation: Creates opportunities for new digital services and applications that leverage secure and verifiable digital identities.
Economic Growth: Facilitates smoother cross-border trade and interactions, contributing to economic growth and the realization of the digital single market.

10. Conclusion

The EU Digital Identity Wallet represents a significant step towards a more integrated and efficient digital Europe. By providing a secure, user-friendly, and interoperable digital identity solution, it aims to enhance the lives of EU citizens, streamline business operations, and support the digital transformation of public services. As the project moves forward, addressing the challenges of privacy, interoperability, and public adoption will be crucial to its success. The EU Digital Identity Wallet holds the promise of a future where digital interactions are more secure, convenient, and accessible for all.

Business

Popularity of Monolith Signage for Businesses

Published

2 months ago

May 16, 2024

sylvia J

Popularity of Monolith Signage for Businesses

When it comes to stylish and functional on-street advertising, monolith signs are quickly becoming the clear winner.

Why do so many businesses, from restaurants to fitness centers, choose monolith signs to make their brand stand out and improve the look of their building?

We try to explain.

Distinctive Design and Practical Benefits

One way to get your name and contact information out there is with a monolith sign, which is basically just a freestanding structure.

The design is vertical and striking. It’s a powerful visual for people passing by to increase brand awareness and draw in some customers.

Visibility from a Distance

Visibility is a defining characteristic of monolith signs. They are made to be used on both sides, so the branding is identical on both sides.

This makes them especially useful in areas with a lot of foot traffic, where being seen from all sides is important for getting your message across.

Aesthetic Appeal

People love the clean, powerful look of monolith signs. As long as they fit in with the neighborhood’s visual standards, they look good and show that a business cares about quality and design.

These signs can be lit up, which makes them bright and noticeable, which is important for getting potential customers’ attention from far away.

Flexible Placement

In contrast to traditional signs that may only fit in certain areas of a building’s front, monolith signs can be put anywhere on your property.

For businesses that are not right next to footpaths or high-traffic routes, this is extremely valuable because these signs can be placed in a way that draws attention from busy roads and paths.

Durability and Security

Since they are made of strong materials, monolith signs are sturdy enough to resist vandalism and normal wear and tear.

This makes them a good choice for any business setting. The fact that they are strong means that they will always be a part of your business and help your marketing.

Customization and Professional Installation

If you choose a monolith sign, you are choosing a custom way to advertise. Ice Signs work closely with you from the first design stage all the way through the installation.

We start with a couple of primary designs and finishes and then add your company’s colors, fonts, logos, and pictures to make a sign that is truly unique and represents your business.

Comprehensive Service

Our team is dedicated to giving you a complete experience and making sure that every monolith sign meets your business’s exact needs.

Our experts will hook you up with the right style of placement and installation of the sign, handling all aspects carefully. We stick to health and safety standards for a smooth setup.

Why Invest in Monolith Signage?

The way businesses think about and use outdoor advertising has changed a lot since monolith signage came out. Because it is highly visible, has an eye-catching design, and is built to last, it is a great tool for businesses that want to make a strong impression in a crowded market.

Companies that are thinking about this dynamic advertising option can get a free site survey to figure out what their needs are and how to best meet them.

Talk to our experts about how monolith signs can change the way people see your business and bring in more customers.

Parting Thoughts

You can use monolith signs for reasons other than advertising. They are also a good investment for your business because they will last, be flexible, and fit with your brand.

These signs can be traditional or illuminated. Either way, they make your business stand out in a packed market.

Ice Signs is a company in Leeds that makes custom, hand-made signs, such as metal and illuminated signs. With over 20 years of experience, they deliver tailored design, supply, and installation services for both indoor and outdoor business signage needs.

For more information, visit:

https://www.icesigns.co.uk/products/monolith-signs/
https://www.icesigns.co.uk/products/totem-signs/

Business

Chris Dixon, RFC: Shaping the Future of Retirement Planning

Published

4 months ago

April 4, 2024

sylvia J

Shaping the Future of Retirement Planning

Chris Dixon stands out as a beacon of innovation and expertise in financial advisory. As a co-founder and managing partner at Oxford Advisory Group, Chris Dixon brings a wealth of knowledge and a unique perspective to retirement planning and tax-efficient strategies for retirees. His robust background, which combines a Bachelor of Science with Political Science Honors and a certificate in Sustainable Business Strategy from Harvard Business School, makes his qualifications impeccable.

A Commitment to Tax Efficiency and Education

Chris Dixon’s role at Oxford Advisory Group transcends traditional financial planning. His focus on developing tax-efficient strategies and income planning for retirees places him at the forefront of financial consultancy. Chris Dixon’s approach is not just about ensuring financial security for the present but paving a way for his clients’ sustainable and prosperous future.

Personalized Strategies for Every Client

Chris Dixon’s expertise goes beyond just offering financial advice; he excels in crafting personalized financial strategies that cater to each client’s unique needs. Understanding that no two financial situations are alike, Chris Dixon RFC employs a meticulous approach to financial planning, ensuring that every plan is tailored specifically to the individual’s goals, lifestyle, and future aspirations. This personalized touch sets Chris Dixon apart in the industry and guarantees that clients receive the most relevant and impactful financial guidance possible.

Bridging Knowledge Gaps with Seminars and Media Appearances

Recognizing the importance of financial education, Chris Dixon actively participates in informational seminars on Taxes in Retirement and Social Security. His commitment to sharing knowledge extends beyond personal interactions. Chris Dixon is a co-host of “Reinventing Retirement” on TV and radio, platforms that significantly broaden the reach of his valuable insights.

Authorship and Influence

Chris Dixon’s contributions to the financial industry include co-authoring the book “Total Tax-Free Retirement.” His articles and expert opinions have been featured in prestigious publications such as Newsmax Finance, Yahoo! News, Nasdaq, and US News, marking him as a thought leader in retirement planning.

Leadership and Vision

Beyond his immediate responsibilities, Chris Dixon’s influence extends to mentoring other advisors nationwide and sharing his tax strategies and planning techniques. His involvement with top Wall Street banks and his role on the board of the Advent Health Foundation illustrates his commitment to both the financial and broader community.

Entrust Your Future with Christ Dixon

Choosing Chris Dixon as your Registered Financial Consultant (RFC) means entrusting your retirement planning to a visionary deeply committed to your financial well-being and future. With Chris Dixon and the Oxford Advisory Group, retirement planning becomes not just a necessity but an empowering journey toward achieving your dreams.

In an ever-evolving financial landscape, Chris Dixon, RFC, represents a trusted guide committed to helping retirees navigate the complexities of financial planning with confidence and foresight. His dedication to tax efficiency, coupled with a proactive approach to education and community engagement, sets a new standard in financial advisory services.

Contact Oxford Advisory Group Today

For those looking to secure their financial future with a partner who truly cares, Chris Dixon, RFC, at Oxford Advisory Group is an unparalleled choice. His expertise and innovative strategies ensure that retirement is not just a phase of life but a new beginning full of possibilities and peace of mind.