Published on: 19 July 2019
Last Updated on: 19 May 2020
A big part of any business is the customers. Without customers, most businesses cannot function. As a lot of us know by now, most profit comes from repeat customers. So how do we change a regular customer and make a repeat customer? There are a few ways that you can do it, but it all revolves around the service. Service is the key to making people come back and buy your product or use your service. If they feel like they had a bad time, then they won’t come back. You need to make sure that every time is a good time. This article explains some of the ways that you can improve your service to get returning customers.
Customer connection:
A major part of returning customers is that they connect with the people they’re talking to. They don’t want to simply talk to a random robot, they want to talk to an actual person. Additionally, with the actual person, they’re talking to, they want to be able to share things with them. If your customer service representative or employee is very happy and is open to talk to every single customer, the customers will feel that sincerity and will enjoy their time in your business. Creating these connections is not only for your customers but also for your employees as well. You want to make sure that your employees are enjoying their everyday life, and one of the best ways to do that is by allowing them to connect with a customer. If they’re more willing to connect with customers, they will get to meet many people every day who have different stories. Here are more ways to connect with customers that you can share with your employees.
Get Customer Appreciation Gifts:
Another great way for customers to feel great is for you to get them an appreciation gift. Customers that receive appreciation gifts from one of the businesses they use frequently can really change their experience. If they had a bad experience once, and you give them a gift, their future experiences will most likely change into positive ones. Bonnagesells the best customer appreciation gifts that will allow your customers to really feel your sincerity. The great thing about Bondage is that all their gifts are very creative, so all you must do is pick one that you know your customers will love. It’ll be hard to find a great one, but this will save you a lot more time in the long run because you can just pick out gifts easily and then hand them off to your customers. There is no longer a need to spend hours trying to create the best customer appreciation gifts, as these are all provided for you.
Fix Problems Right When They Happen:
As you may have realized by now, you’re in charge of running your own business, and there are going to be problems happening all the time. This can make customers angry and can make them lose trust in your company. The best way to go about these problems is to face them head-on and in a timely fashion. You don’t want to put off any problems until they’re too big to handle. If you show your customers that you’re not afraid of handling problems and that you will do whatever it takes to make sure that their problem solved, they will have more trust in your organization, and they will realize how much you support them. Doing this will promote good customer relations. Moreover, if the customers trust you and they’re happy with their service, they will be more than likely to come back. This all starts with good service, and if there’s a problem, customer service needs to be able to fix it before you lose a customer.
Hopefully, this article has given you better insight into how to create repeat customers. As stated before, repeat customers are very important because that’s where most of your business is sales and profits come from. Repeat customers are harder to maintain, but they will spend more money on your company in the long run if you keep them happy.
Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.
Small business owners face numerous considerations when deciding whether to purchase or lease a business facility.
Once a business owner identifies their specific facility requirements and successfully locates the ideal property, they encounter another crucial choice: Should they buy or rent the property?
This decision arises in two distinct scenarios: First, when the owner of the desired property is open to either selling or leasing it, and second when you have multiple options, some available for purchase and others for lease.
To make this decision confidently, it's essential to evaluate the financial aspects and the determining factors that influence the suitability of leasing versus buying a business facility.
Comparing The Economics Of Leasing Vs. Buying
What should you go for when it comes down to lease vs buy for business?
In business decisions, few choices are as pivotal as determining whether to lease or buy assets. This holds for many assets, from real estate to equipment, vehicles, and more.
This decision can have significant financial implications for business owners, and understanding the pros and cons of leasing versus buying is crucial for informed decision-making.
Let’s explore the economics of these two options, exploring the advantages and disadvantages of each to help business owners make the right choice for their specific circumstances.
The Economics Of Leasing
Leasing, as a financial arrangement, is a concept that extends beyond the realm of property and includes various assets such as vehicles, equipment, and even software.
At its core, leasing is a method of obtaining the use of an asset for a specified period while making regular payments to the asset's owner, whether it's a lessor or a financial institution.
The economics of leasing involve several key factors that affect the decision to lease rather than purchase outright.
One of the primary economic benefits of leasing is the conservation of capital. When you lease an asset, you avoid the substantial upfront cost of purchasing it. This is particularly advantageous for businesses, allowing them to allocate their capital to other essential operations or investments.
For individuals, it means not having to deplete their savings to acquire a costly asset, whether it's a car, a piece of machinery, or even a home.
Leasing often offers more predictable and manageable cash flows compared to outright ownership. Lease agreements typically involve fixed monthly payments over the lease term, making it easier to budget and plan for expenses.
Tax benefits can also make leasing an economically attractive option. In some cases, lease payments are tax-deductible as a business expense.
This can lead to significant tax savings for companies. However, tax benefits can vary depending on the asset being leased and the specific tax regulations in place.
However, There Are Economic Drawbacks To Leasing As Well:
Long-Term Costs: Over an extended period, leasing can be more expensive than buying, primarily due to the cumulative cost of lease payments.
No Equity Buildup: When you lease, you do not build equity in the asset. It remains the property of the lessor.
Limited Control: The lessee must adhere to the lessor's terms and conditions, which can be restrictive.
The Economics Of Buying
The decision to buy an asset, whether a property, a vehicle, or any significant investment, is a fundamental economic choice with both immediate and long-term financial implications.
Understanding the economics of buying involves considering various factors that impact the purchase decision and how ownership affects one's financial situation.
One of the central economic aspects of buying is the upfront cost. When you decide to buy an asset, you typically need to pay the full purchase price, which can be a substantial one-time expense.
This upfront payment represents a significant commitment of financial resources and can affect your liquidity, especially for big-ticket items like real estate or high-end machinery.
Buying an asset often means having complete control and decision-making authority over it. You can customize, modify, or use the asset as you see fit.
This sense of ownership can be economically empowering, allowing you to tailor the asset to your specific needs or preferences.
Mortgages and loans are common financial instruments for buying high-value assets like real estate or vehicles. These arrangements enable individuals to spread the cost of the asset over time.
While loans may involve interest payments, they make the purchase more accessible and can be financially strategic.
However, Buying Also Has Its Economic Downsides:
Higher Initial Costs: Purchasing assets often requires a substantial initial investment, burdening businesses with limited capital.
Risk of Depreciation: Some assets, like vehicles and certain equipment, can depreciate over time, impacting their resale value.
Maintenance Costs: Owners are responsible for maintenance and repairs, which can be costly.
Reduced Flexibility: Selling owned assets can be time-consuming and might not be feasible in rapidly changing business environments.
Factors To Consider When Making The Lease Or Buy Decision
The lease vs. buy decision is critical and can significantly impact a business's financial health and long-term prospects. To make an informed decision, business owners must weigh several important factors.
Here are key considerations to keep in mind:
Financial Considerations
The financial aspect is often the cornerstone of the lease or buy decision. One of the initial considerations is the upfront costs. Buying a property typically involves a substantial financial commitment, including a down payment, closing costs, and potential expenses for renovations or furnishing.
On the other hand, leasing usually requires a security deposit and the first month's rent, which are notably lower than the upfront costs of buying. Another critical financial factor is the monthly expenses associated with each option.
While leasing tends to result in lower monthly costs than buying, owning a property often entails higher mortgage payments. However, these payments contribute to building equity in the property.
Additionally, the potential for property appreciation is a financial consideration, as owning a property allows you to benefit from the property's value increase over time. Conversely, leasing may increase annual rent, impacting your financial planning.
Lastly, the tax implications are significant. Property ownership can provide tax benefits, such as deductions for mortgage interest. In contrast, leasing does not offer these tax advantages but may simplify financial management.
Long-Term Goals
Your long-term objectives play a pivotal role in the lease or buy decision. Buying might be the more suitable choice if you are interested in benefiting from property appreciation and potentially selling the property for a profit.
On the other hand, if flexibility is a priority, such as the ability to relocate or change your living situation without the responsibilities of property ownership, leasing provides greater adaptability.
Understanding your long-term goals is crucial in deciding to align with your aspirations.
Responsibilities and Maintenance
The responsibilities and maintenance associated with each option are essential factors to consider. Property maintenance costs, such as repairs and upkeep, are the responsibility of property owners.
Leasing, however, often shifts these responsibilities to the landlord responsible for maintaining the property. Moreover, property ownership allows for customization and renovation, allowing you to modify the property to your preferences.
In contrast, leasing may come with limitations on modifying the property, as any alterations typically require landlord approval. These factors highlight the practical aspects of the lease or buy decision and the degree of responsibility you are willing to undertake.
Market Conditions
The state of the real estate market at the time of your decision is a critical external factor. It can significantly influence the cost-effectiveness of leasing or buying.
Buying may be more advantageous in a buyer's market, characterized by lower property prices and favorable interest rates.
In contrast, leasing might be the more prudent choice in a seller's market with rising property prices, as property prices may be inflated, making buying less cost-effective.
Duration of Stay
Your anticipated duration of stay in the property is a key factor. For a short-term stay, leasing is often a more practical option.
Buying may not provide enough time to build equity and recover the upfront costs of property ownership.
Conversely, plan to stay in the property for an extended period. Buying can be financially advantageous in the long run, allowing you to benefit from property appreciation and build equity over time.
Making The Decision
The decision to lease or buy should be based on your business's unique needs, financial situation, and long-term goals.
Conducting a thorough cost-benefit analysis, factoring in your specific circumstances, and considering how the economics of leasing or buying align with your business strategy is advisable.
Read Also:
How Business Owners Can Better Utilize Freelance Work
5 Office Organization Tips Every New Business Owners Must Know
Alternative Business Financing – What Is It And How Do You Do It?
In today's business landscape, many companies have embraced the concept of remote work, creating a virtual office culture. Remote employees, often called remote workers or telecommuters, are integral to modern organizations. However, building and nurturing a strong work culture in remote companies is no easy feat. Explore the various aspects of empowering employees and creating a collaborative virtual office culture that fosters engagement, productivity, and a sense of belonging.
Understanding the importance of company culture
A great company culture is the bedrock upon which successful organizations are built. It defines employees' values, beliefs, and behaviors as they work together toward a common goal. A strong company culture creates a shared sense of purpose and identity among remote team members and the organization, attracting talented new employees.
The rise of remote work
The advent of technology and the changing dynamics of the modern workplace have led to the rise of remote work. A traditional office space is no longer the sole option for company leaders. Remote employees can contribute effectively from anywhere, provided they have the necessary tools and a conducive work environment.
In addition to providing flexibility, remote work often results in cost savings for both employers and employees. Employers can reduce overhead costs associated with maintaining physical office spaces, while employees can save on commuting expenses and enjoy a better work-life balance.
Remote work culture vs. traditional office culture
While working remotely offers flexibility and freedom, it also poses challenges to maintaining a cohesive company culture. Unlike in a physical office, remote teams are geographically dispersed, and face-to-face interactions are limited, necessitating a different approach to building and maintaining culture in virtual offices.
In contrast, traditional office cultures rely on physical proximity, spontaneous interactions, and a well-defined office environment to foster collaboration. On the other hand, to maintain a remote work culture, you must consciously try to replicate these elements virtually.
Building a Collaborative Remote Work Culture
Emphasizing communication tools
In a virtual office, effective communication tools become the organization's lifeline. Companies must invest in reliable video calls, instant messaging platforms, and collaborative software to ensure seamless interaction among virtual teams.
Furthermore, augmented reality (AR) and virtual reality (VR) technologies are rising to create immersive virtual meetings and team-building experiences. These innovations allow remote employees to feel more connected despite the physical distance.
Setting clear expectations
Clear expectations are essential for a remote team to perform their tasks effectively. Leaders should communicate objectives, deadlines, and performance metrics transparently.
Moreover, AI-powered project management tools can assist in setting and tracking these expectations. These tools provide real-time insights into project progress and individual contributions, enhancing accountability among remote team members.
Virtual team-building events
Team-building events foster camaraderie and an ideal virtual environment among remote workers. These events can range from an online game to a virtual happy hour, providing opportunities for team bonding.
To take virtual team-building to the next level, organizations are exploring virtual reality team-building experiences. These experiences allow dispersed workers to participate in group activities within a simulated setting, fostering teamwork and individual creativity.
Employee experience and morale
Organizations must prioritize the employee experience to maintain high levels of virtual team engagement, which includes addressing their needs, concerns, and overall job satisfaction. Employees who indicate that they experience a high level of happiness while at work are more likely to be engaged.
Personalized employee well-being programs incorporating fitness challenges, mental health resources, and virtual coaching are becoming popular. These programs boost morale and improve employees' overall health and productivity.
Incorporating company values
Company values should not be mere words on a website. They should be integrated into daily operations and decision-making processes. When virtual employees see these values in action, it reinforces the collaborative company culture. Company swag, including branded merchandise and gifts, can help employees feel connected to the organization. It creates a sense of pride and belonging.
Measuring employee engagement
Measuring employee engagement in a remote work environment requires different tools and strategies. Regular surveys, feedback mechanisms, and tracking key performance indicators are essential. Regular all-hands meetings bring the entire organization together, ensuring everyone is on the same page regarding company goals, progress, and challenges.
To enhance engagement measurement, organizations are adopting sentiment analysis tools that use natural language processing (NLP) to analyze employee communications. This provides real-time insights into employee sentiment and allows for proactive responses to potential issues.
Encouraging creativity
Creativity and innovation are crucial for the long-term success of any organization. In a remote work culture, leaders must actively encourage team creativity. This can involve brainstorming sessions through video calls or collaborative platforms, where team members can freely share ideas and innovative solutions.
Embracing diversity
Remote work naturally brings together individuals from various backgrounds and cultures. Embracing this diversity can lead to innovative problem-solving. Companies can establish cross-functional teams with members from different locations, promoting the exchange of diverse perspectives and ideas.
The future of remote work culture
As we look ahead, it's evident that the remote work culture will continue to evolve. Companies are exploring innovative ways to foster collaboration among remote teams. One emerging trend is the use of virtual reality (VR) not only for team-building but also for creating immersive onboarding experiences.
Furthermore, "unlimited" paid time off is gaining traction in remote work cultures. This approach allows employees to take time off when needed without worrying about accruing limited vacation days. It acknowledges the significance of mental health while also encouraging a healthy balance between work and personal life.
Final thoughts
Building a strong remote work culture is challenging, but the rewards are worthwhile. A collaborative virtual office culture empowers employees, promotes engagement, and contributes to the organization's success. Businesses can thrive in the virtual space by embracing technology, fostering personal connections, and aligning with company values.
Read Also:
Can an Employee Claim for a Personal Injury When Working From Home?
5 ways employee perks can dramatically enhance your personal life
What Is Employee Leasing? Overview And Explained In 2021
Imagine you're on the edge of your seat in the middle of an action-packed, spellbinding movie. After a few climactic scenes, the main character makes a frantic phone call. He then cracks open a can of soda.
Nothing about this scene seems out of the ordinary. The character is simply quenching his thirst after a big police chase or a kung fu brawl.
That is until some familiar brand of soda appears on the can in a big, bold, unapologetic font.
Talk about a plot twist.
But product placement in movies is nothing new. Old school marketing techniques show how far companies will go to advertise. They'll even go as far to pay directors and producers to feature them in films.
There have been great instances of advertising that worked well in films. But there have been plenty of others that were so shameless and unnatural, we wish we could forget them.
Here are 6 of the silliest, most cringe-worthy moments of advertising in movies.
1. Starbucks (You've Got Mail):
'You've Got Mail' may be the first film to portray online romance. Given that it takes place in 1998, AOL was practically its own character in the film. Without it, Tom Hanks and Meg Ryan's characters would have never "met" and fallen in love.
But AOL wasn't the only company to get prime ad space in 'You've Got Mail.' At the beginning of the film, Tom Hanks quips about the obscurity of Starbucks.
His character's snarky commentary doesn't serve much to the plot. But it does help to give the audience somewhat of an introduction to his character. All while appealing to pretentious coffee drinkers like his character in the process.
2. Designer Brands (Sex and the City):
Curious which movies with the most product placement made our list?
It shouldn't come as a surprise that the 'Sex and the City' film featured dozens of fashion labels. After all, fashion was a constant theme throughout the hit TV series.
The series has long appealed to women in the 20-30 age bracket. So, when it went to the big screen, tons of the biggest fashion labels came calling.
You better believe Louis Vuitton and Chanel made a handful of cameos throughout the film. But some other products made the cut, too. Nike, U-Haul, Apple, and Marie Claire are just a few of many brand name drops in 'SATC'.
Producers and creator Darren Starr were clearly not ashamed.
3. Reese's Pieces (E.T the Extra-Terrestrial):
Not all instances of product placement in movies are bad. Certain films have done it so subtly we hardly pick up on the smell of advertising.
Steven Spielberg's 'E.T the Extra-Terrestrial' is undeniably one of those movies. Who could forget when Elliot entices E.T by scattering Reese's Pieces around the woods and back to his house?
Hershey's certainly cashed in when E.T became a box office hit. But this was back in 1982. So, can product placement still hold merit today as an advertising technique?
The technique may actually be more effective than ever before. You can discover more about the different ways this technique continues to work.
4. Popeyes Chicken (Little Nicky):
Whereas E.T is a good example of subtle product placement, Adam Sandler's 'Little Nicky' is not. It's one of several Happy Madison comedies that wasn't well-received by critics. But it gained a cult following for its ridiculousness and quotability nonetheless.
In one scene, Adam Sandler, who plays the kindhearted son of Satan, learns how to eat with the help of a talking dog. What does he learn to eat with?
Popeyes fried chicken. And the large takeout box of it sits in the center of the shot. Even a big K-mart bag makes a small cameo, as well.
The scene concludes with Nicky proclaiming how awesome Popeyes chicken is. Not subtle in the least, but the scene is something fans continue to quote to this day.
5. "I Will Not Bow to Any Sponsor" (Wayne's World):
Is it any less shameful when a movie calls itself out on its attempts to advertise?
Few films are able to make fun of themselves about their blatant attempts to advertise. But the first 'Wayne's World' film provided a plot where it was possible to do so.
Wayne and Garth sell their public access show to a big-time TV producer. In the build-up to the climax, the producer confronts Wayne and Garth about their contract. They agreed to air an interview with the show's new sponsor, but Wayne insists otherwise.
What follows is a satirical scene of obvious advertisements all surrounding Wayne's opposition. While opening up a box of Pizza Hut, Wayne proclaims, "I will not bow to any sponsor."
Wayne goes on to explain that he doesn't believe in "selling out" while holding a bag of Doritos and drinking a Pepsi. Garth also gives his two cents on the idea of selling out while clad in Reebok gear from head to toe.
6. Heineken (James Bond Franchise):
The character James Bond has always had an affinity for dry martinis. This trait has inspired fans of the franchise to become martini drinkers for decades. But over the years, James Bond has dabbled in other commercial alcoholic drinks.
In 1997, the famous film franchise partnered up with the Dutch beer company, Heineken. Heineken has advertised the James Bond films since 1997's 'Tomorrow Never Knows.' The ads have always been over the top, contributing to the promotional side of the Bond franchise.
But Bond himself never drank the Dutch beer until 2012's 'Skyfall.' In one scene, while James Bond is in bed cuddled up with his latest love interest, he drinks a Heineken.
For any fan who has ever wished to be like James Bond, this scene is definitely inspirational. At least that's the kind of association Heineken had intended to portray.
The Power of Product Placement in Movies:
If you've ever watched a movie and noticed an advertisement, you may have reacted one of a couple of ways.
You may have hardly noticed or didn't care all too much. You could've felt preyed upon as a consumer or felt the ad ruined the experience. Or, you may have thought to yourself, "Wow. That was actually a great instance of advertising."
Product placement in movies allows companies to reach a worldwide audience. Depending on how big the film is, these audiences can reach into the millions.
When characters we love use certain products, we're more inclined to buy them. But there are other lots of other innovative and clever ways to advertise in movies - and beyond. If you're in need of some inspiration, check out more advertising news and ideas.
Read Also:
Online Marketing: Selling Your Product And Services
Important Things To Consider When Packaging Your Product
