An article in the Harvard Business Review (HBR) magazine from 1995 began with a rather bold comment about customer rewards programs, stating that they’re “reviled” in business circles because of their perceived cheapness.
While conceding that they do work to build a relationship between two parties, HBR concluded that mid-90s loyalty schemes were short-term, badly implemented, and ignored the entire purpose of a rewards program, i.e. to keep customers around for longer.
Nearly two decades on, has anything changed?
It’s fair to say that mega-corporations like Amazon don’t really bother with customer loyalty – and don’t need to. Granted, being able to get Prime with Amazon Video and all sorts of other perks might seem like a great deal, but it’s still part of a service that’s paid for by the customer.
By definition, rewards schemes are designed to do exactly that – re-pay the client or customer for sticking around and making more purchases. A good example is Starbucks Rewards, which gives customers one “star” per dollar spent. These stars can then be redeemed for goods.
In the online world, loyalty schemes can be a bit easier to produce rewards for, as they can be entirely digital. The video game companies Nintendo, Sony, Valve, Microsoft, Google, and Ubisoft all offer virtual incentives for playing or buying games.
In Nintendo’s case, all the player has to do is complete “missions,” such as completing animal requests in Animal Crossing: Pocket Camp or clearing chapters in Fire Emblem Heroes. These missions reward completion with points that can be exchanged for physical items, like pin badges, and encourages sustained, long-term engagement with the product.
A similar type of scheme occupies online casino fans too. The industry is well-known for providing regular bonuses to cut through the noise of a crowded marketplace.
The BonusFinder New Zealand website reveals that operators sometimes offer deposit rewards, such as Wildz Casino’s 100% bonus of up to $500.
Regular depositors on the Neon Vegas site also have a chance to claim a prize every time they pay money into their account too. This is usually free turns on slot games.
A Positive Review
The question is, do these schemes – any of them – actually work? For businesses, the answer seems to be a resounding yes. According to digital services company KPMG, of customers that met the definition of “loyal,” 86% would recommend a business to somebody else, 66% would write a positive review, and 46% would show contrition to a company if they somehow made a mistake.
In a related survey from HubSpot, loyal customers are 50% more likely to try a new product or service – and also spend 31% more.
Of course, loyalty schemes actually need to provide something of value to customers in order to make them worth the effort. Starbucks Rewards might be considered a bit too expensive for the more casual coffee drinker, with 25 stars (equal to $25) needed for the most basic return – an added shot of milk, sauce, or espresso.
For the more hardcore fan though, and given how expensive Starbucks drinks can be, 25 stars might seem like nothing at all. So, creating a rewards scheme needs an understanding of customer demographics too.
Overall, while the biggest of companies, with their almost guaranteed customer base, might not bother with loyalty campaigns, they can be a boon for just about everybody else.
Analyzing User Actions: The Impact of Micro Conversions on Your Sales Funnel
Micro conversions impact various aspects of a business.
Micro conversions play a significant role in the overall success of a sales funnel. While macro conversions, such as completing a purchase or signing up for a service, are the ultimate goals, micro conversions are the smaller, incremental steps that lead a prospect closer to that final conversion.
Before discussing the impact that micro conversions have on a sales funnel, let’s first define the terms.
What is a Sales Funnel?
A sales funnel, AKA a purchase funnel or a conversion funnel, is a marketing concept that represents the customer journey from the initial stage of awareness to the final stage of making a purchase or conversion.
It visualizes how potential customers move through different stages, gradually narrowing down and becoming more committed to the brand or product.
What Are Micro Conversions?
Micro conversions are specific actions or behaviors that users or potential customers take during their journey through the sales funnel. Here are some examples of micro-conversions:
When a user signs up for a newsletter or subscribes to email updates, it indicates their interest in receiving regular communication from the brand. This micro-conversion allows businesses to nurture leads and maintain ongoing engagement.
When a user creates an account on a website or platform, it shows a higher commitment and interest in the brand’s offerings. Account creation often precedes more significant actions like purchasing or accessing premium features.
Users downloading resources like e-books, whitepapers, case studies, or guides demonstrate their willingness to learn more about the brand or subject matter. This micro-conversion can help businesses identify prospects with a stronger intent to engage and convert.
Social Media Engagement
Actions such as following a brand on social media, liking, commenting, or sharing its content are micro conversions that indicate an affinity for the brand. These actions expand the brand’s reach and provide ongoing engagement and relationship-building opportunities.
Adding to Cart
When a user adds items to their shopping cart, it signifies a high level of interest and intent to purchase. While it may not always lead to an immediate conversion, this micro-conversion indicates progress in the sales funnel and allows businesses to target users with abandoned cart recovery strategies.
Requesting a Demo or Quote
When a prospect requests a product demo or a quote for a service, it shows a strong buying intent and indicates that they are evaluating the offering seriously. This micro-conversion helps businesses identify hot leads and tailor their sales approach accordingly.
When users sign up for webinars or online events hosted by the brand, it demonstrates their interest in gaining knowledge or insights related to the industry or specific topics. This micro-conversion allows businesses to establish thought leadership and engage with a targeted audience.
The Impact Of Micro Conversions On A Sales Funnel
Micro conversions impact various aspects of a business. Let’s take a closer look.
Building Trust and Engagement
Micro conversions help build trust and engagement with potential customers. Prospects begin to develop a relationship with the brand when they take small actions.
Each micro-conversion signifies interest and commitment, allowing the brand to nurture the prospect further through the sales funnel. By consistently delivering value and addressing their needs, the brand can establish trust and credibility, which increases the likelihood of a macro conversion.
Micro conversions act as lead qualification points in the sales funnel. When prospects take specific actions, they demonstrate their interest and intent. These actions can be tracked and analyzed to determine the quality of leads. For example, someone who downloads a product demo or requests a quote is likely more interested and closer to purchasing than someone who visits the website.
Micro conversions help identify the most engaged and qualified leads, allowing sales teams to prioritize their efforts and resources effectively.
Increasing Conversion Rates
Micro conversions contribute to increasing conversion rates overall. By guiding prospects through smaller actions, the sales funnel reduces the perceived effort and risk associated with a macro conversion. It’s easier for a prospect to take a small step forward than make an immediate commitment. Each micro-conversion acts as a psychological trigger, increasing the likelihood of subsequent conversions.
By optimizing the sales funnel with micro conversions in mind, businesses can create a more frictionless path to purchase, which helps them achieve higher conversion rates.
Tracking and Optimization
Micro conversions provide valuable data for tracking and optimizing the sales funnel. By monitoring the different touchpoints and actions within the funnel, businesses can identify areas of improvement. For instance, a significant drop-off after a particular micro-conversion indicates a potential issue that needs to be addressed.
Analyzing the data from micro conversions allows businesses to make data-driven decisions and optimize the funnel for better results. This iterative process can lead to increased efficiency and better overall performance.
Upselling and Cross-selling Opportunities
Micro conversions create opportunities for upselling and cross-selling. Once a prospect has taken a micro conversion step, such as making a smaller purchase or subscribing to a service, they become more receptive to additional offers.
Brands can leverage these micro-conversions to introduce complementary products or services and encourage customers to purchase more. This can significantly increase the average order value and overall revenue generated from each customer.
In conclusion, micro-conversions have a profound impact on the sales funnel. They help build trust, qualify leads, increase conversion rates, provide valuable data for optimization, and create upselling opportunities.
By strategically designing and optimizing the sales funnel with micro conversions in mind, businesses can enhance the customer journey, drive more conversions, and achieve greater success in their sales and marketing efforts.
Which Type of Patent Service to Hire – Consider InventHelp?
InventHelp provides patent services and helps inventors bring their products to market.
To find the best patent services, you should look for a company that has a good track record. This will help you decide whether to hire a patent lawyer or use a service. You should also consider the fee structure of a patent service.
Some companies may charge high fees, and you may have questions about the service’s experience and track record. Some companies provide free consultations to their clients. A free consultation will help you decide which type of patent service to hire.
During the consultation phase, it’s important to check the firm’s success rate. A good patent attorney should obtain two to four secured or published patents per month. A high success rate means that the firm will likely make your product successful. A low success rate may lead to a product that is not protected and sold. But a high success rate will mean you’re more likely to get your money’s worth.
The success rate is a crucial factor to consider when choosing a patent service. An average patent attorney will obtain two to four published and secured patents each month. While a higher success rate is always better, you should not overlook low-cost services that may be a sign of poor service. However, if you’re not sure, you can always go for a cheaper option. There are many things to consider before hiring a patent service.
Excellent Customer Service:
InventHelp provides patent services and helps inventors bring their products to market. They pair inventors with an attorney and create a database of over 9000 companies so that they can find the most suitable commercialization opportunities.
InventHelp patent services have excellent customer service and offers free consultations for their services. These companies will charge a modest fee for their services, which is more affordable than the fees you’d pay a law firm.
Consider the Cost:
Before choosing a patent attorney, it’s important to consider the costs involved. The cost of a patent lawyer can range from $8K to $15K. Some attorneys charge by the hour, while others charge by the project.
The cost of a patent can range from eight to fifteen thousand dollars. The cost of patent writing varies depending on the complexity of the invention. A skilled attorney will charge you higher fees but the benefit of higher fees is that you will get a better draft in less time.
When choosing a patent attorney, it’s essential to consider the long-term needs of your business. You should be able to afford the fees over time. Having your attorney file your patent can protect your ideas for decades.
With the InventHelp patent, you can sell your invention internationally and make profits. Investing in a patent attorney will ensure that your company’s ideas are protected. A patent is an essential asset for a company, so make sure it’s in good hands.
Maintain Your Patent:
The cost of a patent attorney will depend on the amount of time it takes to file and maintain your patent. It’s crucial to find the right lawyer to represent your company. If you’re unsure about who to hire, you can also work with an InventHelp attorney.
These services can help you protect your invention in the US and avoid costly mistakes. It’s essential to hire a good patent lawyer to protect your ideas.
The cost of a patent attorney can vary. Some companies charge by the hour, while others bill by the project. You should also inquire about how many patents an attorney has filed in the past. You must choose an attorney who is familiar with the requirements of the USPTO. A lawyer who knows the law will have an edge in your case. This is an investment in your IP assets. A good firm will also have a reputation for excellence.
Consider a Patent Attorney:
In addition to patent attorneys, you should also consider a patent attorney. A patent attorney is an attorney who specializes in this area. He or she will know the legal requirements and rules of the patent process.
They’ll also be knowledgeable about the different types of patents and will be able to give you the right advice. They can also give you information on the success rate of your case. This can help you make the most informed decision for your business.
When choosing a patent attorney, it’s essential to determine whether they are a good fit. The best patent attorneys are often close to their professional communities and can refer other attorneys to you.
For instance, you can ask colleagues for recommendations or ask for referrals. In addition, you can also ask friends and relatives in the legal field about which attorneys they’ve used in the past. You should consider whether they are satisfied with the results or the skill of their work.
When choosing the best patent services, you should consider the level of experience they have. Larger firms typically secure five to 10 patents every month, while smaller firms may be better suited to those who have no prior knowledge of the patent process.
There are also several different factors to consider in choosing a service. The success rate is a key criterion for determining if a service is right for you. The more successful a company is, the more valuable it will be to your case.
When choosing a patenting provider, be wary of those who advertise themselves as “patent searchers” or “prototype specialists.” These companies are divisions of less ethical corporations.
The local yellow-page listings often don’t distinguish between patent attorneys and brokers. There is a vast difference between these two types of providers and you should always be careful when hiring one.
Proven Track Record:
An InventHelp quality patent service has a proven track record of obtaining patents. During the patenting process, InventHelp will use a variety of tools to make the process easier for you. Additionally, quality service providers will offer one-on-one consultation.
This ensures that your patent application will be unique and well-protected. The most important factor in choosing the best patent services is experience. A successful patent application will be customized to fit your needs and be as unique as possible.
Finding the best patent service is vital when you are starting out. You need to make sure that you have a well-defined strategy for your idea. A good patent attorney should be able to help you understand the laws and regulations that govern your business.
In addition to having the legal help of an expert, a licensed attorney will give you the confidence to proceed. A quality attorney will give you the guidance you need to protect your invention.
7 Do’s & Don’ts of Picking a Marketing Team for a Student Business
A number one step in marketing team search and hiring is identifying what you are trying to achieve.
Starting your business when at college can be stressful. You have to deal with all technical and creative aspects, but it’s not enough to make your business thrive. That’s when you need to start working toward finding a marketing team. Marketing professionals help your ideas to rise and find the right audience.
As you are beginning your search for a marketing team, you need to sort out other priorities. Manage your homework with an essay writing service help, deal with your chores, and get ready for other responsibilities that come with your business management. Once you figure out all the basic steps to kickstart your journey, look out for these essential do’s and don’ts we’ve gathered.
Do’s of finding a perfect marketing team match
There are golden rules you should adhere to optimize your experience when dealing with marketing and business. Many beginners overlook them or try to achieve everything in one day. Instead, you should focus on factors relevant to your business. Don’t expect to find a perfect team right away, and keep your options open before making the final decision.
Identify your goals
A number one step in marketing team search and hiring is identifying what you are trying to achieve. You need to be extra specific with the requirements and goals. For instance, if you are just starting your e-commerce shop or catering a specific product, there are various areas to focus on. Maybe people struggle to find you or have issues with placing the order.
Everything depends on your business type, industry, and end goals. This aspect will determine what you are looking for in a marketing team. Many teams can help you reach the right audience in the beginning. In other cases, they can help you increase conversion rates.
Brainstorm different goals you want to achieve and indicate what can be done in the present moment. Then, develop key performance indicators (KPIs) that would serve as a measurement of a marketing team’s success. Don’t try to hire a team that can cover all your needs immediately because it’s a highly unrealistic scenario.
Look for all available companies fitting your requirements
The research process can take a lot of time, but it’s worth it. Do not agree to work with the first company you find and bet on the safe choice. Look for the company credentials and references, what projects they completed, and how they approach their responsibilities. Spend enough time to get acquainted with the methods and services they provide.
Look for an industry-specific marketing team with experience, open to working with new student businesses. Some agencies will be reluctant to work with you, while others will take you on board immediately. Create a shortlist of those agencies and teams you want to collaborate with. Then, start reviewing them and establishing connections.
Always ask for a portfolio
You shouldn’t prepare contracts or agreements before you see the team’s projects. After you read more about the company’s approach and ideas, ask for samples.
It is a big red flag if the marketing agency doesn’t have or declines to provide a portfolio or examples of their work. No matter how recently a team has started, they should have a portfolio or examples of their projects. Not all marketing teams work the same, and the more versatile their portfolio is, the most likely they can adapt to your requirements.
Review the agency’s marketing strategy
When researching the company, pay close attention to its communication and marketing efforts. Come across their social media and website. Evaluate whether the agency has a consistent style and voice. If a marketing team does a decent job with its brand and image, you can expect the same care for your business.
Estimate the available budget
Be realistic about what you can afford and what you would love to afford. Creating a solid budget for your marketing campaign is a must for any business. You should be careful with funds allocation and avoid overspending. Yet, remember that business is business, and the marketing team is not the cheapest solution to find out there.
Don’ts you should avoid at all cost
Many people learn from their own mistakes. In many cases, your cooperation with a marketing team should go smoothly and without bumps. Yet, it is much better to avoid an unpleasant situation altogether and stay prepared for even the most unlikely scenario.
Not prepare paperwork
Many people overlook the power of contracts and agreements before signing up for anything. Request a detailed service agreement from the marketing team you want to hire. It is significant to outline every aspect of services you expect to be executed. Even if you had productive discussions and reached some level of understanding, you still need a detailed contract.
A contract is a final document that solidifies everything performed during your cooperation. You should carefully review it before proceeding and negotiate and clarify all details that are unclear. You will save a ton of time and worry whether or not you should expect problems during your cooperation.
Ignore marketing agency reviews
Another essential aspect you should avoid is ignoring customer feedback. Of course, agencies can hide comments and never include negative reviews on their page. Yet, you should do an extensive search on TrustPilot and other websites where people can share their experiences freely.
Finding the right marketing team for your student business is a real quest. We have outlined essential aspects you should focus on when doing your research. A good marketing team will guide you through the process and even offer advice on what can be improved: SEO practices or strengthening your social media presence.
Don’t be afraid to ask questions and negotiate services. Be patient and never rush into signing a contract without clear goals.
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