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.
Four Solutions to Raise Money Without Hassle
Financial emergencies occur, and we have nothing to do with this fact. Wages can be delayed, people get sick, or we suddenly encounter the breakage of vital appliances. Eventually, we just want to afford more beyond our ordinary financial capabilities.
What should you do if your credit card limit is exhausted and you do not want to disturb close people with money requests? Let’s discuss 4 legal ways to find cash quickly and solve material issues or just pamper yourself.
Get a Payday Loan
Even if your credit score is poor (580 or less), you can apply for a payday depot bad credit loan. Such services allow you to receive online credit without collateral and co-signers. To qualify for such a loan, you must provide the following:
- Your identity document (driver’s license, ID card, or Social Security number);
- Proof of employment (optional, depends on a particular lender);
- Confirmation of Solvency (bank statements that show regular refills or income).
The main advantage of personal loans is that you can compare lenders by qualification requirements, annual percentage rate, and repayment terms. Usually, customers with a low credit score can borrow up to $3,000.
We are usually surrounded by unneeded stuff that could come in handy for someone else. However, you can make easy and decent money from selling such items:
- Nearly new, branded clothes that are not in your size and style;
- Wedding accessories — from basic decor to a bridal gown that can be worth up to $1,000;
- Books and educational materials that are stored “just in case;”
- Old PlayStation or Xbox — real treasures for gatherers or avid gamers;
- Specific apparel (for hiking, ski racing, or climbing equipment).
Sell unused physical items on Craigslist/Poshmark or visit local thrift stores. Alternatively, you can earn by providing your services. Sell your expertise, from tutoring and artistic talent to culinary skills and household proficiency.
Lease out a Room
If you’re lucky enough to have unused space in your house or apartment, don’t miss a chance to make an extra profit. Advertise on SpareRoom, Airbnb, Roomster, or Kangaroom and get money quickly. There are also several alternatives to choose from:
- Renting out a parking spot or garage;
- Leasing non-residential premises (like space for a warehouse);
- Organizing a special zone for pet care.
For the big house owners, it’s reasonable to consider renting space for special events: weddings, corporate parties, proms, and anniversaries. To succeed in this business, provide additional services like creative decoration or catering.
Become a Delivery Driver
Do you work a part-time job or have a lot of spare time after studying? You can sign up with delivery apps and earn money without being tied to a strict schedule! Open the application when you have a free hour or two, pick up an order in a restaurant or supermarket, and bring it to a customer’s office/home. One of the most popular services you can join is Uber Eats.
Keep in mind that there are many accessible ways to receive money at lightning speed. Don’t panic in uncertainty — make your first step to problem-solving as quickly as possible.
How to Develop a Good HR Department for Remote Work
Know the ways!
The shift to remote work has affected many businesses, from small start-ups to big enterprises. That’s why it’s more important than ever for Human Resources (HR) departments to be prepared with the right structure and processes in place. With the global pandemic still ongoing, having a well-rounded HR department is essential for providing effective support and guidance for teams working remotely.
In this blog post, we’ll explore how to develop an optimal HR department that can create a smooth transition into successful remote work operations. We’ll look at topics such as setting up standard procedures, ensuring adequate employee engagement levels, establishing open communication policies, and more.
Understand the Need for an HR Department in Remote Work Environments
The past year has brought about a major shift in the way we work, with a huge increase in remote work arrangements. And while there are definitely some upsides to working from home, it also presents a few unique challenges. One of these is the need for HR departments to adapt to these new remote work environments.
With employees working from different locations and time zones, it’s more important than ever for companies to have solid HR policies and procedures in place to ensure their workforce is happy, productive, and engaged. This means focusing on things like remote performance evaluations, establishing communication channels, and providing resources to support employee well-being.
Establish Rules and Policies to Ensure Employee Satisfaction and Productivity
The traditional workplace is evolving at an unprecedented rate, and working remotely has become a new norm. It has undoubtedly brought several benefits for both employers and employees, including flexibility and increased productivity.
However, with this shift, it is important to establish policies and guidelines to ensure that employees remain satisfied and motivated while working remotely. Such policies should focus on work hours, communication channels, and defining clear expectations to promote productivity.
Also, consider rewarding your employees to make sure they are even more satisfied. Moreover, when it comes to the benefits of an employee reward program, it can not only boost employee satisfaction but also foster a positive company culture, which is essential for remote teams. A positive company culture leads to better employee retention and increased productivity, even in remote work environments.
Develop Communication Strategies That Support Remote Workers
In an increasingly digital world, remote work is becoming more and more common. And while technology has made it easier than ever to communicate with anyone, anywhere, at any time, working remotely presents unique communication challenges. How do you maintain the sense of connection and collaboration that arises from working together in the same physical space?
How do you ensure everyone is on the same page and has the information they need in order to do their job effectively? Developing communication strategies that support remote workers is a must for any organization that wants to succeed in today’s fast-paced, ever-changing business landscape.
Overall, developing an HR department for remote work requires forethought and careful execution. It’s important to understand the need for an HR department, budget for the necessary resources, and establish rules and policies aimed at employee satisfaction and productivity.
Additionally, a solid communication plan will help ensure that all stakeholders are contributing to the success of the team. By taking these steps when establishing an HR department for remote teams, companies can reduce operational costs and lay the foundation for a successful remote workforce.
Thanks to learning how to develop a good HR department specifically tailored to remote work environments, employers have more options when it comes to their ability to make working remotely easier and more comfortable even in challenging times.
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.
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