Milestones are a great way to keep track of what you’ve accomplished in your life. And, when it comes to your startup, you should be aware of the milestones that are required and those that have the most impact on your company. Achieving a goal is always a great feeling, and it’s especially crucial for startups since it propels the company to the next level of success.
Milestones are like stepping stones to a successful business, and it’s critical to create proper milestones to keep track of your startup’s progress and keep it on the correct track. Following are some meaningful milestones you should be focusing on hitting if you want to have a successful startup.
It is one of the most important objectives that a startup should strive for. The model should be simple to comprehend, but it must also grow through time and include all of the aspects that changing time necessitates. The business model should tell everything about the project and explain to the investor about the working of the business.
2. Set up a Business Bank Account
One should always separate their personal and business accounts. It is usually the most intimidating thing in the world when you are starting a new business. And you’ll need two separate accounts for your personal and business assets to keep everything in order.
3. Launching a Website
When you build a business website, it becomes official, and the majority of people will learn about it. If your company does not have an online presence in current times, it will most likely suffer. Launching a website for your company will boost its legitimacy and make it more accessible to customers.
4. Hiring Important People For Your Business
Bringing the proper people on board assures that they will grow with you, boosting your company’s overall success and decreasing the need to hire for any new leadership role that arises down the road. When the right people are doing the right jobs, the efficiency sky rockets and is ultimately good for the company.
The creation of the first ever working prototype is the next milestone. This is how companies begin by developing their initial product. The prototype leads to the finished product, and the finished product leads to customers, which leads to profit.
6. Collecting and Reviewing Feedback
Collecting feedback throughout the introduction of prototypes and minimum viable products will save you time and money in the long run by revealing the product’s market position and future possibilities. Take your time collecting data and reviewing feedback, since this will assist you in creating the ideal product to meet demand.
For a startup, nothing is more stressful than the first product launch. The first ever launch decides the new reputation of the company amongst the customers and whether it will be valued in the market or not.
Your company will begin to receive paying customers after formally introducing the new product, and this is the best moment for the startup to keep the customers hooked and keep them coming back. Once the product is published, a small number of new consumers will try it out, and if they enjoy it, they will recommend it to others, resulting in a pool of devoted customers.
9. Have An Excellent Customer Service
If the product is good but the customer service is poor, the total quality of the experience will suffer, the product’s market value will fall, and customers may begin to migrate to a company with superior customer service. Invest in it and hire people who are qualified for the job. A company’s image, especially that of a startup, can be made or broken by its customer service.
Keep track of customer growth and the amount of new customers you obtain daily and monthly once the business is up and running and the initial product sales are happening. This will aid in the general expansion of the company and its consumer base. A large customer base equals more earnings and more individuals using and promoting your product. Make a daily and monthly goal for yourself so that you always have something to strive for. This will aid in the improvement of profit strategies and the efficiency of work.
Conclusion
You achieve a new milestone with every new sale or product you create. However, there are some milestones that are far too essential to overlook, and you should keep track of them to ensure that you are running your business correctly. Milestones keep you on track for your goals, and striving for them will make your work more efficient, and when you achieve them, you’ll feel more productive and optimistic about your business.
Different business milestones have different effects on the company but the ultimate goal is to earn money and expand the business. Keeping track of records and recruiting the correct personnel for the job will aid in growth and help you reach your milestones faster. However, the most important thing is to not only maintain track of the business, but also to look after yourself and the people who are helping you reach your goals.
The characteristics that propel a startup to success are proper workplace culture, vision, and teamwork.
What is the most important thing an entrepreneur should do before starting a business?
According to experts, analyzing rivals, examining the legal elements of your sector, evaluating your income and expenses, being practical about the risk involved, understanding timing, and hiring aid are all good first steps in beginning a business.
What is a milestone in entrepreneurship?
Milestones are business goals that include dates and the individual or team accountable.
SuperMetrics is a helpmate for marketing, which is the core of any business. Get complete marketing data of any business through one platform. This is the idea behind SuperMetrics. Data extracted from the analytic tool sources are automatically transferred to storage and reporting destinations such as Google Sheets, Google Data Studio, Excel, etc. SuperMetrics offers Personalized data reporting, thus providing unique ideas to each client about growing their business online.
Google released Google Analytics API in 2009. After the release, a contest was posted, to connect this API with Excel and the first one to do that will get a Google t-shirt. The founder of SuperMetrics, Mikael, a typical web analyst at that time, wanted to own that t-shirt anyhow and he started exploring various ways to connect Google Analytics API to Excel. At last, he succeeded in his mission and won the t-shirt.
Transferring data to Excel was a tough job back then, which was more time and energy-consuming for web analysts and Google Analytics users as each time they had to copy-paste the data. The invention of SuperMetrics was a boon to marketing professionals.
Founded in 2013, SuperMetrics has now outgrown 500,000+ users and 3 offices, in Finland, the USA, and Lithuania. With a 4.4 rating in the G Suite marketplace, SuperMetrics had been ranked first among add- ons for marketing data in Google Sheets and Google Data Studio.
SuperMetrics is now an inevitable tool in the career of marketers and data analysts. With more than 16000 clients in over 120 countries, and reporting 10% of total online ads around the world, SuperMetrics is growing eventually.
After building your first report, setting a refresh option for your report with hourly, daily, weekly, or monthly options, Supermetrics does the data transfer automatically. Without wasting your time and energy.
Ease of use
SuperMetrics is an easy platform, which does not demand much technical knowledge. Choose the data source, metrics, dimensions, and destination after connecting to the desired tool.
Customized Options
Selecting metrics and dimensions of your choice give exactly the data you need in your sheets. If any changes occurred in the API, it is reflected in the connector.
Secure data transfer
SuperMetrics assures data security as the data is not stored anywhere and data transfer is completed in a secured format. Data is encrypted from the source and decrypted after reaching the destination.
Data Connectors
A wide range of data connectors is available at SuperMetrics from Youtube, Twitter Ads, Adobe Analytics, etc.
Supermetrics Products
SuperMetrics Tools
Supermetrics for Data Studio Data Studio is the best option while dealing with extempore analysis and dealing with imported and processed data. Data visualization and customized dashboards are the best part of Data Studio rather than a heavy sheet of data that confuses clients without deep technical knowledge. Giving the suggestions needed in campaign improvement and optimization also comes under this.
Supermetrics for Google Sheets Install the SuperMetrics add-on and connect all your marketing accounts. This allows you to pull all your data scattered across various platforms into Google Sheets. This saves your time and energy as you don’t have to visit each platform and find data and export to CSV and then to Google Sheets.
Supermetrics for Excel Exporting data to Excel is a simple and quick task for SuperMetrics. This is a sidebar, which helps in moving data without leaving the spreadsheet. After choosing the metrics and dimensions, data can be easily pulled from different platforms to Excel.
Supermetrics Uploader Tracking goal conversion and analyzing campaigns and advertising metrics in Google Analytics, without signing into the analytics platform. Scheduling automatic uploads from different social media platforms such as Facebook Ads, Linkedin Ads, Twitter Ads, etc.
Supermetrics API It’s an easy task to connect to the available data sources. According to your need, select the output format and metrics and dimensions of the data to be extracted. Now, after the processing, data will be loaded to the database or data warehouse.
Supermetrics for Big Query With a pack of smart features, the connector automatically adds the metrics such as CTR. Connecting to the data source, authenticating the account and configuring data transfer, and analyzing the data is what the analysts have to do, after building a dashboard with the native connector of SuperMetrics.
Connect SuperMetrics and select the destination from the options as your needs and sit back and relax. You will find your data transferred to the selected destination.
SuperMetrics is a user-friendly tool, which allows users to understand what to do and how to do it, including its whole working, clearly and easily.
Connecting between the source API and the destination Studio/Excel is super easy.
Follow up on social media metrics and generating social media reports is a hassle-free task.
It makes it easy for the web or marketing analysts to find highly engaged users, who could turn out to be potential customers if collaboration is done correctly.
The quality of data retrieved and reports generated from different sources is highly appreciable.
Fast and seamless data reporting.
Time and energy-saving tool for integration of online marketing data.
Anybody without much knowledge of the technical side can easily access the analytics as just a sheet of data.
Getting real-time data into sheets. What else would a digital marketer be keen for?
Automated and refreshing reports give updated data without any manual interaction, offering accurate and on-time report delivery to the client.
Supermetrics Cons
Over Pricing
Some features are hard to understand
Supermetrics Pricing
Pricing depends upon the service you are looking for.
SuperMetrics is a super tool for web and marketing analysts to work and act accordingly. The features and connectors are still improving and adding based on customer’s needs. The existing marketing analysts are the strength of SuperMetrics, which inspires it to outgrow.
FAQs
What is Supermetrics?
Supermetrics is a tool to extract data from analytics tool sources and transfer it to storage and reporting destinations such as Google Sheets, Google Data Studio, Excel, etc.
Who can use Supermetrics?
Marketers and data analysts are the potential users of Supermetrics.
Is there any free trial available in Supermetrics?
Yes, free trial of Supermetrics is available for limited uses.
Many business owners around the world have discovered that the key to success is not just on the merits of the idea or quality of their product but also on their ability to attract customers. If you can’t attract your customers, there
With new startups being launched every day people are spinning around to try growth hacking strategies where the companies analyze and evaluate their customer base and then tirelessly pursue growth with that knowledge.
Growth Hacking is an innovative and unorthodox way of getting massive results by eliminating old conventional methods. The ultimate goal of growth hacking techniques is to promote your product without putting additional input of your time and money. But before we start exploring the best growth hacking techniques for your startups, we need to first understand what growth hacking is.
A great explanation of Growth Hacking for beginners
Growth hacking is simply a marketing strategy that is based on market research and experiment. It is used to find out the most cost-effective ways to grow your business.
In the process of growth hacking, you have to include different types of metrics such as data, design, development, engineering, analytics, and statistics. The reason why it is called Growth hacking is that this is the best marketing strategy a growth hacker can use to find the most groundbreaking, creative, and fast way to grow a startup.
There are best growth hacking strategies used by Startup growth hackers. Some of them include blogging, guest posts, reverse engineering, A/B Testing, SEO, email marketing, video marketing, viral marketing, and other kinds of content marketing techniques.
The term “Growth Hacking” was officially used by Sean Ellis, the founder of GrowthHackers, in 2010.
Growth Hackers, one of the best software for growth and marketing processes
He defined a growth hacker as
“A person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth”.
Most of the time, Growth hackers are a crossbreed of marketers or coders or a person who has a deep knowledge of technology. They are the people who look at the conventional query of “How do I get customers for my product?”. They answer with viral factors, landing pages, open graphs, and email deliverability. A growth hacker should have problem-solving skills.
Now you understood what growth hacking is. So let us see some of the ways how you can use it effectively to attract customers. Here we bring you a curated list of the 7 best growth hacking techniques for startups.
7 Best Growth Hacking Techniques to boost your Startup
Listed below are some Growth hacks which, if applied perfectly, can bring you a lot of customers.
Have A Clearly Defined Goal
As a Startup Growth hacker, you need to define your goal first. You have to identify the purpose of implementing business techniques for growth. You will also have to research your target market so that you will be able to know if you are doing everything right or not.
Have a clear unique goal so that it can be further broken down into small achievable micro-goals. For example, goals like, how many customers do you need per week? Or how many leads do you need in a week?
Defining your goal clearly will make it achievable as well as help you to get closer to success.
One of the essential business techniques for Growth Hacking is to develop your small startup by incorporating sharing into its functionality. Sharing, here means that your content can be directly linked to social media platforms, granting your users to do the work of marketing for you.
When people support something via social media, they are recommending it to their friends, increasing the chances that someone new will discover and check out your page or product.
One company that implements this growth hacking strategy very successfully is Pinterest. This is an era of online marketing and you can use this as an advantage for your business. If your content is too good and has the power to go viral then you can easily build trust with your audience. This will also increase your social media engagement in long term.
Affiliate Marketing Program
If you want to get traffic to your website with a low budget, you can develop an affiliate section and invite people to register there. Once they register, they will be able to promote their affiliate link with their audience and make some money.
This is one of the most cost-effective ways to grow a business. All you have to do is share a small part of your profit after you have a lead. Many big brands are using this strategy to grow their business like Amazon, Flipkart, Snapdeal, etc.
In this process, you don’t have to worry about the traffic or audience because the affiliate marketer will promote your site to their audience. There are so many tools available that will help you to track the sale of each affiliate marketer and automate the distribution of commission. Some of the best Affiliate Management tools you can use are:
Incorporating Features into the Product to Encourage Sharing
Incorporating CTAs into the product or content will serve as a physical reminder for existing customers to spread the word about your product, and this will naturally attract potential customers.
If your company makes a certain product, one great way to aid in spreading its popularity is to incorporate a mechanism into the product to encourage them to share it or to create a companion product that encourages distribution.
You can also offer rewards to your existing customers who share your content or refer your product with their friends. This way you can double the sale in lesser time. This method of marketing is called referral marketing and it is one of the most rapid methods of growth hacking that helps you to grow your business in a very short period of time.
The Freemium Model
One of the foremost ways to convert a potential customer into a paying customer is to offer free services or products and then market your main product through the free product.
The free and paid products you offer should go well together with each other so that when people sign up or receive your free product or service, they also want to pay for the priced product or service.
For example, Grammarly lets people use its app or extension for free but it keeps reminding the user that they can pay for their premium service to get an extra feature.
Grammarly
This business model is called a Freemium model in which a company has both, a free and a premium product for the user. You can also offer a product at a lower cost to your target audience and then market your main product with the help of the first product.
You now know that person is using your product, so he/she may get interested in your main product too. This is a method that is used by many Digital Marketers.
The best thing about it is that it helps to get a large amount of traffic to your product or service. Once the sale is done, you can up-sell a high-ticket product. It is the best practice to take feedback from your users and make it the best product available in the market. it will help you to build trust among your audience.
Piggybacking
One of the innovative ways to grow your customer base quickly and easily is to piggyback on a company that already has tons of users. Piggyback marketing is to deal with a non-competing brand and advertise both the brands with the same piece of content or using other brand’s audiences to generate leads.
Piggyback marketing
If you are a new startup and you don’t have any target audience or customer base, you can piggyback on a company that is related to your business but is not your competitor. Piggyback is a marketing strategy used by some of the popular brands to get the adherence of the audience.
One of the best examples of Piggybacking is PayPal. After piggybacking on eBay, PayPal got the attention of the users.
Partner with the existing company
If you are not in the favour of getting a piggyback ride with the other company then an easy way out is to make partners with an existing company advertise your brand.
Partnering with a company will give you free marketing to the group of customers that they attract. In exchange, you will have to market their product or service to your audience.
There can be some financial bonus involved in partnering with a company. These schemes will ensure that your company grows and reaches the perfect category of audience.
Conclusion
These were some of the Growth hacking techniques which companies use frequently to boost their sales. A startup can easily apply the same to market and grow their business.
Growth hacking is a long-term process. So, even if you don’t see any solid results in the first few days, be patient, because if you have done it right, they will surely show some results.
FAQs
What is a growth strategy?
A growth strategy is a plan of action that allows you to achieve a higher level of market share than you currently have and expanding your current user base.
What does a growth marketer do?
A growth marketer runs constant, iterative tests throughout the funnel, and uses the results to craft data-driven strategy updates that lift key performance metrics of the company.
What are the four major growth strategies?
There are four basic growth strategies you can employ to expand your business are:
Market penetration
Product development
Market expansion
Diversification
What are the best growth hacking techniques for startups in 2021?
The best growth hacking techniques for startups in 2021 are:
Have a clearly defined goal
Incorporating sharing into its functionality
Affiliate marketing program
Incorporating features into the product to encourage sharing
Businesses are guided by business coaches, who help owners clarify their vision and determine how it aligns with personal goals. As a result of business coaching, the business owner can take their business from where it is now to where they want it to be in the future.
Coaching and mentoring are often confused because both roles rely on the years of experience of their respective practitioners. Most importantly, a mentor focuses on advice, while a coach assists the business owner in setting goals and holding them accountable so that they achieve their objectives.
After introducing business coaching, 96 percent of organizations reported individual performance improvements, according to a study by management consultants Korn Ferry International More than 92 percent of respondents said their leadership and management abilities had improved.
Owner Accountability is created by Business Coaches
Holding yourself accountable is a key component of business coaching. However, a consultant and a business coach are not the same things. A business coach is different from a consultant in that they are not paid for their services. However, they won’t do any of the work for you in your company.
They are there to keep you focused on the end goal and to remind you of why it is important to achieve it. To keep your commitments, they will encourage you. If needed, they’ll act as a sounding board for ideas and point out your business and personal blind spots.
Business Coaches help you identify your blind spots
Good business coaches can help you identify your blind spots and help you overcome them. It’s easy for entrepreneurs to get bogged down in the minutiae of their business and lose sight of the big picture.
A business coach makes several insightful observations about the brand and operations that you might have never considered before. For finding a business coach, it is recommended to use your network.
Plans that can be put into action are created by Business Coaches
Active business owners want to know what their motivations are for setting and achieving business growth goals. A company’s owners are ultimately responsible for the speed and passion with which a goal is achieved (if ever).
No burning reason exists for achieving a business goal if it is not tied to the business owner’s dreams, goals, and plans for himself or herself.
An owner’s vision of where they want to take their business is clarified, and coaching helps them plan and prioritize goals and strategies that will help them get closer to their desired outcome.
Coaches assist owners in determining their goals and creating a road map to reach them, according to the company. Owners can benefit from their perspective on the business by identifying which items are merely tasks and which are long-term objectives.
If you’re not sure where you’re going in business, a business coach can be your compass. The results you get from even small changes in your direction over time can be dramatic. When running a business, it’s easy to get caught up in the day-to-day.
To ensure that you are on the right track, a business coach acts as an objective third party who regularly checks in.
Business Coaches help you obtain Venture Capital funding for your Business
When it comes to this type of financing, a business coach can help you identify your company’s growth potential and develop your skills. You can also talk to a business coach about alternative sources of funding, such as grants or crowdfunds.
Business Coaches help you scale your Business
As an example, a business coach could help you choose the right business structure, write a business plan, or start a home-based enterprise.
You may become overwhelmed as your business grows. While you may be aware that there are many systems that you’d like to streamline or improve, you’re not sure where to begin the process.
As a result of their unbiased viewpoint, a business coach can help you devise procedures to increase productivity and reduce stress.
Business Coaches help you fill in the knowledge gaps
The fact that you don’t know what you don’t know is often the biggest roadblock to success. No amount of Googling will help solve a problem that you aren’t sure how to express or anticipate. Many of my successes can be directly attributed to what you’ve learned from business coaches over the years.
Investing in oneself should be always your priority. Business coaches are excellent accountability partners who can help you learn, grow, and evolve as a person.
Business Coaches assist you in overcoming obstacles and achieving your goals
Self-investment is one of the best investments that you can ever make. Having a business coach is an invaluable asset if you are struggling in your career, want to increase sales, or want to improve your business relationships.
When you have a coach or mentor, they can help you navigate through challenges and achieve your personal goals. Through a mentor who has achieved what I hope to in the future, and by avoiding his mistakes in his professional life, you can accelerate your growth.
Conclusion
Finding a business coach who is a good fit for you is the next step if you’ve decided to work with a business coach. Consider asking your network for referrals as a first step in the hiring process.
Always keep in mind that every business is unique and that a business coach who worked wonders for one entrepreneur may not be the best fit for yours! If your network is unable to provide you with any referrals, begin your search online.
Verify the business coach’s experience before hiring. Working with a business coach is ultimately up to you. In either case, you should rely on your judgment. After all, you are the one who best understands your business and its needs!
FAQ
What do you use a business coach for?
Business Coach can help you make better decision and set better goals for your business.
Is having a business coach worth it?
Yes, if you find a good business coach they can help you drive your business to success.
Who are the best business coaches?
Barry Moltz, Tammy Adams, John Mattone, Steve Mitten and Marshall Goldsmith are some of the best business coaches.
Indians prefer ordering from amazon compared to other marketplaces, Amazon has been dominating the Indian market since its entry in India, and it’s the most profitable website to market your products. Most businessmen prefer selling their products on amazon. Amazonhas seen massive growth since its entry into the Indian market many competitors have to try to come as close as the figures of amazon but in vain. If you want to start selling on amazon we will guideyou right away. Are you ready to grow your business on Amazon, let’s get started:
Here are some documents you’ll require for registering an amazon seller account:
PAN Card – PAN card can be individual if you hold the proprietorship or if you own a Pvt limited company, so the PAN card should be in the name of your company.
GST Number – You need a GST number to fulfill the registration process.
Bank Account – You require a bank account that can be current or a savings account.
Email Id – Email id is also required to fill the registration form which can be your email id or your business email id.
Mobile No.- Lastbut not least you need a mobile no. for registering your account.
First, you need to visit Amazon.in then scroll down there you’ll find an option sell on amazon, click on that option and a new tab will be open after that Amazon will offer you 2 business plan Professional and Individual.
How to Sell Through Amazon India?Amazon Product Tax Code
2. Create an Account
Enter your personal details and create your amazon seller account.
Create an Account
3. Register your Store
Fill in your details and create your amazon seller account then you will be asked to add your Registered Business name or the legally registered store name.
Register your Store
4. Verify your Mobile Number
Verify your mobile number for further.
Verify your Mobile Number
5. Seller Information
After that, you have to add your store name and the address of your store which it is located in after you add the address of your store, Amazon will display a message of amazon Easy ship service in this service amazon will pick orders from your store and directly ship them to the customers. If you don’t want to employ amazon Easy ship you can provide the contract to any third-party shipping services which will ship the package for you.
Easy Ship Fee in AmazonEasy Ship Fee Amazon
6. Tax Details
Fill in your GST details and if you don’t have one register your GST at how to register GST at amazon services and proceed further.
Tax Details
7. Choose the Category of Products
Now you have to choose the categories you want to sell in your store. (Choose the products which are high in demand to get maximum sales), after selecting the categories Amazon will ask you to fill some questions such as where do you get your products from and what is your annual turnover answer these questions and proceed to the dashboard.
7. Amazon Listings and Shipping Rates
Click on start listing and list down all the products you’re going to sell in your store.
Now you have to set the shipping region your going to ship such as rural or urban and set the shipping rates and days for that area, if you don’t want the hassle of shipping choose amazon easy ship, and Amazon will ship it for you.
After selecting the shipping rates confirm the shipping rates and move ahead to enter the bank details.
Shipping Rates
8. Bank Details and Tax Details
Enter your bank details properly because you will receive payments in this bank account.
Enter the tax details such as your PAN and GST number and click save.
Bank Details
9. Tax Code and Digital Signature
The government has imposed a different taxon different for some it’s 8% or 12% search the tax code of your product and which category it falls in and add the tax codes to the product.
Upload a scanned copy of your signature and proceed further.
Tax Code and Digital Signature
10. Dashboard
After completing the entire process of registering your business a dashboard will appear, from the dashboard you can manage all the functions of the amazon seller central dashboard you can monitor the orders which are shipped or not inventory prices, and everything.
Dashboard
So, This was the complete process of registering as a seller on amazon and inaugurating your own business.
Amazon Fees
While selling on Amazon, Amazon charges a small fee for every product you sell. Amazon charges three types of fee on your product:
Amazon Referral Fee
Based on the category of product you choose a small percentage of your selling price is charged by Amazon, you can check the referral fee on different categories of products at selling on the Amazon fee schedule.
Amazon Fixed Closing Fees
Amazon closing fees is the fee charged by amazon based on your selling product and the shipping services you choose. you can check the fee charged by amazon by visiting the amazon calculator.
Amazon Easy Ship
Amazon easy ship is a service offered by Amazon in which Amazon will pick the product from your store and directly ship it to the customer if you want to ship manually, there also an option to ship manually but if you prefer amazon easy ship, Amazon will charge you a fee based on your product.
Amazon Easy Ship
Now you’re all set to sell your product on amazon lets learn how to get your first order when you don’t have any seller ratings
How can you get your first order on Amazon?
Product display is the most important aspect of any shopping site when a consumer is scrolling through amazon your product display should be such that he/she clicks on it immediately
While displaying your product on amazon use Hd images to showcase your product
Add bullet-points that highlight feature of your products
The description of your product should be informative so that the customer gets a complete idea about your product
Highlight the benefits of your product
A low pricing strategy never fails to attract customers
If you are confused about how to promote your product let amazon do it for you
There is an advertising program by amazon in which amazon promotes your product for you. The sponsored products by amazon appear on top and bottom of the page, amazon sponsored products are displayed with a badge called sponsored.
This can help you to advertise your product and increase your seller ratings if you’re a new amazon seller.
Amazon FBA
FBA (fulfillment by amazon) is a service provided by Amazon in which if a seller selects FBA the seller does not have to consider the hassle of storing the product in his store or warehouses, amazon store the product in their warehouses until it is delivered to the customer.
Benefits
Less shipping fee as compared to third party shipments
No burden of maintaining a warehouse full of products
All FBA orders are processed and handled the same way as amazon handles its merchandise
Drawbacks
There can be some handling issues by the amazon where a product can be lost or damaged
There are really precise product guidelines which every FBA compliant must follow
Given that Amazon handles returns with FBA, sellers may experience higher return rates once customers understand how easy it is to return a product on Amazon.
When you provide valid information about your bank account, Amazon will directly transfer your money obtained from the sales into your bank account every 7 days. To initiate a payment from amazon you must have a positive seller account, positive seller account is when the number of sales is greater than the amount of fees incurred by the amazon.
How to manage returns on Amazon?
Every amazon seller has this concern of returning products from the customers, you can’t get zero returns from the customers but you can add in extra effort to reduce the return rate such as pay special attention to defective products, great packaging, and delivery on time.
there are three types of return on amazon
Customer Returns
Undelivered Order Returns
Rejected orders Returns
Customer returns are the products that are returned by the customers.
Undelivered returns are when the amazon cannot find the address of the seller or if the package is rejected by the customer then it is returned to the seller as it is.
Refund Related to Customers
To access the return setting in amazon seller central:
Login to your amazon seller central account.
In the top navigation bar, you’ll find orders and under that, you can click on manage returns.
Click on manage returns there you’ll find an option “edit return settings”. Click on it and you can manage the return settings.
If you wish amazon to authorize your refund request then, In case of amazon will authorize the return request. Once the parcel is picked from the customer end the money will be auto refunded to your bank account.
If you want to authorize each request you can authorize the return request, the parcel will be returned to you, and based on the return item condition you can generate a refund to the buyer.
So, this was your ultimate guide to owning your own store and starting your own e-commerce business using amazon. We wish you luck for your first e-commerce store now go out there and reach out to lakhs of customers.
Yes. If you are listing taxable goods, GST details are required to sell online. You need to provide a GSTnumber to Amazon at the time of registration. However, if you are selling only GST exempted categories, then this may not be required.
How long does Amazon take to pay the seller?
The first payment will take 14 days after which sellers will be paid every 7 days.
What if my product gets damaged or lost?
Amazon has a reimbursement policy (Amazon Safe T Claim) to reimburse the seller from the losses incurred due to the buyer. Easy Ship sellers can file a claim against the order for which the shipments get lost, damaged, original item not returned to claim reimbursement from Amazon.
What is the product tax code?
Product tax codes are the codes of the tax which is levied by the government on a different category of products.
I don’t have a current bank account can I sell on amazon?
You can sell on Amazon if you don’t have a current bank account but experts recommend having a current bank account.
How does easy shipping on Amazon work?
Amazon Easy Ship is a delivery service for Amazon.in sellers. Amazon.in orders are picked up from the seller’s location by an Amazon Logistics delivery associate and delivered to the buyers’ location with minimal effort from sellers. With EasyShip, customers can track their orders and delivery date.
What is product tax code in Amazon?
Product Tax Code Amazon: Product tax codes direct Amazon how to charge sales tax to your customers in the states where you tell them to charge sales tax. Product tax codes don’t cover every item, but they do cover items that are sometimes taxed differently across different states or jurisdictions.
How to sell on amazon without GST?
You can sell online without GST only if you sell goods which are exempted. If you sell goods on which GST is applicable, then you have to get a GST number to be able to sell online. You have to take GSTIN even if turnover is less than Rs. 20 lakh.
Financial record keeping is absolutely paramount irrespective of the size of the business. Typically, most newer businesses will have trouble keeping and maintaining accurate financial records. Self-employed and freelance work can be even trickier. This can quickly become an issue when it comes time to report taxes for the quarter or year. One major challenge that comes with smaller businesses is the separation of personal and business expenses. Business expenses can oftentimes be written off at tax time, and there are several free tax tools that can help with that. One of the easiest ways to keep expenses separated is to open a bank account separate from your personal account for accurate reporting of business expenses.
According to a survey, 82% of business fails due to poor cash-flow management. Business can grow well without technical hitches. Are you experiencing challenges in terms of keeping proper financial records? Here are some basic points that you need to consider How to keep Business and Personal Expenses Separate.
Personal and business accounts are two separate things. Each of them has got its own expenses. Separating accounts means you can measure each one’s independence. Reconciliation is easy by reviewing bank statements. Filing of taxes becomes a simple task.
Separate Personal and Business Receipts
It is definite that in both business and personal business, transactions will be made. It is important to sort and keep expenditure receipts separate. Financial accounting becomes very easy. When it is time for auditing your business, auditors will not bother with personal receipts. Priority will be given to business receipts hence saving time.
Acquire business credit card
Business Credit Card
Credit cards are very convenient. They keep you safe from carrying a lot of cash which is a security threat, especially to third world countries. Record keeping becomes efficient. Tracking of expenses is done by use of statements. Some credit cards give a summary of transactions yearly, therefore, saving time when filing returns. Withdrawal is done anytime when you are in need of urgent cash. They offer protection when purchasing. Credit card companies are ready and willing to take up disputes on your behalf. Enjoy low-interest rates and money is controlled effectively.
Establish a Business Budget
Always learn to stay within the limit. Never chuck money out of business aimlessly that you are sure you would be able to return. This situation can be avoided. The shortfall of a business do occur and most of the time you get yourself surfacing using the personal money. Budgets ideally should be developed based on earnings of the current business.
Notify Family on Business Status
We stay with people that depend on us in so many ways. Therefore, finances both personal and business involve quite a number of people. Make sure you are at par with family members and speak the same language at all times as far as finance is concerned.
Understand Business Expenses
Understand Business Expenses
It is important to understand operating expenses of a business. This includes costs of insurance, business supplies, rates for the taxes, costs for rent, and costs for repairs. It is prohibited to take out money from a business for things like food and family entertainment. It doesn’t matter how you keep good records for this but this doesn’t count at all.
Separate Home and Office Matters
Home and office are two separate things. Even if you have created an office in your home, it does not warranty you to use business funds to cater to house utility bills. Costs can be shared between both lines.
Keep Record of Business Items Usage
Sometimes due to limited resources, we cannot afford to have separate resources for each. There are times that we are forced to use personal things to run business errands. The Proper log should be kept to track on the expenditure and share the relevant cost.
Seek a Professional Financial Advice
Financial Advice – Audit Report
It does not mean we are stupid when we don’t understand some issues around us. Open up to a financial professional the moment you realize some areas are not okay. This is their area of the profession and is assured they will come up with a workable system to fix your issues.
Pay Yourself Worth Salary
Demands for life are many but we should not take out of business what we don’t deserve. The business will operate at a loss. It is easy to keep the proper budget for both personal and business expenditure hence proper financial accounting records.
Conclusion
Let us remain disciplined when operating a business. Maintaining proper records help business to run smoothly. Cash flow projection and statements are also put in an orderly manner for easy tracking. Hopefully, above ideas will help you to keep your business and personal expenses separate. Share this article with your friends and comment your thoughts.
How to Keep Business and Personal Expenses Separate?
Open a separate bank account and a credit/debit card for that account and it should be solely used for business expenses. Same goes with your personal account and plastic cards, that they should not be used for carrying out business expenses.
Why is it important to separate personal and business finances?
A significant reason to keep all personal and business finances and expenses separate are for tax and tax deductions.
How to separate business and personal expenses?
Obtain an EIN
Incorporate your business
Open a business bank account
Apply for a business credit card
Pay yourself a salary
Separate receipts
Understand the difference between personal and business expenses
Forbes which is one of the biggest business magazines is said to be acquired soon. There have been exclusive talks between Forbes Magazine LLC and GSV Asset Management in acquiring the former company. Let’s look at the deal between Forbes Magazine LLC and GSV Asset Management.
According to people with knowledge of the matter, Forbes Media LLB has entered into the deal which will lead to acquiring the company by GSV Asset Management which is led by Michael Moe. The deal will increase the valuation of Forbes Media by more than USD 600 million.
Some people who requested anonymity in their names as the information was private said that the transaction between the company is not yet finalized but is expected to come to an agreement in the coming months.
A spokesman of Forbes Mathew Hutchinson said in a statement that they have no comment but have seen the investors in showing consistent interest in the company that has produced 3 years of record results. A GSV Asset Management representative had declined to comment on a statement that said 2021 is shaping to be a strong year as well.
Forbes is an American based business magazine. The company was founded in the year 1917 which is based in New Jersey, United States. The magazine features original articles on the topics such as industry, investing, finance, marketing, etc.
The company also provides reports on related topics which include communications, technology, politics, law and science. The magazine was founded by Bertie Charles in the year 1917 and later the company prospered under his son Malcolm.
Later the company was taken over by Malcolm’s son, Steve who was the Chief Executive Officer and the President of Forbes and also the editor in chief of the magazine in the year 1990. The company is also involved in operating events. The brand has a worldwide reach of around 140 million people.
In the year 2014 Forbes Magazine was acquired by a Hong-Kong based company which is whale media Investments. The company owns the majority stake of 95 % in Forbes magazine and the Forbes family owns the minority stake of 5% in the company.
GSV Asset Management portrays itself as a merchant banker which advises and invests in a wide range of businesses. The founder of GSV Asset Management is Moe who was a veteran of Silicon Valley and later grew to become an equity research analyst.
The company’s website indicated that the firm is a multi-product asset management firm that is devoted to finding and aligning the fastest growing and the most dynamic businesses across the globe. The term GSV stands for Global Silicon Valley.
FAQ
Who is the founder of Forbes?
Bertie Charles founded Forbes in 1917.
Who owns Forbes India?
Reliance Industries owns Forbes India.
Who was Forbes?
The company was founded in 1917 by Bertie Charles Forbes and was taken over by Steve Forbes in 1990.
Conclusion
It is to be noted that Forbes Media isn’t the only media company for sale Even Tribune Publishing is said to in between a bidding war with Hotel Magnate Stewart Bainum and the hedge fund Alden Global.
CEAT is an Indian based Tyre manufacturing company. The company is owned by the RPG group. The CEAT company was founded in Italy in the year 1924. The company has its headquarters in Mumbai, India. CEAT is considered to be the leading tyre manufacturer in the country with a global presence.
CEAT manufactures tyres for trucks, busses, passenger cars, two wheelers, earth movers, light commercial vehicles, tractors, auto rickshaws and trailers. Let’s look at the reason behind the growth of the company’s profit even though the driving and riding of vehicles in the country has reduced.
On 4 May 2021, CEAT Ltd which is a company under RPG group had announced that the company has achieved a net profit of INR 132.34 crore during the Q3 which was ended on 31 December 2020. The net profit has been reduced to around 27.35 % when compared to the previous quarter of the same fiscal year.
The company had achieved a net profit of INR 182.8 crore in the Q2 of this fiscal year. CEAT Ltd has seen an increase in its revenue from operations for the Q3 of this fiscal year of INR 2,221 crore when compared to the Q2 of the fiscal year which was INR 1,978 crore.
When compared to a year-on-year basis the profit of CEAT tyres has seen an increase by INR 152.07 % compared to the previous year’s quarter’s INR 52.5 crore. The revenue from operations has also seen an increase on the year-on-year basis of around 26.08 %. The revenue from operations in the previous year was INR 1,761.77 crore.
Kumar Subbiah who is the CFO of CEAT Limited conveyed that the Tyre manufacturing industry is facing an increased demand with a robust demand in the replacement market. He added that the growth of the company in the last quarter of this fiscal year will largely be because of the demand by the replacement market.
He added that the company despite having a not so good quarter has grown the most in past nine months when compared to the same period during the last year. Compared to last year, the quarter 2 of this fiscal year has seen a growth of around 14 % and around 27 % in quarter 3 compared to the last year’s quarter 3 growth.
Kumar Subbiah said that for the Q4 the company is expected the demand to increase in most of the categories. He added that in the OEM sector the demand for some categories has come down after the festival season.
The company wants its growth to be driven largely by the replacement market which should be followed by the OEM. He said that around 15 % of the company’s revenue comes from exports, around 60 % through the replacement market and around 30 – 35 % from the OEM sector.
The company said that going forward it would be looking to focus on the passenger sector which will be completely on the passenger car and two-wheeler tyres.
He said that the company’s investment in Chennai and Nagpur factories is completely concentrated and directed towards the passenger segment.
Focus Markets of CEAT
The company said that it would focus on the North American and the European market in the coming years. The CFO added that the company’s presence in the European market has been increasing and the company is working towards increasing its presence in North America.
He added that there are a lot of queries from different countries that are looking to reduce Chinese manufacturers and enquiring whether India could start producing it locally and supply the required tyres to them. He added that, India is in a great position to take the advantage of the situation.
FAQ
Where are CEAT Tyres made?
Ceat tyres currently has 4 manufacturing facilities at Bhandup Nashik Nagpur and Halol and is setting up a new facility near Chennai.
When did RPG acquire Ceat?
RPG group acquired CEAT Tyres of India in 1981.
Who is Radha Goenka?
Radha Goenka is the Director at RPG Foundation.
Conclusion
CEAT had planned to invest around INR 800-900 crore this fiscal year but due to the global pandemic and the slowdown of the economy they had to cut it down to INR 550 – 600 crore. The company is planning to spend more in the next fiscal year as there is some traction and the sales are expected to increase this year.
SaaS, or “Software as a Service” simplifies the user experience by cutting down the need to install software, allowing access to the application via an internet browser instead.
Started a SaaS-based business or have a brilliant SaaS idea to implement? Great! But worried about raising funding?
It is all indeed a game of numbers,
getting more new customers than customers not renewing or cancelling.
Getting paid subscription sign-ups rather than trail sign ups
What new ideas can you apply for boosting growth and customer retention without taxing your funds?
Various low-cost ideas can be applied in most business models with ease. Here are some growth hacks to help your SaaS start-up.
Give away a valuable incentive and start charging early
You want people to use your services, think about giving away something useful. Offering free trials and giveaway gadgets have become very common. So what else can you do?
When customers switch to your service, they import information. So, how about offering them some extra storage? Or a bonus for every referral, after all, who doesn’t like some money?
Get your existing customers involved and do the precious marketing for you. Offer them something that is linked to your service and connects them directly with your business.
On the other hand, don’t be hesitant to charge for your service. You may think expanding the customer base is important but earning revenue is just as necessary.
Believe in your product and put it to the test. Most people don’t value things that are available free of cost. Also, this would help reduce your risk in the investment.
Don’t invest a huge amount of money in launching the product, but start at a modest level and continue building up. Your customers demonstrate their faith in you by buying, while this also drives away freebie users.
Meet up with potential customers, attend seminars, webinars, forums, and use them to understand the market better.
Use analytics tool for your website, you will get to know your visitor, areas of interest, and content effectiveness, it will be a good exercise to identify customers
Finally, use retargeting techniques to bring previous visitors, churned or likely leaving customers back to the fold, and sign up for your service.
Revenue of software as a service (SaaS) companies in India
Create engrossing content, keep engaging and increase your reach
Content is compelling and engaging and has the power to bring people back for more. Also, it is a fantastic way to stand apart in a crowd especially in a competitive space.
But the quality of the information matters, so you have to believe in the idea. You must produce quality work regularly and most of all information should be freely accessible.
Share your knowledge about the industry, introduce your solution, and present a valid case to your intended audience, this will garner their attention.
This will work in building an email list, and once sufficient numbers are reached higher traffic and brand awareness will follow. This should be good for business growth and ultimately revenue.
Listen to your customers
You will have a lot of voices talking to you, but the most important ones are your customers. So, listen you must. What are the best ways to contact you?
Start with welcome call minutes within minutes of customer signing up. Get feedback on your marketing funnel, personalize your solution support. You will obtain real-time experience data and know if you are reaching the intended crowd.
Offer weekly contact points i.e. Q&A sessions, Webinars, pre-recorded pieces of training, etc. to demonstrate, explain, and help your customers embrace the product. Your SaaS solution has to be embedded in customers’ business fabric, so let them learn the benefits and improvements as it develops.
Pay special attention to subscribers, as they are serious about your product and care about it. They have paid to utilize the facility, thus should be given preference and special privileges like access to new features.
Listening to your customer will make them feel valued and create a personal connection with your company. Another good way to increase and retain your customers.
Ever heard the proverb “Keep your friends close, and your enemies closer”, well a direct example would be when your partner with your competitors. You and your new partner(s) can work and play together.
You will have plenty of smaller competitors usually and few big players in the SaaS marketplace. Instead of quibbling over the pool of customers, it may be worth combining forces to take on big players.
Another way would be to actually partner with the big players. Becoming a direct competitor would be a difficult task. So it may be a better idea to work with them, like offering a peripheral utility. This would increase traffic, your brand awareness, and revenue growth.
FAQ
What is B2B SaaS?
B2B SaaS stands for business-to-business Software-as-a-Service. It encompasses cloud-based software used by businesses for various tasks, such as accounting, office productivity, customer relationship management (CRM).
What are the top SaaS companies?
HubSpot, Microsoft, Asana, and Shopify are some of the top SaaS companies.
Why do SaaS companies fail?
Most SaaS businesses fail because they are simply not solving any existing problem and a lack of market.
Conclusion
Setting up a business is a difficult task, continuous growth is even harder. All of this needs you to have belief in your product, a flexible approach, and lots of smart work. You can implement these to attract and retain the correct clientele; create your brand in the market, get useful feedback to effectively manage decision making, and fulfill your goal of a prosperous business.
This is the 21st century. You cannot expect a good profit unless customers think about you. Although there is nothing like negative marketing, you still have to make people think about you. It can be anything. They just have to think about your brand. And all this comes under the term “brand positioning”.
Brand positioning refers to the reason for people buying your product. Or how your brand is different from your competitors. 89% of B2B marketers say brand awareness and positioning is the most important goal, followed by sales and lead generation. To describe brand positioning, let’s look at some examples. Patanjali is known for organic products, even though they are literally in every product line. Mercedez is known for its class and luxury whereas BMW has its power and performance. If you think brand positioning is important for your brand, then these are some ideas to position your brand in the market.
Helps in making creating decisions more effective.
Targets a specific market.
Creates a well market differentiation.
Things To Remember For Brand Positioning
Uniqueness
To position your brand in the market, make sure you have something unique to deliver. If you are doing the same thing as everyone is doing, then you will be just “another” brand in the market. You don’t want to be that “another” brand in the market, you have to be that “wow” brand in the market. Even though you are not selling something new, add something which will make it unique. If there is nothing unique in your product, then you can make people think it is unique, like just give it a unique look. Remember that people should need your “unique” feature. Because no one needed a juicer which runs while connected to wi-fi. Millions were spent on marketing and launching this juicer. But the investors faced a very big loss. So, don’t solve the problems which are not there.
Brand strategy
Brand Strategy
The brand strategy or the tagline you use for your product should be relevant to your product. If the customer has your tagline in his/her head but doesn’t remember your brand, then how can they even buy your product.
Make It Clear
Your slogan or tagline should always be clear and easy to understand. If the customers had to think too much to understand your brand, then there is a strong possibility that they are going for another brand, even for that brand which has no slogan at all. Just make it easy to understand, thinking that all your customers are stupid.
Differentiable
Point out the difference between your brand and the competitor’s one. Your customer should be able to make his/her decision quickly. They should not need to do a deep research to decide the brand they want. Focus on your selected category, and of course, your strength.
It Should Be Recognizable
You have to make your brand recognizable. Create an amazing logo. Add awesome features to your product which scream for attention. People should quickly remind of your slogan and your advertisement as soon as they see your logo anywhere. Make people think of your brand again and again.
Create A Buzz
Create an advertisement which can be controversial. Not in a negative way, but something like funny or which can touch people’s emotions. Just make sure people talk about it. Giant companies do not advertise to show their product, but all they want is to create a buzz among people. It is strongly possible that Patanjali’s messenger app, “Kimbho” was launched just to create a buzz. When people talk about a brand, they get attracted to that brand. For instance, imagine you go to the market to buy a chocolate, in the days when “kimbho” messenger launched.
You might ask for Patanjali’s chocolate. Why? Because you want to talk about that buzz. You will subconsciously try to show off your general knowledge and your humor. Be Updated Keep analyzing the new trends on social media. Create something which is very popular among millennials. It is more or less similar to creating buzz. As of these days, you can focus on creating memes. Try to make it funny, because if you can make them smile, you can make them buy.
Being funny does not mean you make fun of your customers. If anything makes your brand creepy, customers may talk about you a lot, but will never come to you. The following image says it all.
Re-frame The Market
Use the brand to re-frame the market to what it actually looks like , by being creative and solving a problem which the product is not fulfilling. This will give the product more visibility than the other products, making it more on the shelves or more on the talks.
5 Ways to Get Your Customers to Actively Promote Your Brand
Entrepreneurs are fanatical with their creation. They time and again set out new goals for themselves and then make sure that those are achieved. In the start-up arena, there are some doctrine principles which are responsible for the overall success. Entrepreneurs today understand the value of their brand. Entrepreneurs are perusing something called as branding strategy, which till now was completely neglected. Companies today are spending with deep pockets on marketing, advertising, public relations and more. The best way to promote your brand is to let your customers do it for you – and the only way to do that is by addressing the pain points of the customer by giving them a practical solution to their pain points. Once this is done by anyone, the customer will go on his rooftop and do nothing but will shout your name.
Differentiate your brand
Anyone and everyone want his or her brand to be different and stand out. Brands say that they want to be different and distinctive in the eyes of their customers, but in reality, the brands just want to align themselves with their competition. To differentiate from others, the enterprise can depict themselves as an enterprise away from its competition or rival. Over a period of time, if the same continues combined with disciplined efforts, the brand can be marked different. Standing out from the competition is not making them enemies. But, with persistence, the consumer can make out the difference noticeable.
Focus on loyalty
A customer or a consumer telling about you to someone is in the Last leg of his experience. It starts with brand familiarity coupled with loyalty. The sky-scraping cost of bringing in fresh business compared to retaining existing clients is unquestionable. Increasing the customer retention can extensively heighten the profit bar. Customer loyalty schemes are an effective way to improve your customer retention levels. If you want to build a loyal clientele – the trick is simple, keep the customer satisfied. Apart from that, the customer needs to be rewarded. A loyalty scheme can be used to incentivise and delight the customers.
Create a community
Build Community – Brand Positioning
Having a customer community built offers the customers a hub to interact and support one another. Customer communities are platforms for customers to unreservedly exchange opinion, reactions and pose questions about products and services. A highly busy customer community helps to improve customer retention and encourage acts of advocating. These customers community acts as a news source about products and company and a place to gather tips from the users. Customer communities also breed ideas to improve products or services. Giving the customers a say on a product or service gives them a deeper connection with the company. These days the community can be online. This increases preservation rate and overall profitability.
Incorporate Feedbacks
Getting and generating feedback from clients is the most important thing for a business builder. It helps the company at all levels of brand building and management. It helps in knowing the existing position of the business in the market and also helps in the future prospects of the business. Feedback helps clients and entrepreneurs to communicate with each other. Most of the feedback is to draw the data about the sales, performance, drawbacks about products and services. Owing to thriving technology and internet, the importance of feedback has been highly soared. Internet has become the principal instrument for promoting business and branding. It plays a pivotal role in reaching to the mass and endorsing products beyond the international boundaries.
Make it easy to be an evangelist
Consumers have a hell lot of things to do. The last thing they would do is to be an evangelist. Even if they become, they won’t go out of their way to evangelize or promote your brand. So it has to be an easy task for them to do it. The easiest way to promote evangelist is to give as many as opportunities. The same can be done with contests, discussion opportunities on the social media channels of the brand. The participant has to be rewarded in some or the other way.
These tips are not the only way to make the customers work for you. But these tips will equip your startup by starting the community of brand evangelists. Also, it is important to understand that every customer you make cannot be your brand evangelist. However, with efforts in the right direction, a community of brand evangelists is certainly to make a huge difference and would be certainly effective on the profitability.
The soul of every business is their customers. Your customers can make you or break you. Even though the inflow and outflow of the customers are the basis of business but having loyal customers is also essential. Loyal customers are the reason a business or a brand becomes what it is. So, here are a few small but highly impactful ways in which you can make customers loyal to your brand.
Making personal relations
Treating your customers like your family is the way to get them to like you and your services. Getting to know your customer will give you an idea about their likes and dislikes which will eventually help you in serving them better. It has been found in a recent study that the customer remembers the first and the last part of your conversation. So it is very important for you to strike a conversation on a happy cheerful note and also end it in a happy goodbye. Send them greetings on their special days. Or if you find out anything they like, mail it to them. This will only take a little effort on your side but will have a big impact on your customer.
Know your customer
If you have a blog or a site or any other social media account of your business, make a note of what kind of customers does your business or brand attract. Get to know about their likes and dislikes and then post content on your sites according to that. If you are a beauty brand, posting easy tutorials and looks with your products can be good. Similarly, if you are a clothing brand, styling tips etc. can be done. Also keep posting about the various offers so that your customers are not left uninformed. Also, communicate with the customer in a way they prefer. If your customer wants to communicate through email do it. If they prefer social media attend to their queries there. Keep all your options open.
Invest in your customer
Invest in your Customer
If you have a regular customer that visits you or uses your services, try knowing theirs likes and dislikes. Research about them and then do things that they least expect like send them small gifts as a thank you for their loyalty. Or give them a free upgrade if you have a customer upgrade program. You could even give them small goodies or small things like hand written notes with every purchase. This will not only make your customer fond of you but this will also help you gain more customers. If you do not want to invest in giving them anything, you can always provide your customers with special services like the first preview to your latest collection, or bend some of your policies for them if they have a genuine issue.
Take customer advice and feedback seriously
Feedback – Brand Positioning
It is very important to take customer feedback on your services. But it is even more important to implement those feedback in improving your services. Also, having a FAQs section on your websites or blogs where customers can resolve their queries and give you feedback is very helpful. If you have employees who take care of the customers, ask them to be on proper behavior and solve customer issues without creating any problems.
Maintain quality
The most important part of keeping your customers loyal is maintaining the quality of your product. Many companies sell good quality products at the start of their business and then degradation the quality to earn profits. This only helps in making short term profits. Because your customer keeps leaving you and in the end, you have no customer to earn profits. So it is very important to maintain the quality of your product throughout so that people want to buy it again and again.
Conclusion
These were some roads to brand positioning. You can use some of them, or all of them, it depends on your business. Digital marketing is the ultimate tool for brand positioning. Although, these were some ideas from our side, you can also comment on your one below. And also, keep exploring new ways to position your brand. Brand positioning helps you to reach the potential customer. And also remember, being at number 2 is not very bad. But, keep trying to come in 1st position. If there is too much competition in the category of your product, then create your own subcategory and position your brand.
With these little changes in your public dealing methods, you will have a strong loyal customer base in no time. If you know any hack to make customers loyal to your brand please comment down below!
FAQs
What is customer loyalty?
Customer loyalty is the act of choosing one company’s products and services consistently over their competitors. When a customer is loyal to one company, they aren’t easily swayed by price or availability.
Why is customer loyalty important?
Loyalty can stem from many things, but in general, a loyal customer will associate favourable experiences with a brand, therefore, increasing their likelihood to make repeat purchases with that business. Loyal customers spend 67% more on products and services than new customers.
How to gain customer loyalty?
Ways to Increase Customer Loyalty
Make customer service a priority
Reward your customers
Ask for advice and listen to it
Offer conveniences
Don’t just ask for money
How to maintain customer loyalty?
Provide outstanding customer service
Reward customers with special offers and discounts
ANJANA A K
