How to Increase Revenue Returns by Building a Business Model Based on Value

Most entrepreneurs fail to realize that running a successful business isn’t just about creating an innovative product and making sure it delivers on the promise. It’s about marketing your products and services, setting the right price, selecting appropriate delivery channels to reach a wider audience, and converting first-time visitors into loyal customers.

If you wish to increase your revenue, you need to define and build the perfect business model by taking your business goals, market demand, and competitors into consideration.

You need to conduct comprehensive market research and study your customers in great detail before you can create a winning business model. You must ask for customer feedback every step of the way and be willing to go back to the drawing board if your customers are less than satisfied with your business. 

You need to add value to your business by making sure your customers’ needs are met and you haven’t compromised on the quality of your service just to expand your target market. Let’s take a look at some strategies for creating value for customers to increase revenue and take your business to new heights of success.

Delivering Value through Your Products and Services

If you want your business to become an instant hit with the customers, you need to look for ways to add value to all your business processes and make sure your customers are satisfied with your products and services.

In today’s competitive market where so many businesses are doing the same thing, you need to figure out a way to stand out to gain an edge over your competitors. You must deliver value through your products and services to make your target audience take you seriously and recognize what your business has to offer and how that sets you apart from others.

The first thing you need to do is to offer better quality products and services at a reasonable or competitive price. Quality is just one aspect that you need to excel at to make your customers recognize that you’re adding value to their lives.

Another thing that will quickly help you get appreciation from your customers is by increasing your delivery speed. If you can satisfy your customers’ needs faster than your competitors, you’ll establish yourself as a reliable business. Not only that, but faster delivery times will also allow you to set the maximum price for your product/service. 

In addition to that, excellent customer service is also needed to win over your customers and earn their loyalty. You must be willing to facilitate your buyers throughout their journey and treat them as your topmost priority. When your customers feel valued, they’ll begin to trust you and won’t hesitate to choose you over your competitors. 

What a Valuable Service Looks Like

Before we can discuss what a valuable service looks like, let’s define value.

What’s valuable to customers is the extent to which a product or service meets their needs while remaining well within their budget. Value can be divided into components: cost and contribution.

Value=Contribution/Cost

Customers will perceive a product/service to be of high quality if its cost is reasonable (low) and it offers the maximum contribution in meeting their needs.

To make sure your service is valuable to your customers, you need to offer a lot more than great quality products and excellent customer service. It’s easier to see if your business is valuable to you because all you need to do is to make sure you’re generating more revenue than the cost it takes to manufacture and deliver your products. 

However, a truly valuable service depends on some factors that are harder to measure:

  • It solves a major problem that many customers face in the least amount of time
  • It relieves the frustration your customers experience when they’re facing the problem
  • It provides your customer with the outcome they’re expecting

Regardless of how well your business is doing in terms of generating revenue, what ultimately makes it valuable is how your customers perceive it.

Building Trust with Your Customers

Before you can get prospective customers to take interest in your products and services, you need to gain their trust through marketing strategies and show them that what you’re selling to them is exactly what you’re marketing to them. Let them know that you’ll be willing to compensate for any loss they incur as a result of your inefficiency. You must realize that you can’t build their trust overnight. You need to make sure you’re offering secure services to your client, assure them that their data is safe with you when they’re making a transaction, and be willing to help them every step of the way.

Final Words

Customer loyalty and satisfaction is the key to adding value to your business. Before you can hope to achieve even a semblance of success, you must make active efforts to market your products to your target audience, ensure that you’re offering the best quality products in the market, and make sure you stand out from your competitors. 

Fore more resources to help increase value in your business. Consider Yalber business funding. Apply here.

Women Empowerment: The success story of McKissack McKissack

McKissack & McKissack is a major construction firm that’s changing things on many levels. The company is behind huge construction projects that have improved access to health care, and it’s transforming the construction industry, thanks to its commitment to diversity.

The firm is also changing how we view family businesses. It’s the nation’s oldest African American-owned business and the oldest female-run construction company, thanks to the leadership of the McKissack family.

A Family Story

Brothers Moses McKissack III and Calvin Lunsford McKissack founded the firm at the turn of the century after earning architectural degrees through correspondence courses. They began by building houses in Tennessee and moved on to larger projects such as churches and university buildings. A major turning point was a 1942 contract for construction of the Tuskegee Army Airfield.

McKissack & McKissack became a prominent women-owned business when Leatrice Buchanan McKissack become CEO in the 1970s after her husband suffered a stroke. She built on the value that turned the firm into a success and secured several major contracts on university campuses. Under her leadership, the firm built additions to the Tennessee State University campus and the Civil Rights Museum in Memphis.

A Prominent Women-Owned Business

Cheryl McKissack Daniel is a household name in the construction industry. She took over the family business in the late 1990s and became CEO and president. She studied civil engineering and worked on NASA and defense infrastructure projects before becoming the head of the nation’s oldest African American and female-run construction company.

She brought McKissack & McKissack into the 21st century by embracing diversification. The firm currently has more than 170 employees with specialties in a wide range of areas such as architecture, design, site evaluation, compliance or resilience and recovery. It also has the capabilities to oversee every step of the projects it works on.

McKissack & McKissack has developed projects in infrastructure, aviation, government buildings, retail, waste-water management and many other areas. Recent projects include modernizing public transit for New York City’s MTA Capital Program and construction of a $7 billion terminal at the JFK Airport.

How McKissack & McKissack Makes A Difference

Cheryl McKissack Daniel is more than a company chief. She sits on several boards that support minority and women-owned businesses, and minorities and women in public offices such as Women in Transportation. She’s also on various university boards and advisory boards for urban development, including the OneNYC Advisory Board.

The values of the firm is one of the major reasons for its unsurpassed success. The McKissack family has always believed in developing projects that create value for clients and communities. The current CEO always looks for strong long-term partnerships, and earns contracts by focusing on how the firm can create value by bringing something unique to the table.

The firm’s hiring practices foster diversity. For several projects, it hired local workers, including women and minorities, and provided training to help workers find employment in the construction field after completion of the project.

McKissack & McKissack is an inspiring story for minority and women entrepreneurs. Two generations of women have made a name for themselves in a traditionally male-dominated field, thanks to their strong values while bringing communities together with groundbreaking construction projects. We’re excited to see what their next big project will be!

Written by the Yalber Marketing Team

Get funded now. Apply here

The Perfect Campaign: Test, Optimize, Repeat

Take a hundred dollars and turn them into a thousand. That’s the basic principle in marketing, right?

No matter if you work with clients or an employee in some company’s marketing department, at one point, we all hear something along the line of “I want you to get me 10 actions every day right from the start.” My answer is usually: “There is no magic formula. Marketing is A/B testing”

And that’s exactly my point. Marketing is all about data. You make a decision based on data you get from clients, purchases, leads, conversions or educated assumptions. It may be an assumption regarding your target audience.

Let’s say you are launching a jewelry store online. Who is your target audience? To asses that, you need to get input from the designer: Who is the jewelry made for? Then, you can create a sample targeting group that matches the demographic information the designer provided. This will be your first test. Once all the creatives are done and live, you are able to measure the results by a few factors.

• Click-Through Rate (CTR): The average between the number of impressions and the clicks the ad got.

• Quality/Relevance Score: How relevant are the creatives and landing pages for the targeted audience? This number is usually rated one to 10.

• Conversion Rate: What percentage of the users who clicked on your ads actually purchased?

• Time On Site Or Bounce Rate

By assessing the results for the different creatives (at least three to four for the first test), you can choose the best-performing one for that audience. Or you may realize that you need to adjust the targeting if, for example, the quality score is low (below six), the CTR is OK but the conversion rate is low and the time on site is short. That will tell you that this is not the right target audience. However, if the quality score is good, the CTR is good but the conversion rate is low, you need to analyze the traffic performance on the landing page and optimize it.

This is just one example of how you can test an assumption and optimize based on that. When you are trying to create a marketing strategy, always question your assumptions. Never promise anyone a magic campaign or huge results with a strict budget.

So, how do we set the right budget for the audience? What I like to do is look at the target audience’s estimated size. Most tools will also give you the exposure-per-set budget, so you can choose the right amount of exposure per day or overall for the test period. There is not a minimum budget to run with, but I never go for less than a few thousand impressions per day. I find that this will give you the best exposure for the test. It may be $20 per day or even $200 per day, depending on the system, audience, competition or keywords.

Many clients expect to spend very little or as little as possible and get amazing results. Never make promises you can’t keep. And until you have tried a target audience and a product, you never know how it will work. Even if you work on a product that already sells, you will be expected to show better results than before, and this is the exact same thing as working on new objectives.

The best campaigns likely had many variations before they saw amazing growth and success. Make sure you always have a few approaches ready to go. The whole point of A/B testing is to test two or more different assumptions. This may be a combination of different creatives, audiences and landing pages. By doing this, you allow your budget to be spent on two different assumptions and optimize the one that works better. Sometimes, you even get good results with the two approaches and it’s a win-win situation.

The thing that never changes is that you need to base your decision on data. You begin with an assumption or past performance data, you go into real-time performance optimization, and then you optimize based on results and do it all over again.

A campaign has to be optimized all the time. Treat it like a little baby — it needs care and love or it will die.

 

Looking for funding? Apply here.

 

POST WRITTEN BY:

Kobi Ben-Meir

Marketing Director at Yalber. Overseeing the brand and marketing strategies in the US. View the original article published on Forbes.

Increase Returns By Building A Business Model Based On Value

What makes customers choose a product or service provider over another? Customers typically compare their options to find the best value, but this concept goes beyond the mere price of a product or service. Customers are developing a more complex approach to assessing value. For 70 percent of them, a great service is a form of value since they would spend more for this positive experience. Also, for 73 percent of millennials, sustainability is valuable since they would spend more for a sustainable product.

Delivering Value Through Your Products

You need to identify all the ways in which your products deliver value. Shape your message to draw attention to value and look for areas that could be improved to deliver more value.

Shoppers will look at product quality to assess its value. Durable and reliable products appeal to shoppers. More consumers are adopting a budget mindset, and they will spend more if a product lasts longer.

Convenience is another important factor. Your product should be convenient to use, and the process of researching and purchasing the item should also be convenient.

Shape your marketing campaigns around the value that the function of the product brings. Your content can inform shoppers about the value of the product by explaining how the product saves time or how it simplifies a task.

What A Valuable Service Looks Like

For 62 percent of companies, customer experience is seen as a differentiator. Consumers’ behaviors confirm this trend because 86 percent will pay more for a great experience.

Invest in a consistent multichannel experience that delivers the right interaction at the right time. The quality of each interaction matters and can be assessed in terms of how well it meets the customer’s needs and expectations.

Customers will also weigh the cost of the service offered and look for evidence that you are putting efforts into offering the best service possible. They will also consider the reward of the service offered, which you can demonstrate by offering tools customers can use to track their progress while using your services or products.

Building Trust

Trust is a crucial element of the relationship between consumers and brands. You can establish trust by repeatedly meeting and ideally exceeding a customer’s expectations.

Here is what you should focus on to build trust:

  • The values of your organization should appeal to consumers so they can form an emotional attachment.
  • There is a concrete dimension to building trust. You need to consistently deliver quality products that function as advertised.
  • The social impact of your brand matters. Did you know that 53 percent of consumers believe that brands can do more than governments to address social problems? You can deliver value and build trust by connecting with your community.

Further Considerations On Value

A customer won’t be able to assess the real value of a product or service until they make a purchase. Until then, the value is projected or perceived. Your marketing efforts help shape the perceived value of what you offer, but you need to make sure there that are no discrepancies between the perceived value and real value.

Value can be broken down into four elements:

  • The social impact of your business.
  • The life-changing qualities of your products or services.
  • The emotional connection with your audience.
  • The functional aspect of what you offer.

You need a strategy that addresses these four elements. Calculating the ROI of your efforts to increase value can be difficult because sales numbers alone won’t be very indicative. Instead, focus on performance indicators such as your customer satisfaction index and how many shoppers make repeat purchases. Track customer advocacy for your brand on social media.

Investing in value will result in satisfied customers, more sales, and more returns for your business. However, your approach should be tailored to your audience and how they define value. If you are interested in potential strategies to consider, we think exploring AI and chatbots is a great place to start since they can help you offer a better experience and form stronger connections with your audience.

Get funded now.  Apply here

2019 IAC Best Financial Services Online Campaign Goes to Yalber

2019 IAC Best Financial Services Online Campaign Goes to Yalber

Yalber, a FinTech SMB funder, wins the 2019 IAC best online campaign for financial services. This is the company’s first award for the year.

Kobi Ben-Meir, Marketing Director, Yalber

The Internet Advertising Competition (IAC) has selected Yalber’s Royalty Based Investments campaign as the best financial services online campaign for 2019. Past winners in this category include Western Union, Equifax, Franklin Templeton Investments, TMP Worldwide for Citibank, U.S. Trust, Bank of America Private Wealth Management and more.

The Web Marketing Association (WMA), which was founded to help set a high standard for internet marketing and corporate web development on the World Wide Web, created the IAC Awards so companies and individuals could enter their best work to be judged against other work in its own industry. The IAC Awards provide an opportunity to highlight online advertising in 96 industries and nine online formats, including online ads, video, mobile, newsletter, email and social media.

“The challenge we faced was how to position the brand message in a way that will be clear but with not too much text or run time. We decided to break it down to the main selling point components and the results are incredible. I am very excited IAC chose our campaign, and I could never have done it without the support of the company in me and my team. There is a lot more to come in 2019. Stay tuned!”, said Kobi Ben Meir, Yalber’s marketing director.

About the company

Founded in 2007 and headquartered in New York City, with strategic offices in Dallas, Los Angeles and San Francisco, Yalber is a technology-enabled specialty lender, leveraging proprietary origination, disciplined underwriting and performance analytics to improve the speed, cost and choice of capital available to small and mid-sized businesses throughout the U.S. Yalber has recently closed a $20 million facility to support its growth. Read more ​

www.yalber.com

Winner page: http://www.iacaward.org/iac/winner.asp?eid=17542

Contact info:

Marketing@yalber.com

Allow Your Goals (Not Your Age) To Help You Grow

For the past few years, it feels like I’ve been chasing everything. Seems like only yesterday it was my 21st birthday. I often hear people talk about how scared they are to reach the end of their 20s. Like it is a period that defines you for your entire life. To be honest, I didn’t stop to think about reaching the end of my 20s until now.

For the five years since moving to the states, I have been looking forward. I always have something to reach to, a goal to achieve. Moving from Israel felt like a breeze, actually. Fast forward a few years, and all of a sudden, I am turning 30; I hold a position as the marketing director for a fast-growing company, and I have a great life with my husband and our three-dog family.

Maybe the path I am trying to take is somehow clear to me on the personal level, but what is it on the professional end? I guess many people my age and in my position may feel the same. After all, I have a steady job and an amazing team — together we achieve great results. The company I work for is growing rapidly, I was shortlisted as a finalist for marketer of the year for two business-to-business marketing awards in 2018 and have been able to share my industry expertise with readers. All of that does not overcome the feeling I had the moment I realized the big 3-0 is just around the corner.

Taking A Moment To Reflect 

It’s stupid, honestly. That absurd thought that going into a new decade of life will change anything significantly. But whatever your age, let’s be frank and admit that nothing actually changes because you are a year older. As long as you push hard to achieve your goals, your age is just what you put on your social media account.

Goals are what drive us in life. These are what keep me energetic and focused all the time. I have goals for my career and goals for my personal life — even goals for my social life. If you aspire to achieve something, you will find the way. That’s my approach. While you may not always succeed in achieving the goals you set, I believe having them is a crucial part of your growth and success.

 

The Goal-Setting Imperative

To decide what goals you set, think about the next step in your professional journey. What small (or big) mountaintop do you want to reach next? Is it a new position? A bigger project? Increased compensation? A wider professional circle? Or maybe enrichment through education?

Try to set goals that will help you grow and progress, but at the same time, be realistic, and don’t imagine goals that are out of your reach. That way, you help yourself constantly grow.

The whole point with having goals is that they become part of the day-to-day cycle. Don’t think about them all the time, yet push toward them every second. Confusing? Well, think about it as a blueprint for your next phase. Figure out what needs to be done to get to where you want, and work toward that, but at the same time, don’t let that be your sole focus, as you may become inefficient in your other responsibilities.

To start, try to set one small goal. Something simple but meaningful. Achieving that small goal will help you move on to the next bigger one. If you fail, don’t be discouraged — analyze what went wrong. Did you overestimate your abilities? Did you lack in performance? Could you work harder to achieve your goal?

Your Goals Drive Progression

Each of us must have a drive in life. Call it whatever you want, but something that drives you is a goal. Something that motivates you is a goal. Goals don’t have to be set in stone, but you must have them. Because without goals, your progression won’t matter — in fact, it may not even occur.

This is how I look at the fourth decade of my life. The decade in which many of us set the tone for growth in our careers. The decade in which we may change our lives in more ways than one. The decade in which we learn from our last decade of mistakes and then make new ones.

As part of the millennial generation — the generation of technology — we are used to change. Tied with our personal achievements and self-independence, we can set the tone for the future and actually make a change. Let that be our master goal.

Looking for funding? Apply here.

POST WRITTEN BY:

Kobi Ben-Meir

Marketing Director at Yalber. Overseeing the brand and marketing strategies in the US. View the original article published on Forbes.

Things To Consider Before Seeking Small Business Financing

Being a small business owner is not an easy job. So, why do so many people go that path? Often because they believe in what they do and seek independence. But how do you make it work in today’s economy?

A successful business is often measured by its stability and not necessarily by profitability. A good business owner will know how to use different products and services to benefit the business and grow or solve issues to keep it alive. This includes identifying the right financing solution.

The “Small Business Credit Survey,” conducted in 2017 by the Federal Reserve Banks of New York, Cleveland, and Richmond, surveyed 5,547 single-employee firms and found that “65% of credit card holders use a personal credit card for business financing,” while only one in four applied for financing specifically for their small business.

Financing options for small businesses include standard bank loans, but many banks are reluctant to fund small businesses without personal guarantees, which require you to risk your personal assets, both financial or physical, to secure such funding. Alternatively, there are companies that offer unsecured loans — also referred to as merchant cash advance or royalty investments. Having worked with several of those products, including in my current role as director of marketing for Yalber, I have learned that, for the most part, these products are similar to one another.

While small businesses may choose different types of financing solutions for different reasons, there are several considerations every small business leader should make before signing that contract.

Analyzing Your Small Business’s Financing Needs

A small business leader should account for the amount and length of the financing offer needed. To allow a better cash flow and turnaround on credit lines for the business, it is usually best to acquire a short-term financing deal that you can afford. This means that the amount you pay back is fixed for the term, and you don’t risk your business stability if required to pay back a percentage of your revenue. A long-term loan will be cheaper for the business but will limit the funds you can withdraw as working capital, as it will take longer to pay the loan back. The free early payoff and no commitment (typically) for the short-term loan can be attractive to small business owners.

When it comes to credibility with a bank loan, you are good as long as you pay on time. With short-term loans, you can gain points for paying them off early, paying more than your required payment or even for paying on time with no issues. Those factors can help you when you need additional funding before the first loan is paid off. Think about a short-term loan as a credit card. You get a $5,000 credit line, and when you pay most of it for a few months, you get a credit increase. It works the same with short-term loan companies.

Another aspect to consider is how responsive you need your financing contact to be. With short-term financing companies, you can get an actual person as your main point of contact, compared to larger companies and banks, with which you will most likely work with the general customer service department.

Ultimately, you need to remember one thing: Business financing is not the solution for any business. If your business is new and cash flow is not stable, a short-term financing deal will not be the right move, as you may not be able to guarantee the scheduled payment. Or if your business requires a larger financing deal (over $500,000), you will likely want to secure a bank loan due to the lower interest and better payment terms. If your business can’t guarantee the loan payment, however, you should avoid short-term and bank loans altogether.

Planning ahead is the most important part of every business. When you take the time to thoroughly consider your options, you can work to create a stable business. Just remember to shop around and get the best offer for your business. Knowledge is power, and knowing the right tools, services and products for your business’s success is key.

 

To learn more and apply click here

 

You can see the original Forbes article here

 

POST WRITTEN BY

Kobi Ben-Meir

Marketing Director at Yalber. Overseeing the company’s brand and marketing strategies in the US.

3 Easy Ways To Promote Your Business On Instagram Organically

For many people, the internet can be a gift and a curse. One terrible review can destroy someone’s business while a tiny hole-in-the-wall, in the middle of town somewhere, can become a gold mine because of a simple search. Word of mouth still exists but these days it spreads faster than Black Friday sales on big screen TVs, missed Football field goals or an egg post on Instagram that gets almost 50 million “likes” in 24 hours.

For many, managing an Instagram account can be challenging and frustrating when you’re spending more time managing the day-to-day operations of your small business or your results from your posts have been underwhelming.

 

 

  1. Get Help

 

 

If you’re running a small business it can be almost impossible to manage social media accounts to gain awareness and grow your business, all at the same time. But Instagram is not something to be ignored. It’s not only a bunch of Millenials posting selfies, food pictures and sharing “memes” because in June 2018 Instagram hit 1 billion active monthly users.

                                                                       https://techcrunch.com/2018/06/20/instagram-1-billion-users/

 

That number is proof that It’s worth to add a Social Media Manager to your payroll. Even if the manager is a part-time student, with little experience, they can help you take a lot off the plate by posting quality photos and videos, attracting new followers and building on a brand identity.

 

  1. Geo-tagging and Hashtagging

 

Now that you’ve got your new manager, it doesn’t mean you’re totally off the hook. Lot’s of small business owners will say that the service or business they provide is irrelevant for Instagram because they’re local or it might not appeal to young consumers.

 

  • Ages 13–17: 57 million (7%)
  • Ages 18–24: 270 million (32%)
  • Ages 25–34: 270 million (32%)
  • Ages 35–44: 131 million (15%)
  • Ages 45–54: 68 million (8%)
  • Ages 55–64: 30 million (3%)
  • Ages 65+: 18.3 million (2%)
(https://blog.hootsuite.com/instagram-demographics/)

 

Even if your target market is in the older range, those numbers are still in the millions. Now, that’s just a perspective. So how does this help your local business? Geo-tagging lets customers know where you’re located. It lets them know you’re near and brings your business awareness. If Im looking for a printing service or contractor, seeing your work online and an “identity” will help me compare, discover and make a more confident decision.

                                                                                                                                                           https://blog.wishpond.com/post/115675437680/how-to-use-hashtags-and-geotags

 

Hashtags also bring more awareness to your business. If im looking for a packaging service, I can search for a business on Instagram it can help me find your business, especially with the combination of geotags and hashtags.. Usually, hashtags should go after a good caption and while Instagram allows up to 30, I personally recommend putting 5 relevant tags about your post or business.

 

  1. Engagement

Just as if you would engage with your customers in person, face to face. It’s just as important to do so on your profile. Engage by being active in the comment section, collaborate with other relevant business where both can benefit off of each other. You can also create community events and drive awareness. Ask if you can follow your customers on Instagram and send a Happy Birthday card, or tell them to enjoy their new Cat. Whatever life event they share, make sure you’re there for the support. Word of mouth is still very much alive and well and in today’s world, it’s amplified on Instagram. The little things count and go a very long way. Don’t focus on how much “followers” your account has, it’s more important that whatever number it is, those followers are or can turn into real customers.

Written By: Avi Milman

Looking for funding? Apply here.

Learn To Be ‘Best Practice’ Smart For Your Business’s Success

As professionals, we always face challenges — all kinds of challenges. They can be predicted in some cases, but most of the time, they just show up. Like that annoying pimple that we were promised won’t show up anymore after we turn 20. Many of those challenges involve other people. All of them actually. Think about it, how can we face something difficult if there is no one on the other end to make it hard for us?

A smart professional will overcome the challenges. In one way or another, that person will find a way to overcome the hurdles and prevail. To succeed in your professional path, whether you are an employee, a business owner or somewhere in between, you need to be smart. And I don’t necessarily mean academic or real-life smart. This is more of a “best practice” smart.

Real-Life Smart 

Let’s say you stand in line for a new phone release and someone shoves his way through the line to right in front of you. The event is being broadcasted live by a media organization, and you have a professional track record to maintain. What do you do?

You face a few options. You can confront that person and try to get your place back in the line without knowing the outcome. You can report the person and hope that someone will take action for you. Or you can just accept your new position in line and be alert so it won’t happen again.

What is the right choice? Well, there isn’t one. It depends on the scenario. If that person were to act aggressively toward you if confronted, it could go south, and the situation may end up on live video, potentially portraying you in a bad light. It may also turn out to be a quiet response, with that person returning to his original place in line. Same with any other option. You never really know what response your action will result in.

Put yourself in a business owner’s shoes. You have a company with a great product. You put a lot of effort and resources to get your product to the market and expose it to as many potential customers as you can. Your company value proposition is amazing, and you get a lot of interest. That’s a great place to be in as a small business owner.

One of the most difficult things when establishing and growing a company is gaining interest and exposure. You have it all in your back pocket — the marketing, the operation, warehouses, distribution chains, human resources, etc. Your company manages to process orders every day, and it looks like the best product in its space.

But then you start having issues with customers. Customer service issues are an inseparable part of any business. Some of your customers are not satisfied with the quality of the product they received and contact your support team with outstanding requests.

It’s your product, the baby you’ve cared for since day one. You, as the business owner, are biased toward any negative product issue. You have also grown close to your team and feel like every complaint against them is personal. How would you handle customer service issues in this scenario?

This is where “business practice” smart comes before the real-life smart. Or consider it this way: Be smart, not right. You always need to do the right thing for your business, regardless of the other side. In the case of a customer with an outstanding complaint or issue, it is often in the best interest of your business to be smart. What does that mean? Give up. Let the customer win.

The Customer Is Always Right

The saying “the customer is always right” comes from this business approach. Not because the customer is necessarily always right, but because the business wants the customer to think he was right — or at least think that he won.

Think about the pros and cons in today’s world if you try to battle with a customer. Social media, review sites, personal blogs — all are so accessible and easy to lash out on about every little issue. Some people are just waiting for something new to be mad about, to jump on and add to the anger of many others.

This does not happen all the time, but do you really want to take that chance? What will you lose? What will your business lose? A few dollars from an order? A replacement product?

Don’t get me wrong. You don’t have to accept every customer request, but you do need to act respectfully and offer solutions for every customer with an issue. Most likely, if you are the smart one, your business will prevail.

Remember one thing — one very important thing: If you can’t keep calm and carry on, do not handle customer issues or social media engagement on your own. The damage you may create by taking the offensive approach instead of the smart one could affect you in the long run.

From my perspective, this approach is right for every situation you may encounter in your professional life. The fact is that, when you manage to get the other side to work with you instead of against you, the results are a lot better and quicker.

Try to apply this approach to the everyday challenges you face. I won’t lie, it takes time to practice and excel. Most of the time, it won’t be perfect. As someone once told me, “you’re better off keeping your head over water than sinking with the bottom feeders.” Try and remember that.

To learn more and apply click here

POST WRITTEN BY
Kobi Ben-Meir
Marketing Director at Yalber. Overseeing the company’s brand and marketing strategies.
You can see the original Forbes article here.

New E-Commerce Funding Service for Shopify Store Owners

Yalber is happy to announce the launch of an e-commerce based financing solution for Shopify store owners. We created the perfect product for online store owners when in need of funding. Our royalty based investment product is easy and fast! Shopify store owners can now apply and get funded within 48 hours – based on the store sales performance.

Considering the growth and momentum of shopping online, more brick-and-mortar merchants are looking into penetrating the e-commerce online market. E-commerce has been revolutionizing the way people shop-making it cheaper and more convenient. Yalber recognizes that Online merchants may have different focus than a brick and mortar one does; such as having a good website, getting maximum product engagement, web conversion and product sold per order, however they share the same focus as all merchants do- how to obtain proper funding

Online businesses that do not receive proper funding experience a glass ceiling that inhibits their growth. Funding is the fuel on which a business runs. It is impossible to navigate and drive a business to success without effectively allocating proper funding. Effective allocations of resources require planning and liquidity that is easier said than done… Proper business funding is needed to be able to respond to the changing market conditions, such as capitalizing on purchase opportunities when the price is attractive, investing in digital assets created in advance, and constantly improving marketing and sales numbers. Also, maintaining customer loyalty. If a digital business does not have essential finances to cover short-term and long-term expenses, working capital management may be jeopardized- and this is not a good thing! Failure to reach demands because of inadequate funding can cause inventory shortages and marred business relations.

Every business owner has a vision for their company and sometimes that vision can be obstructed by insufficient funding. Yalber understands the important needs of each Shopify business owner. They believe securing capital should be simple and easy, that’s why their application process is easy to follow and you get a response is less than 24 hours! Banks can take forever, that’s why Yalber offers merchant cash advances (MCA). Yalber invests in online businesses that generate revenue from either a product or services. For an exchange of an up front-investment, Yalber receives a royalty or percentage of your business’s future receivables. Unlike other sources of investment, Yalber does not receive royalties from a business’s sale for the life of the business. Instead, the royalty Yalber receives is limited to a specific amount agreed based on their risk team business analysis. This analysis is determined to benefit the success and growth of the online business. Once the return on investment is met, royalty rights are then returned back to the business.

Click here for more info

GET FUNDING
X