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5 Effortless Money Saving Tips for your Business

Category: Growth Hacks

5 Effortless Money Saving Tips for your Business
Mohab Growth Hacks 0

5 Effortless Money Saving Tips for your Business

A successful business is not just about generating higher revenue but also about cutting down on expenditure without compromising the operational efficiency. Hiring cheap labor, avoiding technology solutions, and trimming down marketing budget do not qualify as smart decisions. You will witness a decline in the growth rate if you follow these.

Instead, you should adopt innovative and easy ways to save money in your business. Here we elaborate on these ways that will assist you in generating more profit without decreasing the quality of your product or services.

Watch & Analyze your Expenses

The most basic, simple yet crucial step to save money is watching and analyzing your expenses. The financial statement gives you a complete overview of each and every expense. If the expense is not necessary, you can simply avoid it or replace it with an affordable version. This is not applicable to just tangible holdings but intangible ones as well. For example, time is also a resource. When you are wasting it on an unproductive task, it is an unwanted expense. Therefore, you should manage it judiciously to attain maximum value out of it.

There are various tools and apps that let you record and analyze expenses, generate in-depth reports, and recommend feasible ways to cut down on unnecessary expenditure.

Ditch Paper and Adopt Digitization

Use of pen and paper is unavoidable. You cannot completely eliminate the need but you can minimize it by adopting digital means. Instead of relying on paperwork for maintaining records, printing receipts and documents, preparing reports, etc, simply digitize the tasks associated with paperwork. For this purpose, you can invest in an Enterprise Resource Planning (ERP) system or project management software.

In addition to saving stationery expenditure, you will save money by not buying associated equipment like printers, fax machines, cartridges, etc.

Invest in a Secure Payment Gateway

Financial frauds have been the most dreaded way of incurring unwanted expenditure. If you want to prevent any monetary losses, you should invest in a secure payment processor that complies with the latest security standards. Some of the latest compliances and security protocols comprise AES 256-bit encryption, Two-Factor Authentication (2FA), and so on.

Moreover, opt for a payment solutions company that abides by the PCI DSS compliances, government rules and regulations, and other legal guidelines. While investing in a payment gateway, check out the subscription costs and associated costs to avoid hefty transactional charges.

 Adopt Cloud Computing & SaaS

Setting up your own IT infrastructure and deploying a team of IT experts can be an expensive affair. But when you have the provision of cloud computing, you don’t need to invest in physical infrastructure. Simply avail cloud computing services to store your data and operate seamlessly without any obstructions. Cloud computing ensures secure operations, ease of scalability, and affordable solutions.

Software-as-a-Service (SaaS) is a cloud-based subscription mechanism that allows you to invest in tools, applications, and software to manage business operations. You can avail a customized package based on your requirements, thereby avoiding any extra expenditure.

Outsourcing & Work from Home

Due to globalization, technological advancement, and access to high-speed internet, the world has become a small place. Now instead of setting up an in-house business operation, you can outsource to service providers who provide expert services at reasonable costs. And if outsourcing is not on your cards, you can allow employees to work from home. This saves your money that would otherwise be spent on setting up the infrastructure for the employees.

You can also consider opting for a co-working space. Purchasing property, customizing it, and maintaining it can be a costly affair. A co-working space saves you from all these hassles.

Conclusion

There are numerous other ways to save money in your business. But these are some of the most effective and easy-to-implement ways to cut down capital and operational costs. Adopt these before it’s too late to streamline business operations according to these changes.

5 years ago
8 Ways You Can Attract New Customers to Your E-commerce website
Mohab Growth Hacks 0

8 Ways You Can Attract New Customers to Your E-commerce website

Over the last few years, online retail sales have continued growing at an incredible rate proving that this is not a fad. According to projections,   online retail sales will reach 8.8% of total retail spending in 2018. According to TechCrunch, 79% of U.S consumers now shop online which highlights the huge opportunities in the e-commerce industry. If your business is not already online, it is time to make the big move. However, you should expect stiff competition as more online businesses set up shop and target the same market. To survive in this volatile business landscape, you need smart strategies to attract new customers to your ecommerce website.

This guide explores the best approaches for customer acquisition in the online ecosystem such as secure online payment systems, SEO, call-to-action (CTA), social media, and leveraging visual content, among others. Keep reading to learn more.

  1. Social Media Buttons

Most internet users converge on social media. If you want to attract new customers, you should target social media users by including social media buttons on your content. However great the content on your e-commerce website is, you will not attract new customers if your existing ones don’t share. If you have an amazing holiday offer on your products, make sure the content is easy to share on social media.  Sharing content on social media not only drives traffic to your e-commerce business but also increases brand visibility.

  1. Provide Flexible Payment Options

User experience is one of the biggest aspects of successful online marketing. If you want to attract new customers, you must offer an excellent user experience. One way of doing this is through flexible online payments. You should integrate the best payment gateway on your site to start accepting payments without much hassle.

  1. Focus on Search Engine Optimization (SEO)

The competition in the internet market is stiff and to get an edge over the competition, your website must rank high on search engine result pages (SERPs) for your target keywords.  You have to implement a smart search engine optimization (SEO) campaign for better ranking as this not only increases visibility but also builds the credibility of your online store and drives traffic to your site.

  1. Buy Pay-Per-Click Advertising (PPC)

PPC is a premier online marketing tool to attract new customers. It is easy to target potential customers who are more likely to shop from your store. PPC campaigns have high ROI and you can use credible PPC platforms including Google, Bing and Facebook for targeted marketing with good results.

  1. Invest in a Professional Web Design

Many online businesses fail because they don’t make a good first impression. Web design is an essential part of any SEO campaign and it helps attract new customers. By investing in responsive web design (RWD), your target customers can reach you on any device. Good web design also reduces churn rates and increases conversion rates.

  1. Use a Powerful Call To Action (CTA)

On each page of your e-commerce website, you should have a call to action (CTA) which directs visitors as to what to do. A good CTA is short and concise and should lead to higher conversion rates. The idea is to convert a website visitor into a buyer and avoid high churn rates.

  1. Leverage the Power of Visuals

Visual content is the future of business marketing and internet users love it. If you want to attract new customers to your website, you have to invest in high-quality videos, images and animations with informative content, for your marketing campaigns. Videos and images have a high ROI and internet users share them rapidly. You will not only enjoy higher conversion rates but also create brand awareness when you invest in the best visuals.

  1. Invest in Fresh and Relevant Content

Internet users are highly conscious of what they need. They are always on the lookout for something that adds value to their lives and they want it instantly. If you can’t captivate your target customers with good content, they will quickly look for an alternative. For this reason, you should invest in fresh, relevant and interesting content.

These are only a few of the techniques you can use to attract new customers to your e-commerce website. You should also invest in creative marketing such as competitions, keep your website updated, and use referrals and membership programs, among other techniques. The ultimate goal is to grow your e-commerce business’s customer and get the best ROI out of the methods you use.

5 years ago
Tips to increase revenue and brand loyalty
Mohab Growth Hacks 0

Tips to increase revenue and brand loyalty

One of the most difficult aspects of managing a business is increasing revenue.  As a business owner, you have to grapple with increased competition in the backdrop of increasing operation costs. While most businesses focus on customer acquisition to boost revenues, research shows building brand loyalty can have an even greater impact. A recent report shows that 43% of customers spend more money on brands they are loyal to highlighting the importance of building brand loyalty. The same report shows that the probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is 5-10%. If you want to increase your revenue base, you have to start thinking about strategies that will build loyalty.

From integrating secure online payment systems, customer referral programs, and excellent customer service to responsiveness, there are many ways of building loyalty with an eye on increased revenue. This article explores some of these strategies in detail. Keep reading.

  1. Create a customer reward program

One of the best techniques to retain customers is through gifts and rewards. This is the shortcut to customer loyalty and today; it is possible to personalize such gifts for better impact. With the data collected from your systems, it is possible for instance to wish a customer a happy birthday and even send them a personalized card and a gift.

This gesture will not only help in retaining the customer, but also promote your business by way of word-of-mouth marketing. Your business revenues will increase through return purchases and from referrals by your satisfied customers.

  1. Prioritize customer service

Businesses today struggle to increase revenues due to high customer churn rates. One of the main reasons for customer defection is poor customer service. According to the American Express 2017 Customer Service Barometer, 33% of customer say that they would consider switching brands in case of poor customer service. The same report shows that more than half of Americans have scrapped a planned purchase due to poor customer service.

These numbers emphasize the importance of providing excellent customer service. You must be there for your customer at all times because this is the only way to ensure they complete a purchase and remain loyal to your brand. If you want to improve your revenue numbers, you should invest in the best customer service.

  1. Provide value

Your customers already know many other brands selling the same goods and services as you. As such, your main focus should not be on the products themselves but on the value they add to the customers’ lives. You need to distinguish your brand as one that provides value, not just through what you sell, but also through community participation among other things.

  1. Engage with your customers

In today’s wired world, your customers are everywhere and they want to interact with your brand on all platforms. It is no longer enough to build a website because your target customers are on social networks and this is where you should also be. Make sure you connect with your customers as this gives them a sense of belonging and makes them loyal to your brand.

Use available platforms to inform your customers of new trends in the industry, your company activities, and anything else that is relevant to your relationship with the customer. Your customers should feel a part of your business as this will keep them coming and they will also promote your brand. This is a smart way to increase revenue for your business.

  1. Offer conveniences

If you make life easier for your customers, they will keep coming back and this will improve your revenue base. For instance, if you accept payments online free, offer feedback on social media, do free deliveries among other things this will retain your customers and increase revenue.

There is no denying that the current business environment is tough but if you focus on customer retention, it is possible to stay ahead of the competition. These two-prong customer retention strategies will not only build customer loyalty but also increase revenues.

6 years ago
4 brand strategies to acquire and retain customers
Mohab Growth Hacks 0

4 brand strategies to acquire and retain customers

Growing a business in today’s competitive environment is not easy. While a globalized market provides a larger market base, it also presents a plethora of challenges, including global competition, higher costs of operations, complex business licensing among other issues. However, you can still gain a competitive edge in your industry through a clear-cut strategy for customer acquisition and retention. Most business owners focus primarily on customer acquisition while overlooking customer retention, which leads to poor performance. There are some unique brand strategies that can help you to acquire customers while at the same time reducing churn rates. This article explores some of these strategies. Read on.

  1. Providing flexible payment options

For your business to survive in this competitive environment, you must provide an excellent user experience. The way potential customers interact with your business from the beginning to the end determines whether they will shop from you or walk away. From the moment a customer lands on your online store to the moment they complete payment, the experience should be seamless.

It is advisable to partner with a payment solutions company to enable online payments for your customers. The payment gateway you use should allow for safe, flexible, and secure payments and this will win you, customers while building loyalty among existing ones.

  1. Be authentic and consistent

When starting a business, every entrepreneur has an objective and to achieve this; there is a need to provide a consistent user experience. To acquire customers, your brand must prove over time that it can provide exquisite services. Potential customers must feel the need to associate with your brand and you achieve this by not only providing outstanding products and services but by being authentic and consistent. Make sure you have an authentic voice and provide a seamless user experience always as this will help you acquire new customers and retain the existing ones.

  1. Provide value to your customers

Anyone can start a business, but the only enterprise that can survive is the one that offers value to the customer. Whatever your business idea, make sure it adds value to your potential customers. In a world where consumers are lost for choice, there is a need to distinguish yourself by creating an impact in the life of your customers. Don’t push your products or services in the face of potential customers, but instead, show how these can impact positively on their lives. This is a branding strategy that not only attracts new customers but also helps retain existing ones.

  1. Incentivize customer referrals

As your business grows, you need to boost loyalty by creating a loyalty program. This is a great customer retention strategy. However, you can also use this as a branding strategy to acquire new customers by incentivizing customers for their referrals. Customers love rewards and they will spread the good word about your brand by word of mouth. This is a creative way of making the most out of your loyalty program. You will not only boost customer retention through this strategy, but you will also interest existing customers to stick around longer.

When you take payments online, incentivize customers for their referrals, provide a consistent user experience, and add value to your customer’s life, you will easily acquire and retain your customers. These are just a few of the branding strategies which help you to acquire and retain customers at the same time. These two-prong strategies will not only promote brand loyalty, but also increase sales conversion, enhance ROI, improve customer satisfaction rating, and much more. It is important to review and evaluate these strategies constantly to ensure they meet the set objectives.

6 years ago
6 ways your billing system can improve customer retention
Mohab Growth Hacks 0

6 ways your billing system can improve customer retention

As a business owner, you need to appreciate the importance of customer retention. A solid customer retention strategy helps save money on marketing, boosts repeat sales, accords your business free word of mouth advertising, reduces customer churn rate, builds a loyal customer base and helps collect invaluable feedback from your customers.  A study by Reichheld of Bain & Company published on the Harvard Business Review says acquiring one customer is 5-25% more expensive than retaining an existing one. The same study shows a 5% increase in customer retention rates boosts profits by 25% to 95%. There’s no overemphasizing the importance of customer retention in today’s overly competitive business landscape.

One of the most effective strategies for online businesses to build loyalty among the existing customers is to take payments online. If you have been wondering how you can improve your online business fortunes, this article highlights the importance of a billing system in customer retention. Read on.

  1. Personalize the customer’s experience

One of the most conspicuous changes in business marketing is increasing focus on personalization. The modern day consumer has become accustomed to customized experiences everywhere they go to including Facebook, online shopping sites and utility service providers.

If you have a billing system, make sure you offer a tailored experience to retain your customers. Provide a single customer account interface and provide real-time processing. The customer needs to own the billing process and you must ensure this by using a payment gateway which you can customize.

  1. Reduce involuntary churn

The modern shopper has an infamous short attention span and they want instant gratification. While most consumers make conscious decisions to leave an online store, others walk away due to weak technology. This is involuntary churn and you must avoid it in your billing system. Make sure your billing system offers automatic retry, account updater services and multiple payment options in case the primary one fails. The rule of thumb is never to allow a problematic payment get in the way of customer relationship.

  1. Use a self-Service portal to provide a better user experience

The best billing system comes with a one-stop-shop portal where customers can complete all transactions. Most of your customers today have a lot of tech know-how and they want to stay in control. A self-service portal reduces waiting times and poor satisfaction levels caused by your delayed customer resolution to issues.

  1. Provide flexible payment options

The modern shopper wants a variety of choices in everything and when it comes to online payments, your billing system must offer convenience. It is no wonder then that a recent YouGov survey published on the Retail Technology Review says 50% of shoppers cancel a purchase if their preferred payment method is unavailable on a site. Simply put, your billing system must accommodate multiple payments to avoid customer churn.

  1. Improve system efficiency

In the online business ecosystem, you need systems operating like clockwork. If you accept payments online, your billing system should offer a seamless experience. The system should provide crucial information instantly to both the customer and your customer service team. This, in turn, leads to higher customer ratings and reduced customer defections.

  1. Leverage billing data for better service delivery

Data is one of the most crucial assets that any business can invest in today. Now that you have a self-service portal on your billing system, you can collect invaluable data which will help create memorable customer experiences. You can monitor customers’ preferences, offer custom content on email marketing, contact a specific customer to follow up on any changes in their service portal and so much more.

There are many other ways your billing system can improve customer retention levels for your business. It is a seamless platform to build an engaging relationship with your customers, improve the user experience, provide a personalized experience, and offer payment convenience. With an efficient payment system on your online store, you are already on the right path in your customer retention journey.

6 years ago