There are several e-commerce marketplaces where you can sell your products. Here are three of the most popular options.
\nAmazon runs an e-commerce marketplace that enables businesses to sell products to its 147 million U.S.-based Prime customers. In exchange for that access, Amazon charges you a monthly fee and also tacks on a per-item referral fee. Online shops can pay extra for Amazon to handle shipping.
\nGeared toward sellers of crafts, jewelry and other homemade items, Etsy has become a huge marketplace, providing sellers with access to more than 40 million consumers.
\nGeared toward more established merchants, Walmart Marketplace puts your products in front of millions of potential customers. Walmart screens businesses before including them in the marketplace and, just like Amazon, offers fulfillment services.
\nE-commerce platforms help business owners set up an online shop in little time. These platform operators also help merchants list and sell their products, manage inventory and accept payments. Here are two popular options:
\nUsed by more than 1 million businesses, Shopify is a top e-commerce platform that offers a full suite of services. Merchants can create an online store; sell products on social media and marketplaces; and manage product inventory, payments and shipping. Shopify charges a monthly subscription fee.
\nBigCommerce is another leading platform for online selling; it allows you to create an appealing online store and even run your social media marketing. Its pricing is comparable to Shopify’s.
\n\n \n\n\nWhich types of products are profitable to sell online?
\nNot every online merchant has a passion for the products they sell; many take advantage of a trend or sell ancillary items for a popular item. Some money-making opportunities are seasonal, while other profitable products have to do with current events.
\nConsider the COVID-19 pandemic, which has increased the popularity of certain product categories because many people are still working at home and are worried about their health. “Medical goods and loungewear are really hot right now,” Brunker said. “We’re [seeing] a surge in convenience goods and things that make people comfortable at home.”
\nBrunker said there’s also an increased demand for housewares, particularly decor; workout gear and equipment; and home improvement materials.
\nWhat are the benefits of selling online?
\nIn today’s market, having an online presence is a requirement for retailers of all sizes.
\n“It’s absolutely essential that small businesses get online,” Stabler said. “To not only survive but thrive, you have to reach your shoppers wherever they may be. There’s an opportunity for small businesses to go global in a way they never did before.”
\nThere are plenty of other reasons to take your business online. Here’s a look at nine of the most important ones.
\n1. Cheaper startup costs
\nAnyone who runs a physical store knows the costs associated with operations, including rent, utilities and wages. But when you set up your store online, you don’t have to worry about dealing with a landlord; paying an electric bill; or hiring staff to collect cash, stock the shelves or manage operations.
\nSure, you have to spend the money to set up a website and accept payments online, but it’s typically a lot cheaper than brick-and-mortar costs.
\n2. Freedom to move (or stay)
\nWhen you sell products online, you aren’t stuck in a specific location. Your e-commerce operation allows you to sell to customers nationwide and even across the world. For instance, you can sell surfboards from your warehouse in Indiana; you aren’t required to set up shop on the coast. All you need is access to the internet, email and phones to keep business going.
\n3. Larger customer reach
\nThere are no barriers to shopping when you’re doing it online. That presents a big opportunity for a small business owner to reach a whole new set of customers. It may cost more to ship products internationally, but selling online can boost your reach and thus sales.
\n4. Scalability
\nThe internet is nimble, and so is an online store. Because e-commerce is digital, it’s very easy to track which items are sold, decide which ones are doing well, and then add and remove products in real time.
\n5. 24/7 selling
\nThe internet is on all the time, which means you’re always open for business. Even as you sleep, orders can come in. That can expand your sales and improve your profits because there’s no downtime for customers.
\n6. Better margins
\nWithout the overhead associated with a physical store, you can offer your products online at a lower price and still make a profit. When you sell online, your margins tend to improve because the cost of doing business is lower.
\n7. Sales and shipment tracking
\nThanks to analytics software, inventory management and logistics tools, it’s easy to track your online sales. That can inform your decision about what to sell and how to improve customer relations, price your products and track delivery rates, all of which will improve efficiency and your bottom line.
\n8. Increasingly prevalent sales channel
\nPerhaps in part due to the COVID-19 pandemic, the e-commerce market grew to constitute 21% of sales in 2021, compared with 15% in 2019, according to Morgan Stanley. The e-commerce market is predicted to grow from $3.3 trillion in 2022 to $5.4 trillion in 2026. This forecast indicates people are increasingly shopping online, so a sizable, growing audience is yet another advantage of selling on the web.
\n9. Easier transition from ads to shopping
\nLet’s say a shopper encounters an ad for a nearby storefront in their local paper or on a local TV channel. That consumer then has to make time to visit that store at some point when it’s open. Selling online removes that inconvenience. You’ll mainly advertise online since you’re selling there, and shoppers can immediately land on your website when they click your ads. That means you can draw in shoppers before they decide to shop elsewhere – or not at all.
\nSelling online isn’t just easy – it’s becoming the default
\nIt doesn’t take much work to set up an online store, and after that initial process, you’ll likely find e-commerce incredibly beneficial. You can do it all from home, and reach anybody, anywhere, at any time. This convenience is a big reason online shopping is increasingly becoming the default mode for many shoppers. When you sell online, you meet customers exactly where they’re looking for you and can take your business to the next level. Just make sure you brush up on these online business laws first.
\nMax Freedman contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1070","_score":2,"_source":{"canonical":"https://vaylees.com/15878-employee-retention-rate.html","displayModified":"2024-01-03T17:26:10Z","docType":"article","editorsPick":false,"href":"15878-employee-retention-rate.html","id":"1070","ID":1070,"isSponsored":false,"published":"2020-10-29T16:00:00Z","site":"bnd","stream":"Employers can't afford high turnover, making employee retention critical. ","subtitle":"Employers can't afford high turnover, making employee retention critical. ","title":"How to Manage and Improve Employee Retention","author":{"displayName":"Donna Fuscaldo","email":"dfuscaldo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15130613/donna-fuscaldo.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Leadership","slug":"leadership"}},"meta":{"robots":"index, follow","description":"Employer turnover is costly, so retention is crucial for businesses. Learn strategies to improve your employee retention rate and make your team happier."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073518/Office_Interior_Monkey_Business_Images.jpg","caption":"Monkey Business Images / Shutterstock","alt":""},"content":"Staffing and recruitment challenges fluctuate for companies of all types and sizes. Regardless of the state of the economy, employers should always be concerned about retention and turnover, as attracting and retaining talent involve significant costs in both time and money. Turnover also hurts productivity and results in the loss of institutional knowledge.
\nTo retain employees, businesses must do more than offer competitive salaries and benefits; they also must keep employees happy and engaged. We’ll share four strategies every business can use to boost employee retention, engagement and satisfaction.
\nWhat is employee retention?
\nEmployee retention is the ongoing process of keeping your staff. Companies go to great lengths to recruit excellent employees. Once the hiring process is over, business owners must immediately work to ensure that employees stay with the organization.
\nA company’s employee retention rate measures the percentage of employees who stay with the organization for a set period, usually a year. Here is a formula used to calculate the retention rate:
\n\n(# of separations during the measurement period / average # of employees during the measurement period) x 10
\n
\nMost companies calculate retention rates annually. However, you can also measure the rate in smaller periods for faster results. The higher the retention rate, the better. If your retention rate is 80 percent, that means only 20 percent of employees left the business during a given period. Remember that retention rates vary by industry.
\n\n\n \n\n\nEmployee retention vs. employee turnover
\nThe employee retention rate is the percentage of staffers who stay with an organization within a given period, while the employee turnover rate is the percentage who leave during that time.
\nHere’s the formula for calculating your employee turnover rate:
\n\n(# of employees who left / # of employees) x 100
\n
\nThe lower the turnover rate, the better. If a company has a 20 percent turnover rate, it means 80 percent of the staff is sticking with the company. (It also means the employee retention rate is 80 percent.)
\nThere are two types of employee turnover:
\n\n- Voluntary turnover: Voluntary turnover occurs when an employee chooses to leave the company. Employees quit their jobs for many reasons, including low pay and employee burnout.
\n- Involuntary turnover: Involuntary turnover happens when the employer terminates the employee. The company may be conducting layoffs or firing employees for performance issues or workplace behavior.
\n
\nWhat are four ways to retain employees?
\nEmployee retention is crucial for small businesses because the cost of hiring new employees can be substantial. Additionally, replacing staff members is time-consuming and can diminish your remaining employees’ productivity, especially when they must take on the extra work left by unfilled positions.
\n“The cost of recruiting people is steep in addition to the opportunity cost as a key position remains open,” said Rhiannon Staples, chief marketing officer at GWI. “That team is not performing optimally.”
\nFortunately, several effective strategies can help businesses keep employees, and most of those methods are free or inexpensive. Consider the following four ways to improve employee retention:
\n1. Keep employees engaged to improve retention.
\nBoredom is one of the worst things for company morale and productivity. If an employee has a mundane job and no opportunities for advancement or excitement, they’ll become dissatisfied and more likely to leave the company.
\n“The key tenant of retention is making sure you have highly engaged employees day in and day out,” said Traci Fiatte, CEO of professional and commercial staffing at Randstad US. “Many organizations have very quick-and-easy weekly, biweekly or monthly employee surveys to gauge how employees are feeling.”
\nEmployee surveys can be short and quick to complete; the idea is to spot issues and respond to them before they lead to engagement problems.
\n\n\n \n\n\n2. Give employees clear growth opportunities to improve retention.
\nTo keep employees over the long haul, companies must provide ample growth opportunities and encourage professional development. Employers also must ensure employees are aware of these programs. It’s crucial for employees to understand how they’ll grow, even in tumultuous times.
\n“You have to create new opportunities within the workplace to utilize employees’ other strengths,” said Angela Simpson, a retired HR knowledge advisor at the Society for Human Resource Management. “You have to make it interesting so they aren’t looking elsewhere for development and growth opportunities.”
\n3. Make employees feel valued to boost retention.
\nA company is only as good as its employees — and that means everyone in the organization, not just those in the C suite. Showing employees they matter boosts company morale and gives your team a sense of purpose.
\n“You have to make sure everyone in the organization, no matter the job, understands how important their job is to the total,” Fiatte said.
\nIf employees know the business can’t function without them, they’ll feel good about coming to work every day. Fiatte noted that it’s essential to connect someone’s job to the value it brings the organization.
\nA free and easy way to help employees feel valued is to say thank you. As simple as it sounds, it’s not a given at many companies. “To me, that is the missing link,” Fiatte said. “You can never say thank you enough.”
\n3. Offer lifestyle-enhancement benefits to boost employee retention.
\nProviding “lifestyle-enhancement benefits” can be a powerful way to recruit and keep employees, said Moses Balian, an HR expert at Justworks.
\n“There are a lot of increasingly popular fringe benefits that have to deal with lifestyle,” Balian noted. Fitness, mental health and enhanced medical benefits are highly valued.
\nBalian suggested offering employees access to a gym membership, digital fitness classes, mental health apps, employee assistance programs and flexible work schedules to help keep workers happy and loyal.
\n\n\n \n\n\nHow do you track employee retention?
\nYou can have the best retention plan, but if it’s not resonating with employees, it will be a big waste of time. Tracking turnover is crucial to gauging your retention strategies’ success. Fiatte recommended tracking turnover monthly. “By doing that, you start to see trends, and you can plan for that turnover,” Fiatte said.
\nHere are some tips to consider when you’re tracking employee retention:
\n\n- Understand typical turnover for your industry. Turnover rates vary widely depending on the industry and role. For example, businesses with many sales positions tend to have high turnover, while companies with more senior staff tend to have lower turnover. Therefore, when you’re benchmarking, it’s crucial to compare similar retention rates.
\n- Conduct exit interviews. When you’re tracking employee retention, remember the power of exit interviews, which provide valuable insights to help reduce turnover. “You should ask [departing employees] why they’re leaving, if they took advantage of some of the fringe benefits, and if the health insurance was to their liking,” Balian advised. Questions could also focus on management and the company culture. “It’s really important to sit down and think about the exit interview questionnaires,” Balian added.
\n- Update your exit-interview questions. Examine your exit-interview process yearly to ensure you ask departing employees the right questions. For example, prior to the pandemic, you may have asked about commuter benefits. However, in 2020, access to additional health benefits may have mattered more to employees. And in 2024, freedom and flexibility are key.
\n
\n\n\n \n\n\nWhy do employees leave?
\nAccording to the U.S. Bureau of Labor Statistics, as of January 2022, the median number of years that wage and salary workers stay with a company is 4.1, down slightly from 4.2 in January 2018.
\nHere are some of the primary reasons employees leave their jobs:
\n\n- They want higher compensation.
\n- The work isn’t challenging.
\n- There is no clear path to grow within the company.
\n- They lack access to health insurance and employee retirement plans.
\n- They don’t feel valued.
\n- Flextime isn’t an option.
\n- They have problems with a manager.
\n- They’re burned out from being overworked or stressed.
\n- They’re not recognized for a job well done.
\n- There is no clear direction from management.
\n- They don’t fit with the company culture.
\n
\nWhy do employees stay?
\nEmployees are quick to change jobs when they don’t feel appreciated and challenged. However, they’re also loyal when treated right. Here are some common reasons employees remain with a company:
\n\n- Competitive salary
\n- High level of engagement
\n- Flexible work schedule
\n- Clear path to advance within the organization
\n- Access to learning and development
\n- Comprehensive employee benefits plan
\n- Supportive and empathetic management
\n- Respect and gratitude
\n- Great company culture and team
\n- Support for the company’s mission
\n
\nFocus on meeting employees’ needs to boost retention
\nStaying attuned to your employees’ changing needs can help you manage and improve employee retention. These needs change continually based on internal and external factors. Maintaining open, two-way communication channels can help ensure you have a handle on employee sentiment and concerns so you can address your staff’s needs and stem the tide of turnover.
\nLinda Pophal contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1122","_score":2,"_source":{"canonical":"https://vaylees.com/15854-surety-bond-for-business.html","displayModified":"2023-10-23T14:31:36Z","docType":"article","editorsPick":false,"href":"15854-surety-bond-for-business.html","id":"1122","ID":1122,"isSponsored":false,"published":"2020-10-09T13:09:00Z","site":"bnd","stream":"Surety bonds are a necessary part of business if you're working with a government agency or bidding for construction jobs.","subtitle":"Surety bonds are a necessary part of business if you're working with a government agency or bidding for construction jobs.","title":"Surety Bonds for Business Owners","author":{"displayName":"Donna Fuscaldo","email":"dfuscaldo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15130613/donna-fuscaldo.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Startup Basics","slug":"startup-basics"}},"meta":{"robots":"index, follow","description":"Find out what a surety bond is, the benefits and the role insurance companies play."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073527/Construction_getty_dusanpetkovic.jpg","caption":"dusanpetkovic / Getty Images","alt":""},"content":"Small businesses vying for contracts have to show their worth. One way to do this is through a surety bond, a legally binding agreement between a small business and another party that ensures the agreed-upon work is completed. Surety bonds are common for companies that take on construction projects or want to land a government contract. Surety bonds aren’t free, but the benefits usually outweigh the cost.
\nWhat is a surety bond?
\nA surety bond is an agreement that guarantees that the terms of a contract will be met and ensures that everyone holds up their end of the arrangement. Surety bonds are legally binding and can be used for any type of agreement, but they are most commonly used for government contracts and construction projects.
\nThree parties are usually involved in a surety bond:
\n\n- The principal is the small business owner who purchases the bond to bid on a contract or perform the work.
\n- The obligee is the business or entity that requires the surety bond. While government agencies are common obligees, anyone who wants assurance of a job’s completion can require a surety bond.
\n- The surety is the insurance company that guarantees the bond. If the principal fails to complete the work, the surety company must step in and make sure it’s completed.
\n
\n“Surety bonds are a necessary element to doing business if it’s required,” said Chris Downey, president of independent insurance agency Downey and Co. and chair of the National Association of Surety Bond Producers’ Small and Emerging Business Committee. “If you are doing state and federal work, surety bonds are required to protect taxpayer money.”
\nUnder the Miller Act, which was established in 1935, contractors providing construction, alteration or repair services for federal buildings must have a surety bond for contracts that exceed $100,000. The Little Miller Act is the state version of the federal law, requiring companies to have a bond when doing work on state buildings or bidding on state contracts. That rule went into effect in 1967.
\n\n\n \n\n\n\nWhat are the types of surety bonds business owners might need?
\n\n\nThese are some common types of surety bonds:
\n\n- Contract bond: A contract surety bond ensures the business owner will meet all the terms of the agreement and perform the work laid out in the contract.
\n- Fidelity bond: These are bonds a small business owner takes out to protect the business from a financial loss. That could mean protection from the loss of clients’ money or equipment, or because an employee committed fraud.
\n- Business service bond: If you provide a service and there may be an opportunity for your employees to commit fraud, this type of surety bond will protect your customers.
\n
\nWhat is an SBA surety bond?
\nSmall business owners who have poor credit or are just starting out may have a hard time getting a contract surety bond on their own. The Small Business Administration (SBA) makes it easier by backing most of the risk.
\nUnder the SBA Surety Bond Guarantee Program, the SBA agrees to back 80% to 90% of the surety bond. This gives the insurer more incentive to approve bonds they normally would have turned down.
\n“If you utilize an SBA surety bond, you’re not going into a situation blind,” said Peter Gibbs, president of Foundation Surety & Insurance Solutions and former director of the SBA’s Office of Surety Guarantees. “We do a lot of due diligence on the companies we partner with. They have been helping businesses for 50 years.”
\n\n\n \n\n\nHow do surety bonds work?
\nIf a surety bond is required, a business owner turns to an insurer to purchase the bond. Surety bonds can be bought through an insurance company, online marketplaces or an insurance agent who specializes in surety bonds.
\nBefore a bond is issued, the surety company does its due diligence. Unlike other insurance providers, these companies don’t accept liability if a claim is filed, so business owners are put through an underwriting process.
\nThe surety provider reviews the principal’s financials – including its history of paying suppliers, subcontractors and other third parties – as well as the business owner’s personal credit score. It also weighs the size of previously completed projects compared with the one the business is now bidding on.
\n“A big part of this is, we analyze risk significantly,” Downey said. “If you are a risky endeavor, you’re not going to get [a surety bond]. Make sure your personal credit score is good, because most companies will write smaller-sized bonds based on your credit score.”
\nThe SBA has less-stringent underwriting rules, but business owners will pay more for those surety bonds.
\nBy providing the surety bond to the business owner, the insurance company is guaranteeing there is ample money in the bank to cover any damages that might occur if the business owner can’t meet the terms of the surety bond.
\nIf the terms of the bond are not met and a claim is filed, the bond provider doesn’t lose any money; the principal (the business owner) must pay back the surety company.
\nWhat is the difference between licensed, bonded and insured?
\nLicensed, bonded and insured may seem synonymous, but they have different meanings:
\n\n- Licensed: A business that is licensed is given permission by government agencies to provide specific services. A merchant that is required to have a seller’s license is one example. [Read related article: Your Guide to Getting a Business License]
\n- Insured: This refers to companies that take out insurance to protect their business, customers and employees. They pay monthly or annual premiums and aren’t responsible if something goes wrong. For example, liability insurance protects against property damage, and workers’ compensation insurance covers lost wages and medical expenses if an employee is harmed on the job.
\n- Bonded: In this case, business owners buy bonds based on specific contracts, as required by the client. Unlike a typical insurance provider, the surety is not on the hook if anything goes wrong.
\n
\nWhat is an indemnity agreement?
\nThe parties involved in a surety bond use an indemnity agreement to protect everyone’s interests. This is a contract between the principal and the surety company that guarantees the principal will repay any money the surety company pays out in the event of a claim. An indemnity agreement is required anytime a surety bond is underwritten. If you adhere to state rules and laws, though, the chances of a claim against the bond (and thus liability) are minuscule.
\n\n\n \n\n\nHow much do surety bonds cost?
\nThe amount business owners pay for a surety bond depends largely on their credit score and risk, but you can expect to pay 1% to 3% of the contract amount, according to Gibbs. For instance, if you need a $100,000 surety bond to start refurbishing a government building and are paying 1% for the bond, it will cost you $1,000. However, the rate can go as high as 10% if you or the project are considered risky.
\nThe price of a surety bond is based on several factors:
\n\n- Credit score: Your personal credit score dictates how much the surety bond will cost. The better your score is, the less you’ll pay; the worse it is, the more you’ll pay.
\n- Financial statements: A surety company doesn’t want to work with a business that has a poor track record of making money and meeting its obligations. Expect the insurer to pore over your financial statements, including your balance sheet, income statement and cash flow statement. [Use the best accounting software to stay on top of your business’s finances.]
\n- Industry experience: The surety company wants the project to succeed, so it needs proof you’re up to the task. The insurer may require a résumé or a list of projects your business has completed in the past.
\n
\n\n\n \n\n\nWhat are the benefits of a surety bond?
\nSurety bonds will cost you money, but there are a lot of benefits to buying one. Gibbs pointed out these upsides:
\n\n- Everyone has protection. The obligee isn’t the only one a surety bond protects. It also protects all the subcontractors and suppliers, so a surety bond may make it easier to hire subcontractors to help you complete the job.
\n- It boosts client confidence in your enterprise. To get a surety bond, you and your business go through an underwriting process. Customers know that, so they’ll know you’re accountable.
\n- It opens up new access to projects. To bid on any federal or state project, you’ll need to be bonded. The same goes for many construction jobs. Once you’re bonded, you can go after more opportunities like these.
\n
\nKimberlee Leonard contributed to the research in this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1034","_score":2,"_source":{"canonical":"https://vaylees.com/15915-two-week-notice.html","displayModified":"2023-10-23T14:45:09Z","docType":"article","editorsPick":false,"href":"15915-two-week-notice.html","id":"1034","ID":1034,"isSponsored":false,"published":"2020-11-12T16:25:00Z","site":"bnd","stream":"Giving two weeks' notice isn't a law, but there are ways to encourage employees to follow this best employment practice.","subtitle":"Giving two weeks' notice isn't a law, but there are ways to encourage employees to follow this best employment practice.","title":"Can You Legally Require Employees to Give 2 Weeks’ Notice?","author":{"displayName":"Donna Fuscaldo","email":"dfuscaldo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15130613/donna-fuscaldo.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Managing","slug":"managing"}},"meta":{"robots":"index, follow","description":"Despite work etiquette, no laws require employees to give two weeks' notice. Learn why this practice is beneficial for both employers and workers."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073427/quitting_Zinkevych_getty.jpg","caption":"Zinkevych / Getty Images","alt":""},"content":"When an employee leaves your company, you probably expect them to give you two weeks’ notice, but that doesn’t always mean they will. Despite work etiquette and standards, no laws require employees to give any notice whatsoever – let alone two weeks – before quitting.
\nWhile breached contracts may impact compensation or trigger a lawsuit, there aren’t any legal protections for employers when employees decide to leave. However, there are ways to lower the odds of employees quitting without notice and quickly recover if it does occur.
\nWe’ll explore the legalities involved when employees leave unexpectedly, how to encourage employees to give ample notice, and why giving two weeks’ notice is beneficial for employees and employers.
\nCan you legally require employees to give two weeks’ notice?
\nUnexpected departures, especially of key employees, can wreak havoc on your business. Nevertheless, you can’t legally force someone to stay.
\nAccording to Nadira Byles, HR consultant at Justworks, employees who don’t work under a contract likely have an at-will employment agreement.
\n“At-will employees can be terminated at any time, with or without cause,” Byles said. “Employees also have the same right and can leave at will anytime without any legal consequences.”
\nWhile two weeks’ notice isn’t a federal law, some states have specific regulations surrounding paid time off (PTO) and final paychecks.
\n“In California, if an employee resigns without notice, employers have 72 hours to pay both final wages and unused vacation time,” Byles said as an example.
\nAccording to the advocacy group Workplace Fairness, 24 states – including Arizona, California, New York, Maine, Kentucky and Nebraska – require employers to pay any unused vacation time in the last paycheck. In those states, workers can only challenge a business over accrued PTO if the business owner explicitly promised to pay unpaid vacation time in the final paycheck. Twenty-six states don’t have any laws pertaining to accrued paid vacation.
\n\n\n \n\n\n\nWhat is two weeks’ notice?
\n\n\nIt’s crucial to understand precisely what two weeks’ notice is: a courtesy warning an employee extends to their employer when quitting a job. In theory, the employee submits a formal resignation letter and offers to continue working for two business weeks.
\n“It’s not a policy, but it’s common practice,” said Tiffany Glenn, vice president of human resources for major accounts services at ADP. “I would say [quitting on the spot] is more common with small businesses versus larger-scale businesses because of the nature of their size and the challenges they are up against.”
\n\n\nWhat are the benefits of two weeks’ notice?
\n\n\nLosing an employee is never an ideal situation, but employees who provide advance notice adhere to a best practice that benefits both employers and employees. Here are some key advantages to both sides.
\nEmployers’ advantages
\nThese are some top benefits of receiving two weeks’ notice from your staff:
\n\n- It gives you time to prepare. If your existing employee gives you two weeks’ notice, you have time to plan. You can post a job listing, assess who can cover the position’s responsibilities in the short term, schedule an exit interview, and have time to set up interviews for potential new employees. Allowing two full weeks to develop and execute a plan is a crucial courtesy from employees that helps create a seamless transition to fill the role.
\n- It helps departments tie up loose ends. During the two weeks the employee remains with the company, their department has a valuable window to complete tasks and projects involving the departing employee. During this period, managers can work with personnel to pinpoint what needs to prioritize projects and organize action items. The ability to tie up loose ends allows for a clean transition and places the new team member in a better position when they take over.
\n- It allows for training overlap. If your company can hire a new employee or promote a replacement employee quickly, this person has the opportunity to train with the departing employee. Learning from an expert on the job is ideal, by giving the new employee invaluable experience during the training process and helping to create a seamless transition.
\n
\nEmployees’ advantages
\nWhile being afforded two weeks to prepare for an employee’s departure offers obvious benefits to your business, the departing employee also benefits.
\n\n- They leave the company in good standing. Your staff may have excellent reasons to leave their current positions, but it’s never wise to burn bridges. If your team leaves on good terms, they have a path back to your company if circumstances change. Additionally, leaders will likely provide good references for future employment.
\n- It preserves co-worker relationships. Co-workers will likely feel the repercussions when staff members exit your company. Giving two weeks’ notice shows mutual respect. By providing ample notice, colleagues maintain amicable professional and personal relationships moving forward.
\n
\n\n\n \n\n\n\nHow do you prevent employees from quitting without notice?
\n\n\nTurnover is part of running a business – particularly small ones. With tight budgets and limited resources, it can be difficult to compete against large companies. Losing an employee is bad enough, but when it’s seemingly out of nowhere, it can be harmful to operations and morale. [Related read: How to Calculate and Improve Employee Turnover]
\nTo improve employee retention, Glenn advises maintaining an open dialogue with employees about your organization’s culture and how best to overcome challenges.
\n“It’s not the norm for people to leave with such urgency,” she said. “Sometimes, having those conversations prevents exits and departures of this nature.”
\nWhile two weeks’ notices can’t be a requirement, it can be an expectation – one that is laid out in the employee handbook. This way, employees – especially those newer to the workforce – can anticipate how to best resign.
\n\n\n \n\n\n\nWhat should you do if an employee quits without notice?
\n\n\nIf an employee quits on the spot, mitigating the impact of the loss is your top priority. If roles go unfilled, it could hurt productivity, harm relationships and result in lost sales.
\nAnissa Wilson, HR services area manager at Oasis, recommends making a swift assessment of the position you’re losing and then reassigning tasks to ensure operations aren’t interrupted. It’s essential to weigh your options in these situations. You may even be able to reassign duties without replacing the employee.
\nLosing top-performing employees can be a massive hit to your business, particularly if they hold vital knowledge. In those instances, it may be worthwhile to entice them to stay. This may mean offering additional compensation, vacation time or a promotion – or all three.
\n“If that employee is a true top performer, you will want to retain the talent,” Byles said. “The biggest challenge is transferring knowledge.”
\n\n\nHow do you develop a resignation policy?
\n\n\nJust as you have a policy for terminating employees, it pays to establish a policy for employees quitting. The more you plan for the unexpected, the better you’ll handle employee departures.
\nHere are some expectations and rules you should clearly establish in your company policy on quitting:
\n\n- State that you require substantial notice. If you expect employees to give two weeks’ notice when they quit, specify that in the official policy – as well as the consequences for breaking this rule, such as the employee never being able to work for the company again. “You can’t legislate it, but you can have an expectation clearly laid out,” Wilson said.
\n- Get it in writing. To protect everyone, the employee’s notice of resignation should be in writing, either as a company form or a notice letter. It should include why the employee is leaving and their effective departure date. If an employee chooses to resign verbally, they should send confirmation of that notice to their manager shortly afterward.
\n- Clarify your rehiring rules. Employees leave for various reasons – often for better opportunities, to attend to family matters, or because they were laid off. Sometimes, those employees want to return. With that in mind, your company policy should include guidelines on rehiring former staff. Many companies will rehire employees who were let go because of a reduction in the workforce or voluntarily resigned. Those who were let go because of performance or insubordination usually aren’t hired back – and you should spell this out clearly in your company’s disciplinary action policy.
\n
\nWhat else can you do about turnover?
\nWith or without notice, an employee leaving can put your business in a bind. However, you can do some things in advance to ease the transition.
\nCross-train several employees.
\nYour small business may be at a budgetary disadvantage when it comes to training several people for one task. However, cross-training employees should be an ongoing process, not a one-off when an employee quits.
\n“Too many times, we’ve seen our clients have one person who knows how to do one role or function,” Wilson said. “It would choke the company if the employee were to leave. It’s always better to have more than one person know how to do a function.”
\nKeep the pipeline full.
\nEmployee turnover happens even at the best companies. It can make or break your business, depending on how prepared you are to handle it. If you build a pipeline of potential candidates for your key roles, losing one employee won’t be devastating.
\n“It’s always important to be sourcing inside and outside the organization,” Glenn said. “You may not need to recruit those people in the moment, but you’ll have a warm list of candidates to go to at any given time.”
\nConduct exit interviews.
\nWhen an employee does quit, it’s crucial to conduct a substantive exit interview, which is your opportunity to learn what the employee liked or disliked about your business. It’s also an opportunity to collect company-owned equipment, desk keys or door entry cards.
\n“While you should do all you can to retain top talent, some will eventually leave. Turnover is a natural part of the workforce life cycle,” Byles said. “The exit interviews give you the opportunity to discuss the reasons for leaving and identify how the organization needs to change to better attract, develop, and retain top talent.”
\nBassam Kaado contributed to the writing and research in this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"934","_score":2,"_source":{"canonical":"https://vaylees.com/16012-sales-analytics.html","displayModified":"2024-10-03T15:13:09Z","docType":"article","editorsPick":false,"href":"16012-sales-analytics.html","id":"934","ID":934,"isSponsored":false,"published":"2021-03-01T13:00:00Z","site":"bnd","stream":"Poring over sales data may not be at the top of your priority list, but the information you glean from it can help you grow and improve your business operations.","subtitle":"Poring over sales data may not be at the top of your priority list, but the information you glean from it can help you grow and improve your business operations.","title":"Why Analyzing Sales Data Is Important for Small Businesses","author":{"displayName":"Donna Fuscaldo","email":"dfuscaldo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15130613/donna-fuscaldo.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Sales & Marketing","slug":"sales-marketing"}},"meta":{"robots":"index, follow","description":"Sales analytics contextualize sales data and help businesses make more informed decisions about how to grow, reach more customers, and innovate."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073303/data_fizkes_getty.jpg","caption":"fizkes / Getty Images","alt":""},"content":"\nAlthough cash flow and profitability are the top focus of new small business owners, analyzing sales data is a major component of raking in revenue. If you don’t look at your sales, you won’t be able to spot a trend, remove a product, or boost inventory to meet demand.
\n\n\n\nIn today’s omnichannel world, where sales often come in from multiple touchpoints, understanding your data is more important than ever. This article will walk you through various methods of tracking and using your sales data, so you can turbocharge your growth from the beginning.
\n\n\n\n \n\n\n\nWhy should you track sales analytics?
\n\n\n\nSmall businesses capture a lot of data, and business data can be used to inform decisions. Every time a customer makes a purchase from you, a treasure trove of information is at your fingertips that can inform all sorts of business decisions.
\n\n\n\n“Omnichannel and digital commerce is so critical,” said Opher Kahane, former vice president and general manager of QuickBooks Commerce. “Business owners need to figure out which products are selling the best. Sales analysis is critical, especially when you start to scale your business.”
\n\n\n\nHere’s a closer look at the benefits of sales analyses and how the insights they provide can help businesses grow.
\n\n\n\n1. It can help you improve cash flow.
\n\n\n\nCash is the lifeblood of any business, and the way to generate cash is through sales. When you look at your sales, you gain a better understanding of your current cash position and what it will look like in the future.
\n\n\n\n“Without taking the time to analyze data around sales, you’re leaving a lot of information out there that would be valuable and useful inside your business,” said Twyla Verhelst, a CPA who leads the Accounting Professionals Program at FreshBooks.
\n\n\n\n2. It informs sales and marketing decisions.
\n\n\n\nSmall businesses sell their products through several channels online, including their own websites and general marketplaces like Amazon. If you don’t track those sales as well as your in-store ones, you won’t be able to identify the areas you should focus on.
\n\n\n\nLet’s say you’ve been spending your time marketing on Facebook, only to find that most of your sales are coming from Amazon. Maybe you’re also gearing up to order more inventory for a specific product without realizing the demand for it is waning.
\n\n\n\n“Once you have [your sales data], you can figure out which sales channels to double down on, what marketing to double down on, and which products to double down on,” Kahane said.
\n\n\n\n3. It can help you focus.
\n\n\n\nNew small business owners are crunched for time, with little left in the day to find new customers, let alone pore over sales data. Analyzing sales can help a business narrow their focus, said Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce. He pointed to one company that had been selling directly to consumers and distributors. After looking at trends in its sales, the company realized it would be more successful if it sold exclusively to distributors.
\n\n\n\nIf you analyze your sales, you can track your most profitable products as well as the ones that aren’t moving, identify your most profitable customers, and improve your sales process.
\n\n\n\n“It’s an important data set, and there is technology that can help,” Sullivan said.
\n\n\n\n4. It can improve your overall business.
\n\n\n\nThe insights you glean from analyzing sales data can change the trajectory of your business and enable you to take actions that improve your operations.
\n\n\n\n \n\n\n\nWhat are the types of sales analytics to track?
\n\n\n\nYou can analyze a bevy of sales metrics for your business.
\n\n\n\n\n- Sales growth: This metric tells you how your business is performing compared to a previous period, such as a quarter, a month, six months or a year. It will show you if sales have grown, declined or remained flat from a prior period.
\n\n\n\n- Product performance: By using sales data to analyze product performance, you can learn which products sell well and which don’t. You can learn the favored color, type or time of year for certain products. This metric can tell you if you should order more or scale back inventory, or if you should focus on one product over another.
\n\n\n\n- Sell-through rate: This data set is handy for managing inventory. It tells you the amount of inventory you’ve sold in a month compared to the inventory you have on hand. That data can inform your sales strategy.
\n\n\n\n- Lead conversion rate: Customer acquisition costs can eat away at your profits, converting a prospect into a customer takes a long time. Through your sales data, you can track your rates of converting leads. If it’s taking too long, you’ll know you need to tweak your customer acquisition efforts.
\n\n\n\n- Sales by channel: E-commerce has exploded during the pandemic, forcing business owners to sell via multiple channels. By tracking the different places sales are coming from, you’ll get a better sense of which channels to focus on.
\n
\n\n\n\nThese are just a few of the sales metrics you can track. What makes sense for your business depends on the type of products you sell, the seasonality of your enterprise, and how long you’ve been in operation.
\n\n\n\n“What gets measured gets improved, which obviously applies to sales,” said Enrique Ortegon, senior vice president of SMB at Salesforce. “These insights can range from which sales rep is most productive, on what days or times you sell most and what you’re selling more or less of, or which promotions are the most successful.”
\n\n\n\nHow do you conduct a sales data analysis?
\n\n\n\nKnowing you need to analyze sales data is one thing; collecting and actually analyzing it is another. That task can be intimidating for small business owners and may lead to paralysis.
\n\n\n\n“Before 2020, more businesses got away with success by luck,” Verhelst said. “They made gut decisions that served them well. At some point, it might not serve them well. They could have been doing better had they had additional insight.”
\n\n\n\n1. Start with what you have.
\n\n\n\nTo get over the intimidation, Verhelst said to start with the basic business systems. It could be a point-of-sale (POS) system, invoicing platform or another operating system. The information you can pull from those sources is often enough to inform your decisions. If it isn’t, Verhelst recommends conducting an audit of your tools to identify programs that could provide deeper insight.
\n\n\n\n2. Analyze sales based on cycles.
\n\n\n\nWhen conducting a sales analysis, some businesses do a year-over-year or month-to-month comparison. Kahane said that if your business is seasonal — if, say, you do most of your sales during the holidays — then you want to track sales year over year. If you have no particular busy season, a month-to-month or quarter-to-quarter comparison is probably better. Some companies also track sales data based on the length of an advertising campaign or social media push.
\n\n\n\n3. Tap into your circle for help.
\n\n\n\nIt’s important to analyze your sales data without emotion, according to Sullivan. Even if the numbers are bad, it’s good to have that clear idea of where your sales are and where they’re heading. It’s also a good idea to turn to your personal network, which Sullivan calls the “small business owner’s board of directors,” for advice on what to make of your sales and how you can improve. These are your friends, family and business peer networks that give you advice.
\n\n\n\n“Small business owners bounce ideas off each other all the time,” Sullivan said. “The most successful small businesses have a board of directors.”
\n\n\n\n\n\n\n\nMany sales analytics solutions are on the market at various price points. Here are some popular sales analytics software programs for small business owners:
\n\n\n\n\n- SAS: A leader in data analytics, SAS has been helping businesses gain insight from data since the 1970s. Through its sales analytics tool, you can easily analyze sales and engage in forecasting.
\n\n\n\n- Salesforce Essentials: This is a CRM for small businesses that lets you manage your contacts and leads, analyze sales data, and forecast. It is simple to set up and can scale with you as you grow.
\n\n\n\n- FreshBooks: This accounting software helps small businesses manage their financial operations and integrates with a lot of popular CRMs, including HubSpot.
\n\n\n\n- HubSpot Sales: This software brings all a small business’s data into one easy-to-use platform, which you can use to analyze sales, create email templates, and track your overall business performance. You get access to free tools and can upgrade as your business grows.
\n
\n\n\n\n \n\n\n\nSales analysis can get a business to the next level
\n\n\n\nIt’s hard to make good decisions without context. Sales analyses provide critical information about where the biggest returns on investment are coming from. This allows you to invest in what works and cut what doesn’t. Understanding sales data also means getting closer to your customer base and figuring out what makes them tick. This can inform future marketing and advertising campaigns, which can boost engagement with the content you’re putting out there and drive more sales by targeting the most relevant audiences. Don’t sleep on sales analyses — they have the potential to change your business for the better.
\n\n\n\nJacob Bierer-Nielsen contributed to this article.
\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"839","_score":2,"_source":{"canonical":"https://vaylees.com/16095-customer-delight.html","displayModified":"2023-10-23T15:36:06Z","docType":"article","editorsPick":false,"href":"16095-customer-delight.html","id":"839","ID":839,"isSponsored":false,"published":"2021-04-19T13:37:00Z","site":"bnd","stream":"Customer delight extends beyond customer satisfaction. It's those little things that wow your customer base and show you care.","subtitle":"Customer delight extends beyond customer satisfaction. It's those little things that wow your customer base and show you care.","title":"How Customer Delight Will Keep Them Coming Back","author":{"displayName":"Donna Fuscaldo","email":"dfuscaldo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15130613/donna-fuscaldo.jpg","type":"Senior Analyst"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Sales & Marketing","slug":"sales-marketing"}},"meta":{"robots":"index, follow","description":"Customer delight is a standard that goes beyond satisfaction to compel customers to stay with your brand. Learn why it matters and get tips for achieving it."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072417/activism_monkeybusinessimages_getty.jpg","caption":"monkeybusinessimages / Getty Images","alt":""},"content":"Being memorable is one of the keys to business success, but achieving this standard is challenging and requires significant finesse. Customer delight is a crucial element of making your business memorable. Customer delight goes beyond providing excellent products and services and solid customer support. It’s showing you care in ways that surprise customers. Customer-delight elements can be as simple as a handwritten note or as extravagant as a special event.
\nDelighting customers doesn’t have strict rules; it comes from understanding your clients and showing you care. We’ll share more about customer delight and how you can implement this customer care standard into your business plan.
\nWhat is customer delight?
\nCustomer delight involves various practices or habits that prioritize customer satisfaction beyond just fulfilling an order or delivering a service. It entails going above and beyond to spark joy in customers, build customer loyalty and compel them to return to your brand for repeat purchases.
\n“Customer delight occurs when you create feelings of unexpected joy and delight that lead people to not only feel positive about the company but also spread the word,” said Stacy DeBroff, CEO and founder of marketing company Influence Central. “Media and brands are constantly thinking of ways to delight customers.”
\nIf done right, these practices leave customers so delighted that they clamor for more. They become your brand ambassadors, spreading the word about your business and how you’ve surpassed their expectations.
\n\n\n \n\n\nHow do you achieve customer delight?
\nAchieving customer delight doesn’t have to be costly. It’s about going the extra mile in unique and ever-changing ways.
\n“To achieve customer delight, the customer has to be able to say the business got all of the basics nailed and did something so uncommonly great the customer would’ve said the equivalent of an out-loud ‘no way,'” explained Marley Majcher, CEO of corporate event planning firm The Party Goddess. “‘No way’ moments happen when the customer’s life was made so much easier in such an unexpected way they are compelled to shout it from the rooftops.”
\nThe key to wowing customers is to know them. If you don’t know your customers, your efforts to delight them will fail.
\nThe process of creating customer delight will be unique to your business. For one travel credit card company, it meant creating virtual events when travel came to a halt during the pandemic. For an e-commerce merchant, it meant throwing a surprise product into an order or including a handwritten thank-you note.
\n“It’s really about giving customers an experience that triggers a burst of brand enthusiasm, which increases affinity and loyalty,” DeBroff noted. “It’s not about the price; it’s about something unexpected to recognize their loyalty.”
\n\n\n \n\n\nWhat’s the difference between customer delight and customer satisfaction?
\nIt’s crucial to note that customer satisfaction and customer delight are not the same. Karen Donaldson, a communication and body language expert, said being “satisfied” equates to receiving decent customer service.
\n“When customers purchase, they expect decent customer service,” Donaldson said. “Customer delight means to exceed expectations and make a lasting impression.”
\nIf you keep your customers satisfied, it’s still easy for them to leave. If they are delighted, it’s not so easy for them to find somewhere else to spend their money. Loyalty doesn’t come from giving customers the status quo but from going above and beyond to surpass their expectations.
\n“The reality is that customers and clients who feel good and feel that they are appreciated will return, invest more, and refer other customers,” Donaldson said.
\nWhy does customer delight matter?
\nBefore the COVID-19 pandemic, customer delight was a nice add-on. Now, it’s practically a necessity. While the pandemic may be behind us, its impact on customer service is ongoing because it completely shifted the way we approach customer delight. Here are four benefits of creating customer delight.
\n1. Customer-delight standards show customers you care.
\nCustomers tend to be loyal to businesses that appreciate them. If you go above and beyond to show customers that you appreciate their business, they’ll be more loyal to your brand in good and bad times.
\nGoing above and beyond means listening to your customers and responding to their complaints and desires. By paying attention to them, you’ll find opportunities to delight them and enhance your relationships.
\n\n\n \n\n\n2. Customers become your promoters when they’re delighted.
\nWord-of-mouth marketing is one of the cheapest and most effective ways to promote your business, and delighting your customers is a natural way to achieve it. Delighted customers tend to share their excitement with friends, family and others in their network. They might share an update or post a tweet praising the brand, and that referral is more powerful than an ad campaign.
\n3. Customer delight increases customer spending.
\nCustomers tend to spend more with the companies that make them happy. The more you delight them, the more they are apt to spend.
\n4. Achieving customer-delight standards protects your reputation.
\nYour business is only as good as its reputation. Negative customer reviews and social media complaints can hurt your sales. Achieving customer delight among your clients will cushion the blow of bad reviews. You’ll create brand ambassadors who believe in your company and will likely defend you against negative comments.
\n\n\n \n\n\nWho is responsible for delighting customers?
\nEvery customer-facing employee in your company is responsible for creating customer delight. Larger businesses may have a team focused solely on wowing customers, but at small businesses, it’s everyone’s job.
\nThe idea is to create customer delight in every customer engagement aspect of your business, from the phone lines to social media. Everyone in the company should know they must surpass expectations throughout the customer’s journey. Whether a customer interacts with a sales representative, engages with your brand on Instagram, opens a package from you or calls customer service, they should be delighted with the experience.
\nWhat are some tips to delight your customers?
\nHow you delight your customers will depend on your business, industry, customer type and other factors. However, these customer-delight tips apply to any business:
\n\n- Devise meaningful surprises. There are endless ways to wow and surprise your customers with personalized touches. For example, a credit card company might provide VIP tickets to exclusive events, or an e-commerce merchant might include a handwritten thank-you note with each order. Delighting your customers requires you to be purposeful with your actions. Any time you have the opportunity, add a personalized touch to express gratitude to your customers and spark joy. “Think about your customers and what it is you’re doing,” DeBroff advised. “What can you do to catch them by surprise?”
\n- Experiment with different offerings. Mix it up when you’re surprising your customers and finding ways to delight them. For example, if you run a restaurant, a free cookie might work the first time, but you shouldn’t stop there. Keep your customers on their toes by hosting events, providing various specials and preparing new offerings that elicit excitement.
\n- Pay attention to what works. While you should experiment with your offerings, pay close attention to what works. If an event or giveaway elicits a great response from your customers, build on it and create similar experiences.
\n- Focus on customer response times. Setting hold- and response-time limits is an easy and low-cost way to delight customers. Consumers remember the companies that didn’t keep them on hold for too long or got right back to them. For example, if you operate a restaurant, set a goal to greet and seat customers in less than five minutes to delight them and boost word of mouth. If you offer product support, providing 24-hour live customer service is a great way to wow customers. “People like to speak to people, especially when they need help,” Donaldson noted. “This elicits the feeling of being valued and cared for.”
\n- Offer surprise gifts or extras. Delight customers by including unexpected extras with their orders, mailing personalized surprise gifts, or offering discounts on their birthdays and other special dates. “I have a client who has a specific customer experience strategy,” Donaldson said. “She finds out what new clients like to do in their leisure time and sends them a customized gift based on that. She once had a client who loved to barbecue, and she sent him a set of barbecue utensils with his initials engraved on it.”
\n
\n\n\n \n\n\nHow do you measure customer delight?
\nCreating customer delight can take time and some trial and error, and it requires customer feedback. It’s not enough to include a handwritten thank-you note with the order; you must determine the impact of that move by measuring your success.
\nMajcher advised starting by creating a current customer satisfaction baseline. Take a quick customer survey of your customers to determine if your service is great, OK or needs improvement. Throw in some open-ended questions about customers’ expectations or where they’d like to see improvements. Once you have this customer feedback, you can pinpoint the areas that could use some customer delight and test the waters there.
\n“If half of those surveyed say they’d love Saturday pickup, well, try it,” Majcher advised. “But then, survey again. How are the numbers? Did the Saturday pickup really hang the sun and the moon for them? If the response wasn’t as enthusiastic as you expected, keep poking until you really hit the sweet spot.”
\nKeep your customers coming back
\nYour business’s primary goal should be to satisfy and delight your customers enough to encourage their return. Customer retention isn’t easy in today’s highly competitive market, but going above and beyond will leave a lasting impression on your customers. The above customer-delight tactics can help build customer loyalty and foster a more personalized experience.
\nSammi Caramela contributed to this article. Source interviews were conducted for a previous version.
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