Month: February 2021

Home Loan EMI Calculator

An EMI calculator or Equated monthly installment calculator is a tool that calculates monthly Emi payments within a few seconds. To use the home loan calculator, all you need to do is enter the variables, principal amount, interest rate, tenure etc. in the calculator and it will give you the EMI amount instantly.

Formulae for calculating the EMI:

EMI= [ P x R x ( 1+ R)”T]/[(1+R” (T-1)]

The use of variables is as follows:

EMI= Equated monthly installments.

P- Principal amount of loan.

R- Rate of interest on loan.

T- Tenure of loan, or the no of installments to be paid [monthly]

The use of the EMI calculator is an important tool to calculate an EMI as it is quick and easy to calculate as well as it is very accurate.

On an EMI calculator:

If the customer is taking a loan of amount worth Rs.50 lacks for 20 years at the rate of 6.80% per annum.

 Answer: The monthly EMI which the customer will have to pay is Rs. 38,167 per month.

There are two types of interest rates being applicable while opting for EMI’s:

[1] Fixed interest rates.

[2] Floating interest rates.

Explanation:

Fixed interest rates are the ones wherein once the interest rates are fixed the applicant will have to pay the fixed same interest rates until the end of the loan tenure. In fixed interest rates the higher the duration of repayment of the loan, the higher is the total repayment of the amount that needs to be done by the applicant while opting for a longer duration of the loan can lead to a lowering of monthly EMI’s.

While as floating interest rates are the ones wherein the applicant is liable to pay installments with interest rates on a floating basis depending on the current interest rate going on. While opting for floating interest rates the customer can benefit in terms of interest re-payment if the interest rates get reduced. While as sometimes if the floating interest rates increase then the customer is liable to pay higher interest on the loan taken. As per the current market trends, the interest rates are on a continuous declining trend as the Reserve bank of India is reducing the repo rates thus resulting in a reduction of interest rates.

Home loan EMI calculation example:

Mr.XYZ borrowed a home loan of Rs.3,50,000 (Principal amount of P) from a particular bank. The rate of interest is associated with 8.65% per annum. The tenure is 360 months i.e: 30 years.

P= 3,50,000

Interest rate: 8.65% 

N= 360 months.

Monthly EMI= Rs.27,285

EMI paid for the year= Rs.27,285 * 12= 3,27,419.

Benefits of Home loan Emi calculator:

Easy process:

The person has to enter only the details of the amount of loan taken, the interest rate applicable as well as the duration of the loan. Within the few seconds, the monthly EMI gets calculated. Also there are no chances of error in case of calculation through EMI calculator.

Breakup of the finance charges:

This tool helps us know the financial charges such as total interest payable and processing value based on the EMI. Since the bank and financial institutions present them as the percentage of the loan amount, knowing the actual value can help understand the true cost of the loan.

Comparing loan offers:

The applicant can use the loan calculator from various banks. The results will show you the total cost of each loan at the earliest. Otherwise, you can pay a more comfortable EMI and extend your loan period.

Choosing the right tenure:

Knowing the right EMI can help choose the appropriate tenure of the loan. If an individual is able to pay higher EMI then they can opt for shorter duration loans, while for lower monthly Emi there could be higher interest rates applicable.

Helps in validating information:

If the applicant negotiates with the bank, you can verify the repayment schedule. The lenders may also include some other miscellaneous charges and fees in EMI calculation.

Helps with loan management:

Sometimes while paying your EMI’s applicant may have extra funds for pre-payments. If the applicant revisits the financials help the loan term-end.

Thus we conclude that the EMI calculator helps the applicant find the exact installment amount to be paid on a monthly basis so as to check the affordability of EMI. Also, EMI calculator helps the applicant decide whether he/she will be able to afford the EMI applicable on a monthly basis or not.

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Ten Ecommerce SEO Tips You Can’t Afford to Ignore

It is estimated that UK consumers will spend £141.33 billion this year online. Will your store be part of that? Will customers be flocking to your virtual listings, ready to make purchases? It won’t happen without a good ecommerce SEO plan in place, and if you’re not doing these ten things, you’re certainly not going to get a piece of that money. 

Address Your site Structure Issues:

If you haven’t already taken a hard look at your site structure, it’s time. Start by addressing your URL. If you haven’t already migrated to an HTTPS address, you need to right now. Google trusts it so much that they’ve made it a ranking factor. More than that, though, as any ecommerce SEO services company will tell you, speed is everything. As your load time increases, so does your bounce rate. Finally, don’t begin to overlook your potential mobile customers. Mobile accounts for more than half of all ecommerce revenue, so overlooking it would be a massive mistake. 

Reconsider Your Content:

If you’re thinking about ecommerce SEO, London companies will tell you that content remains king. There are several things you can do. Start by incorporating your keywords as often as possible. Just updating your “click here” to keyword anchor text can do so much for your overall SEO program. Moreover, make certain all of the content you have on your site is both accessible and understandable by real people, not just search engines. Finally, address your call to action on every page. Optimize them regularly to stay up to date with your promotions and sales. 

Start With Social:

Social has become an essential part of the mix for ecommerce SEO. Most UK professionals will tell you that if you aren’t already promoting your ecommerce store on social, you’ve lost customers. Some studies have found that nearly 85% of customers trust social proof as much as they any personal recommendation they might get, so make sure you not only set up your social media accounts but that you use them on a regular basis too. 

Don’t Fall Into the Duplicate Content Trap:

Nowhere is it easier to end up with duplicate content than in the world of ecommerce. Often you’re dealing with hundreds, or even thousands, of products, and it’s tough to come up with unique product descriptions for every single variation. Unfortunately, it’s a necessity that simply can’t be overlooked. If you don’t, you could find yourself with serious search engine ranking issues. There are steps you can take, though, including adding canonical tags and 301 redirects to make sure search engines understand what you’re trying to do, but often knowing what move to make can be tough. In situations like this, you may want to reach out for a little help from ecommerce SEO services. London-based companies often turn to these teams to decide both how to get the clean content they need from page to page and how to avoid any duplicate content issues. 

Think about Links:

Both internal and external links have the power to affect how search engines see your site. Internal links may be broken, displaying 404 errors. External links to your page may be of low quality or simply wrong. If you hire ecommerce SEO services in the UK, customers are going to be less likely to find linking problems, as are the search engines themselves. Linking issues simply aren’t ones you want to mess with. Instead, choose a professional team to run some link searches and see both what’s working and what’s not so you can begin attracting customers who see your site in an entirely new light. 

UK retail ecommerce sales are only going to continue to grow in popularity, and understanding what to do for your site so that you can attract more customers is absolutely essential. Your best bet is to consult with an SEO agency that specializes in ecommerce sites like yours so you can implement these tips and address any other potential problems they may find. That means that you will be taking home a much larger market share of the billions of dollars UK consumers are spending online right now. 

Author’s Bio:

Hitesh is a digital marketing strategist and entrepreneur with more than 15 years of experience in digital marketing, start-ups, branding, and customer acquisition strategies. Hitesh is the CEO and Founder of Reposition Group, which encompasses a number of companies in the digital sector including SEO.co.uk, Reposition.co.uk, and Bouncezap.com, amongst others.

7 Essential Software To Start Your Social Media Marketing Strategy

As the global world is becoming more connected and more reliant on the internet, social media has positioned itself as a giant cog in the big machine. It’s been estimated that 85% of the business, startups, and brands all over the world now use the internet to advertise their products and services to their targeted audience.

You don’t want to be left behind in the fast-paced Information technology era. The power of social networking is such that the number of worldwide users is expected to reach some 3.43 billion monthly active social media users by 2023. Social Media is a gold mine.

While some businesses are making the mistake of hanging onto legacy strategy and conventional marketing, others have taken the bull by the horn and taken full advantage of the US$61.4 billion net worth of the social media industry network which is expected to rise by 16.5% by the second quarter of 2021.

With social media ROI projected to be over 300%, social media is, without a doubt, an effective channel for businesses to make some sales.

To effectively leverage the power of social media and drive traffic to your page, essential software is required, let’s take a look at each of them:

  • Lead Generation Tool (Hubspot)
  • Security & Monitoring Software (Hootsuite)
  • Analytical Software (Sprout Social)
  • Content Creation (Bannersnack)
  • Buyer Personal Software (SocialBakers)
  • Scheduling Software (Socialflow)
  • Cloud-Based Phone Systems (ULTATEL)

Lead Generation Software (Hubspot)

HubSpot is the most widely used and arguably the most complete and effective lead generation software in the market.

This efficient marketing tool includes the Hubspot CRM, Hubspot Sales, and Hubspot Marketing. Many companies and agencies use it to advertise their product and services to their target audiences.

This CRM solution boasts many cool features like contact management, blog posting, landing page creation as well as lead generation/conversion. HubSpot makes it easy to create a successful marketing campaign with the potential of converting online visitors to customers in no time. You can create ads, welcome emails, forms, and landing pages.

Security and Monitoring Software (Hootsuite)

With the huge benefit of social media also comes its downside. Social media accounts could easily be hacked if proper security measures are not put in place to forestall such occurrences. No matter how much you try, you cannot manually keep track of all your social media accounts unless you integrate them with security software like Hootsuite.

Hootsuite offers an effective social media monitoring platform that allows users to effectively manage their social media accounts from a single accessible environment. Never again will you need to cram login credentials of all social media network accounts as Hootsuite will easily manage that for you.

This software is best for companies/agencies who have a team managing their social media handles. When a team member leaves the company, the company would only have to disable the ex-employee account without having to change social media passwords operated by the ex-staff.

In summary, monitoring, grant, and revoke automation are key indicators that Hootsuite software brings to social media marketing.

Analytical Software (Sprout Social, Facebook Analytics)

The truth is that various companies and agencies across all sectors are now integrating social media into their marketing strategy campaign. However, irrespective of your content quality or followers you have on your account, understanding the data behind it all is critical and it takes precedence over everything else.

Facebook and Twitter analytics are excellent analytical pointers, but Sprout Social offers something more. It offers a robust social media planning service with real-time analytics and report generation that displays your social media engagement and performance across key indicators.

With this software, you can configure and customize performance reports and metrics to help you project your business growth and presence on social media.

For better analysis, you can integrate your Hubspot CRM feature with SproutSocial to collect and view real-time data analysis like views, clicks, impression, regression, conversion, orders on all your social media accounts from a single dashboard.

Content Creation Software (BannerSnack)

Content creation is king in marketing and so is its importance in social media. It is the transformative edge that aligns your message to the readers’ needs and compels them to take action. The content is what will entice, inform, and entertain your readers thereby converting them from prospects to patrons and eventually generating sales.

Bannersnack is an impressive content creation software with its ability to incorporate visual and content creation into its marketing strategy. As marketing strategy evolves, so is the content. Bannersnack is not just a content creator but a visual design tool for businesses as it deploys artificial intelligence (AI-driven) online banner generation that enables users to easily edit multiple ad banners, thereby reducing overall turnaround time.

Buyer Persona Tools (Socialbakers)

The old practice of demographic market targeting might just be nearing its end as businesses are now gradually shifting to a more effective research-oriented target profiling. This strategy ensures that businesses, companies, agencies connect directly with the people who are most likely to purchase their product or services.

Socialbakers offers the way out. It is a software suite that helps in decision-making based on your follower’s data. It gives you an accurate representation of your key indicators, performance versus competitors then uses those insights and metrics to better improve your content marketing strategy.

Scheduling & Sharing Software (Socialflow)

Scheduling posts, twits, mails are very important in social media marketing. You cannot be everywhere at once. Time differences all over the world makes it even more challenging to continuously post content. With the social flow software, sharing and posting is done automatically. Its strategy is based on your audience’s active period. The user only needs to upload content to a waiting queue via the social flow dashboard. The software collects and uses real-time data with the leverage of artificial intelligence (AI) to determine post relevance.

Cloud-Based Phone Systems (ULTATEL)

Cloud-Based Phone Systems are the latest addition to social media marketing strategy. Also known as a virtual PBX system. ULTATEL is a very good software for this purpose. It’s an effective and reliable cloud-based service that employs virtual phone numbers to make a call via the internet rather than through a traditional phone system.

The ULTATEL cloud phone system is suitable for remote teams as it boasts of features to allow users to route inbound calls, call recording, voicemail via a stable internet connection. With the virtual based phone system marketing strategy, accelerating your sales is guaranteed through unified communication, video conferencing, international call, artificial intelligence, cloud communication, and many other attractive features. You can integrate this software with your business for easy automation and auto-reply.

Conclusion

Small, medium and big enterprises need to incorporate social media software into their business marketing strategy structure if they are to stand a chance to compete in the ever-growing, competitive, and highly dynamic digital marketing.

Benefits of Social Media Marketing

Marketing is defined as the aspect of promoting the goods and services a company deals with to prompt people to buy them and eventually be loyal to their products. A lot of growth can be sprouted out from marketing via social media. People in this day and age are glued to the internet and it is time that companies take advantage of this and showcase what they do through the various social media platforms.

2 Benefits of Social Media Marketing 

Numerous benefits come with social media marketing. The benefits range from creating awareness about your business to the public to a wide range of engagements with your company’s target audiences. Below are two benefits of social media marketing.

Growing your sales and company’s fanbase

Social media platforms are many but a company that wants to base its marketing there must be wise in choosing what platform suits them best and will bring forth enormous sales to them. The various social media platforms that exist are Facebook, Snapchat, Instagram, LinkedIn, Twitter, Google, Flicker, and tumbler.

These platforms could help a company grow its sales and its fanbase as well. A company could opt to sponsor their page or connect their website to social media platforms. Sponsoring widens the scope of people that can see what a company does and gives a company more likes and interactions from their target audiences and even new people who never knew they existed before. 

If a company is looking into growing its sales and increasing its fanbase, they could focus on marketing via various social media platforms.

Great target avenue for new and returning customers

The online space encompasses people from all over the world and hence for companies and even individuals who are into business could market themselves well on the internet. Social media marketing will widen one scope of the people you reach with your marketing information. Out of social media, one engages with interested customers or even potential ones who seem interested but perhaps consume what you produce in the future. 

Startup firms and those who already have a firm base in business could use social media to market themselves. These are platforms that are a great avenue for new customers and even retaining loyalty with old and returning customers. 

When a company has an active existence on social media, they keep their customers always glued to them. It doesn’t have to be a new thing like rebranding or new packaging of the goods and services offered by the company. 

Things like a season’s greetings message or good morning or goodnight-message will always make a company’s customers not to divert from them. MediaGroup Worldwide has benefited from social media marketing. It is the simple things that a company expresses to its customers that makes them loyal.

The advantage of social media marketing is that it is less expensive as compared to marketing via traditional media. For TV, radio, and newspaper ads, a company has to pay for space and timing but for a social media ad, a company only needs an account on the social media platforms it is focusing on. Where they may need to chip in money is if they would like to sponsor their content to get a larger scope of viewership and make enormous space. 

Sponsoring social media pages on the other hand is affordable and could make instant returns if the analysis of who the company is targeting is wisely done. Another benefit that comes with social media marketing is that companies could engage their customers. This would be possible through discussion forums for your company and target audiences via platforms such as Reddit, Quora and dig companies’ blogs, and publishing network

Conclusion 

This article discussed two benefits that come with social media marketing. These two benefits are growing a company’s sales and fanbase, social media being a great target avenue for new and returning customers, and social media platforms that they could engage with their customers. 


Infographic provided by Stanton Chase, a premier global executive placement firm.

Easy Video Ideas to Improve Sales – Top Tips for Small Business

Small businesses have a limited budget to spend on marketing their products and services, so they can’t always create big-budget videos as advertisements or social media campaigns. However, that doesn’t mean they should not create any videos for marketing. UK publisher and online learning platform Smart Insights reported this year, 2020, that “according to 88% of marketers, video marketing provides them with positive ROI (Return on Investment). So, turns out videos can absolutely help improve your sales. 

Read on to find out some easy video ideas that will help your small business improve sales without breaking the bank!

Types of videos you could create to boost your sales

Testimonials

Customer testimonials are the best way to improve credibility and build trust amongst viewers. The customers who have used your products and experienced the way you cater to their needs are the best way to put in a good word of mouth as well as show your business in a good light. These videos give out positivity and people tend to connect more because of human presence. 

Testimonials appear more realistic than adverts as it’s the customer’s words and not some scripted scene. You need to make sure the customer speaking to the camera is well lit. You can use a three key lighting setup for the best effect. You can add some groovy and happy music to it to further engage the viewers.

Here’s a testimonial ad by Apple where they highlight human interest stories. 

Behind the Scenes

We humans are curious beings and we like to know what is happening beyond our line of sight which is evident from the popularity of reality shows. You can use this curiosity to your advantage by letting your potential customers peek into the backyard of your business by creating a behind the scenes video. This video can show your process of production from scratch to the customers, employee byte, and can also highlight overall company culture. Just walking the camera through the office space as a montage or an in-between filler shot can showcase the space of your business beautifully. Creating these behind the scene videos can make you gain the customer’s trust and they can easily rely on you.

Documentary

People connect to stories and they want to know about your journey if you’re willing to tell it in an organized manner. It is possible that you might not have documented your growth over the years while building your business but in case you have archives, stories or you’re just starting then make sure you document every moment of your small business achievements on video.

While recording it might seem unnecessary and the process might appear taxing but everything put together over some time in form of a documentary depicting the journey of your business can be extremely rewarding.

Documentaries form a great way to advertise and build your brand while resulting in a boost in sales. It can include a mix and match of voice-overs, behind the scenes footage, archives, customer testimonials, product shots, and day to day work, you can stitch this all together using a video editor that meets all your needs. 

Animation

Animated video content can be limitless as you can let your creative imagination flow without restrictions. Usually for small businesses animated videos are advertised in the form of explainer videos. 

Explainer animated videos are short marketing videos that are used to explain the product or what the company does to the general consumers who might not be used to using the product or might lack knowledge about the company. These videos are great for your product landing page or retargeting audiences based on their purchase of the product.

McDonald’s shows us how animated explainer videos can be equally engaging.

Micro-Content

You cannot miss out on putting out Micro-Content in vertical format be it on Instagram Stories, Reels, TikTok, or YouTube Shorts. You can create these videos easily and quickly with the help of your smartphone to later put them up on various platforms. 

Micro-Content is short and usually lies somewhere between 15-60 seconds depending on the requirement. It gives you the power to tell a story in a short period given the average user attention time these short videos are proving to be a game-changer for many small businesses. You can create snippets of your product or take another video and change it according to the suited format using a video editor that supports vertical video editing for videos across social media.

Tutorial

Tutorial videos are usually made when your product needs to be learned in-depth step by step for people to be able to use it properly. You can either choose a narrator, actor or if you’re confident enough to pull off your video presence then what’s stopping you! 

In case your product is software then you can use a screen recording tool to showcase a step-by-step tutorial which makes it easier for the end-user to navigate through the various features of the software. Screen recordings often need a supporting voice-over to make it easier to explain. You can also use AI voice overs to make your job easier. 

Unboxing videos

You might have seen one of these videos when you’re about to purchase a phone or a gadget. The unboxing videos are really popular amongst tech enthusiasts but have found their way to almost every product that comes out of a box. You can do an unboxing video by yourself, make sure you have designed your product box to give it a premium feel to attract more customers. 

Live Video

You can broadcast a meeting, presentation, an event that your company is hosting to engage in potential customers to make them feel included. Live videos make the customers believe that the company is transparent. 

Live video interactions on the other hand are valuable for taking the consumer’s feedback to value their opinion and work upon it. These videos are popular as users like to see what’s happening ‘now’. Maybe, you could bring in an expert or an influencer to talk about your product on the live stream to boost your engagement.

Conclusion

Videos are all over the internet and form a great tool in this digital era to maximize your market share and boost sales. Make sure to use a video editor that offers a variety of templates and meets your business needs to be a step ahead of your competition. It’s never too late to start creating beautiful videos that help your business achieve the unimaginable. 

10 Forex Exchange Tips for Beginners

Forex trading is a lucrative business venture if carried out in a perfect manner. Anyone can get into forex trade and make it out successful. It is all about following some simple but vital steps. 

Below is a set of 10 tips that beginner traders can use to succeed as forex traders.

  • Have Knowledge of the Markets

Before you consider injecting your money capital into forex trade, consider educating yourself on how the currency pair behave and perform in the market. You cannot afford to lose your hard-earned money in just a single second or minute. Currency price movements occur in seconds, and if you are not keen enough on the positions you take in the money market, you could end up with so many losses. Therefore, take the time to educate yourself on everything to do with forex exchange as this could save you big time.   

  • Prepare a Trading Plan and Abide By It

A common saying goes like this, ‘Failing to plan is planning to fail’. This applies so much to forex trading. Successful trading is often a result of an effective trading plan. Your trading plan should comprise the profits you aim at achieving, the amount of risk you are willing to take, your trading methodology, plus the assessment criteria.

The trading plan acts as your base for trade, as you will have to ensure that every trade you choose to carry out is within your plan limitations.    

  • Practice

There is no better way of perfecting a skill other than by practicing it. Put the set plan into practice by implementing it in real market situations. You can open a practice account with trading platforms such as Meta trader 4. All you have to do is https://www.equiti.com/platforms/metatrader-4/ into your trading devices such as a phone or computer, install the application in your device, sign in and create a risk-free account, which you can use to practice your set trading plan. 

  • Project the Behavior of the Market

In order to analyze the market, there are fundamental analysis tools and technical analysis tools. Fundamental traders utilize news, both financial and political to predict the future performance of the market. On the other hand, technical traders employ technical evaluation tools such as moving averages, technical oscillators, and Fibonacci retracements, to predict future market changes. Other forex traders utilize both technical and fundamental tools. However, regardless of the trading apparatus, you employ, ensure that you utilize the tools within your reach to identify probable trading prospects in the changing markets.  

  • Set Your Limits

This is important in realizing future success in forex trade. Setting limits has to do with realizing how much risk you are willing to take, in short, it is about determining the much you are ready to spend in trading and not allowing yourself to go beyond the set limit. 

  • Have a Clue of Stop Points in the Trade Process

Implement stop plus limit orders which serve to guard your possible profits and limit the risk, by removing you from the market upon reaching the price that you established. This is essential especially for those who do not have the whole day to observe every market price change. The trailing halts are vital as they aid in protecting your gains in the event of any price reversals in the market.   

  • Avoid Trading Under Emotional Influence

Do not allow your emotions to control your trade as this will most certainly hamper your successful forex trading. Avoid thinking that investing all your money in a single trade will bring back what you have lost. Remain faithful to your set plan, and recoup the lost money slow by slow. Irrational trading may result in two or more losing trades. 

  • Do Not Rush, Maintain It Slow But Stable

Consistency is key in ensuring successful trading. Hence, just abide by your set plan, and do not be in a rush to invest all your money. Educate yourself about the forex market, and analyze the market cautiously, ensuring that you do not miss any vital information.

  • Always Be Ready To Explore, 

Even though consistency has been emphasized a lot, never be afraid to rethink your trading plan if all is not working out. Have the courage to rewind, create another plan, and follow a different path. Just stay focused on your set goals even as you explore other trading techniques.

  • Pick the Accurate Trading Partner

Select the perfect trading partner as you venture into a forex trade. A good or perfect trading partner ensures they set prices well, executes trades properly, and ensures that they provide great customer service to its traders. 

Conclusion

Forex trading is easy and you may realize your gains assembly as possible if you follow the above 10 tips for forex trading. Come up with a trading plan, set your goals, and be sure to abide by the set trading plan to ensure successful trading. 

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5 Ways To Keep Your Cloud Backup Simple And Efficient

Prior to the advent of cloud backup services, the prospect of safely storing your files and backing up your data was the stuff of IT nightmares. Thankfully, those days are long gone and the world has since embraced the beauty of the cloud: a sleek, smart, and simple software that can safeguard your data and give you that elusive peace of mind. 

When it comes to cloud backup in Australia, there are a number of ways to ensure your system is operating at the optimal level for your personal or business needs. These simple tips can help you get the most out of your cloud backup solution.

 

Ensure automatic backups are set up

First and foremost, you want to make sure your backups are automatic rather than something you’ll have to do manually. It may seem obvious, but constant and recurring automation is key to continue protecting your data and avoiding human error. 

 

Use a service that focuses on data safety

As handy and reliable as the cloud can be, it’s not totally immune to data risks. Herein, encryption should be your best friend: in other words, the process of turning original plain text into unreadable ciphertext which can only be deciphered by authorized parties. 

This encryption should not only take place at the backends but rather while the data is at rest (that is, backed up and sitting in the service’s cloud servers until you restore it), as well as when in transit.

 

Be wary of data security measures

While on the topic of keeping your data safe when in the cloud, be sure to look for a service level agreement (SLA) as part of an organization’s offerings when researching your options. This should detail what security measures are actually in place as part of the backup process. 

If operating a business, it’s also a good idea to ask your vendor how they will comply with any regulatory requirements for both software and storage. Another area to probe is data privacy capabilities, particularly if storing data on public infrastructure. 

 

Replicate your backups

Backups are one thing; copies of those backups are another thing, and then copies of those copies are another thing altogether. While cloud backup is an ideal way to move data safely offsite, it can help to consider the value of replicating store backups locally, to the cloud, and to another site as well – just to stay on the safe side.

 

Explore analytics tools to hone in on backups

Last but certainly not least, analytics tools are a super handy way to simplify your backup when it comes to pinpointing and retrieving specific data. This is particularly pertinent to businesses: by enlisting an advanced business analytics tool as part of your cloud backup solution, your employees can easily and swiftly respond to requests for documents. This is also important in the instance of providing data to legal authorities, allowing you to retrieve the necessary information without shutting the entire company down. 

Reasons Why Customers Churn And How To Avoid It

Customer churn is the statistic showing the rate at which you lose existing business. This is an important stat and one that companies should seek to continually improve. Before you can begin improving customer churn, you must find out why your customers are leaving you. You can use surveys to discover why customers churn and discover the underlying reasons that you might not have considered. Here are the main reasons why customers churn and how you can avoid it;

1. Poor customer service

It’s probably unsurprising that one of the top causes of churn is poor customer service. Why should a customer stay with you when they haven’t had a positive experience? A study by Microsoft found that 96% of customers rate customer service as an important factor in loyalty to a brand. These days there’s plenty of other businesses out there, and if your competitors’ customer service is better than yours, then you’re in big trouble.

Consider how you can improve your customer service. You might think about having a dedicated customer support team or offering a live chat or chatbot facility on your website. This will make it even easier for your customers to contact you. Every bit of extra effort you make will help to show consumers that you care, and by providing instant (or near-instant) replies to their queries, you’ll create a great customer experience.

2. Bugs or issues with your product

If your product doesn’t perform as well as a consumer thinks it should, it can cause them to churn. If it breaks easily or is glitchy, then this is going to have a negative impact on your customer’s perspective of your brand. It can be difficult to win customers back when this happens, but all is not lost. If you are aware that your product is faulty, then the best thing you can do is be honest and transparent with your customers. We all understand that people can make mistakes, it’s what we do to fix the errors which is often the key. You should work hard at retaining your current customers – just a 5% increase in customer retention can produce 25% more profit.

Contact your customers to let them know that you’re working hard on a solution and keep them updated on your progress. This is the best way of trying to retain them after such a setback. If you’re honest with them and try to rectify the problem they’re much more likely to give you another chance.

3. Your product is deemed too expensive

The pricing of your product is another crucial factor to consider in customer churn. If your consumers think your product is too expensive, they will likely find a cheaper competitor. You should always keep a close eye on your competitors to track their pricing and see where you stand in comparison. And, more importantly, whether or not your product reflects the price you’re charging.

However, you should also consider what you do that sets you apart from anyone else in the market. For example, if your product is ethically sourced, produced using more environmentally-friendly methods and delivered in eco-friendly packaging, then it’s more likely that your overall costs will be higher. However, a growing trend shows that consumers are willing to pay more for ethical products, so you need to highlight this as a USP of your brand to justify higher prices.

Final Words

Considering the main reasons customers churn, it’s essential that you first discover why your customers decide to leave. It’s generally different for every business, so finding out why will help you to combat your rate of attrition. Whether that be by improving your customer service, refining your products, or analyzing your pricing. Once you know what you’re looking to build on, you can focus on the process of reducing your customer churn.