Business

AdminAugust 31, 2017
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1min480

A lot can be achieved when we begin our search for innovation with an open mind. A mind that embraces all ideas without judgment. Hence we start with the known. Before delving into the murky deep of the unknown.

This, however, isn’t always feasible. But a truly innovative approach would involve the speed of execution and delivery of ideas that pass the battering ram of tests.

In SaaS, this innovative approach would involve Rapid Application Development and product agility as discussed by wavemaker in the enterprise solution they offer.

You can achieve a lot, and save loads of costs with this. Lower maintenance costs and application development can be quickened. But today we’d be looking at four-pointers for you to better manage and increase your SaaS growth trajectory.

Educate Your Market

Let’s face it, a lot of your potential clients don’t know that they need your product. They do not know. So it’s in your best interest to get them informed. Because the more informed your buyers are about your products, the quicker they buy from you.

SaaS sales and marketing thrives on information. Share relevant information about your product through every channel available.

Consider yourself a connoisseur of SaaS-related information, and dispense this helpful information liberally. But it’s not as simple as that. How often should you get your information and content ‘out there’? A whole lot if you ask me.

So provide information. Since SaaS has a relatively short sales cycle, you should aim to provide lots of reassurances and information to your clients. Lead them by the hand. In the SaaS world, customers are long term.

Sharpen Your Leads Qualification Strategy

All leads are not created equal. Not every lead you generate is fit or ready for a sale.

The degree of their readiness to buy your product varies. Some are willing to buy, but not ready. Some are ready but require a little more information from you before they take the plunge.

As a result of this, you should qualify your leads based on their willingness to buy. And what actions they took – maybe they signified an interest in your product or have specific questions to ask – that landed them in your leads net.

This would help you distinguish between leads who have taken a passing interest in your product and leads who are further along in your sales funnel. Criteria in qualifying leads vary from company to company. But many agree that leads have to meet specific criteria tied to revenue generation.

Don’t Underestimate The Value Of Customer Retention

One of the metrics used by many entrepreneurs to measure growth, is the acquisition of new customers monthly, quarterly or annually.

Whilst this may be an indicator of growth, it could also blindside you to potential areas where leads are leaking out of your funnel. To counteract this effect, you’d have to pay close attention to a metric established SaaS businesses use.

One such metric is customer retention. In SaaS, customers are long-term. So if you don’t work to reduce your churn rate, and retain existing recurring customers, your company might be losing out on a very profitable revenue stream.

According to Bain & Co, it was found that a 5% increase in recurring customer retention can increase a company’s profitability by 75%. In the same vein, it’d cost internet based companies 20% – 40% more to acquire new customers.

In conclusion, to increase your growth rate. You’d want to thoroughly educate your market. Share every needful information, and answer questions that might arise within them during the sales process.

Additionally, gauging the readiness of your leads and qualifying them for the sales process would go a long way in bringing highly interested and qualified leads into your sales funnel. Resulting in more sales, and a higher revenue stream to fall back on.

And lastly, pay attention to customer retention. Do this with the realization that it costs 6-7 times more to acquire a new customer than to retain an existing one – Bain & Co.

With the above, you are positioned to manage and deliver relevant applications, improve your business’s agility and foster steady growth through stellar customer support and lead qualification deployment.


AdminAugust 28, 2017
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1min760

As a small business owner, it’s safe to say you’re strapped for cash, right? It is, therefore, important for you to keep your spending reasonable. Lavish spending, even on that amazing underwater camera you want so badly, will lead you to bankruptcy sooner than you think.

Apart from buying inventory and raw materials, you’ll have to moderately advertise your business. With social media networks, you don’t need to break the bank when advertising. You have access to a huge population of people at a fraction of the cost of traditional advertising. Before purchasing any product, be it the latest Canon for dreamy vacation photos or bedding, consumers today look at a company’s website and then follow it up with customer reviews.

Here are a few reasons a customer will look for a company’s website before purchasing any of their products:

Credibility

As a result of the internet, your business will have access to customers in different countries. This means they don’t have a way of knowing your company’s products or credibility, apart from a company website. In previous times company’s dealt with consumers in their local areas. In case a new consumer wanted to know information regarding the company, all they had to do was ask friends or relatives. It’s impossible for this to happen now.

A website gives new consumers an insight into how the company’s products are manufactured. On top of that, they get to read customer reviews of the company’s products. Once you have a website with this information consumers will be inclined to trust your company more. Trust will equate to sales.

Consumers

Currently, an average adult spends around 5 hours of his day on the phone. What’s more 3 hours of this time is spent online on social media sites such as Facebook, Instagram, and Twitter. What this means is consumers spend a considerable amount of time online.

Therefore, for your business to grow it has to be online. A company website will boost your online presence. In case you don’t have deep pockets like your competition, not to worry there are cheap website builders. A small fee is charged for website hosting and domain name. Taking advantage of these solutions will have you smiling on your way to the bank in no time.

Sales

With a website, you no longer have to rely on retailers carrying your product. You’re able to sell your products from the comfort of your home or office. A bonus to this is you don’t have to commit products to retailers and then have them sitting on the shelf for months.

On top of that, you don’t have to undersell your products. Retail giants eat into most company’s profit margins once they sell your products. With an online platform, you don’t have to share your profits with anyone.

Information

Advertising can be expensive despite social media networks cutting the cost. However, your website provides a free platform for you to advertise your new products. Once you have a new product just feature it on the website and explain what it does. You could incorporate a video of the product in action. This way you get to save on advertising costs while boosting sales.


AdminAugust 23, 2017
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1min760

The 21st century is a good era to make a killing for your business. You have multiple ways of advertising your gear and acquisition costs are low. On top of that, you could have customers from any end of the earth. All this and more, thanks to the invention of the internet.

Despite being a great place for your business, it can also be the most hostile. Consumers can easily rate your products and websites. These ratings are readily available to other consumers. Suffice to say, the information will spread like wildfire. If you are into photography (professionally or self-trained) and your products are as good as they come, your products would get a welcome boost. Your company having an ugly website will definitely cause a reduction in your sales and revenue. Here are a few tips to make sure your company’s website is interesting for customers:

Product presentation

As the saying goes, seeing is believing. Therefore, it’s important for customers to have pictures of your products or services. Without this, you might as well close your business and try your hand at something else.

However, you shouldn’t present the product in a normal or boring way. Try and find an interactive and interesting way to present them. If you sell bags for example: instead of showing pictures of the bag, try and fill the bag with items to show how great it is for consumers.

Customer interaction

Do you want a trick to going viral? Simple, appease the customer. You could do this by Enhancing interactions between the consumer and the company. A great way is to have space on your website where the consumers can rate the products. On top of that, they can leave comments on how you can improve the product.

Better yet, you could give the consumers an opportunity to showcase how they use your product. This gives your brand more credibility while saving you on money spent on models or demonstrators.

Professionals

The best bet in getting customers hooked to your site is by using professional web designers. They may not come cheap but they know what they’re doing. If you’re really strapped for cash use website builders. These are sites such as Wix or WordPress that allow you to build a website from available templates.

These templates are categorized according to your needs. You get to customize the templates to your tastes. What’s more, you get hosting for your website. The fee for these features and more is minimal or absolutely free.

 List milestones

All websites have an about us page including yours, right? This page doesn’t have to contain generic and boring information. On this page find an interesting way of listing your milestones as a company.

You could start with when your company was formed. Right next to it, you could include why you choose to start the company. A list of your accomplishments over the years could then be chronologically placed. Next, to each accomplishment, explain in a few words what helped your company achieve that particular success. Once a consumer visits your website they will be intrigued and likely to return.


AdminAugust 22, 2017
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1min640

The protection of confidential information is getting more and more attention every year largely due to the repetitive cyber attacks. Until now, the documents of companies were kept safe mainly offline, but with the adoption of web-based & cloud-based applications, the risk has increased considerably. These platforms are highly vulnerable to cyber criminals, especially when they are inexpensive.

Losing data to hackers can lead to hefty financial losses. Moreover, the reputation of the brand can be seriously damaged as recently happened with HBO. Thus, large corporations should be implementing stronger digital technologies to ensure the security of your information.

The main challenges concerning data security

Data breaches most often occur due to ineffective security measures such as weak antivirus software. These applications are created to

protect the information stored on your hard disk, but they don’t provide the necessary features to keep your data safe.

  1. Most software has a single level of protection, which isn’t recommended.
  2. Automated data transfer requires additional security measures, and they are often omitted
  3. Unethical IT specialists can gather personal data without the knowledge of the users.
  4. Data transfers must be encrypted, which is costly.
  5. Companies must perform detailed audits even though the massive amounts of data involved.
  6. The data must be monitored and tracked frequently

How can data be protected?

The best way to improve the security of your documents is by choosing an advanced antivirus software provider. Most security companies have a variety of offers that can keep your information safe from cyber criminals. However, choose wisely as the inexpensive offers can leave back doors in your security and that could cost you quite a lot.

Nowadays, antivirus companies work together and share information amongst themselves in order to enhance their systems to prevent new and more sophisticated viruses from intruding.

  1. Isolate devices containing confidential information
  2. Frequently update your security systems

What’s next?

It looks like the future of the big data security is concerned with the cloud-based technology. However, this technology is a vulnerable target, so you have to search for providers who have put efforts on improving their security. Always pay extra to have a more advanced protection or else it could cost you way too much in case an accident occurs.


AdminMay 3, 2017
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2min3080

The Robinhood applications is a stock brokerage that allows individuals to buy and sell stocks for 0$ a trade. By doing so, the company aims to engage the highly important demographic of the millennials.

Before its official launch in late 2014 on App Store, the company had a half a million long waitlist. Now, it’s available for both Android and Apple devices. 

Registering for Robinhood 

Individuals must fill out an application upon signing for the app. New users receive introductory videos explaining the idea of the app and how to make trades. You will need around 80 seconds to get to know the app as it is quite simplistic and easy-to-use. 

People can buy or sell at a market price, make limit orders and stop them when they’re losing money. Unfortunately, there aren’t any trading tools available as of this moment. Luckily for some, there’s no minimum account requirements, which means that you can invest as little as you want. 

The design is simplistic and changes colors depending on your performance with the stocks. There’s a variety of convenient features such as putting stocks in a watchlist, reading information about a particular stock and reviewing your overall performance. 

Why are they offering $0 trades? 

At the beginning of the century, all services aimed to become more sophisticated by providing a large number of features. In current days, the most successful corporations seek to streamline a product or a service, making it more simplistic. That’s the sole idea behind Robinhood, which wants to motivate Millennials to become the next successful investors.

They are creating their own niche, which motivates youngsters to invest without being scared of the additional price tags and features that other trading companies provide. 

Acknowledged critics are worried that inexperienced investors should not have the ability to buy & sell stocks easily as it could disturb the market. 

However, Robinhood believes that the young people should be able to invest easily as they have their own personal financial issues. It’s hard to live normally and have money to invest when you have a student loan, for example. Thus, this application provides an inexpensive way to gamble on the stock market and make a fortune. Who knows, maybe you are the new stock market oracle? 

To function Robinhood needs to make profits. If the company wants to compete with others, they must find a way to make profits, or they might be overwhelmed by the expenses, sooner or later. 

The inexpensive cheap trades lead to thin margins, and this leads to a variety of compromises for the firm. Whether it will be customer’s services, tools or anything else, they have to cut somewhere in order to function. 

Currently, the company works by having no physical locations, a small staff, and little or no marketing campaigns. However, the company does make some money off unused cash deposits from accounts. 

A great sign for the company is that a significant number of venture capitalists invest in it. Currently, large investors such as Google Ventures, Social Leverage, Ribbit Capital and Index Ventures have raised more than $176 million for the company in funding, which has led to a valuation of $1.3 billion. 

At the end of 2016, the company released a gold membership which provides the possibility to trade pre and after hours and allows you to deposit immediately. 

From what we see, the company is ready to maneuverer to establish itself as a trusted brokerage player. Whether Robinhood is going to become a game changer, we have to wait as only time will show. 

The application is highly useful for individuals who are new to the stock market and need to gain valuable experience. After expanding enough in the millennials demographic, the company should focus on attracting experienced investors. One thing is sure, Robinhood is going to make investing in the stock market easier for everyone!


AdminMay 3, 2017
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1min2820

Paypal is one of the most popular payment processor companies in the world. Recently, they revealed their first-quarter earnings and they are better than the estimate. Analysts predicted only 41 cents increase, but the shares rose by 7 percent. This is due to the fact that the income of the company has increased by 5 percent from last year to $384 million.

The revenues of the company were also higher than expected with $2.975 billion, whereas only $2.94 billion were estimated.

Paypal aims to change the way individuals make payments. They wish to remove the cash payment model and change it to only a digital one. From what we see, it looks like the company’s popularity grows considerably on a monthly basis. Paypal reveals that they’ve registered more than 6 million new accounts only in the first quarter of 2017.

The company gets a nice cut from the transactions made in Facebook Messenger, Airbnb and Uber as it owns the payment processor Braintree.

Moreover, it also owns another popular payment platform known as Venmo. Since they’ve bought the company, they’ve doubled the total payments volume up to $6.8 billion from business partnerships. There is a 25 percent increase in total payments volume for the past year.

Paypal’s shares closed this Wednesday at $44.41, which is a 13% increase for one year. Now, the market cap of the company is evaluated at $54 billion. The world is advancing, and digital payments are becoming even more important. It looks like that the firm is going to stay on the top of the digital payment industry for years ahead.



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