Data from electronic cash registers (cash register systems), product databases, customer counters or loyalty programs, or stock data can be a source of interesting information. They can sign up for increased turnover and higher profits thanks to the correct interpretation.

Retail Trends

The general trend is to simplify analyzes and move them towards clear conclusions. Some entrepreneurs do not use existing customer data at all. Those who use it are often too focused on data and products and forget about other important factors in retail—training employees in connection with contact with the customer. At the same time, loyalty programs are being withdrawn because customers are already showing a degree of fatigue and dissatisfaction with loyalty systems and their lack of transparency. The first decisive factor remains the price; customer loyalty has not yet returned after the crisis.

What Works In Retail?

Offer An Experience

The era of information and communication technologies is still in power, allowing customers to quickly and easily compare the prices of goods. As the internet is saturated with online stores, brick-and-mortar stores have to compete with added value; e.g., a specific atmosphere or helpful and professional staff. The retail store should also evoke in the customer a sense of experience that will resonate in him long after he leaves it. Because if there are two different bookstores close to each other on one street, the customer will logically choose the one with excellent and well-thought-out staff, a pleasant environment, and maybe good coffee.

Avoid The Disease of The Retail Market: Exaggerated Stocks.

Most retailers are wasting a lot of money in warehouses. Therefore, the retailer should rely on data analysis and the obtained data to give the goods, e.g., to sell or find a more efficient place in the store. “Thanks to the optimization of stocks through the correct identification of lagers and poorly selling products, the so-called cash flow and release the amount of money fixed in stores. Many retailers think that their stock is set optimally.

Don’t Underestimate The Planning of Changes in The Retail Operation.

Retail data should be the primary indicator when planning work changes. The number of employees in the store should be determined based on precise hands and not only the intuitive feeling of the operations manager. The lead can be, e.g., movement of people around the shopping center and rescheduling the employee’s work shift by moving it within a time horizon of one, two hours. It should not happen that the establishment employees will be at lunch when people like to visit some establishments during the lunch break. In some cases, sales can be increased by more than 5% by simply rescheduling a lunch break for a later or earlier period.

It Also Depends On The Little Things.

Attracting a customer in a time of almost unlimited possibilities requires a certain amount of creativity. However, it does not always have to be a breathtaking campaign. During Christmas shopping, people will also enjoy the gift wrapping service or the opportunity to postpone the purchase so that people do not have to worry about a handful full of shopping bags. These are primarily discreet services , but they get in the customer’s memory. Trivia that the customer does not expect, not to shout at him from every corner, so to speak, and creating the right atmosphere, become the key. For example, it is, e.g., also coffee or mineral water to buy when the customer is exhausted from the shopping marathon.

Don’t Forget The Loyalty Card Data.

This is because it is a source of usable data about the customer who regularly buys in the given operation. Although it mainly benefits customers, it also helps the retailer with quality data that should not be forgotten. This is a priority for larger store chains, but smaller retailers can also benefit from loyalty cards. They do not obtain data by distributing loyalty stamps, but they secure, e.g., your customer’s loyalty. The source of information about clients can be, e.g., customer competition. It pays to think about a loyalty system in the form of customer loyalty cards for data collection from the number of five or more establishments.

The little reward is attractive for the customer, but if he buys the goods regularly, he will also appreciate the non-financial benefits, e.g., in the form of 2 pieces of the product for the price of one. In the case of operations with fashionable clothing, it is more appropriate to reward the customer with a voucher due to the constantly changing seasonal goods. It works, e.g., a coupon for a discount on a future purchase within the new collection.

Category Management In Retail

Retailers tend to run the store as a whole. But if they divided the products into individual categories, they would find that each has a different effect on the customer. “It may be that one brand has a low margin and another, on the contrary, is high. The retailer is likely to decide not to sell the low-margin brand. However, it should not be forgotten that other indicators reveal that the brand attracts customers to the store

(Non) Undercutting

Up to 50% of the contents of the average basket in the food chain are discounted products, while in the Western world, they do not even represent 20% of the purchase. The marketing strategy in Slovakia is based on discounts, so people are explicitly waiting for them and buying only when the goods are currently cheaper. Retailers are set to subordinate fixed prices.

Also Read: Why Do Employees End Up Falling Prey To Cybercriminals?

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But What Is Financial Success?

So that financial success does not become a utopia. It is important to define what financial success means because, unlike what many think, it is not about being a millionaire.

Financial success is a series of continuous actions that balance the income received, lifestyle, and quality of life. Patience and consistency are keys to achieving financial success, as the road can seem long and difficult. However, one of the most relevant factors is the will because it becomes necessary to change the mentality of spending for that of investing.

That is why investing is one of the main aspects of personal finance, because it allows you to maintain purchasing power and even increase it in the long term. However, to invest, the first step is to save and plan.

Before The Investment – Develop a Financial Plan.

A goal without a plan is like a car without an engine. Having a strategy becomes even more important with financial goals since saving or investing can become frustrating if there is no clarity on how to achieve it.

A financial plan begins by identifying and quantifying the available financial resources and becomes a powerful tool with which it is possible to face expenses and allocate capital to save and invest. Financial plans can be carried out at a personal or business level and require constant evaluation to make the right decisions according to current information and the short, medium, and long-term goals.

What steps must be followed to develop a financial plan?

Current Status Review

The components of a financial plan are usually: income and expenses. Revenues are money inflows, while expenses are outputs. The expenses can be derived from everything required to generate the payment, or they can be associated with maintenance and fulfillment.

Extracting all the information about the panorama of monthly income and expenses is the first step in developing a financial plan. This makes it possible to identify the main sources of income and how they are being spent.

A very useful recommendation for this exercise is to classify the expenses. Some of the most used categories are:

• Monthly fixed expenses: the payment of services, payment of debts or loans.
• Occasional expenses: these are not made every month, but that do have a periodicity, for example, annual renewals of service or membership.
• Unscheduled expenses: are those that arise from unforeseen events.
• Ant expenses do not arise from any unforeseen event, nor are they periodic. They are usually impulsive or for pleasure, such as buying tickets for a concert sweet, among others.

Once all the information is collected and organized, it is possible to carry out actions that help reduce expenses.

Define An Economic Goal

The goal may be to save or invest. If the objective is to keep, it is important to specify what you want to save for because this will determine the goal you want to achieve at the monetary level.

If the objective is to invest, other purposes are also derived, such as how much profit you want to achieve and in what period to determine what the goal in money is.

Plan And Stick to The Plan

With the above information, the next step is to create a plan to reduce expenses to achieve the stated economic objective with current income. Here begins the most complex part, and that is to respect and stick to the plan. This will allow you to meet the objective and obtain greater satisfaction and peace of mind when investing.

Now that the plan is ready, what is the next step?

Identify The Investor Profile.

The popular saying goes: “each one, with each one.” This means that there are investment products according to the investor profile of each person. The investor’s profile determines the amount and type of risks that are willing to take, but other factors come into play to identify the investor’s profile. Some of the most relevant are:

• Age and stage of life you are in
• Income and savings capacity
• financial responsibilities
• financial knowledge
• Investment type of interest
• Desired profitability and expected time

With these characteristics, the types of investor profiles are defined. There are three that are usually the most used:

A Bold or Aggressive Investor

It is usually associated with young people because they are not afraid of risks and seek the highest possible return. They are generally single, between 30 and 40 years old, and economically solid; for this reason, they have enough solvency to invest in products that offer the highest profit.

They prefer investment portfolios in which they combine equity funds, short-term debt and long-term debt, shares of companies in the capital market or raw materials.

Moderate Investor

He is a balanced profile, he is willing to take risks when necessary, but he is cautious when making decisions. You want to maximize your profits while maintaining a balance between safety and profitability; For this reason, he is not afraid to take some losses, as long as it increases his chances of additional returns.

They are usually parents with stable income and moderate savings capacity. In general, they prefer a combination of debt instruments (bonds) and equity funds, the latter to a lesser extent.

Conservative Investor

This profile avoids risks at all costs. Their wealth grows much slower because they seek more stable earnings that do not put their savings at risk. It is common for this profile to be associated with retired people. However, anyone can be a conservative investor since people who do not have very high incomes also opt for this alternative.

Although they prefer to avoid risks, sometimes this type of investor can lose performance if inflation is not considered.

The types of products are usually those where they can know their profitability. That from the first moment. That is why they typically choose debt securities, term deposits, or savings accounts. Your portfolio is generally split between 70% equity in a debt fund and 30% equity in a hedge fund.

If you want to maximize capital or obtain extra income thanks to the investment, this type of investment is not the most recommended.

Also Read: FinTech – The Technological Revolution In The Financial Industry

How To Choose The Right Investment Instrument?

There are endless options to invest, which is positive because it is possible to find the investment that best suits the investor’s profile. On the other hand, it also adds complexity because, with so many options, the risk of making a wrong decision is greater.

For this reason, the first thing to make the right investment decisions is to find out about each of the available investment instruments. Identifying the investor’s profile can already give a clear idea about the type of instrument to choose; however, the main aspects that must be taken into account are:

• The amount available to invest
• Desired return
• Degree of risk willing to assume
• The term in which you want to obtain the profits.

The Capital Market Is a Wise Investment Decision.

Moving away from traditional instruments such as time deposits can be considered risky, or even complex or unknown. However, it is an option that allows you to obtain a much more attractive return and offers other benefits, such as choosing the type of investment you want since the investment alternatives are varied and with a guarantee of fairness, transparency, and equality. Of opportunities.

The capital market, also known as the stock market, is the place where company securities are traded, with different levels of risk, which depend on whether it is an investment of:

Fixed Rent

The conservative investor profile prefers this type of investment. The rent is fixed because it promises a reward that depends on the agreed interest and time. To make a fixed-income investment, debt securities are acquired.

Equities

Bold investors tend to choose this type of investment, and it does not promise a reward that can mean great risk and a great profit. This investment materializes through the acquisition of shares of a company, and the return is obtained by investing in shares of companies that promise amazing growth.

Derivatives

They are agreements to buy and sell financial assets on a specific date and price, and their value is derived from the cost of another purchase.

You can buy a security that is tied to the price of oil. If the cost of the asset goes up, so invests.

Other Considerations That Must Be Taken Into Account

In general, the capital market has financial specialists who can guide people to make sound investment decisions. However, it is important to be familiar with the main terms used to have greater clarity about the type of transactions that are being carried out and the implications of each one.

Investment Liquidity

It refers to the quality of the assets to be converted into cash without this affecting its value. Time is an important element for the liquidity factor of the investment, and therefore, there are investment instruments with different types of liquidity.

Payment of Intermediate Flows

Investment instruments pay intermediate flows, others at the end, and some may even be unknown.

It is important to consider when you want or need to receive cash flows when investing.

Market Access

Depending on the type of market, there are restrictions for transactions with financial instruments. In other words, it is important to understand what the possibilities are to buy or sell in the primary and secondary markets.

Value Units

Investment instruments may be expressed in different value units such as UF, IPC, US$, among others. Depending on the investment objective, some investors may prefer devices in dollars or other value units.

Investment Taxation

There are some financial instruments in which taxes may affect earnings, either because it is necessary to pay a tax or because the yield generates tax benefits.

Investing Is a Habit For Financial Success.

Investing and saving is a habit that requires a lot of discipline and will. However, its benefits translate into financial success and, therefore, peace of mind and economic stability.

Working with money and growing is also a way to ensure retirement and family well-being. Therefore, the invitation is to begin as soon as possible to change the mentality of spending to one of saving and investment.

This applies to both the personal and business spheres. There is a great business opportunity in the capital market and investment instruments; For this reason, everything seen above can be taken on a large scale to increase capital and equity.

Diversifying your investment, seeking advice and training from financial experts, as well as entering the capital market is the best way to start making the right investment decisions.

The post How To Make Sound Investment Decisions appeared first on TechReviewsCorner.

Sales Psychology As The Basis of The Marketing Principles

Anyone who wants to establish themselves on the market with their products or services is first faced with the challenge of being noticed. Making customers aware of your company and then convincing them of it is a difficult task. 

Reciprocity

Reciprocity is one of the most powerful principles in sales psychology. Because exchange describes that we humans treat our counterparts in the way they treat us. So when we get a favor from someone, we want to give something back to that person. In this case, it is imperative to us not to be in debt and therefore often give back even more than we got. This effect can be intensified if the first favor is significant and of high quality, especially when this advance payment comes unexpectedly and is even individually adapted to the recipient.

This marketing principle of sales psychology can be cleverly used in online marketing. For example, you can offer high-quality content to attract and convince your customers. This can be implemented in the form of free eBooks or free webinars. If a customer has already bought something from you, please give them a free sample or a discount voucher. In return, customers or potential customers may subscribe to your newsletter, like your social media channels, or decide directly on a product from you.

Sympathy

Basically: We are more willing to listen to people, to show them trust, and let them convince us if we find them sympathetic. And whether we find someone sympathetic depends on various factors. Is our counterpart similar to us, or can we identify with them? Does our companion seem attractive? Do we get praise and recognition? Do you feel a certain closeness to one another that triggers familiarity? Does our counterpart seem honest? Do they succeed? So if you combine a few of these characteristics, you can convince potential customers to buy your products or services.

But how does this theory work in practice? On the one hand, frequent contact with the customer can create a certain closeness and familiarity. Someone who often reports by e-mail or is very present through pictures on the website seems to be looking for customer contact and gives a semblance of genuine interest. On the other hand, personalized addresses in newsletters, e-mails, or other communication channels can increase this effect of sales psychology. You can also appear sympathetic to your target group through appropriately created personas.

Also Read: B2B sales: Business To Business

Social Proven

The fact that humans are herd animals becomes apparent at the latest through the marketing principle of social reliability – also known as social proof. Because we humans judge a situation as of right when we can observe the same behavior in other people. Do we sit down in an empty café when the restaurant next door is busy? Do we buy product A when product B has more customer ratings? Social reliability prompts us to look at the majority and to draw our conclusions from it. Social proof is particularly influential for people who are very insecure and have not yet decided on a specific action.

This effect can also be used in online marketing. Have customers bought one or two products significantly more often than others? Then point this out to other customers and convince them with the satisfaction of previous customers. It is generally worthwhile to make successes visible. Does your website have an above-average number of visitors? Do your social networks have a vast number of followers? Are your sales numbers very high? Or do you have known people among your customers? Communicate these successes and advertise them so that insecure potential customers are encouraged to buy. Make sure, however, that everything here is always accurate and that you advertise with people and names who have given you their consent.

Authority

Another marketing principle in sales psychology is the principle of authority. People believe and trust other people in positions of power much more than people in the lower classes. So if you are more successful, more powerful, and better known, we give you a leap of faith and act according to your instructions. Often we do not even have to be convinced of its authority and knowledge since even simple symbols trigger this behavior. Everyday symbols that exude power are, for example, work clothing, titles, or status symbols such as cars or expensive clothing.

Your online marketing can also benefit from these symbols. There are special trust seals for websites that, on the one hand, exude expertise and on the other hand have a very trustworthy effect on users. In addition, specialist articles, contributions from external experts, or listed studies can stand for authority and specialist knowledge and convince customers more quickly. So think carefully about how you can use authority as a component of the six marketing principles in a meaningful way.

Shortage

The principle of scarcity precisely describes that we perceive products or services to be all the more valuable, exclusive, and essential when they are only available to a limited extent. If goods are available only rarely or in small numbers, these goods appear more valuable. In addition, we have the feeling that we have to act quickly, as there may soon be nothing available and we don’t want to “miss” anything. A shortage can arouse and, above all, increase the desire for a product. It becomes particularly urgent when we know that we are in direct competition with many other people.

And that is why the shortage is also often used in online marketing. Because with this marketing principle you can easily reduce your goods and thus increase demand quickly. Even small information on your website, such as “Only 50 copies available” or “This product has already been sold 10 times today,” can encourage the customer to buy or at least ensure that the offers are constantly monitored. Please note, however, that your requests match the stock. Otherwise, warnings can quickly flutter in.

Consistency

We humans are not only herd animals. We are also creatures of habit. This means that we hold on to our decisions, values ​​, and viewpoints once we have made them. We are reluctant to question everything again and again and to reorient ourselves time and time again. According to Cialdini, we feel the need for consistency.

But how can we use the marketing principle of consistency in sales psychology in online marketing? All you have to do is know your target group and your customers well. If you know their values ​​and ideas, you can start right there. If you know exactly that your target group has a high need for security, you should make exactly this the topic when you get in touch. If your customers react more to emotional offers, you create dynamic content to guide them to your product. You can use everything you know about your target group’s habits, interests, and values ​​for yourself.

Conclusion: Use This Marketing Principles For Your Online Marketing

Of course, one or the other marketing principle can be incorporated into your strategy, sometimes more, sometimes less. But wherever possible, you should benefit from this knowledge. The integration of a small info button is often relatively uncomplicated, but it significantly affects your marketing goals.

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