On the Evolution of Work Systems in the Digital Economy
Tag Archives: Business
The following content and infographic was submitted by on behalf of Wikibuy.
Adding coupons to a built-out business strategy offers a number of benefits to today’s businesses. By influencing the customer purchase journey and driving customer loyalty, coupons have the ability to attract, convert, and keep customers, providing both short-term and long-term ROI. Coupons help businesses to:
Attract new customers: According to research by Inmar, 39% of customers say they’ve purchased a product from a brand they otherwise wouldn’t normally have bought from because they had a coupon for that brand.
Generate long-term loyalty: Research from ReadyCloud revealed that 68% of customers say coupons generate loyalty; additionally, studies have found that receiving an exclusive offer makes customers feel rewarded, excited, and special, generating goodwill for the brand.
Increase purchase amount: A study by Kelton found that coupons influence customers to seek out something to buy, treat themselves to something they don’t need, purchase a more expensive product, and spend more than intended.
Brands looking to leverage the benefit of coupons should focus on specific types of deals that have been shown to attract customers and increase conversions, including:
Offers on everyday items: 54% of consumers use coupons on basic necessities.
Free shipping: Nine out of 10 consumers say free shipping is their top incentive to shop online more.
Rebates: 83% of consumers think rebates are great savings opportunities.
LTOs: Approximately 50% of millennials think limited time offers are very enticing.
Surprise perks: 61% of online shoppers say receive surprise discounts is their preferred personalization experience.
To help get you started incorporating coupons into your business strategy, Wikibuy compiled 29 research-backed stats for driving purchases with coupons. Check out the full visual below to see how coupons can benefit your business.
Here is another informative infographic, submitted by Circa Interactive. This one explains various aspects of achieving cross-functional integration for companies: why cross-functional integration is necessary, how it can be helped along with information gathering, marketing benefits of cross-functional integration, obstacles to achieving it, and how it can be implemented.
A growing number of organizational management experts are promoting the use of cross-functional integration within corporations. Although choosing to adopt this form of hierarchy would require reorganizing and redistributing responsibilities, implementing cross-functional integration is an appropriate response to the increasing prevalence of big data and other recent trends.
The following infographic, submitted by Circa Interactive, summarizes elements of effective business management models. In terms of change management, for instance, check out what this infographic says about growth and change, the role of company culture, and barriers to change. This is followed by an informative overview of change management programs.
To run successful businesses, entrepreneurs must adopt new management strategies that promote staff retention, revenue generation, and workplace culture. This is in addition to exhorting rank-and-file staff to support change programs. Failing to do so can be costly for a business.
The following thoughtful article for business owners covers recognizing the issue of over-servicing clients and steps you can take to address this problem. In 8 Ways to Stop Over-Servicing Your Clients, Brenda Barron at Clicktime.com writes:
Over-servicing a client happens on many occasions. More often than not, we’re talking about a longtime client who’s become friendly with your company and occasionally asks for additional tasks to be completed. Other times it can be about keeping a valuable name brand happy and bending over backwards to keep them. Unfortunately, this is a drain on your company’s resources, and it could be forcing you to use far too many labor hours. In fact, several small tasks can turn into a significant amount of time if you’re not careful, and over-servicing costs can easily reach 500K/year.
That’s why it’s important to check to see if your firm is over-servicing any of your clients. After you’ve identified some of the clients with over-servicing problems, you can make the transition easier for your employees. No one wants to tell a friendly client that you can’t complete work for them, and sometimes it’s even harder to raise rates. But in order to keep your costs low, it must be done.
Read more at 8 Ways to Stop Over-Servicing Your Clients
Submitted by Tony Huynh at Siege Media
Edited by Lynn Patra
Doing business online has brought companies not only many opportunities but also many dangers. From attacks on Equifax to Instagram to even the IRS, cybercrime continues to threaten business information, company finances, online reputation, and relationships with customers. The growth in number and complexity of crimes means it’s no longer a matter of if your company will be attacked, but when.
As a small-business owner, you might think a cyber attack would never happen to you or, if it did, would have minimal consequences. Unfortunately, research shows that cyber attacks are a problem for small businesses too—last year alone, 61% of breaches impacted smaller businesses, costing them between $84,000 to $148,000 to rectify the situation. Financial damage is only one part of the equation, as companies also have to deal with the loss of information and trust with customers.
In this age, your organization’s success in the digital economy is tied to your cybersecurity practices. You need a sophisticated, layered strategy that is built into your company operations and takes preventative measures through your password practices, data protection, software, employee training, and compliance standards – all areas that are prone to a cyber attack entry.
Curious to see where your cybersecurity practices stand? Follow this infographic from Varonis to assess each step of your security and uncover any weak spots that need to be improved. Read more of this post
Submitted by Jake Rheude, Director of Marketing at Red Stag Fulfillment
Making extra money online and escaping the nine to five grind often becomes possible when you set up a stream of passive income to supplement your regular income. A great way to do this is to sell products on Amazon.
While it can seem daunting at first, it’s best to remember that the people who sell you products on Amazon are largely normal folks. Anyone can sell on Amazon. All they have to do is choose the right product, set up a profile, and find a fulfillment provider.
Getting Set Up on Amazon – First Steps
Submitted by Quinn Cooley, Media Manager at at Circa Interactive
Edited by Lynn Patra
North American business leaders have their fingers on the pulse of what it takes to flourish in a constantly changing society. No, it isn’t cutting costs. It is learning how to adapt to change.
The management issue businesses face
While 75% of executives believe that their future success is dependent on their ability to adapt, less than half of them have tried change management programs. And, of the people that have tried to integrate change management programs into their business, only 54% of them feel as though their efforts have been successful.
Clearly, there is a discrepancy between what prevailing wisdom says must be done, and what is actually getting done.
The issue with implementing effective change
Surprisingly, most executives agree that an overhaul on corporate culture is necessary in order for change to effectively occur. While the vast majority of executives agree that it is necessary to consider a company’s culture in order to make effective change, 76% also acknowledge that this was not accomplished in their own change management efforts. Read more of this post
Months ago I mentioned that I’d spend this past summer giving a new business venture a go and would report back on how this panned out. It wasn’t meant to be. However, this snag is another chance to learn and problem solve in order to transition to the next opportunity. Despite people telling me that I seem to have everything together, I understand what it’s like to struggle. For now, I’m focused on returning to the workforce, but at least fall season is the ideal time to search I hear.
However, between time spent inside my own head and working on the business, my networking efforts fell to the wayside, and this doesn’t set me up well for finding a job. Personal referrals are the way to go nowadays, what with hiring managers having to sift through piles of resumes. This is, by the way, a familiar problem that some introverts have. Well, I decided to act in accordance to the saying about sometimes having to spend money to make money (and no, I don’t think money is the root of all evil but I’ll return to this thought with my “politics in the workplace, etc.” series next week).
If this content seems odd and off-topic, bear with me as I tie this to my blog’s subject matter. Autumn always draws my attention to the fact that the year will soon end. When this year ends it’ll be 9 years since the Great Recession began. Can you think of many places that have scarcely recovered after all these years? Let me know. As for me, the still bleak economic condition of my hometown of Redding, California always sticks out.
Despite a prevalent impression that there’s nothing to see or do here however, Redding has notable points of interests. Turtle Bay is one of them. During tough times, Turtle Bay continued to adapt and improve operations, including the current transition to a more sustainable business model. If any of you plan to visit Northern California or just pass through, consider giving Turtle Bay, and Redding, your patronage. This story showcases the staff’s devotion to their non-human residents but they also stress that wild animals belong in the wild.
I sat for eight hours on the floor with Loki, trying to make him comfortable enough for him to sleep and diligently watching his IV lines. By the end of the day, the vet said that Loki had had a sufficient amount of the IV antibiotics and pain meds that he could leave the clinic. But before we could go, the vet put a pain patch on Loki’s front leg that needed to stay on for three days and that meant that the cone-of-shame needed to stay on as well. Evidently, we weren’t out of the woods yet in many ways. First, it was going to take a small miracle to stop Loki from getting to that pain patch and consuming it. Second, we still didn’t know if his intestines would heal well enough to hold. We had to wait for him to successfully defecate to know he was okay. And so…
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