5 Ways to Retain Customers & Increase Sales

There are several reasons your existing customers are your business’ most valuable asset. Increased profits from sales Increased profits from reduced operating costs Increased profits from referrals Not only is it 3-5 times cheaper to keep a customer than to engage a new one, but studies show that repeat customers pay more for purchases and purchase more often. Satisfied customers also help your business to grow through referrals to friends and family. To look at it another way, if your business is gaining 10% new customers annually, but losing 10% of existing customers annually, your company is not growing. Imagine if your company reduced your customer defection rate by 5%; your business would be growing at a rate of 5% every year. Not only that but your sales and marketing expenditure would be reduced. How do you take care of your most valuable asset, your customers? Here are 5 proven …

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New Industry Tools That Could Change the Way You Do Business

Times have changed for financial advisors. The advent of new technology has made it possible for independent advisors and smaller houses to compete with larger firms, and for larger firms to have a global reach. Keeping up with that technology can be a challenge — but it’s vital for any financial advisor who wants to stay competitive. Today’s clients want savvy, responsive financial advisors who are comfortable with technology. Fortunately, new industry tools are easy to use and integrate to provide top-level customer service and performance. “You don’t have a shot if you’re not organized,” says Jason Lara, director of sales and strategy at Ebix. Here are some new industry tools that can change the way you do business. Client Management Being able to manage your clients through scheduling and CRM platforms, as well as provide them excellent advice through market research tools, are among the biggest benefits of using …

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How Company Culture Adds Value to Your Business

Company culture isn’t just a “nice to have” part of doing business; it goes a long way toward determining whether your company will be successful or not. But too often company leaders think corporate culture is about things that take employees away from their work — such as ping-pong tables or nap rooms — rather than how employees do their work and what they need to succeed. Understanding corporate culture can help leaders shape it more effectively — and gain the benefits of doing so. “The business case is simple,” says Nancy Noto, an organizational psychologist and HR consultant. “A leader must have a point of view on what success looks like for their company. Then they must hire people who activate the values that they believe in and who work in the way they know leads to success. Managing culture will ensure the right people work for the company …

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The Benefits of Integrated Technology for Financial Advisors

The evolution of technology has made it possible for independent financial advisors to compete with large houses, but no matter the size of your operation, you’ll need to keep up with technology to improve. Understanding the benefits of the technology available will help you embrace innovation whether you’re an independent broker-dealer or part of a larger house. “If you don’t adapt, you’re gone,” says Jason Lara, director of sales and strategy at Ebix. Here are some of the benefits of having centralized, integrated technology at your organization. Improved Communication Whether it’s inside the office or directly with clients, communication can improve remarkably with integrated technology. “Intra-office communication is a big piece,” Lara says. “The ability for advisors, assistants and managers to access data on the fly and communicate wherever and whenever you need keeps everyone on the same page.” Integrated technology makes it possible for everyone to stay in touch …

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3 Ideas for Communicating Your Mission

A strong company mission is effective only if people know what it is. Once the leadership team has set a mission, it’s time to get the word out about it so all employees understand it and can incorporate it into their work. Doing so boosts company culture and gets employees moving in the same direction. “Everyone wants to feel significant and feel that they add value and make a difference, and a mission makes it happen,” says Cydney Koukol, chief communication officer at Talent Plus. Here are 3 ideas for communicating your mission so people understand it and adopt it: 1. Begin with Full Leadership Buy-In Mission communication starts at the top. It must be clear to employees what the mission is through behaviors and priorities, and that starts with the CEO and executive team, says Anne Bahr Thompson, founder of Onesixtyfourth, a brand consultancy. When leaders can express the mission in their …

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