Although you may not operate from a physical store, there are still just as many costs involved with running an e-commerce business. Everyone wants their business to be successful, and that success depends on making money. As product and operational costs continue to rise, it’s essential that you keep not only your prices competitive but that you also find ways in which to increase your profits. The first strategy that comes to mind would be to find ways to boost sales or grow revenue. Although cutting operational costs is another critical way, you can put money back in your pocket.
Won’t reducing operational spending put strains on your business? Not if done strategically and practically. Costs can get out of control if not monitored. Here are some great strategies for cutting the operational costs of your e-commerce business.
1. Contract your staff
The top way in which you can reduce your operating costs is by contracting your team. While hiring a full-time employee may be necessary for certain aspects of your business, it probably isn’t for the majority of them. By contracting an employee, you can cut all sorts of costs. Firstly, you will have less to pay for wages. You can pay for exactly how many hours you require the employee to work. Beyond that, you will not have to pay benefits or holiday pay.
Tasks such as web design, admin, and social media management do not take 40 hours a week. Having a salaried employee for these areas will end up costing you way more than is necessary for these tasks. An admin assistant can jump on 30 minutes a day to answer emails. A social media manager can put in an hour a day to schedule posts and engage with your social communities.
High-salaried employees, such as those in your IT department, are huge budget suckers. While it’s nice to have someone on hand to fix inevitable tech problems, many companies contract out IT support. Companies such as Capstone IT Services handle any technical issues that you may have, at whatever time you need them.
2. Make strategic and quality investments from the beginning
While it may be tempting to take the cheap route when setting up your business, it may lead to financial losses in the long run. Investing in quality options from the beginning will mean that you won’t need to keep paying for constant updates.
When it comes to your website design, an investment in a high-quality web designer is worth it. The site is the virtual storefront and, therefore, the most important investment that you can make as an e-commerce business. Investing in quality design from the beginning will mean that you’ll have a great foundation to work from. Web design can get quite costly if you need constant updates and revisions. Start with an excellent base from which you can make small changes as required.
Your branding is another area that is worth the initial investment. Continually changing your logo and brand identity will only act as a deterrent for potential clients. Take the time to develop a well-thought-out brand identity that you are confident about and can stick with going forward.
Always choose quality over a cheap price tag, because in the end, it will end up costing your business more. Try to avoid opting for an inexpensive designer and instead hire experienced, trusted professionals with a proven track record.
3. Know the market
The more products you offer, the more it’s going to cost you. If all your products are flying off the shelves, then that’s great, but this is not usually the case. You need to know the market and understand what your target consumer is looking for. Stocking products that don’t sell is a waste of resources and the physical space that it takes up in your storeroom. Stay updated with current trends in your industry. What’s the competition like? What products are selling the most? You’re better off offering a smaller range of high-demand products than a massive range of items that don’t sell.
The same goes for if you are selling a service. If you offer tons of services, but only a few are selling, then focus on them. While they may not take up physical space, you’re probably wasting valuable marketing budget and your time promoting them. Know when to offer discounts or coupons to help clear out stock that isn’t selling.
Focusing your efforts on the products and services that the market wants will save you tons of money on storage, marketing, production, and more.
4. Limit your payment methods
While it can be tempting to offer as many payment methods as possible, it can cost a lot of money. Payment processing fees will add up very quickly, and the more options you provide, the more expenses you’ll pay. Identify the most popular payment options among your consumers and stick to them. Since the majority of people have more than one payment type, it shouldn’t limit you from converting sales.
5. Choose the most effective marketing channels
Spending on marketing is significant for the growth and success of your business. That said, if you are spending in the wrong channels, you may as well be throwing money into the wind. Marketing costs can be high, so the key is identifying which channels deliver the highest ROI. It will vary for each e-commerce business, depending on their specific industry. The most effective way to find out where you should be allocating budget is through web analytics.
Web analytics will show you exactly where all your website traffic is generating. It will let you know which of your marketing efforts is paying off the most. Maybe you’ll notice high traffic from link-building via relevant blogs, or perhaps it’s from Facebook ads. Regardless of how your visitors get to your website, you will be able to identify which channels aren’t converting and discontinue those campaigns.
You can dramatically cut costs on your marketing by basing your campaigns on your web analytics.
6. Customer retention
Converting sales from current customers costs seven times less than converting new customers. Retaining the customers that you already have will save you a lot of money on marketing. Not to mention, loyal customers exponentially increase your reach through referrals. It’s free marketing at its finest. By engaging with your customer base, offering loyalty programs, and using email marketing to stay relevant, you can encourage your consumers to keep buying.
The quality of your e-commerce business does not need to suffer for you to reduce your operational costs. You can still employ expert, qualified staff who will help your business to run efficiently and productively for a fraction of the cost. Your website design can make an impact and create a brand identity that will help you to stand out against the competition, helping you to form a loyal customer base. By running strategic and analyzed marketing campaigns, you can minimize your budget and convert more sales than ever before.
By making some small tweaks in your current processes and choosing investments wisely, you can cut your operating costs and increase profit in your e-commerce business.
Are you wondering what quick Halloween marketing ideas will boost your sales up this Holiday month? Don’t worry at all as you have just come to the right place for all your answers. Instead of jumping directly onto Marketing ideas for Halloween 2019, let us first take a quick look at last year’s marketing trends and predicted present trends.
In this article, you will find various solutions to all your queries about ecommerce marketing strategies and how to boost your sales during holiday seasons using social media marketing and current business trends.
What is Halloween?
Halloween is an annual ghostly holiday celebrated on October 31st every year. This 2019 it falls on Thursday, October 31. It came into observation along with the ancient Celtic festival of Samhain. On this day, people light bonfires and wear scary costumes to stall away ghosts.
Celebrating Halloween is an ancient practice, but with time it has become trending. According to a research in 2018 by the National Retail Federation (NRF), 175 Million American’s celebrated this scary time of the calendar. They, on average, spent 9 Million Dollars for celebration.
What They Buy for Halloween?
This quarter the estimated Trick or Treat holiday shopping trends are
68 percent of Americans plan to celebrate Halloween this year. Top spending categories for 31st October 2019 are:
$3.2 billion on Halloween costumes,
$2.6 billion on Halloween candies
$2.7 billion on Halloween decorations, and
$390 million on Halloween greeting cards
What They Buy for Halloween:
This 2019 October edition holiday has gained popularity because it is an affordable holiday. Right from kids to adults, each and every person loves to celebrate this spookiest day of the year. Shoppers look forward to Spooky items that are bang for a buck.
90 percent of Americans buy candies for trick or treats, spending about $2.6 Billion. Around 75 percent buy decor, and not more than 70 percent spend on costumes.
Top five trending costumes for adults were:
A witch, vampire, zombie, pirate, and Avengers character.
While for children, the costumes were Princess, Superhero, Batman, Star Wars character, and Witch.
In recent times shoppers even buy weird costumes for their pets. The five most popular pet costumes were Pumpkin, hot dog, bumblebee, devil, and cat (for dogs).
When Should You be Ready for Halloween?
6% of shoppers will start shopping before September.
28% of shoppers will start their shopping during September.
41% of shoppers are likely to get done with their shopping in the first week of October.
25% of the shoppers wait until the latter half of the October month in search of more profiting offers.
If you have not yet started with ecommerce marketing, it is never too late. You can begin with it even now.
What channels you should use to sell your products?
Social Media channels are considered to be the most effective channel for marketing during holiday seasons every year. Most of the traffic for your business flows in through these online channels like Instagram, Facebook, YouTube, Twitter, and Pinterest.
We have included an image below, which helps you analyse how online media has influenced purchases and increased sales over a few years.
Here are a few Halloween marketing ideas that would boost your sales this Scary season:
1. Customizing Your Website:
Customizing your Website is the best way to start your business strategy for this ghostly season. It is an excellent ecommerce strategy. You can customize your Website in various ways.
Here are the best customizing options for your Website:
It is the best way to attract customers, and be a part of this creepy Day celebrations. Even Google uses this method.
Use a Spooky Favicon:
Favicon is nothing but a tiny icon that appears on the top of your browser’s tab for your Website. Though customizing favicon seems to be a small change, it has a significant impact on attracting the audience.
Add a Scary theme:
Apart from the logo and favicon, what gives your Website festive feel is the theme. If you are willing to get into the holiday theme, you must revamp your Website by giving it the holiday edition touch. This themed Website modification is for providing your visitors holiday season spirit.
Apart from these few customization’s, what could really attract customers to your websites are the use of Chatbots. Chatbots are conversational agents on your site. With the help of chatbots, you get a chance to wish all your customers who visit your website and create an emotional bond with them.
2. Launch Limited Edition Products:
One Halloween business marketing idea used by many chocolate companies and other brands is they launch limited edition products. This practice of launching customized products keeps fans eager for your companies collections. This practice increasing brand value and trade.
There is an added advantage when the product also targets Christmas. Starbucks, in 2003, launched Pumpkin Spice Latte flavor. This product might not have been wholly linked with this scary day.
Source: Starbucks Coffee Company
However, this flavor is available only during the months of September to December. Along with many other limited-time products, it has become a trendy item. This product is selling more than 200 million units over the last 15 years.
Plan your limited edition products in such a way that they are unique and catchy.
3. Bring back fun with Halloween contests:
User-Generated Content (UGC) is a successful way to attract customers. Running a themed Halloween social media contest for your Company or business is the best way to get UGC.
This scavenger hunt time is all about Halloween outfits, pranks, fun, and entertainment. By launching such themed festival contests, you can bring in a lot of organic traffic.
Source: Mochi shoes
Social media algorithms are being modified over a period of time. The algorithms for Facebook are prioritised for posts with meaningful interactions i.e., post which has a greater people engagement (comments, likes, and shares) appears on top of your feed. For Instagram, the algorithm is set to feature new posts on the top.
Hence to avoid such risks of a failed campaign, promote the contest through paid media. This contest idea is to not only get UGC but also to generate brand awareness to a new audience.
For these spooky media campaigns, you can give corporate gifts to the top one to three entrants. Otherwise, you can have one main prize and provide coupons to all entrants to redeem at the store or online.
4. Offer Spooky Deals or Discounts:
This creepy day is the time where 40 percent of the buyers start their holiday shopping.
When you club coupons, deals, or discounts with holidays, your customers, it encourages them to take up these luring offers. This 2019 Halloween is one that will not ‘trick your customer but will only ‘treat’ them.
You can give discount vouchers, coupons, or deals on the themed products of your Company. Else you could do the same for all commodities depending on your companies retail strategy.
Offering discounts or coupons just around the holiday season can lure customers into shopping for more than they would have.
5. Customize your Social Media Pages:
You can create your vouchers, images, and other similar products in the same manner.
Just like your Website, try customizing your online pages into creepy themes. This ecommerce trick attracts customer’s attention to your establishment. Customizing social media sites is an essential ecommerce methodology. On the other hand, it is a great Halloween marketing idea 2019.
Customizing is necessary as the current trend is all about web networking. Most of the traffic flows through your online channels. When you add a little pinch of holiday touch to your social accounts is always welcomed by the customers.
You can customize your online pages using Dot Template.
6. Launch theme-based Media Marketing Campaigns:
After customizing your online channels, you should tailor your social media posts too.
As trick or treat occasion is not as huge as Christmas, you need not have to customize all your online posts. Yet, you should have at least two Halloween posts a week during October and September.
Your themed campaign shouldn’t be only about these one or two themed posts. If any other thematic promotions of your organization are running, promoted them too. Use regular web posts and standard online advertising for promotions.
Online advertising can be done using Google, Amazon or other social media.
Generating Social media campaign templates is very easy.
Choose professionally created templates from their library.
Upload your personalized photos or you can select from their images.
Add filter and text.
Save the template and share it with others.
7. Run a Themed Email Marketing Campaign:
Source: media tumblr
Adding a small theme to your email campaign can boost sales, or bring in brand awareness for your firm. When you link festivals to industries such as health, security, or other services, it adds benefits.
Dentists and doctors can share emails about the risks of overeating candy, or the type of candy children should avoid.
A company selling security services could share tips on how to stay safe during trick-or-treating.
A restaurant can share details of exclusive food items and discounts at their place.
One email marketing tip is to include a sized image for sharing on social media. This image can feature one or two tips that allow people to share among their family or friends.
An essential point for you to keep in mind is that you shouldn’t change the frequency of your email marketing. Changing the frequency rate can turn the mails into Spam.
Decorate your whole restaurant in a scary theme.
Launch special offers, discounts, coupons, combo offers over food items.
Burger King, during this trick or treat season, launches a spooky campaign every year called, “Halloween Horror Nights.”
Source: Burger King
9. Host an Event
“What should we do for Halloween?” is the question everyone would have on their minds. Answer their call by hosting an event under your banner. Your event could be a simple Halloween theme contest or a blockbuster show.
One best idea of an event is the Pumpkin Carving Contest. The Carving can be about themes for your Company or Name of your firm. Hosting an event is an impactful ecommerce idea for small businesses.
But whatever you plan for, propagate the event as early as possible so people can block their dates for it.
Promote your event via emails, web channels, or any other media according to your budget.
Writing a Halloween theme content is an attractive way to grab customers’ attention. You can write about various topics like History behind this Spookiest year? What to wear, How to Celebrate and other related season topics.
Writing about the small articles, and publishing them online increases organic traffic. Along with the post, you can add about the ongoing Halloween 2019 ecommerce campaign or deals you are offering for 31st October. Use SEO (Search Engine Optimization) Tools for optimizing your blog.
Call to action is a necessary step when you are providing customers with such content. Most of the customers tend to look for a call to action once they feel the blog interesting. Hence you should always guide such leads to your merchandise page.
Blogging is an essential SEO (Search Engine Optimization) recommendation. When your SEO ranking improves, it makes your site rank higher. If you have no idea about how to do SEO or other digital marketing technical works, you need not worry; you can follow the easy SEO guidelines.
11. Use Hashtags:
Hashtags are the basics of all social media platforms. Hashtags organize similar events, ideas, and trends together. When you check for that particular hashtag, you can view all related posts at a single platform. Adding hashtags like linked with this creepy night like #happyHalloween, #trickortreat, #HalloweenCostume, add an advantage.
Social media channels are full of videos and photos for these specific hashtags.
A hashtag contest is the simplest way to gather user-generated content (UGC). It increases brand awareness and reaches a new target audience.
If you are facing a problem in creating hashtags or want to cut some time in creating hashtags you can generate trendy hashtags using: Seek metrix for Instagram and Facebook and Hashtagify for Twitter.
12. Plan for Giveaways:
Free Giveaways are the best way to gather UGC. It is the human tendency to get anything that is FREE. Free Giveaways help in exposing your brand to other customers. When you implement such marketing ideas, people are most likely to participate.
When you plan for giveaways, include aspects such as share, tag, or like our social media pages. This helps in free promotions and increases organic traffic.
Never do a bogus giveaway. When you announce a giveaway, there should always be some or the other item which would reach the winners. When false campaigns are run, customers lose trust in you and would not recommend buying from you in the future.
Giveaways gifts need not be costly. They can be anything related to that particular holiday and promote your brand. For giveaway ideas, you can refer to Give away monkey site.
Here are some of the easiest and effective Halloween social media contest ideas for giveaways:
#1. Run a photo contest:
Photo contests are among mostly loved contests on the web. These contests get your entrants involved in the contest themselves. Running a photo contest helps you in collecting user-generated content (UGC). This content you can use in your future for retail purposes.
Apart from these outfit photos, another vital aspect of this ghostly day is weird makeup photo updates.
A social media referral contest helps you generate social engagement. A referral is where your giveaway or company page is shared. When participants refer your Company with others, they help in promoting your brand. This is a fantastic way to build a social following and spread the word about your brand to others.
#3. Share entries
Source: Pepsi Nepal
Sharing Entries on Facebook and Instagram has been a best practice for giveaway campaigns. These share entries contests firstly involve the purchase of your Company’s goods. Secondly, they help in the free promotion of your brand on social media. It increases sales of your brand as well as brand awareness.
13. Team Up with Similar Campaigns:
Teaming up with similar 2019 Halloween social media campaigns is a wonderful ecommerce idea for small organizations. You can create promotional materials that highlight what each Company is offering. This extends the target audience to large portions targeting both organizations. This idea can come to implementation at any point during the year. Yet, it works very well during significant promotional periods.
So, these are a few tricks which you could put in place this quarter. Remember, these marketing strategies are not limited only to E-commerce. They can also be used for realtors, real estates, apartments, and restaurants. Also, the only mantra to boost your business sales is by planning it accurately.
We hope that these marketing ideas are of great help to you this holiday season. If you have other ideas of marketing, do share it with us.
We also would love listening to your stories about how this holiday season marketing. So, do write to us in the comment section below or contact us.
Best wishes to you and your Company this Spookiest day of October, Happy Halloween!!!
Majority of the economists in the United States are saying that the next Recession is coming. Unfortunately, all the signs are pointing towards the looming Recession 2020. We can expect that this time, the Financial Outbreak will be massive and also quoted as the “biggest so far.” If we check with the economists, the main reasons behind the Outbreak are “US-China Trade war” and “Inversion Yield Curve.” So, we can clearly, anticipate how the crisis would be, because marketing during the bankruptcy seems non-sensical.
What is a Recession?
Generally, Recession is Financial Crisis when the GDP growth rate is negative for two consecutive quarters or more.
When there is a contraction in Business Cycle, generally there is a decline in economic activity. Slump usually occurs when there is a drop in spending. Typically, Slump is due to a lot of aspects such as the Financial Crisis, an external trade shock, or outburst of the economic bubble.
During this type of Financial Crisis, like Downturn, marketing agencies are the first ones to get affected. According to Forbes.com:
The furthermost reaction from most of the companies, during this Recession period is to cut, cut, cut everything, and the first one in the queue is always Advertising.
How do you know a recession is coming?
The two significant factors that tell about how we can know Crisis is coming, is mentioned below. Read the whole thing to understand better how economist reach to a conclusion regarding Slowdown.
If you follow all the studies and forums about the Economic Outburst, then you will know that yield curve forecasts about the Trough. Since 1970 it has been seen that the slope in the yield curve becomes negative before every slump. It is called an “inversion” in the yield curve in this the short maturity rates, exceed the high maturity rates that lead to Great Contraction. The below graph showcase the ten to the two-year yield curve
Yield Curve is usually, based on ten years treasury note just fell below the rate on the 3-month bond. It is the first time we’re are moving forward with limited data. All the Central Banks over the world are worried about this Great Financial Crisis. You can see the graph below, which showcase the estimated bankruptcy probability.
FED is trying to neglect the Outburn 2020 to maintain full employment. It is of the critical targets that everyone is looking for. The Alerting situations raised by monthly Yield Curve is making FED worry. As most of the banks invest majorly on treasury bonds, it is an alarming situation for Banks.
US Trade War with China
It is a known thing to the whole world, that how big competitors are US and China and behave as the Global Predominants rather than Partners. The raging trade war and currency war are the reflections of what these two countries are doing. However, the long term conflict indicates that the ceasefire will continue, as a result of this economy of both the countries will impact severely with no long term peace.
However, the Fed was sending signals that aim to pull back on the increase rate made in 2018, that include the concerns in the economic outlook that include Trade war with China.
Mr. Trump has recently blasted the Fed for not reducing interest rates. It is under the belief that the interest deduction will lead to more lending activities and will make the US dollar more competitive with foreign currencies.
According to Nouriel Roubini, a Prof. at NYU Stern School of Business predicts that:
The Global expansion will continue till next year, while the conditions will ripe for the next Global Recession 2020. The Global stimulus packages are coming to an end, inflation is coming, trade disputes will drag the economies by pulling down the interest rates.
For, both the US and China, it is essential that they should make peace and don’t escalate the war to the next level. To a point where there will be an unnatural end to all the supply chains.
When is a recession coming?
Most of the economists and surveys are predicting that by the mid of 2020 Outburst will start it is even predicted that it will have 38% impact on all the sectors, in later 2021 the outburst may have 34% impact. There is already a 2% decline in the manufacturing industry.
Will there be a recession in 2020?
As it is said, “better than you expect and worse than you even hoped.” However, according to the National Association of Business Economics (NABE) latest survey, which is based on 53 professional economic forecasters.
The consensus, clearly showcase that the economy has grown to 2.8% pace in the year 2018 while coming to 2019 the growth with come down to 2.6% pace growth, that will decrease even more in the next year 2020 and become 2.1% pace growth.
However, if we take US Presidential Elections into account, some of the marketers say that it will come before the Presidential Inauguration. During, this time the job growth will continue to be in brisk, with a decrease in average monthly increase, which is 184,000 in 2019 and it will be 139,000 in 2020.
On the other hand, the residential investment in 2020 will see a downfall to 1.3% from 2019 level. All these situations rightfully indicate that yes there will be a recession in 2020.
Only 2% of the 226 respondents will see the US recession this year, compared to 10% survey that showcased in February. There is the panel split to discuss whether the next Recession will hit 2020 or 2021.
Recession in US 2020
The first impact of the US Recession is Job loss. Not just in the US everywhere. During Credit Squeeze, there will provide no cashflow, and firms will be facing an economic crisis; Job loss becomes the primary issue. On February 2010 it was recorded that the US economy is shakier than that of Canada’s. Most of the service industries have reported the dropping in their market price value.
Between 2007 and 2009 there was a massive loss of the job, a total of 2.6 million people lost their jobs, the highest in 6 decades. The number is equal to the amount of the post found in the states such as Wisconsin.
A majority of the economist are saying that the next recession 2020 US will also be a part. However, according to the NABE recent survey, Donald Trump scratched out all the looming Credit Crunch in US news and stated that:
US is well prepared for all the situations. I don’t think we are having recession. we are doing tremendously well. Our Consumers are rich.”
Mr. Trump has recently given a massive tax cut, and he believes that people have saved and already have money.
According to Larry Kudlow, the chief economic advisor of President Trump:
Consumers are working at a very high wage. They are even, spending at a high rate. People are also saving money. So I think the second half, the economy is going to be good in 2019. I sure don’t see a recession.
Recession in India 2020 or मंदी
The Global economic decline in 2007 or मंदी started in December, the impact on India was enormous; the GDP growth slowed down to 9% in 2007-2008. After Wall Street collapsed in September 2008, the Indian GDP decreased to 5.8% and remained the same for the quarter.
In 2008, Indian high foreign exchanges reserve, prevented a lot of chaos, even after the foreign investors withdrew $12 billion from the stock market and foreign credit suddenly vanished.
During the Great Recession, according to the survey of Labour Bureau Ministry of Labour Employment: 500,000 people lost their jobs between 2007 to 2009 from eight primary industry, Information, and Technology, BPO, automobiles, gems, and jewelry, transportation, construction, and mining industry.
Source: Govt. of India
Nevertheless, there was a significant decline in the output of Automobiles, commercial vehicles, steel, textile, petrochemicals, constructions, real estates, finance, retail activity, and other sectors. Exports from India fell by 12% in October in Dollar terms.
For India, the Global Economic Crisis is coming, and the increasing trade war will lead to lessening external demand. All this could be heavy on our payment balancing, can damage the foreign financial outflow, and trigger exchange volatility.
According to Prof. Biswajit Dhar of JNU:
Indian exports that shrank down recently, is expected to remain affected as the trade barrier is hardened and their is the ongoing Trade war, all the countries around the world will try to protect their domestic exports.
Keeping trades aside, the oil exports will also be hampered. Given that US oil export from India has increased to 3 fold between November 2018 to May 2019.
The measure took for Indian Recession 2020
In a recent press conference with Indian Finance Minister Nirmala Sitharaman on 23rd Friday 2019, she slew all the safety measures that the Indian Government is taking. Regarding the steps FM Nirmala Sitharaman told
पूरी दुनिया के मुकाबले भारतीय अर्थव्यवस्था बेहतर है। निर्मला ने कहा कि आज अमेरिका और चीन जैसे देशों के मुकाबले भारतीय अर्थव्यवस्था कहीं ज्यादा बेहतर है।
Adding to this, FM Nirmala Sitharaman explained about all the necessary steps; the Indian Government is seeking to overcome the situation.
To boost the Auto sector: the govt has lifted the ban on govt bodies from replacing the old vehicles. The govt is asking to “Go and replace your old vehicles.”
Rs 100 lakh crore is pumped for infrastructure. A task force has been assigned to expedite this investment, who will fund the money and monitoring every activity. Delayed payments will be on priority. Liquidity flow will be smoothened.
The timely refund of GST for the MSME, all the pending refunds have already started and will be completed in 30 days. The future GST refund will be sorted in the next 60 days.
Source: Govt. of India
The papers related Loan closure amount will be given in 15 days of the closure. Banks will improve the One Time loan Settlement (OTS), that will help MSME by implementing the checkbox system.
RBI has directed all the banks to release the benefits of the Repo rates to the customers. The primary target of Government is to diminish the interest rates and auto rates.
For the Banking sector, FM announced that:
“Government is releasing 70,000 crores, with additional lending of Rs 5 lakh by providing upfront capital to PSB” This will help strengthen MSME, retail borrowers, and traders.
Government removes Angel Tax on Startups.
Encouraging investment in Capital Market, it is even decided to withdraw the enhanced surcharge levied by the Finance No. 2 Act 2019. The pre-budget position is restored.
Violation of CSR will no more be treated as a criminal offense and instead will remain as a liability. After 1st October 2019, income tax orders, tax, the summons will be issued through the centralized desktops.
This clearly, showcases that India has already taken all the significant steps to overcome Downturn or मंदी.
Recession in Europe 2020
Europe has more than 75% chances to fall in the upcoming Credit Crunch according to the lead economists. The Stock Markets in Europe extended their losing streak. The oil prices have fallen 3%, and the mounting Stagnation continues to hit the investors confidence.
In the last six months, the top 100 firms in Britain have dropped more than 1%. On the other hand, the stock market in continental Europe has dipped in response to the investors who are thinking to raise funds.
FTSE 100 ended this Thursday, and it dipped by 1.1%, at 7,067 lowest level since February. On the other hand, German Dax fell by 0.7%, and French 40 backed down by 0.3% dragging the European market to six months low. Later, in the coming days, it is evident that Europe will be facing a Huge Stagnation.
No-deal Brexit UK
There is an increased risk of no-deal Brexit in the UK, as it is clearly visible that the no-deal Brexit will push the UK into bankruptcy. According to Boris Johnson of NIESR (National Institute of Economic and Social Research)
There is one in four chances that the country is already in recession, growth has also been stalled for in the recent months, business investments have flatered and pounds has fallen sharply.
The economist believes that the UK economy has diminished in the last three months, making the first negative quarter in the first seven years. As a consequence of factory closure planned for potential disruption around 29 March the Original Brexit deadline.
The European Central Bank has cut down the interest rates further as a negative territory next month. Most of the major Central Banks that includes the Eurozone’s are free of politics have not engaged in outright manipulation.
All, these situations indicated, Europe will face a Great Economic Downturn, majorly affecting Germany, UK, Italy, Portugal.
How long do recessions last?
There is no specific period for the Credit Squeeze, if we check the records than the Last Great Contraction was on December 2007 to June 2009, one year six months, 5.1% decline in the GDP.
Recession 2020 is due from 4.5 years if we take in to account the United States business cycles, the average length of the growth economy is 38.7 months or 3.2 years. On an ordinary Credit Crunch lasts for 17.5 months or 1.5 years while the full business cycle on an average is 4.7 years.
The Longest Financial Crisis or the Contraction occurred in 1929, known to be the Great Economic Contraction in the United States that lasted for 43 months or 3.6 years. While the second slowdown is known as the “Great Recession” that we all experienced in 2007 lasted for 18 months or 1.5 years.
How lousy will recession 2020 be?
The three things to keep in mind which all are true: Most certainly the USA will not undergo Trough right now. Yes, the US may avoid one of the disastrous foreseeable future. But, the chances of the US to fall in this Trough is increasing every week.
Long term interest rates have plunged since the end of July- there is a shift which historically predicts that the lower interest rates are cut down from the Federal Reserve. It showcases an increased risk factor in the economy into outright contraction.
However, a lot of Financial marketers have been saying that there will be no Credit Crunch for the US in 2020. On the contrary, there are plenty of proves which directly indicate about the near Financial crisis.
Here comes the most important one, due to President Trump’s, On-Off execution with China leading to Trade war with this other countries have fed uncertainty with business decision making. On the other hand, the corporate investment is lessening, even though tax cut by Mr. Trump will boost the investment.
According to an economist Tara Sinclair, of George Washington University
Recession 2020 is a self-inflicted wound type, but how deep the cut will depend on many other categories of the economy thereafter on the policy response.
Now the economy in China and the other neighboring Asian Countries are getting weaker, which is giving rise to the Trade war with the United States. While the Europeans who are already in large ongoing debts will surely fall in Credit Crunch. Incase, Britain crashes out of the European Union with no current exit deals until October 31st, Europe will face even more profound challenges.
According to the survey of the Institute of Supply Management (ISM), in the United States, the growth rate has slowed down for a consecutive month, and July has the weakest reading. All these factors indicate us how bad the Recession 2020 would be.
What happens during a recession?
Effects of Recession are a lot; all of them related to the Financial Crisis, in this period, there is always as tremendous negative economic growth. You can see all the Financial similar thing to be falling apart. We listed out some of the significant changes that take place during this period, check it out:
During the Financial Crisis, the firms produce very less, and therefore, they require very fewer employees. Nevertheless, some of the firms even go out of business during this period, causing the workers to lose their jobs.
If we take 2007-2009 trough into account, a lot of people lost their jobs who belonged to banking or finance sector. Simultaneously when the demand for the Cars fell, the workers were laid off.
Saving Ratio Increases
During the Financial Crisis, people become careful and tend to save money as the market falls. If people have a fear of losing their jobs, then usually people don’t want to spend or lose the money they have and instead start saving more money.
If we consider the previous surveys, it is clear that during the Great Economic Contraction, there was a Paradox of Thrift- as people tend to save more and reduce consumption. This makes the Downturn even worse as it reduces the consumption rate. Individually, everyone is doing the right thing by keeping, but as everyone targets on saving, then on a total consumer spending decreases.
Fallen Interest Rates
In Stagnation, interest usually falls. This is all because inflation is lower and the Central Bank tries to stimulate the economy. Lower Interest rates, help the economy from striking the Stagnation.
Lower Interest rates usually decrease the cost of borrowing and encourage investing and consumer spending.
Fallen House Price
Usually, the House Price falls before Stagnation strikes, and this is one of the critical cause of Recession. During this time, unemployment increases, people don’t want to invest in housing as they can’t afford mortgages, so home repressions become common. This leads to an increase in housing availability and decreased demand for it. This is one of the primary reason for the 2009 Recession.
How can different Agency survive in a Recession?
The best and the safest way is to diversify your clients. In this way, your work will not be just entirely dependent on one client from one region. If you have client contraction problem, it is better to plan to grab more clients.
Surviving in Credit Squeeze is what each and every firm wants. To make it easy for all the readers, we have listed out some of the top hacks that you can use.
Build Cash Reserves for your Agency
If you are new to the market, usually, companies under the span for five years should have cash reserves at least for a year. This can a combination of business checking cash plus personal saving. Until your business gets a constant monthly cash flow, it is always better to have a Cash reserved for future use.
This is important for the people in all sector because once a Slump has started,
Clients can slow down your payments, and even can cut-off the cash flow.
In worse condition, one of your more prominent clients may be forced to sell his business.
Either way, cash reserves are significant, if are having a Digital Marketing, or an Advertising Agency, it is recommended to keep reserves for at least a year. Marketing fields are increasing day by day. It is always better to be on the safe side by keeping some reserves.
Controlling the Client Credits and Invoice Clarity
When we come down to transaction a lot of firms work based on net-30 days terms. This means you provide a service and wait for 30 days to receive the payment. However, if it is the Economic crisis, then 30 day period might look a bit difficult for all type of firms.
Clients might ask to defer the payment with 60-days or 90-day payment
Sometimes, clients may even go out of business, leaving you with hard work and cashflow.
The alternate way, here is to check your client’s commercial credit, and eventually prepare your self especially during the economic crisis. You can provide your Client with a Credit Proposal according to your withstanding.
Try to implement, a reliable system for invoice collection, that reduces the overdue payment issues.
Outsource Your Services
During the Trough time, it is best to outsource your services, than hiring new people. It will lower the labor cost that will strengthen the bottom line, they will provide some cash flow, and the agencies can allocate their resources to research and development.
Outsourcing is a viable plan during the Trough period.
If we look at all the points above, we can conclude that all the suitable, reasons are indicating that the Downturn can be a bad one, mostly for the Countries and businesses will be affected by it.
For all the job holders, it is better to have faith in their savings for a year. So even if there is a situation of jobless, then their saving will be the biggest saviors.
Even if the Government of the different countries says that they are good to go and can face the next Slump and there will cause no damage, however, we suggest that it is better to save some Cash Reserve that is suitable for at least a year.
If you have any further query regarding Slowdown, do feel free to write us, through email or comment below. We will surely help you!
If you are a blogger and write articles and have a fear of your content can be copied, then you are afraid of the copyright and copyright infringement. Scammers and tricksters are even present in the Content, developing the field. While some of the issues seem to be legal, but, specific problems go beyond the line.
What is copyright?
It is a legitimate right which exists for each and everyone around the globe. This right allows the original work creator to analyze other people. Who has tried to copy or manipulate their work! This right exists for only a limited period.
Eventually, it rightfully depends upon the Act of Limitation and Exception to Copyright Law. Which also includes some of the fairways of usage. One of the most significant limitations of the Copyright Act is it only protects the original documents. Not the ideas and creativity which are present in the underlying one.
What is copyright infringement?
The works that are protected by copyright law. And later on, using those same works is known as copyright infringement without having any permission. This even includes some of the exclusive rights, such as the right to reproduce, the right to display, or the right to distribute. The original creator may grant this.
The original creator of the work is called as the copyright holder. The copyright holder may be himself or someone under him who is responsible for it. To avoid copyright infringement, the original creators usually take all the legal actions before releasing it in the market.
Below are a few steps to protect your content from copyright and copyright infringement issues:
IN FOOTER KEEP COPYRIGHT ALERT
If you have a blog, it avoids all the copyright issues are advised to add an alert regarding it. And maintain it with time to time. Although people usually don’t understand this and seriously, no one can stop. If the content is meant to be copied, it will be copied anyhow even with the copyrights.
Licensed Content means if a person wants to use your content, then the terms that he has to follow to your materials. And then post an alert which says that “all the rights are reserved.” Which can also be the part of the original copyright notice.
But, instead, if you want to get the creative outputs and want to make your work useful and used by others. The creation of its license is waste.
And the terms and rules and regulations should be mentioned explicitly for the external use of the work.
So, that no misunderstanding will be there in the future and it will not focus entirely on your site. This should be made sufficiently clear for everyone even if the readers who look for information.
TOOLS HELPING IN DETECTING COPIED CONTENT
Nowadays, in the market, there are numerous amount of available devices. Using these tools, you can detect where your content is or who is utilizing it: Google analyzer is the best tool for this and the most reliable one.
(source: Google transparency report)
It is straightforward to use in the below search option you have to give the URL of your work site. Then click the search button that’s it, it gives the whole report of the website that has copied from your site or the original site. In this way, you can track your content and how and where it is used?
COPYRIGHTS FOR THE IMAGES
People sometimes even copy the images from the original created one of the unique website. Somewhere below the picture try to write the copyright disclaimer. While people try to copy if they can find the disclaimer of the copyright issues.
The only solution for those who want to get free images is to check Free stock images. Nonetheless, there are a lot of websites which provide free photos without any copyright issues that too of high definition, you can use those images. You have to sign up for those sites and enjoy getting free and HD images. Some of the best places which provide free images without copyright issue are like Pixabay, Adobe stock, Usplash, etc.
USE GOOGLE ALERTS
If you have some static content and don’t know how to protect it as you don’t even have the RSS feed. That’s when Google alerts come as a savior. Sign Up for Google alerts and start creating signals for every page with various names, quotes, and phrases. Then you can get the RSS feed and email disclaimers when there is a copyright issue or copyright infringement.
FOOTER FOR RSS FEED
There are a lot of plugins that are present for different essential platforms. When it comes to RSS feed, it becomes necessary to add the footer. The blogs can be republished quickly with the conventional ways that are mentioned. To which you should be able to add some of the internal links which direct to your site with some copyright alerts.
Copyright Infringement has become a headache to the writes and daily work by the tricksters. We hope that you found some solutions for the issue if you are facing.
We will update with more such steps which will help you to keep your content safe from the tricksters.
Hope you liked our tips, if you have any query, do write to us, we will help you with the same.
Financial technology has officially reached the early stages of mass adoption. People are now depositing checks and rebalancing their asset portfolio on the go, instant personal loans are available online, and businesses can receive funding within a matter of a few hours! Fintech is slowly creeping its way into the mainstream. Therefore, it is the ideal time for a startup in this industry to shine.
So, how can you write your fintech startup success story? The answer is “with an excellent online marketing strategy!” Sure, online marketing alone cannot make your company successful. However, without it, your products/services may remain in the shadows forever. That is why building a strong strategic foundation should be one of your priorities.
Importance of creative online marketing
Most fintech companies are employing the latest technologies to enhance and automate the use and delivery of financial services. Building a revolutionary product or solution may be the first step towards success. However, proper online marketing is just as necessary for gaining recognition and drawing the attention of the consumers.
Fintech marketing involves a combination of tactics, designed specifically for financial technology firms. Creating a foolproof strategy for such a growing vertical can be challenging. The number of startups is increasing, and traditional banks are adopting emerging technologies to provide better products and services to the customers. Making one company stand out in the crowd is undoubtedly tricky.
The biggest hurdle standing in the way of fintech marketers is to get people to trust unfamiliar and potentially helpful tools. Many of the technologies may seem opaque and complicated to the average man. Then there are security and privacy concerns as well as vague policies and terms on rates and charges. Making them believe in the product or solution, and getting them to use it for handling transactions and managing finances can be hard.
So, it is evident that the same old ideas and concepts are not going to work when it comes to promoting a fintech startup online. Better and more innovative strategies are required. Below are a few top tricks that industry experts swear by.
Go mobile or go home:
Ever since the advent of smartphones, we have been spending more and more time on these little handheld devices. Studies show that the average consumer spends about five hours daily on the phone. Mobile app usage has increased up to 69% since 2016. From shopping to banking, everything is done on mobile today. Targeting mobile users is thus necessary.
So, how can you ensure that your fintech marketing strategy is in line with the growing mobile usage? Start by building a mobile responsive website. It will not only help you rank higher and better in Google SERPs, but you will be more likely to convert visitors. Moreover, since 52% of the total online searches are carried out from mobile, you can no longer ignore it.
To attract mobile users, you must:
Make your website content crisp and concise.
Remove clutters such as unnecessary pop-ups, widgets, and content.
Improve website navigation and loading speed.
Add visual elements such as icons, infographics, images, and videos to content.
Use extensive and responsive fonts and non-intrusive animations.
All in all, you must make sure that your website looks and performs exceptionally well on mobile as well as on the desktop. Then you can think about investing in SEO and ads.
Create high-quality content:
You may have heard this one before, but it holds much more weight now. Valuable content is essential for effective online marketing. It can be a listicle that clarifies consumers’ doubts and questions about your product or solution. You can also create “how-to” articles to highlight the best ways to use your tools. Informative content is in high demand, and the more value you can add through content, the better it is for marketing.
As per a recent study, 45% of the millennial population wants financial services and products to help them manage their finances. However, 37% of them stated that they were unable to find helpful resources online to help them understand essential topics. As a result, most millennials are left uneducated and confused about one of the most vital responsibilities of adulthood.
The statistics may seem somewhat shocking. However, this is your chance to step in and offer this generation something that other financial companies have not. By creating valuable content, you can educate and inform both adults and young adults. It will not only build trust, but it will also increase brand authority.
Embrace social media:
When it comes to social media, opinions, and views are divided mainly. While some people are avid social media users with active profiles on all major platforms, others refuse even to download the apps! As a fintech startup, your target market will define your social media marketing needs. From Facebook, LinkedIn, and Instagram to Twitter, YouTube, Pinterest, and more, options are plenty. You need to choose a platform that suits your product/service and target audience.
Be bold when branding:
Want people to know and remember your company? If you’re going to create a stir, the best idea would be to invest in branding. Consumers will know you by your brand. So, you must focus on building a killer brand image. You may have the best content, a highly functional and mobile-friendly website, and an excellent social media strategy. However, without proper branding, none of it will bear fruit.
Branding strategies and tactics will, of course, depend on your target demographic and company culture. If you are primarily targeting millennials and young people, you should not be hesitant to go bold when branding your fintech startup. You may choose to create an imposing, powerful, and sharp image, or you may go with a bright splash of color. No matter what you do, make sure to keep your ideas fresh and memorable.
Over-deliver when possible:
If you ever over-deliver, make sure to promote that act over and over again. For example, Southwest Airlines gets a ton of free PR by doing acts of kindness. Remember the time a mom thanked the Southwest flight attendants because they helped calm her baby? What about the time the company reunited a mother with her unconscious son? The world loves when a company cares about its customers. If you ever go out of your way to help/appreciate your customers, do not let that go unnoticed!
Excellent customer service always pays, and what better way to serve your customers than to over-deliver through products and services? If you do good, you can expect to do well! However, it does not necessarily mean that you should follow in the footsteps of Southwest and copy their stories. Over-delivering does not always mean grand gestures. You can achieve the same goal through small yet sentimental acts. Even a simple act of thanking your customers can go a long way when it comes to earning love and trust.
Run ad campaigns wisely:
Want to run an ad campaign for your fintech startup? You have plenty of choices to pick from! The problem with many fintech startups is that they are afraid to use new and innovative marketing tactics. For example, instead of reaching consumers online, many fintech companies are still relying solely on radio commercials and TV ads.
Google, Facebook, and YouTube are all excellent platforms where you can run your paid ad campaign. However, you must set up your social and Google ad campaign keeping factors such as demographics, budgets, interests, images, keywords, and call to action in mind. You can optimize pretty much every aspect with just a few clicks of your mouse!
Radio, television, and billboards are part of a dying market. Though they worked beautifully in the past, they are no longer effective in today’s technologically-driven society. Therefore, you must rethink your strategies and focus your budget and energy, where it is likely to have the most impact.
Fintech marketing is a relatively new concept, which is why there is still room for experimenting. However, you should always be wise when gambling with a new idea for ranking top keywords like instant personal loans, Business loans, etc. As a startup, you can begin with the tips mentioned above.
A pay-per-click (PPC) advertising campaign can be a good investment for your business. The PPC or cost-per-click model is used to drive traffic to your website. You have to only pay when your ad gets “clicked on” by a user.
But you’ll only know if the PPC campaign is a good investment if you analyze the results to ensure you’re getting the most for your advertising dollar. Whether you manage to advertise for your own business or clients, you need to determine if you’re getting an appropriate Return on Investment (ROI).
How do you know what to monitor, analyze and adjust?
We’re here to help you with our tips for how to measure the efficiency of your PPC investments. Using the 6 Key Performance Indicators (KPIs) we outline here, you’ll be able to assess the performance of your campaign.
Like any aspect of your business, it’s important to establish goals for your campaign before you start. Having goals means you can analyze your results against those goals, and make any adjustments if necessary.
Signing customers up for regular emails or newsletters, to enable you to develop a customer database.
Driving traffic to your website.
Converting that traffic into sales.
Increasing recognition of your brand.
Once you’ve established your advertising goals, you can set up your campaign, and monitor and examine results.
To do that, here are the 6 KPIs on which you should focus.
You’ll never reach any campaign goal without having users click on an ad, whether the objective is a brand enhancement or conversion to sales. Therefore, the number of clicks is an important measure.
Let your campaign run for a while, and continue to monitor clicks. They can be an early indicator of success, but as the campaign progresses, you may want to make adjustments. That can include pausing ads that aren’t performing well and increasing the bid on ads that are performing well.
Clicks are enjoyable to watch, but they aren’t the only indicator of success.
2. Click Through Rate (CTR)
Another key metric is CTR, which is calculated by dividing the total number of clicks your campaign received in a given time frame by the overall impressions.
In other words, if your ad was viewed 500 times (known as some impressions), and was clicked on 100 times, your CTR is 20%.
Tracking your CTR throughout the life of the campaign is good. You can generate reports by week, month, or whatever time frame works for you or your client.
There are different ways to determine what’s an acceptable CTR. That could be by comparing to industry standards, for instance.
Wordstream analyzes the data for Google Ads and can provide you with the information you need on a good target CTR, with data updated for 2018.
For instance, the average CTR for the search for the Travel and Hospitality Industry is 4.68%, and for E-commerce is 2.69%.
At least, this can provide a benchmark for your business. But monitoring CTR will also help you analyze individual campaigns for increases or decreases in CTR.
3. Cost Per Click (CPC)
It’s good to keep track of your CPC, or the amount you pay for each click on an ad. This helps you monitor your budget, but also the effectiveness of the campaign based on the cost.
To calculate CPC, you divide the total cost of your campaign by the number of times an ad was clicked.
Check your math and figure out the campaign’s total cost by multiplying the CPC by the number of clicks your ads received.
The CPC data will measure exactly how much you’ve paid for a campaign. This is helpful because while you may have set a budget and a bid price when you set up your PPC campaign, it doesn’t mean that’s what you actually pay. Actual costs can be different than bids.
The cost of an ad can be determined by other competitors in a PPC auction, so CPC helps you track your actual spend.
If your CPC goes up, your advertising spend increases as well, so obviously your ROI is going down. In an ideal situation, over the course of a campaign, your CPC should decrease, and your ROI will therefore increase.
4. Conversion Rate
It’s great to know how many users see your ad, click on your ad, and what that costs, but all that doesn’t mean much if they don’t complete the desired action once arriving at your website.
That’s what makes conversion rate so important.
Whether your “conversion” is an actual sale, providing an email address for a newsletter, or completing some other type of form, the conversion rate will tell you if you’re successful with that goal.
To calculate this metric, divide the number of people who “convert,” or complete your desired action, by the number of people who clicked on the ad.
If your conversion rate isn’t where you want it to be, you may have to look at your website to make adjustments.
For instance, analyze your user experience to ensure your landing page:
performs on a variety of devices;
it has a good load speed;
is mobile friendly;
and, the desired action is clear to users (form submission is clear and simple, for instance).
If your conversion rate goes up, you’ll be spending less on advertising to get a sale or other desired action. Therefore, your ROI will go up. So you always aim for an increase in your conversion rate.
5. Bounce Rate
This could also be called the opposite of your conversion rate.
Your bounce rate is the number of visitors who click through to your site and but leave without completing your desired action.
A high bounce rate will send you back to your landing page to look for further enhancements. Review again to make sure it’s user-friendly and has a clear call to action to point people to your desired conversion.
You will always aim for a decrease in bounce rate.
6. Return on Advertising Spend (ROAS)
It can be argued that this is the most important KPI, particularly in terms of determining your ROI.
After all, what is more important than looking at the revenue earned vs. the money spent? To determine an effective ROAS, a break-even measure is a dollar earned for each dollar spent.
To calculate ROAS, divide the revenue of the campaign by the cost. If you made $500 and spent $100, your ROAS is $5. In other words, for every dollar you spent, you earned $5.
You should note that sometimes a bounce rate can be artificially inflated. For example, a user lands on your page, and then calls your business, then leaves. This would still count as a bounce, but in fact, the user actually converted
This number provides the bottom line on how the marketing budget has supported the business.
A PPC campaign requires planning, monitoring, and adjusting.
Like any aspect of your business, you want to be sure you establish goals and measure performance against those goals.
Launching a PPC campaign won’t be effective if you simply launch and leave it. You must monitor to make adjustments if necessary.
Knowing how to measure the efficiency of your PPC investments is vital to ensuring a positive ROI for your business, or your client’s business. Measuring and monitoring these 6 KPIs will ensure you get the most out of your PPC spend.