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        • Mortgage rates today, April 3, 2020 plus reviews
        • Microsoft Vulnerability: Hundreds of Microsoft Servers Contaminated By Crypto-Mining Botnet Since 2018
        • Today Bitcoin Price at $6,800 USD
        • Pandemic Is Changing BTC Usage in ‘Unexpected Ways’
        • Macropay on Alternative & local payment methods that are reshaping global e-commerce
        • Bank of America is preparing for a flood of Applications to Small-Business Loan
        • Microsoft might be the best tech stock in this market
        • US Airlines To Work Collectively, Consolidate Flights
        • Bank of America maintaining business continuity and protecting the bottom line
        • US long-term mortgage rates drop
        • Chase bank will raise up to $10 billion
          • Bitcoin Price Bulls have been rejected at $7,000
          • Stock Market: 4 Top Stock Trades for Wednesday: NVDA, AVGO, BAC, IQ
          • Stock Market April 2 – Edge Higher; Oil Surges, Bonds Fall, Dollar Rose
          • Bitcoin Price Simply Surged to $6,500 After Over 10% Weekend Crash
          • Today Bitcoin Price at $7,000: BTC Leaps to Retest $7,000
          • Bank of America agreed to allow 50,000 mortgage customers to defer payments
        • Prime ICO Advertising and marketing Companies
          • Bank of America U.S. Minimum Hourly Wage Reaches $20
            • Bitcoin Price Prediction April: Three Key Causes Why BTC May Plunge Beneath $5,000
              • Roll up the Sleeves! American Airlines was down -10.34%
              • Mortgage calculator rates today April 2, 2020
              • Mortgage Calculator Small businesses: SB have ‘a million inquiries’ regarding check help loans
              • Bitcoin Price Today April 1 – Bitcoin Takes Tumble
                • With Bank of America card you can request a payment deferral online
                  • Bank of America fields 150,000 installment deferral demands
                • Coronavirus – Travel Insurance no cover cancellations
                  • Bank of America said it won’t cut any positions
              • Bitcoin Price Today April 2 – BTC rise to $6,700
              • Mortgage calculator rates today March 31, 2020
              • Bitcoin Price Momentum Sign Reverses, Bull Run Lastly Inbound?
              • Bitcoin Price Recovering After a Sharp Decline
              • Fintech News Airbnb – How hosts are fighting back against Covid-19 fallout
              • Market Stock Boeing – Challenging Times Ahead for Boeing Stock
            • Bitcoin Price Bulls – is Forming a Bull Cross After Rallying to $6,500
            • P2P Crowdlending – Average Interest Rate 18%
            • $633 Million BTC Transferred For Simply $0.26 Payment
        • Bank of America will provide up to $250 million
        • Bank of America VC: You tend to do the wrong thing at the wrong time
          • Bank of America sees big year for Microsoft ahead
            • American Airlines coronavirus downgrade
              • US Bank Raises $586M Against COVID-19
                • Bank of America’s Solid Liquidity to Help Covid-19 Crisis
      • Best Fintech Companies to Work for 2020
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      • Mortgage calculator rates today April 1, 2020
      • Mortgage Calculator – Students Benefits
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      • Mortgage Calculator Modification – What Is?
      • Mortgage Calculator Canada: Rates Are Rising
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    • Bitcoin Price Today April 3
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    • Today Bitcoin Price at $6,600
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      • BTC Price Today | 6 April 2020
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        • Mortgage rates today, April 3, 2020 plus reviews
        • Microsoft Vulnerability: Hundreds of Microsoft Servers Contaminated By Crypto-Mining Botnet Since 2018
        • Today Bitcoin Price at $6,800 USD
        • Pandemic Is Changing BTC Usage in ‘Unexpected Ways’
        • Macropay on Alternative & local payment methods that are reshaping global e-commerce
        • Bank of America is preparing for a flood of Applications to Small-Business Loan
        • Microsoft might be the best tech stock in this market
        • US Airlines To Work Collectively, Consolidate Flights
        • Bank of America maintaining business continuity and protecting the bottom line
        • US long-term mortgage rates drop
        • Chase bank will raise up to $10 billion
          • Bitcoin Price Bulls have been rejected at $7,000
          • Stock Market: 4 Top Stock Trades for Wednesday: NVDA, AVGO, BAC, IQ
          • Stock Market April 2 – Edge Higher; Oil Surges, Bonds Fall, Dollar Rose
          • Bitcoin Price Simply Surged to $6,500 After Over 10% Weekend Crash
          • Today Bitcoin Price at $7,000: BTC Leaps to Retest $7,000
          • Bank of America agreed to allow 50,000 mortgage customers to defer payments
        • Prime ICO Advertising and marketing Companies
          • Bank of America U.S. Minimum Hourly Wage Reaches $20
            • Bitcoin Price Prediction April: Three Key Causes Why BTC May Plunge Beneath $5,000
              • Roll up the Sleeves! American Airlines was down -10.34%
              • Mortgage calculator rates today April 2, 2020
              • Mortgage Calculator Small businesses: SB have ‘a million inquiries’ regarding check help loans
              • Bitcoin Price Today April 1 – Bitcoin Takes Tumble
                • With Bank of America card you can request a payment deferral online
                  • Bank of America fields 150,000 installment deferral demands
                • Coronavirus – Travel Insurance no cover cancellations
                  • Bank of America said it won’t cut any positions
              • Bitcoin Price Today April 2 – BTC rise to $6,700
              • Mortgage calculator rates today March 31, 2020
              • Bitcoin Price Momentum Sign Reverses, Bull Run Lastly Inbound?
              • Bitcoin Price Recovering After a Sharp Decline
              • Fintech News Airbnb – How hosts are fighting back against Covid-19 fallout
              • Market Stock Boeing – Challenging Times Ahead for Boeing Stock
            • Bitcoin Price Bulls – is Forming a Bull Cross After Rallying to $6,500
            • P2P Crowdlending – Average Interest Rate 18%
            • $633 Million BTC Transferred For Simply $0.26 Payment
        • Bank of America will provide up to $250 million
        • Bank of America VC: You tend to do the wrong thing at the wrong time
          • Bank of America sees big year for Microsoft ahead
            • American Airlines coronavirus downgrade
              • US Bank Raises $586M Against COVID-19
                • Bank of America’s Solid Liquidity to Help Covid-19 Crisis
      • Best Fintech Companies to Work for 2020
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      • 6% cd rates – They Exists ?
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      • Get Revolut Card + £50
      • Qantas Credit Card
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      • Coles Mastercard
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      • Is Discover Visa or Mastercard?
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      • Fortiva Credit Card Review
      • Indigo Credit Card Review
      • Wells Fargo Propel – Review
      • Walmart Money Card – Review
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      • Best Mortgage for Low Down Payment 2020
      • Best Mortgage Rates
      • Best VA Mortgage Lenders of 2020
      • Greatest On-line Mortgage Lenders
      • The Best Mortgage Lenders for First Time Home Buyers
    • Mortgage Calculators
      • Mortgage calculator rates today April 1, 2020
      • Mortgage Calculator – Students Benefits
      • Mortgage Calculator – Homeowners and renters Get Payment Relief
      • Calculator for mortgage to millennials
      • Mortgage Calculator Modification – What Is?
      • Mortgage Calculator Canada: Rates Are Rising
      • Mortgage Calculator Home – Is it time to repair your own home mortgage?
      • Mortgage Calculator
      • Mortgage Calculator Rates Today April 3
      • Mortgage Calculator Online
      • Mortgage Calculator Coronavirus: UK mortgage market goes into lockdown
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      • How Mortgage Forbearance Works Under CARES Act
      • Stimulus Check
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      • Roundpoint Mortgage
      • Midland Mortgage
      • Simple Mortgage Calculator
      • Freedom Mortgage
      • SunTrust Mortgage
  • Commodities
    • Energy
      • WTI Oil Prices
      • Brent Crude
      • Crude Oil
    • Agricultural Products
      • Corns
    • Livestock & Meat
      • Lean Hogs
    • Precious Metals
      • Platinum
      • Gold
        • Best Place to Buy Gold
        • Price of Gold
        • 5 Ways In order to Buy Gold
        • Gold Price Chart
        • Gold Futures
      • Silver
    • Industrial Metals
      • Copper
  • Insurtech
    • Insurtech “Best of…”
      • Best Life Insurance of 2020
      • The Best Renters Insurance Companies 2020
      • Best Pet Insurance Providers of 2020
      • Best Home Insurance Companies for 2020
      • Best Car Insurance Quotes Online
      • Best Homeowners Insurance Companies of 2020
    • Insurtech Guides
      • Insurance will not cover coronavirus losses
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      • Emergency personal loans for veterans
      • Fafsa deadline
      • Cash Loans
      • Bad Credit Loans
      • Bad Credit Loans Guaranteed Approval
      • Merrill Lynch Benefits
      • Loans CLO Pain Just Starting With Leveraged loan Rating Cuts
      • Can you get a loan without a bank account?
    • Loans “Best of….”
      • Best place to get an auto loan
      • Best Loan for Students – The Best Private Student Loans of 2020
      • Best Student Loan Refinance of 2020
      • Best Business Loan Lenders of 2020
      • Best Personal Loans of 2020
      • Best Auto Loan Rates for 2020
      • Best payday loans 2020
      • Best Online Loans for Bad Credit 2020
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      • FHA loan calculator
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      • Rocket Loans
      • Nelnet Student Loans
      • Wells Fargo Student Loans
      • Discover Student Loans
      • AES Student Loans
      • Amigo Loans
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Weekly Business Tip #4 in Snap Finance: 3 Tips to Decrease COVID-19’s Effect on Your Business

Oliver Smith by Oliver Smith
July 31, 2020
in Payment Systems
0

Home » Weekly Business Tip #4 in Snap Finance: 3 Tips to Decrease COVID-19’s Effect on Your Business




By Monica Tucker
on

7/31/2020

PhotoCaption

Following weeks of stay-at-home constraints, customers are moving into a new stage: boredom. Individuals are searching for creative approaches to cook, work, exercise, and find out while in home. Is your company prepared to fulfill their demands?

The better you are at identifying and fulfilling your customer’s requirements, the greater chance your company will have of residing COVID-19. Follow these 3 key actions to help your organization succeed.

 

  1. Identify Consumer Needs

    Individuals require a cozy environment in the home to deal with uncertainty and monotony. That’s why actions like bread baking, home improvement, as well as pet adoptions have grown in popularity.

    whined about the effect COVID-19 will have in their financing, customers are more cautious about their costs and on the lookout for ways to conserve. In a poll by Global Web Indicator (GWI), 8 in 10 respondents said they’re delaying big purchases while 4 out of 10 are looking to cut day-to-day costs.[i] Offering a broad spectrum of financial alternatives will help ease these concerns.

    Customers are also nervous about their safety while shopping. In that same GWI survey, 46% of respondents declared an intention to continue shopping online more than in-store.[ii] An online presence, as well as offering curbside pick-up and free delivery, is vital attracting virtual customers. And for those who still prefer to visit your store, encouraging employees to wear face masks, installing sanitation stations, and touchless payment systems is indispensable.

  2. Offer Custom Solutions

    People need solutions to their problems. This broader perspective will help you develop a personalized offer for your customers and differentiate you from your competitors.

    Help people find furniture to work comfortably from home and be productive. Incorporating exercise equipment in your product catalog may help sports enthusiasts stay active at home. To make your offer more attractive to these customers, include free delivery and present financing options for them to choose. Helping each customer find the best solution to their specific needs will add a personal touch – something that a big online retailer can’t easily replicate.

    Sometimes credit issues are the real problem to customers, especially when it comes to big-ticket items or services. In the same GWI survey, more than 45% of consumers approve of companies offering flexible payment plans. This is true among customers of all ages and income levels.[iii]


  3. Reward Loyal Customers

    According to a study by Frederick Reichheld from Harvard Business School, getting new customers is somewhere between 5 and 25 times more expensive than retaining happy customers. [iv] Developing a loyalty program can produce long-term results, and it could be as simple as giving punch cards. Don’t forget that the purpose is to keep customers coming back by rewarding them, so make it easy!

    When asked about how they feel about loyalty perks offered during COVID-19, over 80% of customers in the GWI survey stated they highly appreciate them.[v] If you dedicate time and effort to taking care of your customers, they’ll keep coming back, generating a steady income for your business. Happy customers will also help spread the word about your excellent service. Reward them!

COVID-19 has pushed businesses around the world to work in creative ways that are safe and relevant to customers. The virus may remain for longer than expected, and consumers are growing tired of bad news. Offering a personal touch and imaginative solutions to their problems will generate long-term benefits for all.

 


[i] Global Web Index coronavirus findings May 2020 – Multi-Market Research (Page 7)

[ii] Global Web Index coronavirus findings May 2020 – Multi-Market Research (Page 8)

[iii] Global Web Index coronavirus findings May 2020 – Multi-Market Research (Page 53)

[v] Global Web Index coronavirus findings May 2020 – Multi-Market Research (Page 55)

 


About The Author: Monica Tucker is Sr. Marketing Content Writer at Snap Finance.

About Snap: Specially designed for the furniture industry, Snap Finance helps credit-challenged customers get what they need with fast, flexible, lease-to-own financing. Through our absolutely free EDGE program, we boost your secondary financing business by up to 30%. Contact us at 866-871-0311 or see snapfinance.com/partner to learn how Snap can help your business.


Furniture Industry News and on depth magazine articles for the furniture retail, furniture manufacturers, and 5 furniture distributors.

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