Archives for August 2018

You should always purchase any insurance policy with care. This is especially true in the case of commercial vehicle insurance.

In order to gain access to the most appealing benefits, it can be helpful to know a little about what you’re looking for before you contact an insurance company. Most small business owners appear to be targeting certain benefits over others when it comes to commercial vehicle insurance. Among them are the following:

 

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Insurance Company Stability

If you or one of your employees were to have an accident with one your business’s vehicles, you would want immediate service from your insurance company, right?

Imagine, then, discovering that your insurance company has gone bankrupt and can’t provide you with the financial coverage they initially promised you. This could happen if your insurance company only recently entered the industry. Therefore, look to see that the company you’re dealing with has some longevity and stability.

Do some research even before you contact them. Look into various aspects about the company that can give you some clues. For example, how is the firm doing in today’s market? Are they making an actual profit? For how long have they been in businesses? Are there any red flags regarding their stability?

Don’t just rush into anything just because one company presents you with what appears to be a great commercial vehicle insurance deal. If you do, you might end up making an unpleasant mistake.

 

Powerful Clientele Range

Smart business owners who rely on commercial vehicle insurance generally look into the insurance company’s list of clients before they purchase a policy. If you can see that other successful businesses are clients of the firm, you’ll know that you are considering a reliable option.

Learning about the insurance companies used by Uber or Lyft drivers, for example, can be a great starting point. Those who have entered the ride-sharing business are usually careful with their choice of commercial vehicle insurance. Therefore, the companies they rely on are likely to be reliable and trustworthy.

If you don’t have any acquaintances who can provide you with advice or recommendations on commercial vehicle insurance firms, do a search on the Internet. Look for forums where discussions about commercial vehicle insurance are taking place. You’re bound to learn about the most popular options. This will give you a starting point in your hunt for the best commercial vehicle insurance.

Additionally, read referrals and testimonials. These will simplify your selection process, too.

 

Customization Opportunities

If you have specific needs about your commercial vehicle insurance coverage, seek a company that offers customization. Some companies on the market have pre-planned packages. Others, however, are characterized by flexibility. These companies will allow you to personalize your policy so that it’s best for your situation.

Therefore, when you are contacting different firms, make this one of the first questions you ask. Regardless of the nature of your business and what you plan to use the vehicle for, you should gain the level of financial protection that matches perfectly to your case. Flexible policy terms and conditions will make this possible.

 

Customer Service

When you are not familiar with commercial vehicle insurance, it’s important to work with insurers who can make things clearer for you. Importantly, you’ll want someone who will give you the support you need. An insurance company with excellent customer service will always be the better and safer choice.

Notice if the agents you contact are taking their time to fully explain their offers in terms you can actually understand. If they are clear and transparent in their responses and are dedicated to helping you, it’s a sign that they value you as a potential client.

 

Reasonable Prices

Finally, make sure you spend some time comparing prices. It’s probably not the wisest choice to go for the cheapest option. That’s because the cheapest deal might not give you the level of coverage you need.

However, you can still get a great deal if you consider your options carefully. Different insurance companies might charge different prices for similar benefits. Research is key in this situation. Therefore, get quotes from several firms on the market.

Since commercial vehicle insurance policies are priced higher than policies for individuals, a commercial vehicle insurance policy that comes with a fixed payment plan might be a good choice. At the very least, you should seek any opportunity to lower your costs if you can.

 

 

Make the Right Choice for Your Commercial Vehicle Insurance

When it comes to choosing a policy for your business’s commercial vehicle insurance, be sure to do your research. You never know when you’re going to need for your insurance policy to come to the rescue. Therefore, making the right choice is truly important.

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If your sales team is underperforming, sales enablement may be the solution. A sales enablement platform streamlines the sales process. However, sales enablement isn’t a catch-all solution. It can’t fix fundamental problems with your team members or management.

It’s important to look at the many internal factors that could be causing your sales team to underperform. You need to identify whether the problem lies with your processes or with even deeper issues. In this article, we look at some of the main problems that cause sales teams to underperform. We also ask whether a sales enablement platform can resolve these problems.

 

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The Top Reasons Why a Sales Team Underperforms

There are a number of reasons why sales teams underperform. Some of these are easier to fix than others. The reason might be critical flaws with your business’s offering. Or maybe it’s a lack of incentive for salespeople or something else. The severity of the reasons will determine how you should address them and if sales enablement can play a part.

Why Sales Organizations Fail

The success of any sales organization is dependent on several factors. Issues with just one of these can cause sales teams to fail. Therefore, it’s critical that you have a solid foundation for your sales team to build on.

In an article for the Harvard Business Review, “Why Sales Organizations Fail,” Steve W. Martin outlines the four sales stages where failure can happen.

The important lesson here is that you need to make sure your organization as a whole is functioning properly. Further, you need to ensure that your processes are set up for success. What’s more, you must do this before you evaluate your sales team’s underperformance.

 

Why Sales Teams Underperform

There are a number of reasons sales teams underperform. Some are directly related to the failure of the organization as a whole. Still others come down to management, team leads, and individual salespeople themselves.

1. Sales reps are not given the credit they deserve.

Some organizations view sales reps as being at the bottom of the food chain. In reality, however, your sales team plays a vital role. That is, they create business and keep the sales pipeline alive. Without sales, the company will fail.

Unfortunately, sales teams are often forgotten when praise is given in the boardroom. Their contributions aren’t even acknowledged at times. Moreover, some business owners believe that sales team members are expendable.

On the contrary, however, there are significant costs—in terms of time, money, and company morale—that accompany the hiring and training of new people.

2. There is no clear mission.

Selling more of X and even more of Z does not qualify as a mission. This is not a rallying cry that readies your sales team members to tackle the market.

Salespeople are human and they need purpose. That is, they need to have something bigger than themselves that they believe in. This helps them make that vital connection with their prospects. Having a clear vision gives your sales team pride in your business. If you don’t have a coherent mission statement that is unique to your business alone, your sales will be severely affected.

3. There is no standard definition of the term “qualified lead.”

There have been epic battles between marketing and sales teams as to what constitutes a qualified lead. Such disparities within your business aren’t beneficial to the business. When one team—or multiple teams—bring in seemingly qualified leads, the result is wasted time and resources. What ensues are unnecessary debate and conflict between colleagues and numerous lost leads. Salespeople, having failed to meet their targets, are the ones that pay the price. And it’s a vicious cycle, as no one addresses the real issues behind underperformance.

4. Poor compensation plans and weak incentives lead to low morale.

Lack of compensation for successfully closed deals can lead to lower morale and decreased productivity. What’s more, it can significantly affect employee turnover.

As a business, you should be offering your sales team a fair commission bonus for closed sales. Such rewards motivate a salesperson to perform. Plus, they also make them feel that they are contributing something important to the organization.

And, after all, they are. It’s only fair that you recognize and reward their contributions.

However, don’t underestimate the effect of other incentives. Consider different ways you can motivate your sales team that aren’t just monetary in nature.

 

5. Weak people fill management and leadership roles.

As Jeff Pruitt, Chairman and CEO of Tallwave, puts it: “If your team isn’t selling, the first place to look is in the mirror. Do you have processes in place that put the customer first? Have you implemented a feedback system that gives performance reviews on a regular basis? Could you rattle off the key components to your follow-up strategy? If your sales team is disorganized, confused, and flying by the seat of their collective pants, it’s probably because there wasn’t a solid process in place to begin with.”

A sales team can only work with what they’re given. They must rely on the processes you have in place. If these aren’t working, it is not their responsibility to change them. Of course, salespeople who can recognize that processes don’t work, and who are proactive and intuitive enough to suggest new ways of working, should be rewarded. However, management must be able to acknowledge that change needs to take place.

 

How Sales Enablement Can Help

Of course, the problems we’ve outlined above are not things that any tool can magically fix. These are fundamental issues with processes and set ways of working.

Sales enablement apps and tools streamline the sales process. They can increase sales. They can help you train new salespeople. And they can improve communication between teams and departments. However, they cannot define a qualified lead for your individual business or write your company mission statement for you.

On the other hand, if you have structured your organization well and are actively supporting your team to make more sales, but you aren’t getting results, sales enablement can help.

Below are some examples of how your team will benefit:

1. Quicker responses to leads’ requests

This may be a familiar situation: Your salesperson is away from his desk meeting a potential client and hoping to close the deal. Everything seems to be going smoothly and they’re about to shake hands. At the last moment, the prospect remembers something and requests more information. If your salesperson doesn’t have this information on hand and they have to start the infamous back and forth, it could delay, if not completely derail, the deal.

Sales enablement platforms allow you to store documents in the cloud for quick and easy retrieval when you need them. You can also save sales materials, such as an expected timeline or pricing information. This will allow you to save time and close deals faster. This way, you can give your potential client the information they ask for immediately. This will leave no excuses for not closing the deal.

2. Presenting information that is conducive to sales

Collateral is crucial for appealing to your prospects. This does not necessarily mean beautiful graphics and impressive numbers. Although these things can help, they may not be what actually works. With printed collateral, or even materials on laptops, this is difficult, if not impossible, to measure.

On the other hand, sales enablement apps give you insight into which materials have the biggest effect on closing deals. This will help you to know what will deliver results.

3. Adapting to last-minute changes

Let’s say your salesperson is waiting to meet a potential client. They notice an email sent, just minutes earlier, stating that a person from their prospect’s legal department will be joining the meeting. What’s more, this person has some questions.

Your salesperson enters panic mode. They can’t access the information quickly and easily, and they certainly can’t edit their presentation.

A sales enablement tool, such as a mobile presentation app, allows your sales team to retrieve such information and add it to their sales presentations. What could have been a deal breaker can easily turn into the one crucial thing that closes the deal. Not only could it clinch the sale, but your employee will also score points for being prepared for any eventuality. This is crucial for client satisfaction.

 

Wrapping Things Up

If your sales team is underperforming, you should first evaluate your company processes. Are they robust enough to support sales? If your processes are sound, sales enablement could be the advantage you’re missing.

 

About the Author

Charlotte Powell is head of Design and Marketing at iPresent Ltd. She says, “Driven by beautiful design and a great user experience, iPresent allows me to use my range of creative skills in an open environment. Here everyone is passionate about their field, creating an epic Sales Enablement Platform and making sure our customers are happy.”

Whether you run a restaurant, a book store, a gym, or similar kind of business, success boils down to one thing: getting customers to come back. That might seem simple in theory. However, gaining customer loyalty can be tricky in reality.

 

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In any industry, there are dozens, if not hundreds, of competitors ready and willing to take your business. This is doubly true if you live in a big city. Your business needs to be creative to keep people coming back. One way to do that is by rewarding customer loyalty.

 

What Is a Customer Loyalty Program?

So what is a customer loyalty program? It is an infrastructure businesses can implement in order to reward their regular customers for bringing in their repeat business. You have no doubt seen punch cards offered by coffee shops and diners. Often, they offer something like one free coffee after the purchase of ten. Other sorts of businesses have adapted this model in unique ways. For example, used book and record stores—even tattoo parlors—have customer loyalty programs.

 

There Are Different Types of Customer Loyalty Programs

While punch cards are the most common, they are certainly not the only form of customer loyalty program. Certain businesses, like electronics shops and movie theaters, offer customers the opportunity to sign up for special memberships. Customers who sign up can accumulate points toward future purchases.

Discount cards are a similar way of encouraging customers to return. As a matter of fact, there are multiple ways to intrigue customers with these programs. Some businesses charge a small sign-up fee. Others charge month-to-month. Still others offer them free of charge.

The best way to implement a program like this is to offer customers plastic cards. This might seem expensive and logistically complicated. However, in truth it is quite simple.

Companies like Avon Security Products sell plastic card printers. These printers are quite easy to set up and use. Many of them include a camera and high-resolution photo printing. This means you can customize your cards however you’d like.

 

Why Not Use Email?

Another popular form of customer loyalty program is an email list. Offer customers the opportunity to sign up for weekly or monthly emails. These messages would inform of customers of your business’s various discounts, events, and workplace developments. Offer specials and coupons specifically for those people who have signed up for your email list.

Additionally, allow people on your email list early access to products, before you start advertising them publicly. Since they’ve signed up, they likely have more interest in your product than the average customer anyhow. Another benefit is that it will keep your business in the minds of those people who regularly receive your emails. In other words, they will think first of your business when they need something you offer. What’s more, they will be less likely to visit a competitor.

 

 

Show Your Customers Some Love

Why not just practice some random acts of kindness? For instance, give out free cookies or candies at the front counter. Offer 50% off coffee for people who come in during certain hours.

Perhaps you could dedicate a day to “pampering” your regular customers. For example, give out free donuts, special discounts, or coupons for other shops in the neighborhood. Build a reputation as a fun and friendly place that appreciates its customers. The more your customers know that they are going to be rewarded for their business, the more likely they are to return.

Whether for business or for personal reasons, budgeting your money shows a sense of responsibility for putting your finances on the right track. But if you feel you need a little help, check out the budgeting apps we describe in this post. Any one of them will empower you to manage your finances more easily.

Budgeting will help you to understand your current expenses and forecast future ones. Therefore, every business should go through this critical process.

 

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To get started, simply download one of the budgeting apps we discuss here. They’re all created by top financial app development companies. And they will help you to make smarter decisions on the go, because they will give you flexibility with your budget. In other words, you’ll be able to adjust your expenses and revenue using real-time data.

 

With its more than 20 million users, Mint is one of the more popular budgeting apps available today. Users love its accurate and instant calculations. What’s more, this app will track all of your financial operations and offer valuable advice, too, so you can manage your money more easily. Plus, iPhone or Android users can download this app for free. Additionally, iPhone users can synchronize the app with Apple Watch as well.

Features

• Create budgets and track investments quickly and easily
• Get real-time access to reports and other information
• Instant alerts
• Budget for as many categories as you like
• Works well with variable expenses
• Generates customizable reports
• Provides quick analysis
• Secure access
• Data encrypted
• Intuitive features and powerful results
• Personalized tips and advice
• Makes it easy to track your credit score
• Gives you real-time results
• Free to download

A study from a top research company points out that end user needs are a key factor affecting mobile app development. Therefore, app developers need to keep users in mind while they are designing their apps.

Judging by the features and functionalities of the Mint app, this app appears to be driven by this logic. For example, just a few taps allow its users to perform various functionalities with regard to their finances. What’s more, the Mint app is an absolutely free budget planner that will walk with you wherever you go.

 

“Managing your budget does not have to be stressful,” says Jesse Mecham in his book, You Need a Budget.

The YNAB app is an award-winning financial and budgeting app that helps you gain financial peace, control, and stability. Remarkably, PCWorld listed this app under its editor’s choice list. In their notable review they note that the app is more than a budgeting tool. That’s because it can also enable users to improve all of their money habits.

Features

• A complete budgeting app
• Access to your real-time info
• Easily syncs all your bank accounts
• Real-time access to data
• Quick sharing
• Detailed spend report
• Advice on trends
• Debt Paydown tool
• Simple goal tracking
• All-time support
• Free trial for a specific period

As the name suggests, the app lets you plan a budget with the finances you have and those that you may acquire. Further, the app has some of the best features to help you set a balance between your earnings and your spending. In other words, the app helps you to be proactive instead of reactive.

“Instead of spending more, spend better,” said one financial advisor. YNAB is an app that will help you to accomplish this goal. Along with helping you to create a proper budget, the app guides, educates, and coaches you to manage your money in the best way by keeping your income in consideration.

 

Budgeting is boring no more. That’s because PocketGuard makes money management easier than ever. This app acts as an investment advisor, too, one that you can easily trust. With PocketGuard, you will control your money, your bills, and your budget on your phone. What’s more, you will do so anywhere and at any time.

Features

• Puts your budget on autopilot
• Personalized budget based on your income, bills and goals
• Connect with your credit cards and other investments
• Sync with your existing loans
• See all your finances in one place
• Instantly tracks each of your transaction and spend
• “In-my-pocket” facility allows you to understand your limit to spend
• Advice to improve your financial health
• Secured

This app will sync your bank accounts, loans, credit cards, and other investments. What’s more, it will track all your bills and subscriptions. Plus, it will track your income, too. Then, it will automatically suggest to you a budget based on your spending patterns, and it will alert you to unwanted risks. Such features make this app a standout when it’s compared with other apps.

 

Conclusion

Mobile apps are transforming many aspects of modern life, and the financial sector is no exception. This transformation is driving a strong move toward self-service and improved functionalities.

Budgeting apps such as the ones discussed in this article will help you to manage your finances better. Plus, many of them are free to download.

In this digital age, a well designed mobile financial planner, such as these budgeting apps, can add a lot of value and help you to stick to the process of managing your money well.

 

About the Author

Meenakshi Krishnan is a content consultant. A techie at heart, Meenakshi is passionate about the start-up ecosystem, entrepreneurship, the latest tech innovations, and all that makes this digital world. When she is not writing, she loves to read, cook, and paint.