“Maestro has been designed as an AI-supported front door for agents, replacing the need to toggle among multiple point solutions and logins. The platform centralises client information, property search activity, marketing campaigns and deal documents to streamline daily workflows and keep agents focused on live transaction activity,” HomeServices of America said.

“The goal of Maestro is to allow our agents in every market to spend more time doing what they do best – leaning into their relationships with their clients, rather than being bogged down with unnecessary complexity in their day-to-day work. It’s designed so that the technology intuitively supports the agent and their business and is another step towards a true end-to-end platform, something only HomeServices is in a position to deliver through our ownership over the brokerage, mortgage, title and insurance experiences,” said Chris Kelly, president and CEO of HomeServices of America.

The company’s innovative product comes amid headwinds like commission compression, higher lead costs and regulatory scrutiny pressuring brokerage profitability. Firms are betting on integrated platforms lifting agent productivity, along with activities like transaction capture (the final step in a two-phase payment process where a merchant collects previously authorised funds from a customer’s account, finalising the sale).

“For HomeServices, Maestro is a bid to standardise operations across markets and keep agents inside a single ecosystem of tools owned or controlled by the company,” the company continued.

Maestro will be rolled out across HomeServices of America’s brokerage footprint, which includes company-owned firms and franchise brands under the Berkshire Hathaway HomeServices network. The new tool, by bringing search, marketing and transaction machineries under one roof, will be looking to reduce manual data entry, apart from cutting down workarounds, which will only help real estate agents respond faster to their clients.

For housing industry professionals, the launch of Maestro also reflects a broader industry shift away from disconnected tech stacks. The AI tool will unify proprietary operating systems, spanning the full real estate lifecycle (from lead generation through closing and related services). Large brokerages and franchise networks have reportedly been investing heavily in in-house technology amid tight margins and increasing competition from vertically integrated property players and portals.

“Maestro will surface ‘clear and relevant information’ to agents at each step of a deal, from new lead engagement to listing launch and transaction management. By tying together sales, marketing and administrative tasks, the company aims to create a more consistent experience for agents and consumers while driving more volume through its affiliated mortgage, title and insurance businesses,” HomeServices of America concluded.

The post HomeServices of America launches AI-powered Maestro for real estate agents appeared first on International Finance.

Let’s discuss eight smart naming strategies to guide a startup owner so that he/she can choose a name that works now and scales with the business.

Keep It Simple And Easy To Spell

If people cannot spell your startup name after hearing it once, that’s already a problem. You do not want to keep correcting people or watching them type it wrong. Simple names travel faster. They get shared more. Complicated ones just get forgotten.

Short Names Are Easier To Remember

Long names might explain everything, but nobody remembers them. Short names stay in your head. They also look better on logos, apps, emails, and social media. Most people do not have the patience for long brand names anymore.

Check The Domain Early

This part hurts sometimes. You find a name you love, then realise the domain is gone. That is why it’s better to check early. Having a clean website name matters more than people admit. Weird spellings and extra words make a brand feel smaller.

Do A Basic Legal Check

This isn’t the fun part, but it is important. If someone else already owns the name, it can turn into a mess later. Rebranding after growth is expensive and stressful. A little checking now saves a lot of regret.

Make Sure The Name Fits The Vibe

Your name should match what you’re trying to build. Serious, playful, techy, creative, whatever your startup is, the name should feel aligned. It doesn’t have to explain everything, but it should feel right.

Brainstorm Freely, Then Cut Hard

First, write everything down. Even bad ideas. Especially bad ideas. Later, shortlist only the ones that actually feel usable. If a name needs too much explaining, drop it.

Think About The Future, Not Just Today

Do not name your startup something that only works for one product or one city. You’ll probably change things later. Pick a name that gives you room to grow.

Say It Out Loud In Real Life

Say the name in a noisy place. See if people hear it correctly. Try using voice search. If it sounds confusing or awkward, it probably is.

The post Check out the smart strategies for naming a startup appeared first on International Finance.

The Trap Of Speaking In Absolutes

Businesses are tempted to fall back on the sound of confidence, and the sound of confidence is in big words, sweeping statements, and lines that might as well be written on the side of a bus: We always deliver on time. Our product never fails. But reality doesn’t fit in words like always or never, and the moment reality doesn’t fit, the customer notices, and what was once enthusiastic marketing becomes a crack in credibility, and it spreads very quickly. Often, customers would rather have a realistic commitment than a dramatic one; it feels more grounded, and it sets the stage for trust, not disappointment.

Humility As A Strategic Advantage

Humility may sound soft, but it is a sharp business advantage. People believe you more when you speak plainly about what you can do and don’t try to paint a larger than life picture; customers listen differently when they sense honesty rather than salesmanship. Humility does not mean that you undermine your abilities; it means that you allow results to speak for you. That kind of communication is welcome in a world in which overblown claims abound.

Overdelivering Starts With Underselling

Hiding your strengths isn’t underselling because it gives you room to exceed expectations. Promising a little less and delivering a little more than anticipated can have a profound effect: finishing a project earlier, providing an unexpected detail, or bringing a level of support the client did not even know to request. These touches linger and speak to the customer: We cared enough to go further. That feeling turns good work into lasting loyalty.

The Subtle Damage Of Overstatement

Overstatement does not go up in smoke the first time around. It wears down over time. A client hears one large claim, then another, and begins to apply scepticism to them, questioning timelines, doubting explanations, or expecting excuses. Even if the work is good, trust has been dented, and that insidious erosion is damaging, because once a customer loses confidence, it is hard to win it back, regardless of how well a delivery is made afterwards.

Building Trust Without The Noise

The majority of great business relationships are based on reliability, not grand promises. When you communicate honestly, set expectations reasonably, and deliver work that feels thoughtful, clients may not discuss the marketing line you penned, but they will recall the ease of working with you and the respect you afforded their time and money. In the long term, that quiet reliability does far more for your reputation than the most dramatic promise. Trust develops in those moments where a customer feels truly cared for—and that is a far better outcome than any clever slogan.

The post Underselling and overdelivering: All you need to know appeared first on International Finance.

We have tech companies supporting diverse hiring practices through programmes like returnships (internships for experienced professionals reentering the workforce).

Healthcare ventures are also providing reentry training programmes for industry professionals, keeping in mind the experiences they bring in clinical and administrative roles.

Schools and educational organisations often seek individuals with life experience to enrich their programmes, whether as teachers, administrators, or support staff.

Banks and financial institutions also value the analytical and interpersonal skills that many returning professionals bring to roles in risk management, client relations, and beyond. Even entrepreneurship (business and consultancy services) is serving as a potent reentry route for industry veterans.

With the explosion of content-driven marketing and media, there is a strong demand for writers and editors. Professionals with sharp communication skills can find freelance or full-time roles in publishing, corporate communications, or digital media.

Reframe the narrative

Before you plan your industry comeback, think deeply about your past experiences and accomplishments, and acknowledge that they are equally important as those listed on a conventional resume. Once you return to your personal life, it should be more about you adding value and quality to the organisation’s work output.

Think about this: your role as mother or caregiver has gifted you abilities like multitasking, time management, problem-solving, and emotional intelligence. Even though you were not in a professional environment, you have been coordinating schedules, budgeting for a household, or advocating for a loved one’s needs, and in the process, cultivating abilities that transfer seamlessly into professional settings.

The 21st-century employers are increasingly recognising these diverse experiences. They are looking for people who can think critically, work under pressure, and bring fresh perspectives. Your time outside the workforce has not diminished your value, but enhanced it. Using that, reframe your narrative and highlight these skills confidently, while exploring new opportunities. Negotiation, advocacy, budgeting, and time management are all useful and transferable skills that differentiate an excellent professional from a routine worker.

Seizing the opportunity for flexible work

In the post-COVID professional world, we have concepts like remote work and flexible schedules. Businesses have embraced hybrid models, allowing employees to contribute without adhering to a strict 9-to-5 schedule. This shift can be a game-changer for professionals who need flexibility or prefer working from home.

You can explore roles in a variety of fields, from project management to customer service to creative industries. Identify positions that align with your strengths and preferences. Whether you are seeking full-time, part-time, or freelance opportunities, there are bosses out there to cater for your diverse needs and lifestyles.

Overcome barriers in a smart manner

Technology and industry practices evolve quickly, and it’s natural to feel out of touch. Take online courses, attend workshops (physical or virtual) to brush up on skills relevant to your desired field. Platforms like Coursera, Udemy, and LinkedIn Learning are offering affordable and flexible options to help you get up to speed. Don’t forget that many opportunities come from connections.

Reconnect with former colleagues (and mentors), attend industry events, and join online groups or forums in your field. LinkedIn has become a powerful networking tool for this. Use it to build and maintain professional relationships, showcase your skills, and engage with content in your industry. Remember, there are people ready to help you navigate your return to the workforce.

Your reentry can also start with a small role in a large organisation. You can ease back into a corporate culture and environment while learning the lingo, developing computer skills, and expanding your network. Such positions can build your confidence and help you decide if the traditional corporate world is what you want. Over time, these stepping-stone roles will lead to more significant opportunities within the organisation.

Stay-at-home roles: Great skill enhancer

A stay-at-home parent basically operates as the CEO of the household enterprise, managing multiple departments with adaptability. Like a chief financial officer, the person oversees the family budget, tracking expenses and making strategic decisions about resource allocation. Their human resources’ role involves mediating conflicts between siblings and other family members, providing performance feedback on chores and homework, and maintaining high household morale.

As the operations manager, such individuals coordinate the complex logistics of school schedules, extracurricular activities, and medical appointments while ensuring smooth daily functions. They serve as facilities manager, overseeing household maintenance and cleanliness standards, while simultaneously acting as head of food services, planning and executing meals that meet diverse dietary needs and preferences.

Their marketing and communications position requires them to maintain relationships with teachers, other parents, and community members, while their risk management role involves childproofing, emergency preparedness, and ensuring family safety protocols are followed. All these skills come in handy when they reenter the industry.

The post Reentering the workforce? It’s not as scary as you’ve heard appeared first on International Finance.

Automating The Mundane

Artificial intelligence is very good at handling repetitive tasks like inventory management, appointment scheduling, and data entry. Automating these routine tasks helps business owners cut down on human error and free up critical time for innovation and expansion.

Smarter, Data-Driven Decisions

Small business owners frequently have to make difficult choices with little funding. Analytics tools, driven by artificial intelligence, swiftly process massive amounts of data and deliver actionable insights on market opportunities, sales trends, and customer behaviour. This enables owners to make more informed, evidence-based choices.

Personalised Customer Experiences

Customers of today anticipate individualised service. To customise recommendations, offers, and communications, AI can examine consumer preferences and past purchases. In addition to increasing customer satisfaction, this individualised approach increases repeat business and loyalty.

Supercharging Marketing Efforts

Small businesses may find marketing to be both expensive and time-consuming. Artificial intelligence tools can target specific audience segments and automate email campaigns, social media posting, and content creation. This enables companies to increase their marketing impact without going over budget.

Streamlining Operations And Reducing Costs

In order to minimise downtime, AI can forecast demand, optimise supply chains, and keep an eye on the condition of equipment. These operational enhancements allow small businesses to run more effectively by reducing costs and streamlining workflows.

Levelling The Playing Field

Small businesses have historically found it difficult to compete with larger corporations because of their limited resources. By democratising access to cutting-edge technologies like chatbots, automated customer support, and predictive analytics, AI gives small businesses a competitive advantage.

Freeing Up Time For What Matters Most

Artificial intelligence enables small business owners to concentrate on what really matters: creating new products, fostering relationships, and expanding their company by automating repetitive tasks and offering insightful data.

The post Seven ways artificial intelligence can make life easier for small business owners appeared first on International Finance.

Remember, brand identity is essential for your business’ prosperity, as it encompasses all the ways customers experience and perceive a business from visual elements like logos to customer service interactions and marketing messages. Some iconic branding examples include Apple’s minimalist aesthetic or NIKE’s “Just Do It” motto. Whether a company is a startup or an established firm, understanding how to build and maintain an effective brand identity aligned with a broader business strategy can make the difference between thriving and merely surviving in today’s competitive landscape.

With the help of technological tools, businesses of all sizes can establish, manage, and streamline their brand identities while ensuring consistency across multiple platforms.

We will discuss useful tools and technology-driven branding strategies that your company can employ to develop a unified, effective, and resonant visual marketing plan.

Design Platforms

These days, multinational companies can rely on centralised systems to keep their ads and social media accounts consistent.

Canva, Adobe Creative Cloud, and Figma are examples of centralised design platforms that allow companies to store and distribute key components like templates, fonts, and logos among team members.

Employees can access the same resources thanks to colour-locking features, which also prevent variations from signature colour palettes, ensuring consistency and recognition.

With the help of digital asset management (DAM) platforms like Bynder and Frontify, companies can easily arrange, store, and distribute their brand assets.

To ensure cultural differences are considered without changing the brand’s identity, DAM systems can be used to provide local teams with region-specific branding materials.

For smaller businesses, design platforms make the process of visual branding easier. To ensure all materials align with its core message, a neighbourhood coffee shop, for example, can create editable templates for flyers, social media posts, and menus.

Augmented Reality And Virtual Reality

Customers’ interactions with brands are being redefined by augmented reality (AR) and virtual reality (VR).

IKEA Place and other AR-powered tools let customers see furniture in their homes, establishing crucial connections between the brand and its customers.

By creating a more relatable campaign, the immersive user experience facilitates loyalty and trust. VR can be used in campaigns that tell stories that evoke strong emotions.

Using AI To Create Brand Identity

Imagine launching a new business with a tool that assesses the message and goal of your campaign, identifies your target market, and uses colour psychology to create a colour scheme that appeals to a particular demographic and elicits specific feelings.

Technology is already being used by marketers to gather data on industry trends so their content remains interesting and relevant. Predictive AI will soon enable visual marketing in similar ways, allowing companies to anticipate client demands and instantly modify branding images.

Important visual components of brand identity, such as logos, typography, and colour schemes, can now be automatically created by small businesses using AI tools like Looka, Tailor Brands, and Adobe Sensei.

Tasks like resising photos or optimising marketing materials for various platforms can be easily automated by businesses with limited budgets and human resources. AI photo editors can enhance a variety of images without sacrificing overall style.

For example, to emphasise transformation, a fitness company may use portraits of its trainers and customers. These images can be enhanced with specialised tools for editing portrait photos, giving them a more polished and brand-consistent appearance.

These tools can do more than just fix minor facial imperfections; they can also improve compositions and balance lighting and tone in images, producing polished yet realistic visuals. Marketers can create eye-catching and superior campaigns without sacrificing credibility and relevance.

The post Want to create a visual brand identity? Check out the tricks appeared first on International Finance.

After leaving the company in 2016 following a ten-year tenure, she returned to Puma in 2024 to assume the position of senior vice president, brand and strategy. Before leaving Puma, McRae was the first chief marketing officer of Tom Brady’s health brand, TB12, and she also held the positions of global chief marketing officer and digital officer at Clarks.

McRae takes over from Bob Philion, who is leaving the company after 20 years, eight of which were spent as Puma North America president. In a statement, Matthias Baumer, Puma’s chief commercial officer, expressed gratitude to Philion and said that he held the position when the company had “put Puma back on the map in North America.”

Regarding McRae’s appointment, Baumer said: “With Tara, we have appointed a leader with a great understanding of our consumers, our industry and the North American market. I strongly believe she has the experience and the strategic mindset to help us succeed in this crucial market.”

Meet Tara McRae

Tara McRae is a seasoned marketing executive with over 20 years of expertise in e-commerce, business strategy, brand management, and marketing in the sports and leisure sectors. She graduated from Clark University with a Master of Professional Communication and the University of Massachusetts Amherst with a Bachelor of Communication and Media Studies.

The basis for McRae’s proficiency in consumer electronics marketing was established during her early years at Bose Corporation, where she worked in marketing and media planning. After joining Puma in 2006, she worked in multiple roles in brand management, strategic planning, and sports and US marketing teams. She became the senior vice president of brand and marketing during her ten years there, managing important projects like the introduction of Puma Golf and collaborations with well-known people like Fenty and Meek Mill.

McRae joined Clarks as the global chief marketing and digital officer in 2016. There, she revitalised the brand with celebrity-endorsed global campaigns and partnerships with entertainment and fashion brands such as Supreme, Kith, Tibi, Patta, and Wu-Tang. Her work increased Clarks’ customer base and improved its cultural significance.

She was chief marketing officer at TB12, Tom Brady’s co-founded health and wellness company, from January 2020 to January 2021. She played a key role in developing the brand’s marketing plans, product lines, and service offerings to establish TB12 as a reliable source for information on global health and wellness.

McRae rejoined Puma in August 2024 as senior vice president of North American marketing and brand strategy. In this role, she develops consumer-centric marketing strategies for all platforms, focusing on basketball and entertainment marketing, with the goal to boost brand equity and drive profitable growth. She is well-positioned to spearhead Puma’s marketing campaigns in the North American market thanks to her in-depth knowledge of the company’s culture and values.

Puma Hits The Rejig Button

The German apparel brand has become the official ball supplier of the English Premier League (the most-watched football league globally), which includes the provision of match balls at all League matches from the start of the 2025/26 season.

Through this partnership, Puma will also support the Premier League across multiple initiatives, from community-based football programmes that nurture grassroots talent to high-impact marketing campaigns and events such as the Premier League Summer Series, which will be hosted in the United States in July 2025.

“The Premier League, broadcast to 900 million homes in 189 countries, offers an unparalleled platform for visibility and international growth. With the competition’s vast global reach and Puma’s commitment to performance and innovation, this collaboration is poised to drive both brand awareness and engagement, delivering premium experiences for fans, athletes, and communities alike,” Puma stated.

Puma already holds a significant presence in the Premier League through its official partnership with Manchester City, the league’s current champions. In addition, several top Premier League players, including Jack Grealish (Manchester City), Kai Havertz (Arsenal), James Maddison (Tottenham Hotspur), Harry Maguire (Manchester United), Jordan Pickford (Everton), and Marc Cucurella (Chelsea), are part of Puma’s growing roster of elite athletes.

As Tara takes over as the new president of Puma’s North American division, former Adidas sales chief Arthur Hoeld will take over as the venture’s CEO, replacing Arne Freundt due to what the company called “differing views on strategy execution.”

Puma has struggled to boost sales and profitability for more than a year. The company’s pick for the top job marks the latest talent swap between the competing brands, two years after its CEO Bjorn Gulden jumped ship to lead Adidas through a successful turnaround.

While Adidas has been witnessing strong sales growth, things have been dire straits at Puma, as the latter in March warned its 2025 sales would likely be weaker than 2024, flagging uncertainty denting its consumer spending in the United States, which accounts for between 20 to 25 per cent of its global sales. To make matters worse, the Donald Trump administration’s tariffs on China, Vietnam, Indonesia, and other key manufacturing hubs are expected to hit sportswear retailers.

In 2024, Puma sourced 28% of its products from China, making it the largest sourcing country for the brand. Vietnam was the second-largest source at 26%, followed by Cambodia at 16%. Following the announcement of new tariffs, the German apparel brand’s share price plummeted. As of 2025, the company’s stock has reached levels close to its lowest in nine years.

Image Credits: Puma

The post Business Leader of the Week: Tara McRae takes over as Puma’s North America head appeared first on International Finance.

As per the United States Bureau of Labour Statistics (BLS), approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. These statistics haven’t changed much over time and have been consistent since the 1990s.

Businesses, irrespective of their sizes and brand values, are bound to go through a phase called “downturn.” Do not give up if your company is having trouble. With the correct tactics and perseverance, you can make things better. This is a guide to help you get your business back on track and get through difficult times.

Admit Your Weakness

The first and most important step in reviving a failing company is admitting that something is wrong. Avoiding or denying the inevitable will only make it take longer. Admit the situation’s reality and commit to act. This mentality change is essential because it gives you the focus and urgency you need to tackle the challenges that lie ahead. The first step to recovery is to face the truth, so be truthful with both your team and yourself.

Assess The Situation

Take a comprehensive look at the company after you have come to terms with the situation. Investigate the following numbers in detail: revenue, profit margins, expenses, employee performance, and customer retention.

Determine what is causing your decline. Is it a changing market, poor sales, poor management, or a competitive edge? Knowing the exact issue will help you put focused solutions in place. Seek outside counsel or, if required, engage consultants to obtain a dispassionate viewpoint.

Kill Inefficiencies

One of the most pernicious enemies of a faltering company is inefficiency. Examine every facet of your business operations to find areas where money is being wasted. This covers employee time, effort, supplies, and financial resources.

Performance can be enhanced and valuable resources freed up by streamlining procedures and getting rid of unnecessary tasks. Examine your marketing initiatives, workflow systems, and supply chain. Considerable cost savings and productivity increases can result from minor adjustments made here.

Expect The Unexpected

It is crucial to maintain your flexibility while trying to turn things around. Recovery is rarely an easy journey, and unforeseen obstacles are likely to appear. It is critical to be ready for anything, whether it is changes in the market, new competitors, or economic downturns. Be proactive, but keep your approach flexible. Encourage your team to think creatively about solving problems as they arise and foster a problem-solving mindset among them.

Get Rid Of Excess Spending

It is critical to consider every dollar spent when finances are tight. Find areas where spending is superfluous and, if feasible, make reductions. This can entail cutting back on ineffective marketing expenditures, renegotiating vendor contracts, or lowering overhead.

Make sure that every expense supports the main operations of your company. You can get the breathing room you need to get back on your feet by tightening your financial belt now.

Don’t Quit

The foundation of any successful turnaround is resilience. When things are not going well, it is simple to give up, but perseverance is the secret to success. Even if the process seems slow, stay motivated and keep your eyes on the end result.

Be in the company of mentors and advisors who are encouraging and supportive. Keep in mind that creating a successful business takes time and effort, and concentrate on little accomplishments along the way.

Be Accessible To Your Customers

A company that has no clients is having problems. Make sure people can find your business easily. Make an investment in enhancing your online visibility, whether that be through improved SEO tactics, a better website, or increased social media interaction.

Your clients must understand that you are available and that you provide the answers they require. You have a better chance of drawing in new business and keeping hold of current clients if you are approachable and visible.

Listen To Your Employees

During a turnaround, your employees may be your most valuable asset. They are familiar with the company’s internal operations and frequently possess knowledge of what is and is not functioning well. Listen to their opinions and promote candid communication.

They might provide you with unanticipated solutions and assist you in creating a more cohesive and powerful team. Providing your staff with a sense of empowerment and ownership over the recovery process can also improve morale and output.

The post Want to turn around your failing business? Here are the tips appeared first on International Finance.

“As marketing professors, we wanted to learn about alternatives to traditional credit scores. So, we teamed up with a multinational conglomerate that, among other things, runs a large supermarket chain and a credit card issuer. By analysing consumer-level data from those two business units, we could see how 30,089 individuals shop and manage their finances,” the duo stated.

The experts, during their research, found that people with more consistent grocery shopping habits are more likely to pay their credit card bills on time. These are the kind of consumers who prefer shopping on the same day of the week, while spending about the same amount monthly, as they buy similar items across trips and take advantage of deals regularly. The study also established a link between people’s shopping behaviour and their financial health. For example, shoppers who frequently purchase cigarettes or energy drinks are likely to miss credit card payments. Those who often buy fresh milk or salad dressing tend to be more diligent about paying their bills.

“In general, buying healthier but less convenient food predicted responsible payment behaviours. This was true even when we held consumer characteristics such as income, occupation, credit score and family size constant,” said Yang and Lee, based upon their findings, the duo has now developed a credit scoring algorithm that scores people based on their grocery shopping habits along with traditional credit risk indicators. When the algorithm was simulated with approval decisions, it was discovered that using grocery data could help lenders predict defaults more accurately while boosting their per-customer profits.

According to the World Bank, more than 1 billion people worldwide lack access to formal financial systems and, as a result, have no credit scores. In the United States alone, about 45 million adults have no credit history or not enough of one to generate a score. This factor makes it hard for these individuals to access credit, even if they are responsible borrowers. Without credit, it’s harder to get a car, a job or even a house.

“It’s a problem that disproportionately affects underprivileged groups, including people of colour and women. In response, policymakers and researchers are increasingly interested in using alternative data sources to assess creditworthiness. For instance, Fannie Mae (housing financing agency) now considers mortgage applicants’ rent payment histories, allowing those without traditional credit histories to demonstrate their creditworthiness,” the experts noted further, while adding, “Grocery data is especially promising because there’s so much of it. Pretty much everybody buys groceries, and not just once. Information about consumer preferences is continuously being generated in every aisle of grocery stores around the globe. Our study shows that this data has value far beyond the grocery industry.”

As per Yang and Lee, the study will now serve as a proof of concept, offering insights for the design and implementation of future research. However, several key questions remain. For example, what if this approach affects different groups unequally? And what about privacy concerns?

“Our follow-up research aims to address these issues. We’re collaborating with a conglomerate in Peru, a cash-reliant country with a significant unbanked population. Building upon our current findings, we’re working closely with that company to test the impact of our approach on low-income populations. We’ll be helping to evaluate credit applicants using retail transaction data, aiming not just to improve profitability but also to boost social inclusion in the region,” the duo concluded.

The post IF Insights: What’s the relationship between your grocery list & credit payments? appeared first on International Finance.

So why is customer retention so important? Andrew Gibson, Director of Content Marketing at Skipio (a small-business software solution that is transforming customer communication forever), cites an old business rule that says it’s six times more expensive to acquire a new customer than it is to keep an existing one.

“In other words, it’s a heck of a lot harder to convince a new potential buyer that you’re worth their money than returning customers who already like your product or service. The key is making sure your current customers continue to like you. How do you do that? Well, let’s look at the top three reasons that customers leave businesses,” the marketing strategist states further.

Going Through The Stats

Emplifi, the leading unified customer experience platform, 2022 released “11 key things consumers expect from their brand experiences today,” a report that offered deep insights into customer expectations for B2C brand experiences.

The report talked about everything from expected customer service response times and preferred communication channels to just how integral CX is to brand loyalty. Surveying more than 2,000 consumers from the United States and the United Kingdom, Emplifi found that 86% of consumers would leave a brand they were once loyal to after only two to three bad customer service experiences. Some 63% of the survey participants confirmed they would leave a brand because of poor customer experience, and 49% admitted they had left a company they were loyal to in the past 12 months for that reason.

The survey only went on to prove how important customer experience (CX) is for a business’ growth. The report revealed slow response time as the leading contributor to a negative experience, followed by a lack of 24/7 customer service support. Some 52% of respondents expected brands to respond to customer service enquiries via digital channels within an hour, while 22% expressed a preference for social media, 19% for email and 16% for website chat.

In this article, we will discuss why companies face higher customer attrition rates at times and how they can solve the problem.

Be Mindful About ‘Bad Experience’

Citing a May 2024 study by HelpScout, Andrew Gibson stated that 78% of customers backed out of a purchase because of a bad service experience.

In the late 1970s, a study was commissioned by the White House Office of Consumer Affairs, and the top reason for customers leaving (over 70%) was the “rudeness or apathy from a company or brand employee”. Forty years down the line, this still has remained the primary reason behind customers not rallying behind a brand.

The remedy here is to train the employees about the “Customer First” and “Customer is God” approaches and they should not be let out of the shop’s door unless they are happy.

“Despite your best training efforts, though, there may still be times when a customer has a bad experience. In this case, it’s best to immediately remedy the situation and promise the customer that it won’t happen again. Throwing in a discount on their next purchase goes a long way in these situations. The quicker you do this, the more likely the customer will be to give you another chance,” Gibson remarked.

Customers Want Consistency

Consumers hate inconsistent information. If you are dialling a company’s customer support number with a question and don’t like the answer, what will you do? You will try to call back and ask some other customer service executive the same question, hoping for a different answer.

Self-service or digital support is becoming more popular. Customers are finding it quicker and easier to visit a website, read the frequently asked questions or interact with an AI-fuelled chatbot. However, there are times when they feel it necessary to talk to a human voice.

“It should be an easy, seamless transition, but some companies hide behind a wall of digital support and make it difficult for a customer to connect to a live agent. Furthermore, some companies bury their customer support number on their website, making it difficult, if not impossible, to find,” says world-renowned customer service and CX expert Shep Hyken, while citing a 2022 study, which found around 71% of customers ditching a company for the same reason.

“You can’t be great one day, not so great the next day, average another day, etc. Inconsistency erodes confidence. 59% of the customers we surveyed would walk if they didn’t know what to expect. Customers want a consistent and predictable experience. That gives them confidence that they know what to expect every time they do business with you,” Hyken added further.

Make The Rewards Tempting

Having a loyalty programme is a must for any 21st century business to ensure repeat visits and product buys from existing customers.

“It’s worth noting that the average American household is involved in 29 of these programmes, but did you know that they only actively use (earning or redeeming just one point per year) 12 of them? What does that tell you? That the loyalty programme itself isn’t enough to keep your customers coming back for more,” Andrew Gibson continued.

“For example, let’s say that there are two restaurants right down the block from your customer’s office. The food and service are fantastic at both, but one has a loyalty programme that gives them a free side for every USD 100 spent, and the other has a loyalty programme that gives them a free entree for every USD 100 spent. Now, where do you think your hungry customer is headed for lunch every day?” he added.

While the companies often get enticed by the proven “recipe” of rewarding customers for their loyalty like offering occasional discounts, letting them try out new products before release, and throwing in an extra service for free every now, customers sometimes want to be more than just another number.

Developing a personal relationship with their customers will not only increase a company’s loyalty game, but will give the customers a reason to brag to their friends about their favourite brand, serving two purposes at once: Customer Retention and Free Word of Mouth Advertising.

Honest Communication: Another Key

Long wait times and poor response times, or just failing to fix the problem are the major catalysts behind people ditching your products, as they believe that you gave them “Broken Promises.” Another phenomenon most companies fail to take note of is “Buyer’s Remorse,” a sense of regret customers experience after making a purchase, knowing that the investment from their end was big and they could have gone for a better alternative than your product. In some cases, buyer’s remorse can influence the customer leaving if they aren’t made to feel sufficiently comfortable in their purchase, and if negative consequences emerge early in the customer experience/relationship.

Here, the ability to communicate with customers (also giving honest replies to their queries becomes critical starting a strong customer relationship. Don’t keep your customers in the dark on important events.

You have to master the art of communicating consistently across channels like email, chat, phone etc. While it may sound like “too much hard work,” customers want an effortless experience and always seek businesses that will deal effectively with their queries.

Better Deals Always Await Customers

A customer can ditch you if he/she finds a considerably cheaper or more convenient deal for a comparable product or service elsewhere. In a competitive business environment, entrepreneurs always need to look out what their rivals are doing, in terms of quality, availability and price.

As a business leader, aim to be disruptive. At the same time, focus on developing loyalty programmes and customer retention strategies to ensure they are future-proof. In this age of AI and data science, market research tools are your best allies for understanding rapidly changing consumer behaviour.

Ensure that your deals are at the forefront of the customers’ minds. Business text messaging is a fantastic way to do this, as customers are always on their phones and getting updated on what’s new. As per a report from SimpleTexting, more than 90% of business owners see higher conversion rates via text messaging.

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