business

23 Things Small Business Owners Need to Know

By Rieva Lesonsky

 

1—Google My Business

Google My Business allows a small business to share key business information, write short blog posts, answer customer questions, and view their analytics in order to help solidify and improve the accuracy of their Google presence.

Check out the infographic below from Headway Capital to learn how to properly set up and manage a Google My Business listing.

 

2—Startup Challenges

A report from FundRocket explores the challenges of startup. The study found:

  • Nearly 2-in-5 aspiring business owners cite initial funding as one of their biggest challenges—small business loans are cited by 82% of current business owners as the most stableform of continued business funding
  • 84% of aspiring entrepreneurs say they perceive starting a business to be difficult and 65% of current business owners say the same
  • Both aspiring and current business owners are relatively unconcerned with establishing a brand identity—with only 31.4% and 24.6% listing it as a challenge respectively

Learn more about Startup: Dream vs. Reality.

 

3—Small Business Outlook

Visa has released its Spring Small Business Outlook. The Outlook shows small business spending is stable, business owners are working to reduce debt, and risk seems under control for now. You can see the whole report here.

 

4—Alternative Lending on the Rise for U.S. Small Businesses

Alternative lending options are on the rise for both small (<$5 million in revenue) and mid-sized ($5 – $100 million) businesses, according to results from the Q2 Private Capital Access Index(PCA Index) from Dun & Bradstreet and Pepperdine Graziadio Business School.

Findings:

  • 34% of respondents attempted to raise financing in the last quarter, up from 29% reported in Q1. Attempts to secure a loan from a traditional bank has declined since Q1, however, with 41% of businesses reporting that they sought a bank loan as a source of funding compared to 49% the previous quarter.
  • Bank loan success rates are also down for both small and mid-sized businesses, with 32% of small businesses (down from 41% the previous quarter) and 89% of mid-sized businesses (down from 95% the previous quarter) reporting success rates for bank loans.
  • More businesses sought alternative funding options in the prior three months than in Q1, such as business credit cards (53%), crowdfunding (20%), online lenders (29%), factoring (16%) and merchant cash advance (15%).

“As the dust has settled on the 2008 financial crisis and the lending regulations are becoming looser, it’s not surprising that we’re seeing an increase in the options and access to alternative financing for small businesses,” says Nalanda Matia, Sr. Director Economics Solutions at Dun & Bradstreet. “As predictions increase around a potential cut in interest rates from the Federal Reserve, it is important to be aware of the volatility in the macroeconomic fundamentals despite a possible ease in access to the both traditional and alternative types of financing.”

“Banks have generally retreated from debt capitalization, so cheaper, faster alternative sources of credit may be appealing to small and medium sized businesses,” says Dr. Craig R. Everett, director of the Pepperdine Private Capital Markets Project. “However, small businesses need to do their due diligence such as looking at lender backgrounds, past history with other borrowers and fees and penalties. The devil is in the details.”

Businesses Not Ready for Natural Disaster Impact: 74% of businesses shared that they do not anticipate being impacted by severe weather/natural disaster in the upcoming year. Recent floods and tornadoes have battered the Midwest over recent weeks, yet 56% of businesses still do not have an emergency fund or plan in place for unexpected halts in service caused by an unforeseen disaster.

Many businesses that don’t prepare for unforeseen plans that could impact cash flow and business growth often resort to seeking external funding sources to maintain their company. Of the businesses surveyed, 52% think the current business financing environment is negatively impacting their growth opportunities, an increase from 47% in Q1. Small businesses shared that raising financing is difficult in the current lending environment, with 61% reporting difficulty in raising equity financing and 60% reporting difficulty in acquiring debt financing in Q1.

Online Advertisement and Policy Changes: 49% of respondents reported using targeted online ads via platforms such as Google or Facebook to help market their companies. While nearly half of all surveyed businesses are utilizing social and internet platforms, 92% of companies do not foresee the potential changes to the consumer privacy law impacting their ability to market their company. However, 54% of companies support restrictions on online marketing and advertising.

You can download the latest index data here.

 

5—Avoiding Business Pitfalls

Manhattan Tech Support explains how to avoid common business problems in the infographic below.

 

6—How to Optimize Business Packaging for Your Consumers

Guest post by UK Packaging.com

In 2008, Amazon launched its Frustration Free Packaging (FFP), a program which encouraged the use of 100% recyclable, easy-to-open products which were suitable to be shipped in their original packaging.

This move was taken to tackle the issue of over-packaging, difficult to open packaging, and the environmental impact of packaging. With it being predicted that by 2050 there will be more plastic in the ocean than fish, it is now more important than ever to ensure that businesses are making their packaging compact and recyclable.

From 19 products in November 2008, to ‘more than 750,000 products’ today, Amazon’s FFP has reduced ‘packaging waste by 16% and avoided 305 million delivery boxes’.

So, how does a vendor optimize their packaging to suit the changing needs of its consumers, and the e-commerce sector as a whole? The key is to look at packaging design and performance, with a view to striking a balance between minimizing packaging while also providing sufficient protection. All this can be resolved with custom made boxes and packaging, with a focus on thicker board grades, product protection, and a snug fit.

Bespoke packaging can be shaped to fit close to your product, whilst also being printed to reflect your brand, and including additional features to protect the contents. This is easily accessible within the packaging industry, as exemplified by UK Packaging and our Box Calculator tool. This provides the customer with instant pricing on a wide range of bespoke plain and printed boxes.

For more delicate items, most packaging suppliers will also build protective features into the packaging in order to both cut down on excess packaging and void fill, whilst also providing damage protection.

A great, cost-effective, alternative to bespoke packaging is the option of multi-score boxes. These boxes are scored at multiple box depths to reduce the need for void fill.

These options are a great way for vendors to optimize their packaging for the ecommerce sector, whilst also retaining the ability to create a wow-factor unboxing experience.

With the changing retail landscape, it is becoming increasingly important for companies to invest in optimizing their packaging for e-commerce, and it is up to packaging companies to offer suitable solutions for vendors, and ultimately, for the consumer themselves.

The introduction of FFP is based on the consumer move from traditional shelf-ready retail products to ecommerce items, and the idea that ecommerce packaging has different requirements to shelf-ready packaging. The key aspects of this are that e-commerce has no requirements for so called ‘romance’ packaging, as the product itself is shown on screen without the packaging. There is also no need to make packaging stand out on the shelf, or take up more shelf space than competitors, as there is no size comparison online.

One of the main selling points for products online tends to be reviews from other customers, an aspect which can suffer if a product is shipped in excessive packaging or packaging which is deemed to be bad for the environment. So, for businesses thinking about getting on board with frustration free packaging, it may be a smart business decision and one to think seriously about.

 

7—Taking Your Side Hustle to the Next Level

Hiscox, the international specialist insurer, recently announced the findings of its 2019 Hiscox Side Hustle to Small Business TM Study, which surveyed small business owners whose businesses first began as side hustles and revealed unique insights about their transformations.

Respondents reported working an average of 20 hours per week on their side hustles while still employed in a full-time job—80% working outside of traditional work hours, and 72% making time on weekends.

“While passion and optimism fuel the entrepreneurial spirit, we’re seeing people take calculated risks to start their own business often while employed full-time,” said Kevin Kerridge, Executive Vice President of Small Business Insurance at Hiscox USA. “The commitment and dedication of today’s small business owners reinforce the crucial role a side hustle can play in helping people take their first steps as entrepreneurs.”

Other study highlights:

  • Courage plays a vital role.For individuals considering a side hustle, fear of failure can be a deterrent, but their personal zeal often outweighs it. The study shows 76% of respondents’ current businesses came from their first side hustle. Entrepreneurs said fulfilling a dream of starting their own business (30%) and wanting to follow a passion (24%) were the top motivators. And 30% decided to embrace the unknown by starting a side hustle in an industry completely unrelated to their full-time field.
  • The price of transition.With small business owners’ dedication also comes the need for patience and determination. Respondents felt, on average, that $43,862 was the necessary amount of income they needed to make from their side hustle before making it their sole career and leaving the stability of a full-time position. They put in the extra hours for 1 year and 7 months before quitting their full-time jobs, after which it took an average of three years to earn the same annual income.
  • Being an entrepreneur doesn’t mean you have to take the journey alone.When launching their side hustles, 72% of respondents established their side hustles with another person, most often a family member or partner (39%).
  • Entrepreneurs protect their work.The part-time nature or size of their side hustles didn’t overshadow the need to protect the business from potential vulnerabilities. However, of the 31% who did not have insurance, more than half either thought it was unnecessary or did not know what kind to purchase, leaving themselves susceptible to risk.

New podcast gives a voice to side hustle to small business risk takers: Hiscox also announced the launch of The Side Hustle to Small Business Podcast in which entrepreneurs share their first steps, challenges and lessons learned from transforming a side hustle into a full-time business.”

“When you think about the hustle and sheer will it took for these entrepreneurs to start a business while working a full-time job, it makes you truly appreciate the effort and want to celebrate their achievements,” says Lou Casale, Head of Communications at Hiscox USA and host of “The Side Hustle to Small Business Podcast.” “If you’re thinking about starting a side hustle, this podcast is your chance to learn and hear the practical advice from those who have done it and use it to chart your own course.”

The Side Hustle to Small Business Podcast is available on Apple PodcastsGoogle PodcastsStitcher and TuneIn.

 

8—Craft Beer Still Booming

It’s no secret that the craft beer industry has been booming in America throughout the last decade. To learn more about the factors driving craft beer growth in 2019, C+R Research recently surveyed Americans over the age of 21 who identify as regular alcohol drinkers. Here’s what they found:

  • 49% of Americans drink craft beer at least once a week
  • 91% prefer craft beer over big brand beer
  • The most preferred style of craft beer is still IPA.
  • Craft beer is most preferred during the summer.
  • 76% of Americans say price does not influence whether they purchase craft beer. The average monthly spend on craft beer is $59
  • The top 5 factors driving craft beer’s growth are 1. Taste 2. Quality 3. Craft beer culture 4. Growth of breweries 5. Higher alcohol content.

To learn more, take a look at this post from C+R Research.

 

9—You Gotta Have Friends

Conventional wisdom often says you shouldn’t make friends at work—but I disagree. According to CashNetUSA, having friends at work is not only key to your personal happiness—it’s vital for having a successful career (it worked for me—I started my business with friends I made from work).

In fact, being buddies with colleagues makes you seven times more likely to be engaged at work. Check out the infographic below to learn why it matters to have friends at work—and 7 steps to making them.

 

10—Most Americans Consider Amazon Their Go-To Online Retailer

Adtaxi, one of the country’s fastest-growing digital marketing agencies, recently released the results of its 2019 Online Shopping and Retailer Trends Survey. An annual investigation into the behaviors and trends of American digital consumers, the survey sheds light on shoppers’ evolving relationship with online retailers, covering topics from Amazon habits to consumer priorities and emerging technology.
“It’s clear e-commerce has grown well past one-stop and impulse shopping. Americans are spending more time and money online, and they’re shopping smarter and savvier,” says Cameron Walker, Director of Amazon, Adtaxi. “Retailers, marketers and developers need to meet consumers where they are—which is online, and across multiple channels and platforms.”

Among the study’s findings:

Amazon: 81% of Americans consider Amazon their go-to retailer. In addition, 78% use Amazon Prime, while 70% have used the Amazon mobile app and 60% say their buying process is affected if an item is not listed as Prime. Overall, 43% say their Amazon experience is excellent, while 43% say good and 2% say poor.

Online shopping frequency: 7% say they shop online every day (up from 2% last year), while 25% say they shop online a few times per week (up from 13%) and 2% say they never shop online (down from 6%).

Online vs. in-store: 66% spend more time online shopping than in-store shopping, while 56% spend more money online shopping. In addition, the most commonly e-purchased products among online shoppers are electronics (68%), clothing (66%) and household items (65%).

Price Shopping: 44% of online shoppers say they always compare prices across multiple sites, while 48% say sometimes and 8% say never.

Online Reviews: 55% of online shoppers say they always read customer reviews before making a purchase, while 42% say sometimes and 3% say never.

“With an unmatched capacity to meet online shoppers’ core preferences, it’s no surprise that Amazon dominates the e-commerce space,” says Walker. “Retailers take note: jumping on board with ad buys and an Amazon store can be the key to getting noticed and rising above the competition.”

 

11—Hiring Report

Fountain looked at hiring in the gig economy in its latest study.

Main findings:

  • 52% of CEOs will increase their headcount within the next 12 months
  • 60% of workers will be hourly workers in the next 12 months
  • 57% of workers will be millennials by 2025

Take a look at The Ultimate Hiring Benchmark Report.

 

12—Most Small Business Owners and Consumers Choose Professional Printing Services

FedEx Office recently released the results of its latest national print survey showing 82% of SMBs and 61% of consumers choose to have items professionally printed at the same or a higher rate than they did in the year before. Professionally printed materials remain highly valued—with nearly half of audiences citing that convenience offered through digital and mobile access is a very important factor in the process.

In the survey, FedEx Office analyzed the opinions of consumers and SMBs about their preferences and purchasing habits regarding professional printing services. Among the key findings, professionally printed materials benefit small businesses in multiple ways, with 92% indicating it helps them compete with larger organizations. Additionally, nearly nine in 10 SMBs believe professional printing is very, or somewhat important in communicating with potential clients and attracting new business.

When deciding where and how to have something professionally printed, a comprehensive service offering that includes quality, support and convenience, is important.

  • Quality ranks No. 1 for both consumers (77 %) and SMBs (78%).
  • Among SMBs, high quality printing e.g., color matching and inksresistant to water, UV light and tearing (64%), as well as the ability to consult someone on their printing project (44%), were cited as very important.
  • Roughly half of SMBs and consumers cited the convenience ofplacing an order online or on a mobile phone as very important,  about the same amount say that being able to obtain a digital proof online is very important.

Professional printing also plays a key part in job searches and hiring trends. Professionally printed business cards (64%) and resumes (59%) were found to be very or somewhat important to small business hiring managers—a key element to consider for those in the job search process.

In fact, business cards are still heavily in use with more than 76% of consumers and 81% of SMBs using business cards to research and connect with people. Moreover, when it comes to business cards, SMBs are interested in design and quality, while consumers are more interested in style, card stock and colors.

 

 13—Small Businesses are Unprepared for IoT

Linksys, the connected home and business division within newly merged Belkin International and Foxconn Interconnect Technology (FIT) entity, recently released original survey data highlighting current trends and attitudes around small business’ early deployments of IoT as well as the state of their network infrastructure. According to the findings, SMBs need to rethink their IoT strategies to include making the necessary network investments before an implementation.

“The benefits around security, energy efficiency and general productivity that IoT devices offer are just too important to ignore and we expect their proliferation to continue,” says Maggie Curran, vice president of sales at Belkin International.

“Most respondents (69%) believe leveraging IP-based building automation within the next three years is very important for their organizations. Unfortunately, half cite network infrastructure and management limitations as the primary deterrent to making progress in that arena,” says Kristin Letourneau, PhD, director of research, Informa Engage, which conducted the research.

Six key takeaways for small businesses emerged from survey responses:

1—Outdated Networks Won’t Support Endpoint Growth and Will Hamper IoT Implementations. The typical respondent reports managing an estimated median 98 endpoints on their organizations’ IP network, and anticipate adding a median 50 endpoints during the next three years. The survey also revealed that small businesses are using very outdated wireless networking equipment (eight years old) despite being in the process of adding more endpoints. Half the respondents reported using 802.11n or older equipment standards. For those who don’t upgrade their network, there will not be enough capacity to accommodate more endpoints, resulting in downtime and unexpected delays.

2—Limited Investment in Network Infrastructure in 2019. While only 45% reported increasing network infrastructure budgets year over year (2018-19), virtually all (94%) will be adding endpoints by 2021. 55% of companies kept allocation the same or decreased spending this year. As small businesses add more endpoints and deploy IoT, it’s critical to expand the network with more management and better QoS controls in order to get to a level where IoT can be more acceptable.

3—Limitations in Current Network Infrastructure and Management is the #1 Deterrent to Deploying Smart Office Solutions. 49% cited the main deterrent to deploying IP-based building automation solutions is concern with limitations in network infrastructure and management.  Specific reasons cited include: network architecture and maintenance exceeds staff expertise or working capacity; network infrastructure not equipped for added power draw (PoE); network infrastructure is not sophisticated enough for QoS requirements; and network infrastructure can’t accommodate more endpoints.

4—Office Safety is a Top Priority for BusinessesBuilding automation and facilities management were identified as early-adopter IoT deployments with security solutions being the most popular use case in office environments today. According to the survey, 69% of small businesses have immediate need or near term (within 3 years) consideration to deploy IP-based surveillance systems and 56% cited IP-based access control systems.

5—Growing Interest in Energy EfficiencyBusinesses also expressed interested in controlling the efficiency/consumption of power with 48% respondents looking to deploy IP-based power monitoring systems. IP-based lighting systems also made the list with 34% of small businesses starting to explore PoE lighting systems due to its ability for improved control over light quality and lower energy bills.

6—Outsourced IT on the Rise. 60% of the respondents are currently in a partnership with an IT solutions provider or are interested in doing so in the near future. Small business networks are becoming more complicated, and as networks continue to grow and incorporate big data from IoT, businesses will rely heavily on IT solutions providers to navigate the complexity and challenges around IoT.

 

14—Are you Diluting Your Brand?

A research study authored by leading provider of customer insights technology, FocusVision and strategic marketing firm, InnerView Group, highlights the high cost to businesses when there is inconsistency between marketing messaging and their front-line employees. In 2018, companies were on pace to devote $207 billion to marketing and advertising in the U.S., an increase of 5.2% over 2017 (MANGA, 2018). But when the brand story is not consistent from marketing to customer-facing employees, the cost could be upwards of $10MM annually according to almost a third (28%) of marketers surveyed. A further 24% expect the penalty to be between $6-$10MM in lost revenue.

Crafting the Brand Story: Not all Companies Fully Leverage their Customer insight:  Customer research is widely used in organizations (95%), but many companies do not fully leverage it to properly craft and execute their brand message.

The Brand Story is Getting Diluted Internally: Marketers lack confidence that their story can be told consistently when it leaves their office.

The Cost of Dilution is Huge: Nearly two-thirds of respondents estimate the value of a consistent message at $10MM or more annually.

Speed is a Complicating Factor: The rate of introduction of new products, services, promotions, and campaigns makes alignment even harder with more than half of companies launching new products, services, promotions on a quarterly basis.

Marketers Need a New Way: The way marketers are mobilizing their teams are outdated, just as their external marketing team has gotten more dynamic, their internal mechanisms need to catch up.

“Our study confirms that businesses with a consistent brand story are seeing tangible revenue growth, which is outpacing the perceived ‘cost’ of those lacking consistency. It also validated that regular customer research was a discriminating factor between the companies reporting brand consistency and those that do not,” says Zoe Dowling. Ph.D., SVP Research, FocusVision. “With 62% of respondents estimating the value of a consistent brand message to be more than $10 million annually, this is something marketers can’t afford to ignore.”

Christopher Wallace, President at InnerView Group, notes how brands can make the brand dilution improvements: “In today’s Experience Economy, brands are evolving quickly, and so is their messaging. So, it’s essential that all groups across an organization can represent the brand and its story in the same manner to ensure that all customer touchpoints live up to the overall brand promise. It’s the front-line experience—that live interaction with a company—that is shaping how consumers view a brand more than ever.” He adds, “But the ‘old way’ of equipping teams is no longer sufficient to achieve success. The training of the past does not enable people to tell a new story. The solution is not more training or better training. The opportunity is to look for something different than training altogether.”

Download the full report here.

 

Quick Clicks 

15—Free Stock Photos

Finding stock photos is often an arduous task for small businesses—and sometimes a pricey one. You can avoid the hassle and the expense by going to PikWizard, where you have more than 1,000,000 images to choose from. Yes, over 1 million—and it’s all completely free!

If I were you, I’d bookmark this site (I did).

 

16—Get some sleep. It seems no one is getting a good night’s sleep these days. Check out this comprehensive guide from Amerisleep, filled with great advice for getting a good night’s sleep.

 

17—Chatbots. RingCentral takes a look at how AI is changing customer service.

 

18—Local SEO. Check out this guide to local SEO from HQSEO.

 

19—Mission statements. Every business needs a great mission statement. Learn more in this great article from Imagināsium.

20—Remote Jobs. Check out these work from home and remote jobs.

 

Cool Tools

21—Award-Winning Software for Mid-Sized Companies

Sage, the market leader in cloud business management solutions, recently was recognized by Gartner in a new Critical Capabilities report for its Sage Intacct solution (available in Sage Business Cloud). Sage Intacct scored the highest product score (4.63 out of five) for Core Financials for the Lower Midsize Enterprises use case in the 2019 Gartner report Critical Capabilities for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises. This is the third straight year Sage Intacct has scored highest for that use case.

Sage Intacct also recognized in a 2019 Gartner Magic Quadrant: As a companion to the Critical Capabilities report, Gartner also released its 2019 Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large, and Global Enterprises. In the report, Sage Intacct was recognized as a Visionary by Gartner.

“We feel our placement in the Visionaries quadrant and our product scores in the Critical Capabilities report reflect the deep understanding Sage possesses for the needs of midsize companies,” says Rob Reid, Chairman of Mid-Market Solutions, Sage. “With Sage Intacct, we’ve built a robust system that empowers finance teams to accelerate growth, streamline complex financial processes, and deliver the rich financial and operational insights needed to scale their business. When you add industry-leading levels of customer satisfaction, you have a solution designed to deliver positive results on both the top and bottom line for our customers.”

You can access a complimentary copy of the Gartner Critical Capabilities Report.

 

22—LastPass Goes Beyond Passwords 

LogMeIn Inc. just unveiled an expanded suite of LastPass Business solutions for SMBs. Expanding beyond its signature password management capabilities, the new LastPass Business lineup introduces new single-sign-on (SSO) technology for more than 1,200 apps, as well as LastPass MFA, an adaptive, biometric-based authentication solution, and LastPass Identity, a unified access and authentication solution to securely manage user identity. As a result, companies of all sizes and resources can now quickly and easily deploy an affordable, flexible identity solution, significantly improving the security posture of the modern workplace.

The news represents a major milestone in LogMeIn’s longer-term strategy to redefine cloud identity and expand LastPass into a complete Identity offering for the SMB market.

“While SSO provides security and convenience and is a fundamental component of any Identity and Access Management program, it doesn’t cover all the apps being used in a workplace. The reality of today’s work environment is that hundreds of cloud applications are being introduced by employees and the IT teams are pressured to achieve high levels of security without introducing complex authentication processes that may reduce workforce productivity,” says Frank Dickson, Program Vice President, Cybersecurity Products at IDC. “Putting a unified identity solution in place ensures all of those applications are “captured” and managed by IT policies, relieving the burden on the IT department.”

Many SMBs don’t have the resources to implement robust security programs. According to Verizon’s 2019 Data Breach Investigations Report, 43% of small businesses fall victim to data breaches.

Aimed at addressing the challenges associated with managing access and identities in a small or medium business, the new LastPass Business lineup brings the control IT needs and the convenience users expect with three offerings:

  • LastPass Enterprise: A simple solution to secure every access point,​ LastPass Enterprise now includes single-sign-on (SSO) technology with a robust catalog of 1200+ pre-integrated apps, in addition to its existing market leading password management capabilities.
  • LastPass MFA: Going beyond standard two-factor authentication, LastPass MFA offers biometric and contextual factors to ensure the right users are accessing the right data at the right time, without added complexity. A simple, intuitive multifactor authentication experience makes it painless for end users and easy for admins to deploy quickly, without the help of professional services or dedicated training
  • LastPass Identity: A combination of LastPass Enterprise and LastPass MFA, LastPass Identity provides a holistic view of end user activity from a single dashboard that covers passwords, authentication, and all apps in use. From single sign-on and password management to adaptive authentication, LastPass Identity gives granular control to IT and frictionless access to users.

“Password management is usually a customer’s first step in deploying identity management. Over the years as we worked with thousands of customers to manage access, it became clear that the needs of SMBs were not being met,” says John Bennett, General Manager, Identity and Access Management Business Unit at LogMeIn. “With our new identity and access management offerings, we’re providing these companies with secure, flexible solutions that easily fit into their existing infrastructure, allow for a simple deployment, and at the same time meet the expectations of their end users.”

Pricing and Availability: The entire LastPass Identity suite of products will be available in early Q3. Complimentary to existing customers, LastPass Enterprise including SSO will remain at $6/user/month. LastPass MFA is $3/user/month and the combined solution, LastPass Identity, is $8/user/month.

Get more information about LastPass Business solutions.

To register for a live webinar around the comprehensive LastPass Identity solution on July 17th at 11am-12pm EST, go here.

There’s more information here:

 

23—Enhancing Digital Experiences

Quantum Metric, the digital experience intelligence platform, recently announced Activate, a unique capability that empowers businesses to dynamically respond to user behavior in the moment. For digital teams, taking real-time action can be the difference between a poor customer experience and a lifelong brand advocate. Activate leverages Quantum Metric’s real-time data engine to surface digital insights and make them actionable within any platform. The relevant information is computed and shared via Activate’s real-time webhook to numerous endpoints, all within milliseconds of an actual user experience anomaly.
Key features of Quantum Metric Activate include:

  • Rescue: Detect frustrations and deploy rescue attempts immediately. For example, if a high-value customer repeatedly inputs a promo code incorrectly and indicates frustration, they may be at risk of abandoning their journey. With Activate, brands can trigger a chat session or even on-site optimization.
  • Re-engage: Create dynamic segments for retargeting or personalization based on unique behaviors, including rage-clicking or feature engagement. Activate allows customers to combine Quantum Metric data (behaviors) with existing attributes (high value customer) in a customer data platform – such as Tealium and Adobe Launch – creating highly actionable segments.
  • Enrich: Pass behavioral information into other analytics tools for alerting, reporting or segmentation purposes. Quantum Metric can push behavioral user data into Analytics or Performance Monitoring tools, allowing customers to add context to already robust data reporting capabilities.

Business stock photo by Rido/Shutterstock