Business Strategies for a Successful Customer

Business Strategies for a Successful Customer Experience

To succeed in the marketplace, your company cannot be content with doing business the usual way. With more businesses than ever competing for customers, it has become essential to invest in an outstanding customer experience. Below, we show you how you can apply insights into the customer experience to improve your customers’ happiness.

Customer experience refers to the totality of the customer’s interactions with your brand. This starts from the moment they see your marketing information, to their purchase of a product or service, all the way to them contacting your support line.

Brands that craft the best customer experience strategies have happier customers. The stronger your customer relationships are, the stronger your brand will be.

How to Conduct Customer Experience Surveys

A great first step to improving your customer experience is, to begin with, a survey. Your impressions about what’s going great or not will often be off the mark. Customers know best what they value, and what your company is getting right. A customer survey helps your team pinpoint where your brand is weak, and how you can improve your customers’ lives.

With modern tech tools such as survey websites and online forms, it is quite easy to collect data from customers. However, you need to get clear on what things to measure. Some suggestions that will be of importance to the typical business include:

How happy are your customers with the quality of your products?
How likely are your customers to purchase from you again?
How do your customers rank you against your competition?

A survey needs to include questions that let you extract information about the effectiveness of your business in meeting the needs of your customers. In addition, the survey needs to make available information about how your customers view the support programs you have in place.

With automated answering machines, many customers feel cheated when they cannot get through to a real support person. Unless your support needs are elementary, this is one area to watch carefully. Putting out a survey will let you know how customers view your current choices.

What is the BambooHR System?

BambooHR system is the leading all-in-one human resource (HR) software designed for small-to-medium businesses. The cloud-based solution is integrated with multiple advanced features that streamline HR activities, including collecting data, hiring, onboarding, payroll, and workforce management.

What does it do?

The BambooHR system makes centralizing all employee information possible, generating easy-to-manage employee data. It is a simple and easy-to-use system that comes with built-in reporting and editing tools. A key feature of the software is the applicant tracking system, making it possible to track hiring assessments, notify candidates at every stage of the recruitment process, and collaborate with others during hiring. The system is also useful in tracking work hours, time-off requests, and paid time off for accurate payroll management.

Who can use it?

As an all-in-one HR solution, BambooHR can handle or assist in recruitment, employee training, and development, compensation, and benefits, employee relations, performance management, HR planning, and more. Anyone from HR managers to recruitment teams, to general managers, can use and benefit from it.

Why lab-grown diamond sales are surging

Going back by another month, to February, the data showed the number of rings sold with lab diamonds that month surged even more, to 80% compared to a year earlier while the number fell by 13% for natural diamond engagement rings.

“The big fear in the natural diamonds industry is that consumers will start accepting lab-grown diamonds in engagement rings,” he said. Too late. “It’s actually happening.”

Tide is shifting

Why are consumers flocking to man-made diamonds? Cost is the most obvious reason. The average retail price of the most popular one-carat round man-made diamond for an engagement ring in March was $2,318, Golan said.

“This is substantially less – as much as 73% cheaper than a natural diamond of the same size, cut, and clarity as the man-made diamond, which would cost $8,740,” he said. Plus, the lower cost allows couples to buy a bigger stone.

Type of Software Monitors

What Type of Software Monitors Network Traffic?

What Is Network Monitoring Software?

The best way to collect, track, analyze, and apply network traffic data is by using network traffic monitoring software. The right network monitoring software can help you extract important information such as performance statistics, bandwidth usage data by application or type of traffic, usage patterns over time, end-user experience, and other metrics. It can also help you:

Detect which protocols and applications consume the most bandwidth
Identify users, services, or devices that hog bandwidth and slow down the network
Determine if bandwidth is distributed effectively across the entire network
Prevent network outagesEssentially, network traffic monitoring software can help you effectively monitor and analyze network traffic to identify the root causes of performance issues and streamline troubleshooting efforts.

What Are Some Examples of Network Monitoring Software?

Network traffic monitoring software can be classified into the following categories:
- Availability monitoring
- Configuration monitoring
- Performance monitoring
- Cloud infrastructure monitoring
Some notable examples include:
- SolarWinds Network Performance Monitor
- Atera
- Datadog
- ManageEngine OpManager
- Dotcom-Monitor
- Site24x7 Network Monitoring
- PRTG Network Monitor
- Zabbix
- LogicMonitor
- Spiceworks

Yamaha jacks up bike prices after GST hike

Yamaha Motor — one of the companies in the two-wheeler segment in Pakistan — notified for the second time this year of a hike in the prices of its motorcycles following the rise in general sales tax.

The automobile company jacked up the rates between the ranges of Rs3,000 and Rs3,500. The new prices came into effect on February 21.

Here are the new retail selling price (ex-factory):

Model	Retail price (exclusive of tax)	Sales tax — 18%	Retail price (inclusive of tax)	Previous price (inclusive of 17% GST)
YB125Z (Red, Black)	Rs261,440.68	Rs47,059.32	Rs308,500	Rs305,500
YB125Z DX (Red/Black/Blue)	Rs280,084.75	Rs50,415.25	Rs330,500	Rs327,000
YBR125 (Red, Black, Blue)	Rs287,711.86	Rs51,788.14	Rs339,500	Rs336,000
YBR125G (Red, Black)	Rs299,152.54	Rs53,847.46	Rs353,000	Rs349,000
YBR125G (Matt Dark Gray)	Rs301,694.92	Rs54,305.08	Rs356,000	Rs352,500

According to the Finance (Supplementary) Bill 2023, which has been stamped by the National Assembly — it was announced that the general sales tax (GST) rate had been increased to 18%.

Following an increase in GST, several industries and sectors raised the prices of goods and services.

Amid the ongoing economic crisis, Pakistan’s automobile sector has been hit hard owing to problems with the opening of letters of credit, arising due to the rapidly depleting foreign exchange reserves and a weakening rupee.

China’s claim to neutrality fades with Moscow

Ukraine war: China’s claim to neutrality fades with Moscow visit

Vladimir Putin loves a really long table. Images of his meetings are famous, with the Russian leader at one end and the person he is speaking to so far away that you wonder if it is hard for them to hear one another.

It was not like that when he met China’s top foreign policy official, Wang Yi.

There they were, sitting within handshake distance, with an oval-shaped table in the middle.

It could be that the proximity was achieved by seating placement at a previously used table, with the Chinese delegation directly across the middle rather than at the long ends but the effect was the same.

When the footage was released, it appeared to be a deliberately symbolic move to show that he felt safe enough to be that close to the representative of such an important friend.

Of course, it has not always been that way. Decades ago, Beijing’s network of underground fallout shelters was designed to protect the citizens of the Chinese capital from a nuclear war with the Soviet Union.

Yet now Xi Jinping’s administration sees Russia as a front-line enemy of US influence. A nation that – like North Korea – may be considered an international pariah but which serves a useful geopolitical purpose.

The Chinese government did not even seem that embarrassed when President Putin returned home from attending Beijing Winter Olympics, having proclaimed a new “no limits” relationship with China and, within weeks, launched the invasion of Ukraine.

Many have asked whether Mr. Xi was warned about the imminent war when he sat next to his Russian counterpart who must have been considering barely anything else at the time.

China is walking along a very delicate path in its dealings with Russia over Ukraine. Mr. Xi may feel like he is confidently striding down the track, but some think that the path is crumbling at the edges, with Beijing’s claim to neutrality increasingly difficult to stand up.

Wang Yi comes out of meetings proclaiming that China and Russia are together promoting “peace and stability”.

In other parts of the world, it will seem ludicrous to use expressions like “peace and stability” on a trip to Russia just before the first anniversary of that country’s invasion of Ukraine.

Beijing knows this and yet decided to press ahead nevertheless, in the full knowledge that it will take a hit reputationally because it has calculated that it is more important to offer significant moral support to Vladimir Putin at this time.

Gold rate increases by Rs2,800 per tola

Gold rate increases by Rs2,800 per tola in Pakistan

As bargain hunting trickled in after rates dropped a day earlier in response to the continued recovery of the rupee against the US dollar, gold regained lost ground on Saturday.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs196,000 and Rs168,038, respectively.

However, further recovery of the rupee against the greenback as optimism regarding the revival of the International Monetary Fund (IMF) program clouded the precious metal’s outlook despite bargain hunters taking advantage of recent losses.

Cumulatively, the precious commodity lost Rs2,400 per tola during the week ending February 18.

Meanwhile, silver prices in the domestic market rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,130 per tola and Rs1,826.13 per 10 grams, respectively.

In the international market, gold prices edged higher by $19 per ounce to settle at $1,843, however, they were on track for their third straight weekly dip as overall stronger dollar and bond yields following fresh hawkish rhetoric from US Federal Reserve officials weighed on the sentiments.

Inventory crunch forces Pak Suzuki to extend

Inventory crunch forces Pak Suzuki to extend plant shutdown

A persistent inventory shortfall has forced one of the nation’s largest car manufacturers, Pak Suzuki Motor Company (PSMC), to extend the shutdown of its automobile plant.

The company, in a letter sent to the Pakistan Stock Exchange (PSX) on Friday, said that “due to continued shortage of inventory level, the management of the company has decided to extend the shutdown of the automobile from February 20, 2023, to February 21, 2023.”

The Japanese automaker, however, mentioned that the motorcycle plant will remain operative.

It is the fifth announcement by the company of putting the brakes on its production activities in 2023 — first from January 2 to 6, then from January 9 to 13, then from January 16 to 20, and later from February 13-17.

PMSC is the local assembler, manufacturer, and marketer of Suzuki cars, pickups, vans, 4x4s, and motorcycles as well as related spare parts. The Suzuki brand itself is from Japan.

Import-based businesses are facing severe hardship staying afloat due to the dearth of dollars in the market as the government has so far failed to boost its forex reserves, which stand at a critical level of around $3 billion — hardly enough for less than one month of imports.

Pakistan business chiefs are clamoring for the cash-strapped government to allow manufacturing materials stuck at the key port of Karachi into the country, warning that a failure to lift a ban on imports will leave millions jobless.

Faced with critically low US-dollar reserves, the government has banned all but essential food and medicine imports until a lifeline bailout is agreed upon with the International Monetary Fund (IMF).

Simple Steps for Starting a Small Business

Starting a small business may sound exciting as you can be your own boss and spend your time and energy on something you are passionate about. But there is a lot to consider before quitting your job and undertaking this venture. Not only do you have to come up with a successful idea, but also create a business plan, research the market, consider how it will be sustainable, keep all your checks and balances in order and plenty of other bits and pieces. Thankfully there is a plethora of online help for small business owners that can make these daunting tasks seem more like hills to overcome rather than mountains.

Ideas

First and foremost, you need to have a strong idea. It is not just a matter of picking something out of the blue but really taking the time to sit down and research what areas of opportunity there are around you. What problems do your current co-workers, friends or family members have in their everyday life and what potential solution could you create for them? If there is already a solution, how can you make your product or service better. Or, rather than staying in an overcompetitive and overcrowded market, find a niche area that has plenty of room for growth.

Once you have come up with a strong shortlist of ideas, it is time to narrow it down. One of the most important questions to consider is, what idea are you most passionate about? What is the area that will get you up in the morning feeling excited about the day?

Business Plan

Now that the idea is in place, it is time to sit down and start writing it all out to make sure everything is in order. While the business plan may not seem necessary to some, it is. It is essential if you are looking for funding, but also an ideal way of knowing which areas you need to spend more time working on. Business plans start with an Executive Summary, which is often actually written last, a description of the current problem and your solution, an overview of the product/service you are offering, who the target market is, a short analysis of the current competitors, a breakdown of your team, their roles, and a projected financial plan. While it may not be the most exciting thing to write, it will give you a better idea of where you are and is the perfect way to start your business. Keep in mind though that this plan should be a living document and constantly adapted as your company grows. It will continue to offer insight into how to manage your small business to be more effective and efficient.

Funding

Once the business plan is in place, it is now time to think about how to fund the small business. Consider first how much funding is needed to get the company’s feet off the ground and what future funds it will need. There are multiple ways to approach this such as going the crowdfunding route and asking a large crowd of people to each donate a small amount of money. If you can, self-funding is another way to go which can be risky but will help you avoid having to take out loans that you may not be able to repay. Or a final option would be to go to investors, share your business plan with them and hope they will be convinced that your business is going to be a success and invest in it.

Advertising

In order for the business to be successful, it needs to have customers. Thanks to social media, it is becoming much easier to reach a wider audience with some of these social media platforms offering small businesses the option to pay a bit more in exchange for advertisements on their sites. While social media is beneficial in many ways, every business should also have a website that potential customers can go back to and easily use. This is the perfect place to show off your products, hear from previous customers and explain who you are and what the company is all about. Make sure to optimize your local SEO which will give you more traffic and hopefully more business. Other ways to advertise include radio, local TV, flyers or newspaper ads showing off your small business. Whichever way you decide to advertise, take the time to look at your Return on Advertising Spend (ROAS) to see which way of advertising is performing the best and where you should be putting your future marketing investments.

Growth

To help grow your business, continue to update your business plan and financial sheets to make sure you are on track, and if not, to adjust your projected cash flow. If your business really starts taking off, it is time to look at what HR forms you need for the small business, how to hire employees, which assets you should buy and potential expansions or merging that you might want to look into.