PPB March 2016

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72 • PPB • MARCH 2016 THINK
MANAGEMENT
creating that coveted
repeat customer. For
instance, airlines offering
free first-class upgrades or
hotels room upgrades for
elite travelers often create
an allegiance that trumps
price point. This principle
can be applied in every
business. If you’re a serv-
ice company and a client is
at the end of their agree-
ment, offer a specific service
at a discount or another deliv-
erable with a high-perceived
value. Those who do business
online can easily build an awards
program that fosters a faithful
following.
3Crowdfunding. The ugly
truth is if you need a loan,
chances are extremely high
you won’t be able to get one. In
fact, a recent small-business study
also revealed that the majority—a
full 61 percent—of those who tried to get a favor-
able loan were unable to do so. Venture capital and
private equity funding is equally difficult to come by.
While some types of capital are actually easier to
procure, the interest rates are usually more aggres-
sive, often prohibitively so. Instead, focus on crowd-
funding and non-traditional lenders such as Bond
Street, Kabbage and Deal Struck. Global crowd-
funding was anticipated to be more than $34 billion,
according to Massolution’s 2015CF–Crowdfunding
Industry Report. A revenue source of that size is
simply too big to ignore and not tap into.
4Pay-for-Play Social Media. Facebook was
among the first to implement the “pay-for-
play” model by removing organic reach and
focusing on paid advertisements. Since being
acquired by Facebook, Instagram is destined to fol-
low. Pinterest and Twitter are also both currently
growing into their pay-for-play systems and will
likely make it difficult for pure organic reach as
well. Unfortunately, this means entrepreneurs will
need to increase their social media budget.
However, Facebook’s paid ads have been shown to
reach a significantly greater percentage of users
than organic posts, making paid ads well worth the
investment. However, social media shouldn’t only be
leveraged as a form of advertising. Rather, social
media is an ideal way to handle customer service in
such a way that not only improves marketplace loy-
alty but also your company’s transparency endeavor.
5 Instant Gratification. Simply put, if you
don’t offer some form of instant gratifica-
tion, your prospective customer will likely go
somewhere that does. This truth is particularly
problematic for businesses that require information
from customers, such as insurance or financial
services. Having prospects fill out contact request
forms to be contacted later for products or services
is becoming less and less effective in the “Age of
Impatience.” To be competitive, you need to deliver
to the customer instantaneously in some way,
whether that be with the provision of information
they are seeking or other deliverables that will sati-
ate them in the moment and keep them interested
for a longer term. Even just offering quicker and
more efficient processes in dealing or transacting
with your company is certainly a form of instant
gratification. At every available touchpoint, strive
to impress the customer—an incredibly effective
way of evoking that gratified feeling.
No matter what type of business you run, you
can still make a profit no matter what the current
economic outlook happens to be. This begins with
giving customers what they want, how they want it
and in a way that’s more sensitive to marketplace
vs. company needs. These tools will put your busi-
ness well on its way to doing exactly that, possibly
making 2016 your most successful year yet.
Brian Greenberg is a multi-faceted entrepreneur
who has founded an assortment of successful online
businesses. He currently co-owns and operates multiple
entrepreneurial companies with his father, Elliott
Greenberg, which have each flourished for more than 10
years, including
and
.
Social media shouldn’t
only be leveraged as a
form of advertising.
Rather, social media is
an ideal way to handle
customer service in
such a way that not
only improves market-
place loyalty but also
your company’s trans-
parency endeavor.