Matt Shealy

Stories By Matt Shealy

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  News

  News By Matt Shealy

  Are Digital Funding Platforms Overtaking Traditional Banks?

  Technology has improved a lot of things in life, including the path to small business lending. Simply put, the lending process for entrepreneurs is easier than ever and much of that is due to greater connection to opportunities. Performing a basic online search for "small business funding" will produce a slew of options – and they aren't just from traditional banks. The options for landing a small business loan or grant have never been higher. As a result, are digital funding platforms making traditional bank loans obsolete? The Rise of Lending Platforms Traditionally, lenders wore a suit and tie and small business owners had to make an appointment to pitch their ideas. Today, lenders can connect with small business owners remotely and often not directly. Platforms like LendGenius connect people searching for small business funding with investors who are interested. Instead of completing individual applications for each lender, the small business owners create a profile that is available to the lenders connected on the platform. It saves a lot of time, on both ends, and it also opens up the funding opportunities to a larger group of potential investors. Just how much are investors and lenders actually using these sites? LendGenius reports that more than $6 million in loans were originated in just the first three months of operation. These user-friendly, tech-reliant options benefit small business owners and the people who want to invest in their ideas. Crowdfunding by the Billions The popularity of crowdfunding platforms is hard to deny. In 2015, more than $34 billion was raised globally through crowdfunding platforms like Kickstarter. The allure of these sites is clear: average people can invest modestly in ideas that they like without having to make a big commitment. The idea creators have more freedom with the money they raise than with traditional lenders who want a stake in outcomes. Crowdfunding is certainly exciting but can also be a difficult market to crack. There are millions of projects listed between all of the sites that host the services and it can be difficult to get yours noticed. Easier Electronic Payment Options One of the oldest forms of small business lending is seeking it from friends and family. While still a complicated option at times, finding the means to pay back that money on a schedule is really pretty simple. There are sites like PayPal and mobile apps like Venmo that allow easy peer-to-peer payments. You can even schedule payments on a monthly plan so that your friends and family have confidence that you will return their investment on time. Through these platforms, small business owners don't even need to use a bank to transfer funds or honor a check – completely bypassing the need for a bank as the middle man. Digital lending platforms and repayment options open the door to more financial opportunities for small businesses. As technology continues to improve and people find more confidence in digital means of lending and repaying, expect to see even more options for small business owners.

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  Mobile

  Mobile By Matt Shealy

  How Mobile Personalizes Customer Experiences at Scale

  It seems that every day we are inundated with reports, news stories, and more proof that consumers have adapted to and embraced the power of mobile devices as a shopping tool. It's a primary way consumers discover just what they want – and a major force in driving sales. The data backs up the headlines. According to a recent survey, 94 percent of professionals from various industries stated that personalization is 'important', 'very important' or 'extremely important.' Personalized customer service is vital to remaining competitive in the marketplace and company leaders realize this. Mobile reliance is the vehicle of personalized customer experiences. So how can companies really take advantage of it? Monitor Social Media Mobile creates a sense of intimacy and, at the same time, offers a trove of helpful information. Consumers expect seamless and secure transaction experiences, and also informed recommendations and near-instant feedback. Enterprises should do this by paying close attention to social media and responding to exchanges and comments. This real-time opportunity is a good one, especially if companies realize the urgency and have a timely social media response strategy in place. If you fail to create that personalized customer experience, your business may feel the brunt of it. A whopping 69 percent of customers look online for reviews of a business and 72 percent say they trust the reviews. This means that potential customers look up your business before they choose you, so address social complaints as quickly as possible. Prioritize the Customer There are various technology solutions available that deliver the promise of personalized customer experience. Tools help provide a seamless, exceptional customer experience where there is a relentless focus on the service experience. These tools are beneficial to business owners and help ensure the customer is the focal point of every interaction. In addition, they can drive greater efficiency across an organization. Anticipate Needs An excellent customer experience leads to customer satisfaction – and that is extremely important. That starts with thinking ahead and being exactly where a customer needs you to be and at the right time. Much of this can happen through beacon technology, or geofencing that puts you where you need to be at the correct moment. Make it a point to wow your customers at every opportunity – especially through mobile means. Personalize the Experience Whatever you do, always make it a point to make a real connection with consumers. Nearly every email or online interaction should include a name and picture of the employee the customer is speaking to so there is a face to accompany the help. This personalizes the conversation and makes it more like a chat between two people, instead of a generic interaction between a customer and a business. Mobile technology allows enterprise companies to deliver the ultimate personalized customer experience, which leads to retaining and attracting more customers. Ultimately, mobile strategies act as tools that encourage businesses to thrive in this rapidly expanding and evolving digital world. Make the most of it to retain customers and find new ones, too.

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  Mobile

  Mobile By Matt Shealy

  Effective Uses of Geofencing

  When used correctly, geofencing can drive traffic and sales while raising customer engagement. Many business owners aren't quite sure what geofencing actually is, though. The answer is actually pretty simple: It's a virtual perimeter that defines a geographical boundary. Geofences can be used to target customers in physical locations, allowing businesses to deliver the best message through the right campaign --- and to do it all at the right place and the right time. Thirty percent of the world's population already uses location based marketing services and 80 percent of the population wants to get location-based alerts from businesses, so it appears this new geofencing "trend" is one that's here to stay. All sorts of companies can benefit from smart geofencing that is implemented in a strategic way. Not sure how it can work for your business? Here are four effective uses for geofencing: Engage local shoppers This location-based service sends messages to smartphone users when they confirm a defined geographic area. Some businesses opt to send promotions to the customers' smartphones as they come into a neighborhood or a store. This is a really good thing for both marketers and customers because of the relevancy of the messaging. Hyper-local deals raise the urgency of buying (the customer is already in the neighborhood) and arrive at a moment that makes sense. Make sure to maximize your exposure and engage local shoppers before your competitors beat you to the punch. Leverage your location Companies can partner up with other businesses that offer complementary services or products. The company 1-800-Flowers geofences the areas surrounding jewelry stores that are located near their flower shops, with the knowledge that people who are purchasing jewelry are likely in the market for flowers, too. Think of smart ways to partner with other businesses, or just to tag on to what they may be doing well. Customize offers for the most personalized experience Not only do you know customer's behavior and location, geofencing also allows you to give them each a tailored experience. The store Neiman Marcus is using geofencing to allow salespeople to know when VIP customers are shopping and pull up and view their purchase history in order to provide the most personalized service possible. The trick is making sure you aren't intrusive, but instead adding value to your customer's experience. With so many consumers walking around playing online games or staring at social media on a GPS enabled device, it's no wonder that so many companies are taking advantage of geofencing. Studies show that geofencing drives awareness and results in 60 percent lift in store visits from mobile ads. With this in mind, geofencing may be a better branding tool than audience targeting, and is something your small business should consider.

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