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Survey Says: Why Customers Aren't Buying and What Might Convince Them
A look at the latest findings on consumer confidence, e-mail marketing, and hiring tactics.
Posted 7/ 20 10 at 5:45 PM | Business Trends, Money, Advertising & Marketing, Sales, Management, Leadership, Online Business
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When it comes to the future, the only thing consumers know for sure is that they plan to keep being frugal. Marketing via e-mail has become a feast or famine situation. And when you decide not to call a job candidate's references, you could be making a big mistake. Here's a closer look at some of the latest small-business surveys.Things Aren't Looking Up
What do consumers think the future holds? Well, not a fat wallet, that's for sure. According to BIGresearch's Consumer Intentions & Actions Survey for July, the number of people who expect the economy to bounce back to pre-recession levels declined from nearly 45 percent a year ago to 36 percent today. Just over 32 percent say they don't think the economy will ever bounce back fully, while about the same number are uncertain.
With such a mixed outlook, it's no wonder BIGResearch reports consumers will continue to be "frugal and practical." Projecting over the next five years, consumers say they will be considering purchases more carefully (49.3 percent) and will attempt to stick to a budget (46.7 percent). Just 12.5 percent of consumers say the economy will not affect their lifestyles.
While I'm personally optimistic about the recovery, I understand the hesitancy to spend. Like those in the survey, I'm putting off major nonessential business and personal purchases until the economy gets on a bit firmer footing. But I confess -- I still love to shop.
Why the Message Counts
You need to design your marketing e-mails to get an immediate response -- or you may never get a response at all, according to Experian Marketing Services. Almost half (47 percent) of transactions and 75 percent of opens and clicks occur within one day of an e-mail's receipt, a new Experian study shows.
Customers tend to respond fastest to e-mails about business products and services. What you e-mail and the subject line also matter: Limited-time offers in subject lines get the fastest response (triggering 59 percent of transactions the first day), while coupons get a much slower response (36 percent of transactions occurring on day one).
Another good way to generate sales? Sending e-mails to customers who had abandoned their shopping carts gets 52 percent of them to buy within a day. Speaking as a frequent online shopper -- discounts, limited-time and free shipping offers are all purchase incentives for me.
Don't Believe the Hype
It's likely you're not making a lot of hiring decisions these days, so you need to be picky about the people you do bring on board. Before you make the final decision, make sure you check references. In a new survey from OfficeTeam, more than 20 percent of managers report changing their minds about promising job candidates after speaking to their references. What are managers asking when checking those references? More than one-third (36 percent) care most about the applicant's past job duties and experience, while 31 percent ask about the person's strengths and weaknesses.
It's easy to get swayed by a great resume and a fantastic job interview -- but it's also simpler than ever to find out what people have really done and what they're like to work with. Like lots of entrepreneurs, I tend to trust my gut, and when I find a candidate I really click with, I'm ready to hire him or her on the spot.
But that's a big no-no these days. OfficeTeam's survey shows that lots of candidates are stretching the truth about their skills, experience and strengths. As hard as it may be to curb your enthusiasm, slow down and take the time to do a little investigating before you welcome that new hire on board.
Rieva Lesonsky is CEO of GrowBiz Media, a content and consulting company that helps entrepreneurs start and grow their businesses. Follow Rieva at Twitter.com/Rieva and visit SmallBizDaily.com to sign up for her free TrendCast reports.
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Comments (Page 1 of 1)
Very few if any former emlpoyers will give references for fear of litigation from said former employee. Not sure where you get your information
Why aren't customers buying? Because we're tired of being told to spend MORE, save MORE, work MORE, and longer - and that we won't get any of the benefits we're paying MORE for - like SS and Medicare. We're tired of outsourcing of jobs, goods, and even customer service to people in countries where companies can pay LESS and probably don't even pay for benefits) so we can pay the same high prices for LESS quality. We have seen too many good American companies go this MORE for LESS route and end up losing their companies. Every time I go shopping I see clothes, shoes, and household goods that are made someplace else. Why should I buy them, especially if they are high priced? It just doesn't make sense to make and ship all these things when we can make them better here, does it?
The biggest reason for a lack of purchasing is the public lack of confidence in our government.
Unions forced employers to pay wages that were too high for the market. Excessive payroll and high costs brought our steel industry down because their product could be bought overseas for a lower cost. Sounds to me like you negotiated yourself into a hole. All too often greed causes demise. This rule holds true from Wall Street to your street.
The reason why no one is buying is our salaries are so low they don't match our buying power of yesterday's. Right now I'm on Social Security and in the sheet metal union I was making $18.76 an hour back in 1983 Reagan shot down our wages and I started making only $16.09 about a 15% loss. Now I'm seeing workers doing the same thing (not union) making half that much. (27 years later) People are having to work for less in order to keep a lousy job and shopping for food and clothing has to be few and far between; going to thrift stores for Other peoples junk, therefore buying power is very slim. Those who do have money to buy, don't need anything. I can't afford to keep up with computers being updated almost every year as well as software for security, which has become one of the biggest rackets of all times. The one's that sell security are probably the one's who start the virus's. It's sad but I'm afraid it's true! If wages don't increase as much as prices do, the economy will continue to falter. And it's not this presidents fault it's the last administrations fault. Taxes should be raised until we get ourselves out of the jam we are in. You can't blame Obama, he will not win the next term if he does what he knows he should do; instead he just wants to tax the rich; however that's good too, but we all need to help and expect it; plus cut down on our military spending, it's killing us. Two wars? and needless personnel stateside and bases all over the globe! Those overseas spend their money away from the states. no wonder the economy is so bad. We need to quit buying anything that's from other countries, immediately.
Trouble with your idea is that it don't work, never has and never will! Government cannot creat jobs only the Private Sector can do that - we need massive TAX CUTS for low earners say under 30,000 ZERO TAX then start to tax sensibly. Government must be brought back to earth on their outrageous and futile spending - only spend what is absolutely required! Americans should only by goods made in the USA if possible - make the Private Sector produce those goods at home if they won't then don't buy any of their goods! Socialist's and Unions are much to blame for the state of this country!
Hey Mike, Thanks for the correction; However it seems we agree on the rest the stuff; my idea sounds socialist, but not no more than paying shipyards to be ships; Factories building tanks, ammoniation, guns, missiles, jeeps, trucks, heck! You name it, our government pays to have almost any and everything you can imagine and without tax money this is not possible; so far a lot of that work goes on but solar energy, wind and nuclear energy could also be part of the war we are fighting and all of these things can be paid for by the government to create jobs. Roosevelt did it during the last depression, building the skyline drive paying with government money in order to collect tax money back from the workers, therefore creating a way to put people to work and collect taxes from them too. This depression is or was just as bad, only we have 300 million people, back then we had probably 35 to 50 million people. (? I don't know the correct amount; however you can look it up.) We realize one way or the other we need to manufacture and buy things made here in the states and the money would revolve around only in our hands to do as we chose and not depend on others except for the only things we can't produce here. It worked back then, and it will work again here! So, I don't disagree with you, I just think like bowling, to get a strike you have to throw the ball in the strike groove close to the middle; however throwing the ball to far to the left it goes in the left gutter and likewise throwing the ball to far to the right it will go in the right gutter; to make a strike in life or most anything else there has to be a happy medium. It works for me. And Mike, thanks for sharing.
Malarkey. George Bush and his warmongering Republicans are responsible for the economy. How selectively and quickly folks forget.
FDR didn't do badly at all in that regard.
Our wages on the middle class and below didn't keep pace with inflation and the cost of living. With so many out of work, underemployed or forced into early retirement due to job loss in their last working years, we are broke... We became a disposable society and we cannot afford to throw away and buy new each year. Government needs to give new and small business owners funds to grow... most jobs are in small business. Yet BIG Corp. gets bailed out and Credit dried up for small business.
You have a point. I am curious as to just how teh earnings reports on mostb al;l major corporate earnings are waaaay above expectations and every one else is hurting.
No money that is why! And then they want us to buy the products that outsourcing caused us to lose our jobs for!
LOL Fluffy. True, except for the fact that most mmajor corporates are comiong in with record profits. It's about who has the money.
JIM: I will venture to say if Republicans get in office again running the administration, this country will be in more trouble than Bush got us into. I warned all my Republican friends and family members before Bush got elected if he won this country would see the worst times it's seen in many a year and even though I was right those die hard Republicans will still try to deny it and not only are they in denial, The twist the story around and try to blame it on the Democrat's, with bare face lies. I'm feed up with People like Beck, Lumbargh, and the senators of the Republican party; they again want to support the rich when they just witnessed what got us into this trouble in the first place. Not getting the public option in our medical program was another big money buy out of some of the senators; Watch how wealthy these senators become and if they deny it, (oh well) It's just another lie that they seem to be able to live with when so many are dying needlessly. Over half out people live in poverty while the rich keep getting richer and there's no way in hell they want to help either. If I had ll there money and didn't help, I don't believe I could live with that on my conscious. They probably go to church and pray for forgiveness and turn right around and do it again; always know they will be forgiven. There's a phrase in the bible about the chance of a rich man getting into Heaven. A good Christian knows what that is too. Wall street is the crooked'ess racket that was ever invented; you might do good for a few years and then along comes someone or some phony excuse to have to get bailed out and millions of investors lose there donkey. People buy and sell stock just to see it rise and then sell there billions getting the top dollar at it's highest peak, causing the stock to drop so low you could hardly get your money back a penny on the dollar. Now that's what they do too; And that's the way the rich screw the little guy. I would never invest in any stock but my own; The crooks can make their money on the rest of the suckers.
For years we have been advised to save money. This is part of the fallout.
Main reason corporations are not spending is due to Obamacare. Come Jan. 1, 2012, the new rule that all businesses must collect and report on a 1099 misc form sales and services. This includes inter net sales. There goes eBay!!!