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Entrepreneur edition: Why marketing is the new sales – Middle East & Gulf News



By: Dr Vikas Nand Kumar Batheja, Co-Founder & Director, Capital College

Sales are often regarded as the engine to driving revenues. They are called the backbone of any business and seem right as with no cash flow, there is no business! So, while it makes sense to give additional importance to sales and celebrate monetary transactions, other aspects of business such as marketing, finance, and communication get majorly overlooked. Over the years, the concept of sales is overly idealized, forcing companies to reconfigure their business strategies. Focussing only on sales can take a toll on the operations of other departments. This has led consumers to not trust the brand and retract back. Potential buyers continue to stay in their comfort zone as they feel the brand is oversold but remains undelivered.

According to The New York Times, approximately 5,000 advertisements are published in a day, along with numerous cold calls and transactional stimuli. This has been inversely proportional to the number of conversions as companies continue to devote their energy only to sales. The pandemic has only further catalyzed and removed cold selling out of the picture. So, how can companies drive conversions without overselling or being pushy? This is where marketing comes into play. This column will explore three reasons as to why marketing is the new sales!

Earn consumer trust

Since time immemorial, sales have been an integral part of the business. They have developed a fundamental relationship between clients and companies. Some may agree with the common notion “your network will determine your net worth.” While these statements hold value to an extent, they are just facts that define a business. Employers tend to forget credible sales are often brought out from strategic marketing. Additionally, when consumers purchase a product or opt for a service, there is a certain sense of trust which they withhold with the company. Hence, earning trust from one’s target audience can create a domino effect on conversions. Marketers can implement strategies that will directly impact the consumer’s reliability. With societies continuing to be digitally-driven and using social media applications more so in the last five years, there should be effective marketing tactics in place that will result in higher ROI. Overall, earning customer trust through marketing can push for an increase in sales and business.

Relationship powerful than transactions

The lifetime value of a consumer is often overlooked by the increased revenue. Companies are convinced to let go of their old consumers as long as new ones flood in. If compared a client over a decade to a chunk of leads, it would not be of any surprise if the employer turns their back to the former. While this may bring in short-term revenue, in the long run, there is no guarantee that these consumers will be retained. Hence, it is critical to invest in market research and gain valuable insights into customers’ feedback. This will ultimately improve and impact the company’s current offerings. For example, a credit repair company will probably offer different types of funding and credit. Although this is a natural customer journey, why not consider investing in partnerships and certifications. This will allow the brand to venture into a new league and expand its offerings.

Sales and marketing – a symbiotic relationship

Established marketers will agree that relationships are indeed the core of marketing. In retrospect, the sales executives who convince people to go on dinner and transform it from a cold to a warm lead are nothing but marketers themselves. They invest in establishing a rapport. Staffers further take this opportunity to inform, educate and understand customer requirements. This, in turn, helps them to nurture a relationship and drive sales forward. For instance, Disney took a mighty jump by developing a monthly recurring revenue model with the launch of Disney+. This way, the brand could reach a wider target base, earn credibility from their subscribers and improve their brand image with new content and products. In this way, they could build a long-lasting relationship with different age groups where they are no longer just restricted to the cinemas.

Sales and marketing certainly have their ways of operations. However, they can form a dynamic duo through rigorous market research and innovative content development. Companies can come up with innovative brand strategies that will develop educational content and earn brownie points for creating a higher lifetime value with their customers.

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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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