Without small businesses, every town would feel more or less the same — the same restaurants, the same coffee shops, the same big-name retailers. Small businesses form the fabric of our communities, but they’re often overlooked. Think about the last time you ordered a book. Did you check to see if your local bookstore had a copy first?
Between lockdowns, restrictions and soaring inflation, the last few years have been hard on small businesses — and they need your support. Here are seven reasons why shopping small is good for the economy, local communities and you.
1. Small Businesses Create Jobs
Since 1995, small businesses have created 62% of all net new jobs, bringing opportunity and local employment to their communities.1 Supporting these businesses allows them to continue growing and hiring.
2. Small Businesses Are Good for the Local Economy
Money you spend at a local business often goes on to pay for local supplies, local services and local wages. Since small businesses often purchase goods and services from other small businesses, supporting one tends to support a whole network. This means more dollars stay in your community’s pockets, boosting your economy and helping small businesses secure financing to grow.
3. More Tax Dollars Stay In Your Community
Shopping locally keeps tax dollars closer to home. Not only the sales tax, but also taxes paid by the small business for things like property, income and payroll. These dollars go directly back into your community, supporting infrastructure like roads, schools, parks and more.
4. Small Businesses Are Better for the Environment
Small businesses don’t require the massive infrastructure of big retailers, meaning they tend to have much less of an impact on the environment. Plus, they often stock local products, cutting down on shipping and transportation.
5. Small Businesses Add Character to Your Community
When you think about what makes your town special, you probably think about the small businesses. Maybe it’s the coffee shop that always knows your order, or the bookstore that gives the best recommendations. Small businesses aren’t just a part of your community, they are the community.
6. You Can Find Unique and Exclusive Products
Small shops often stock items you can’t find anywhere else. You can find pieces from local craftsmen, novels from local authors and art from local artists. Small shops have access to unique and exclusive items, giving a lot more meaning to your purchases.
7. You Get Better Customer Service and More Expertise
When you shop small you’re more likely to receive personal, memorable customer service. Small shop owners are a part of the community and often they’re genuinely passionate about their business. This is usually reflected in the level of care and expertise available to their customers.
Baylee Patel, CFEI, is a copywriter specializing in finance. Before joining Enova in 2022, she worked for a financial planning firm in Northern Virginia, where she regularly contributed articles on financial literacy, personal finance and other monetary trends. She graduated from Virginia Commonwealth University with a bachelor’s degree in communications and received her certification for financial education instruction from the National Financial Educators Council.
Transparency goes a long way for not just your employees but your business as well. Being transparent with your employees is often underestimated, yet it can be a powerful tool for creating a productive and positive work environment.
Leading by example is one of the most powerful tools your company has in droves. And the best part? You don’t have to spend a dime to do it. You just have to show up and, well, inspire action by simply doing what you say you’re going to do.
Why is leading by example so important when you’re transforming company culture and want to retain employees?
Because, as a business owner, your employees watch everything you do. No, they don’t actively pursue this activity every moment of every day (but it’s probably a good bet they’ve found your personal Facebook or Instagram by Day Two of their new hire training). But how you act and react when communicating with people sends messages to your workers.
How do you behave in company meetings? What happens during a crisis? What do you do when conflict arises? How do you handle employees who are no longer a good fit? What do you do in lean times?
Even during emergencies, you can still set a good example. When you have to let someone go, give them a good severance package whether they deserve it or not. Cover an employee’s salary if they have to take a week off and they’re out of PTO.
Read on to learn why leading by example sends a powerful message to your employees.
The Basics
The Great Game of Business teaches companies how transparent workplace leadership can transform your culture for the better, making your company more profitable in the long run. As such, leaders must embrace transparency from the start and continue to do so, even radically so, every day thereafter.
Leading by example is just the beginning of this transformation. Setting the tone from Day One fosters a sense of trust, loyalty, and respect throughout the organization. When leaders take the initiative to be role models for others, it is an essential reminder that they are committed to the company’s mission and values of transparent leadership. This pattern, in turn, has a ripple effect on employee morale and engagement, ultimately leading to better retention and a healthier corporate culture.
The Benefits of Leading by Example
Leading by example is not just a buzzword or a cliché phrase. It holds immense value when retaining employees and revamping company culture. When you show the way, it inspires others to follow suit.
1. Increased Trust
Leading by example builds trust among employees, as they see their managers, supervisors, and owners embodying the values and behaviors they expect from others. A lack of trust in leadership is the number one killer of an open-book management culture.
2. Improved Communication
Setting the example encourages open and transparent communication, creating a culture where ideas flow freely. That’s why you should always be transparent because that transparency will be returned to you.
3. Enhanced Morale
Employees feel motivated and inspired when they see their leaders working hard and setting high standards for their own behavior.
4. Strengthened Accountability
You hold yourself accountable and take responsibility. Therefore, your employees are more likely to do the same thing. They’ll also take ownership of their daily tasks and professional goals within your organization. The saying “The best ability is accountability” isn’t just a saying.
5. Heightened Engagement
Employees want to feel like their work means something. When they see your passion for the company, employees feel more engaged and connected to their work because they want to feel those same feelings of fulfillment and purpose.
6. Increased Productivity
Employees tend to work harder and strive for excellence when they see their leaders setting the bar for performance. This attitude shift starts when you swing for the fences.
7. More Innovation
By leading by example, leaders encourage employees to think creatively and explore new ideas, ultimately fostering innovation within the company. You begin this process by opening a dialogue with something like, “No ideas are off the table.”
8. Less Stress
Take a one-week vacation once a quarter. You’ll see your workers do the same thing because you convey that work-life balance matters. Encourage employees to take PTO and be happy.
9. Conflict Reduction
Company leaders must always be respectful, even when someone treats them disrespectfully. You’ll create a harmonious work environment with fewer conflicts when you treat others with respect at all times. No matter what kind of day you have at home, you cannot snap at someone else in your company. Ever. No, it’s not easy to accomplish this. See bullet point number 8, “Less stress,” as noted above.
10. Attracting Top Talent
Look at Glassdoor sometime. We dare you. Read what some people say about company leadership, either your own company, one of your competitors, or some of the world’s most well-known brands.
Companies known for exemplary leadership and positive culture often become magnets for top talent, leading to better recruitment prospects if all other factors are equal as you try to land the best hires.
How Leading by Example Increases Employee Retention
Employee retention is a fundamental benefit of open management. You don’t want to lose long-time employees, nor do you want younger hires to stay for a year and then leave. Thirty percent of new hires quit within the first six months of employment, while workers are 10 times more likely to rethink their career path at their first anniversary compared to the fifth anniversary.
Do you know how much it costs to replace someone who leaves? It costs $1,500 to replace an hourly employee and as much as six to nine months of a salaried employee’s compensation, according to PeopleKeep’s 2023 study. If your salaried employee made $70,000 before leaving, it would cost you $35,000 to $52,500 to replace that person.
No, you can’t help it if some people leave. But you want to eliminate or reduce those odds. And here’s how open management comes through with employee retention: An open, honest employee will tell you first, “Hey, I’m thinking about finding another job.” Your first response should be, “What can we do to keep you?”
And this behavior starts with you being open and honest with workers. From the moment someone comes on board, tell them, “Hey, we know there are other jobs out there, and we know that sometimes you might feel frustrated or stressed at any job, regardless of the job you have. Before you decide to find another opportunity, talk to us and see how we can keep you.”
That kind of dialog sends a message that the new hire is valuable to the company even before working one second on a single project. And you set the tone immediately that there is the possibility of open communication. But then you can’t go back into your shell after that. Ask questions. Engage with employees. Meet them where they’re at. Transparency doesn’t start and end with worker onboarding. It never ends. But that’s a great thing for everyone.
Engagement = Retention
It’s a simple formula with long-lasting ramifications. According to a survey conducted by Gallup, employees who have strong and supportive leadership are 70% more likely to be engaged at work. This supportive leadership is the sole responsibility of the team leader or manager.
Did you know that the third-highest reason (after pay and advancement opportunities) why people leave their jobs is because of company leadership? (This stat also comes from a Gallup survey). So, yeah, the saying “People leave their managers, not their companies” is actually true.
In early 2023, Gallup also noted that 32% of employees are engaged at work, while 18% are actively disengaged out of 15,000 people surveyed. As you have no doubt guessed, disengaged employees are more likely to leave.
Simple Strategies to Get You Leading by Example
There is one misconception we want to set straight about leading by example. You don’t have to be perfect. No one is. You just have to be a leader.
We all mess up sometimes. Heck, we’re human. Are company leaders set to a higher standard? Yes. That’s one of the burdens of being someone in a leadership role. But you don’t have to be perfect.
Take a look at some easy strategies to lead by example in your company.
1. Set Clear Expectations
Clearly communicate your expectations and the company’s values to your team. Lead by example by consistently demonstrating these values in your own actions and decision-making, in whatever dynamic your company culture is.
2. Be Transparent
Foster a culture of transparency by openly sharing information with your team. Involve employees in decision-making processes and communicate the rationale behind critical decisions. This process helps build trust and shows employees that their opinions and contributions are valued. Employees need to know the why behind decisions, not just the how.
3. Encourage Collaboration
Create opportunities for cross-departmental collaboration and teamwork. Encourage employees to share knowledge and support one another. As a leader, actively participate in collaborative efforts and demonstrate the value of working together towards shared goals.
4. Continuously Learn and Grow
If you’re not growing, what are you doing? Demonstrate a commitment to personal and professional growth by actively seeking opportunities to learn and develop new skills. Encourage employees to do the same by providing resources for ongoing learning and supporting career development.
5. Practice Work-Life Balance
Take time off when needed, prioritize self-care, and encourage employees to do the same. Show that you value the well-being of your team by fostering a supportive and flexible work environment.
6. Provide Regular Feedback
Transparency includes offering timely and constructive feedback to your team members. Celebrate their successes and provide guidance for improvement. By actively engaging in feedback discussions, you show your commitment to growth and development while creating an environment where feedback is valued and encouraged from all sides.
Book a Coaching Call Today
We know leading by example isn’t necessarily hard, but you have to do it intentionally and every day for it to be effective.
Take the next steps in your journey to leading by example with an open-book management culture at your company. Making this change is one way to show your employees and leadership team that you have their best interests at heart.
Get personalized coaching from the Great Game of Business today!
How do you decide between low risk vs high risk investments? When it comes to investing your hard-earned money, one of the fundamental decisions you’ll face is choosing between low vs high-risk investments.
Investing can be rewarding given the right circumstances, but risk is always a factor that has to be carefully considered. One of the most common issues for anyone just getting into the world of investing is whether high-risk or low-risk investments are the right way to go and what the differences are.
Since risk is always present in investments, many people new to this financial area assume that it is a well-defined subject. Unfortunately, that is not always the case. Arguably, there is not always agreement on how to calculate risk, even in a Trading Review.
In this article, we will explore the world of investments by comparing the differences and examples of low risk vs high risk investments and why having a balanced portfolio is a good strategy.
Low Risk vs High Risk investments: The Differences
Perhaps the best way to think about the risk involved in investing is as the probability of an asset suffering a loss of value or performing far below expectations.
For example, as an investor, when you get your hands on an asset expecting a 10 percent return, you should understand that the likelihood of the return turning out to be below this is the risk of that particular investment.
No one doubts that risk is always involved with different types of investment options, but does this mean you should always look for low risk options as opposed to high risk ones? Let’s consider the differences before you decide between low vs high risk investments.
High Risk Investments
High risk investment options include those that come with a significant chance of loss of capital or poor performance. This definition might seem straightforward to some investors, but it can be subjective.
For example, most people would arguably consider an investment with a 50/50 chance of a successful return to be acceptably risky while others would not. On the other hand, an investment with a 90 percent chance of loss is certainly a high risk to most if not all investors.
Low Risk Investments
When investors choose low risk options, they are putting less possible loss at stake. However, this means that there is less to gain as well.
The most attractive thing about low-risk investments is the protection they afford against possible losses. This does not necessarily mean that losses will not happen but most certainly that none will be completely devastating.
Low Risk vs High Risk Investments: Examples
Risk and reward are key elements in the world of investing. To put it simply, the higher the potential reward of a particular investment, the higher the risk of losing capital and/or underperformance.
Low-risk investments, on the other hand, offer lower potential returns.
Low Risk Investments Examples
Risk can be measured by the possibility of an investment falling in value and/or underperforming relative to what the investor might expect. With low-risk investments, less is on the line, either in terms of capital or the portfolio’s value. As we mentioned, the possibility of gains is also much lower.
The great thing about low risk investment options is that investors enjoy protection against financially catastrophic results. Some low-risk investments include:
1. Fixed Deposits
A fixed deposit (FD) is a bank account that typically provides a higher rate of interest than a regular bank account. The investor must agree to lock their capital to the account for a fixed period of time to enjoy a higher return rate.
Fixed Deposits are offered by banks or NBFCs (non-banking financial companies). FDs come with the promise of stable returns and very little risk of adverse results.
2. Public Provident Fund
Public Provident Fund (PPF) is a long-term savings option for investors who want government backing and tax benefits.
A PPF account generally has a maturity of 15 years and the returns from it are not taxable under Income Tax, meaning that investors keep more of their profits. To know more about Public Provident Fund (PPF) click here.
High Risk investments Examples
Some people compare high risk investments to high-stakes gambling where you are taking on financial risk with a high probability of loss while hoping for a big return if things go your way.
Some examples of high-risk investments include:
1. Direct Equities
Direct equities are shares of a public company that investors can obtain directly from the stock market with an investment account and the help of a stockbroker.
Direct investment in the stock markets can maximize returns considerably, but the risk involved is just as considerable, so this is not for everyone.
2. Equity Funds
Equity funds or stock funds are mutual funds that focus investments primarily in stocks. Mutual funds are ideal for investors with little to no time for portfolio management while offering higher returns than FDs and less risk than typical stocks.
A unit-linked insurance plan (ULIP) provides life risk cover with a market-linked investment. Part of the premium goes to insurance coverage and part is for the investment.
The investment in question can involve equity or debt funds or bonds, depending on how much risk the investor is willing to take on.
Low Risk vs High Risk Investments: Advantages of a Balanced Portfolio
Even with all the information investors can obtain about both high-risk and low-risk investments, making the right choice between the two can be daunting. With this in mind, a balanced portfolio might make more sense.
A balanced portfolio is typically one with a mix of high risk and low risk investment options such as stocks and bonds. The strategy here is to enjoy the possibility of stock market returns with a cushion to counter underperformance.
A balanced investment portfolio comes with advantages such as:
Minimized market risk if certain investments underperform
A built-in investment cushion
Managing investments and risk over time can be considerably easier
Of course, minimizing risk and maximizing possible returns is not just about combining a bunch of high-risk and low-risk investment options. You have to stay on top of financial news to help you decide what investments are right for your goals and perhaps rely on a professional financial advisor.
Conclusion
Now that you know how low risk investments differ from high risk ones, you are in a better position to decide which one is right for you.
Making this financial choice greatly depends on your investment goals and how much risk you are willing to accept. A balanced portfolio that includes both high-risk and low-risk investments might be more to your liking since it balances things out nicely with a combination of stability and risk.
I am Adeyemi Adetilewa, an SEO Specialist helping online businesses grow through content creation and proven SEO strategies. Proficient in WordPress CMS, Technical Site Audits, Search Engine Optimization, Keyword Research, and Technical Writing (Portfolio).
Founder and Editor-In-Chief of Ideas Plus Business Magazine, an online business resource for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured in the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.
It’s that time of the week again. You’ve managed your team’s changing schedules, finalized payroll, and chased up all those outstanding client invoices — and now, it’s time to start all over again. Except you can’t find the spreadsheet you wrote everyone’s schedules on, don’t remember if you sent out all the payslips, and just know that there’s one more payment you forgot to follow up on. Between juggling your electricians’ schedules, managing payroll, and creating invoices, you might spend so much time running your business that you can’t even think about growth or expansion.
That might be why you’re considering an app that’ll relieve all that tedious paperwork and help you schedule more efficiently, track time more accurately, and streamline all your essential day-to-day tasks.
Knowing what to look for in electrical contractor software is tricky, especially when you don’t have time to sit and learn about them all.
Never fear. In this post, we’ll go through:
What to keep in mind when choosing an electrical contractor software tool
The six best electrical contractor software in 2023, comparing their top features, pricing, and pros and cons
One easy app to manage your hourly team.
Get your team in sync with our easy-to-use, all-in-one employee app.
What to look for in an electrical contractor software tool
Before we dive into our selection of electrical contractor software solutions and their features, let’s discuss what you should keep an eye out for before making any final decisions:
Automated scheduling tool with templates: Managing schedules is likely your most time-consuming task. But there’s no need to spend hours manually creating them each week, cross-checking availability, and trying to avoid clashes. With Homebase, you can automatically generate error-free schedules and turn your best timetables into templates to use again and again in the future.
A time clock with GPS-enabled time tracking: Recording employee hours accurately is the best way to ensure you both pay electricians for their work fairly and don’t rack up unnecessary labor costs. And an app with a built-in GPS time tracking feature also makes it easy to ensure employees are where they’re supposed to be.
Easy-to-use, built-in payroll: Having systems in place so you always pay contractors on time can take a lot of stress off your plate. Instead of having to manually input numbers for each person on your payroll, an automated tool means you can send out all paychecks with just a few clicks.
Mobile app for team communication and coordination: Coworkers can easily share important updates throughout the workday, coordinate swaps, and ask for support without much intervention from management necessary. In addition, keeping all your communications in one place makes creating a strong dynamic and building better teams that much easier.
Top 6 electrical contractor software tools in 2023
It goes without saying that our top pick for an electrical contractor software solution is Homebase. Our platform is a one-stop-shop for small business owners that need tools for scheduling, time tracking, payroll, and team communication.
However, Homebase isn’t the only option out there, and it’s good for peace of mind to know what’s available. We’ve put together a list of the top electrical contractor software tools in 2023 to help make your decision easier:
Homebase scheduling allows managers to view employee availability and highlight clashes easily.
Homebase is an all-in-one solution for small businesses that helps owners and managers take care of scheduling, payroll, team communication, and time tracking, along with solutions for hiring and HR and compliance. The wide range of integrations also makes it easy for you to fit the platform into your existing workflows.
We designed our platform specifically for small business owners who need an easy-to-use tool that allows them to get on with the most pressing matters of the day. And not to mention, our excellent customer service team will always be on hand to help you every step of the way.
Homebase is ideal for busy contractors who want to spend less time on administrative tasks like filling out paperwork or creating schedules. Instead, you can streamline and automate this kind of work within one handy app.
Top features
Time tracking tools with built-in GPS to avoid time theft
Scheduling feature that auto-populates timetables to save you time
Shift-swapping and open shift-claiming capabilities that require little managerial intervention
Team communication app that makes it easy for coworkers to stay in touch and allows for easy shift coordination
Built-in payroll system that converts timesheets into wages and makes the whole process smooth and simple
Mobile app that gives employees easy access to their schedules, pay stubs, and beyond
Pros and cons
Pros
All-in-one solution
Easy to set up
Beginner-friendly
Convenient team communication app
Built-in payroll tool
Free plan with basic time tracking and scheduling features
Affordable with good value paid plans
Cons
Mostly focused on small businesses with hourly teams
May offer more features than you need
Pricing
Homebase offers four tiers of paid plans:
Basic — Free for one location and up to 20 employees. It includes basic scheduling and time tracking, employee management tools like messaging, point-of-sale integrations, and access to email support.
Essentials — $24.95 per month per location. Everything in Basic, plus payroll integrations, team communication, performance tracking, advanced time tracking and scheduling, and access to live support.
Plus — $59.95 per month per location. Everything in Essentials, plus hiring tools, retention and performance tracking, time off controls, and departments and permissions.
All-in-one — $99.95 per month per location. Everything in Plus, with HR and compliance, new hire onboarding, labor cost controls, and business insights.
Run a better team with smarter scheduling.
Homebase optimizes your schedule and keeps your team in sync.
2. Jobber: Best for home services businesses
Jobber is a field service management software that integrates scheduling, invoicing, and team communications in one easy-to-use platform. It’s ideal for small home service businesses that aim for more efficient scheduling and invoicing.
Top features
Calendar tool
Online booking feature
Push notifications
Personalized customer invoices
Pros and cons
Pros
Easy to use
Lots of integrations
Robust scheduling features
Cons
No free plan
Gets expensive quickly
Features are limited in the lowest pricing plan
Pricing
Jobber offers four levels of pricing:
Lite: Manage unlimited clients, send quotes and invoices, and create a 24/7 client self-service hub for $9/month (1 user)
Core: Everything in Lite, plus schedule and manage jobs, share online request forms, and access built-in reports for $49/month (1 user)
Connect: Everything in Core, plus automated reminders, automatic payments, and online booking for $129/month (1-5 users)
Grow: Everything in Connect, plus quote add-ons and images, job costing, automated quote follow-ups, and two-way text messaging for $249/month (1-15 users)
3. Tradify: Best for quoting and invoicing
Tradify is a job management software designed for businesses with 1-20 employees in the trades and services industries. It can monitor every job from start to finish and allow you to stay on top of your busy schedule by keeping track of staff as well as their jobs, invoices, quotes, and payments. It’s a simple app that does the heavy lifting for you by allowing you to capture inquiries on the go, create quotes quickly, and give you a full view of your job schedule.
Top features
Quoting feature
Automated follow-up emails
Job and time tracking software
A real-time map view of active jobs and staff locations
Pros and cons
Pros
Can be used across multiple platforms
Easy to track jobs
Cons
Other solutions allow for more customized invoices
Can make devices run slowly
Pricing
Tradify has one paid plan that costs $34 per user. It also offers a 14-day free trial.
4. WorkWave: Best for electrician-specific features
WorkWave is a cloud-based field service management solution that’s designed for the service industry. The platform provides tools for a variety of business owners, including electrical contractors. Dashboards provide actionable data that can drive more sales, encourage faster payments, and make processes more efficient while saving you valuable time and easing decision-making.
Top features
Customer portals
Dashboards that are complete with key metrics and actionable information
A simple drag-and-drop scheduling tool
Workflow management capabilities
Pros and cons
Pros
Electrician-specific scheduling feature
Straightforward design
Cons
Pricing
WorkWave’s pricing isn’t readily available.
5. Housecall Pro: Best for dispatching
Housecall Pro is an all-in-one field service management solution for tradespeople. Contractors can invoice and get paid directly through the app, and its easy-to-use scheduling and dispatching tools save hours of administrative headaches.
Users can work more efficiently with its drag-and-drop scheduling software, giving them more time to spend booking jobs and serving clients. Housecall Pro customers can move away from pen and paper by digitizing their workflows and streamlining their business operations.
Top features
Job scheduling calendar
Team dispatch notifications
Batch invoicing feature
QuickBooks integration that automatically pushes data from Housecall Pro to QuickBooks
Pros and cons
Pros
Contractors can invoice and get paid directly through the app
Customizable online booking feature
Great for streamlining business operations
Cons
Pricing
Basic: A wide range of features that includes drag-and-drop scheduling, real-time dispatching, and paperless invoicing for $49/month for one user.
Essentials: All the Basic features, plus a QuickBooks integration, detailed reporting, and custom checklists for $129/month for one to five users.
MAX: All the Essentials features, plus advanced reporting, data integration via open API, and escalated phone support.
6. ServiceTitan: Best for real-time time tracking
Armed with both in-office and field operations features, ServiceTitan provides a platform that enables home and commercial contractors to cut back on administrative work and provide their customers with seamless service. In-app communication makes it easy for managers and employees to stay in touch while they’re out on jobs. Technicians can also upload forms to the app, saving you the hassle of dealing with missing paperwork, annoyed customers, and delays.
Top features
Service scheduling software
Flexible payment options
Automatic timesheets
Technician tracking
Pros and cons
Pros
Easy staff scheduling
Lots of tracking features
The ability to view real-time data
Easy access to customer details
Cons
Pricing
ServiceTitan doesn’t have any pricing information available on the website.
Streamline your business operations with electrical contractor software
Keeping on top of endless paperwork, schedules, outstanding invoices, and payroll at the same time as trying to make sure employees are satisfied with their jobs can be a thankless task. It’s an essential part of running a smooth small business, but it can all pile up and block you from taking your operation in new and exciting directions.
But Homebase can help you do it all without the steep learning curve or prohibitive pricing structures of some of the other solutions on this list. Homebase offers features for staff scheduling, time tracking, timesheets, and built-in payroll that cut out the need for additional software. Say goodbye to pen, paper, and all those administrative headaches, and hello to Homebase.
Jessica is the founder and CEO of nationally recognized marketing and PR firms Valux Digital and uPro Digital.
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The importance of digital marketing continues to grow for brands worldwide. In 2023 alone, brands’ spending on digital advertising grew by over 10% across the globe. The advent of digital marketing channels has gone hand in hand with a growing reliance on data.
Measuring and understanding how consumers make choices used to rely on assumption and experience. Today, leading brands in every industry are focusing on gathering data and extracting meaning from it. Data-driven storytelling has become one of the cornerstones of successful PR and marketing campaigns. In this article, I discuss how your brand can use data-driven storytelling to engage your audiences.
What Is Data-Driven Storytelling?
Storytelling is as old as humanity itself. Studies show that our brains are wired to understand and retain information delivered through a story better than the same information presented purely as a list of facts.
That’s why leading brands are using storytelling to connect with their audiences. Data-driven storytelling combines the allure of a well-crafted narrative with hard facts. Consumer data or information about market trends removes uncertainty from storytelling. Rather than assuming that a brand story will connect to the audience, brand teams can be sure that the story they’re telling is relevant to their public’s pain points and will resonate with viewers or readers.
Understanding The Power Of Data In PR And Digital Marketing
Digital technology has allowed brands to gather unparalleled insights into consumer behavior, their preferences and the purchase process itself. Rich data can clearly show customer preferences.
Brand teams can use these insights to predict market trends and avoid missing out on business opportunities. In addition, data can highlight which products and services are likely to be most successful and where changes are needed.
Of course, brands have been adapting products and services long before the digital era, using market research to guide their work. However, the amount and depth of data available today allow businesses to understand their customers and their market position far better than just a few years ago. The same data also helps target PR and digital marketing campaigns more accurately, increasing their impact in the process.
Extracting Information For Data-Driven Narratives
Gathering data and presenting figures isn’t enough to create a compelling narrative. In fact, digital marketers may find themselves overwhelmed with the amount of data in front of them. To create narratives that resonate with brand audiences, it’s critical to identify the strongest pieces of information and put them into a context that audiences relate to.
Example: Telling Stories Of Transformation In The Fitness Industry
The health and fitness industry is a great example of successful data-driven storytelling. Most modern smartphones come preloaded with applications that log data about the user’s daily activities. They measure the number of steps someone takes and record the level of exertion required. But simply visualizing this type of information doesn’t compel users to change their habits.
Putting the data into the context of recommendations by medical professionals, for example, creates a narrative. Using data, the app can deliver more meaningful and ultimately actionable information. Visualization is a critical factor in that process. This type of information is more likely to engage and inspire users.
To become truly engrossing, data-driven storytelling can go further in the fitness industry. Modern devices and apps can record exercise duration, heart rate, sleep data and stress levels. Based on true user data, they can then provide personalized recommendations.
In 2020, fitness app Running Stories tried to take things even further by building a narrative that made the user a protagonist in their own story. The developers used data gathered from actual training sessions to make the runner the hero of the narrative. Since then, things have become quiet around this particular app, but the approach is certainly worth noting.
Measuring The Impact Of Data-Driven Storytelling
Clearly defined key performance indicators (KPIs) and campaign objectives are essential to understanding the impact of data-driven storytelling. Once those have been defined, brand teams need to monitor their campaigns’ performance regularly to identify what’s working and where changes may be necessary. Basing storytelling on actual data makes it possible to quantify the impact of strong narratives on campaign performance.
Challenges In Data-Driven Storytelling
Just as the use of data in digital marketing has grown, so have some of the challenges associated with data.
1. Respecting Ethical Boundaries
The need to collect and analyze data ethically is one of the biggest considerations of brands planning to use data-driven storytelling. Consumers expect brands to be transparent about the type of information they collect and their intended use. A lack of honesty in this area can quickly and irreparably damage trust between brands and their customers.
2. Overcoming Consumers’ Reluctance To Share Information
Respecting consumers’ boundaries is directly connected to overcoming consumers’ reluctance to share their personal information. Many brands are looking to collect personal information from their users to improve the user experience.
However, most modern consumers have had negative experiences with brands selling information and are reluctant to share their data. Transparency is the key to overcoming this obstacle.
3. Respecting Legal Regulation
Brands need to be aware of any laws and regulations that govern data gathering and analysis in their area. The EU’s General Data Protection Regulation (GDPR) affects any business with customers in Europe. California’s Consumer Privacy Act (CCPA) also limits brand activities and demands consumer consent.
Conclusion
Data-driven storytelling can maximize the impact of digital marketing and PR campaigns. To implement data-driven storytelling successfully, brands need to respect consumer privacy during data gathering, extract the most compelling data points and continuously measure the impact of their stories on their brand.
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by Treatment Type (Preventive Treatment, Restorative Treatment, Prosthodontics Treatment, OMS, and Other Treatments)
Dental Tourism Market Applications:
NA
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The global “Dental Tourism market” research is an in-depth examination of current trends, growth drivers, entry obstacles, and potential growth areas in the Dental Tourism industry. It employs both primary and secondary research approaches to acquire trustworthy information from important players and industry professionals. Primary research entails interviewing industry experts to obtain firsthand information on market dynamics and growth factors, which is then cross-verified using secondary research from sources such as industry studies, governmental publications, and business websites. The study also makes use of analytical tools such as SWOT analysis, Porter’s Five Forces analysis, and market segmentation to provide a comprehensive overview of global market trends and the competitive landscape.
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About Us
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code – Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
You’re reading this in early September when the winter holidays are still around three months away. But if you’re an e-commerce or B2C company, you need to start thinking about the holidays in August at the latest because, if the winter holiday season is the key to your success, planning is everything.
Lead management is an essential part of the marketing and sales process. Basically, it’s every activity that nurtures new leads into paying customers, commonly called the sales funnel.
Companies can get new leads in a variety of ways, which is called lead generation. New leads can come from web forms, events, tracked cookies, purchased lists, social networking, and more.
Once a company generates a new lead, it takes various actions to engage the potential customers and move them through the funnel until eventually making a purchase. Those activities can be as simple as sending e-newsletters or as complex as providing white papers and webinars.
Any leads that are duplicates, not real, or unresponsive get removed at each step of the funnel. Those who remain become qualified leads as their interactions suggest they’re more likely to purchase. Many lead management techniques involve rating a customer’s potential to buy using lead scoring.
Much of the lead management process is about curating your list and tracking leads. You’ll need essential information like their name, contact information, what topics they’re interested in, and demographic information. For business-to-business (B2B) sales, this also includes their company, job title, responsibilities, etc.
Leads are often segmented into groups for targeted marketing campaigns. This helps salespeople engage leads with more specificity and enables them to speak directly to the lead’s needs and challenges.
Lead management techniques involve improving the engagement process to reduce the number of leads lost in the funnel. It also involves techniques to improve your sales conversion rates for qualified leads.
How does Lead Management Software work?
Lead management software helps businesses and sales teams improve lead data management, reduce repetitive tasks, and focus on high-impact assignments. Some systems match leads to specific sales reps based on preset criteria.
Many platforms are interrelated to customer relationship management (CRM) databases. A CRM records all customer information and history. This is vital for teams managing hundreds or thousands of leads since the sales rep can access the individual customer’s CRM page when trying to nurture a lead or convert a sale.
However, lead management tools also include the sales pipeline, which is a set of actions to take to nurture the lead through the funnel. Most lead management software options include tools to segment lists for more accurate targeting.
Most tools integrate with or have built-in tools for email marketing, auto-scheduling calls/demos, and other contact points. Additional features could include advanced automations, artificial intelligence (AI) assistance, and sales conversion tools.
What are the essential Lead Management Software features?
Lead management software is constantly evolving, so the available features become more robust. For example, recent advances in AI have significantly increased the tools sales teams can use to track leads and convert sales.
However, there are core features that remain constant. Here are the most essential features of a lead management platform.
Lead Capture & Activity Tracking
The system must be able to capture new leads. This often involves creating forms, post-click landing pages, and other types of data harvesting. It should also integrate with other programs to import and export lead lists easily.
Activity tracking involves recording every touchpoint and interaction with the lead. This includes how the lead was generated, any links or items they clicked on, heatmap activity, email opens or clicks, page visits, and previous sales history.
It also involves tracking any phone calls, emails, or in-person networking events with sales, marketing, or customer support (interactions with support can be a treasure trove of engaged lead activity). In most cases, the sales rep enters the exchange and notes what was discussed in the CRM or similar program. That way, the sales rep or any team member can quickly recall previous touchpoints when interacting with the lead.
Lead Scoring
Lead scoring is a process that helps ensure marketing is only forwarding qualified leads to sales. Sending leads that haven’t been warmed up could waste time and effort as sales try to close deals with leads that aren’t interested in the company’s products or services.
Cold leads are prospective customers who don’t have a history of engaging with the company. This could be new leads from a purchased list or those that haven’t opened emails, responded to calls, etc. Marketing teams shouldn’t send cold leads to sales reps but should instead move them into the pipeline for lead nurturing.
Warm leads usually come from internet forms or page visits, basically, any potential customer who took action to get added to your database. Moreover, warm leads have had positive activity in the sales pipeline, such as opening emails, clicking links, etc.
Hot leads are potential or repeat customers that are ready to purchase. These leads should have the highest priority when sending to the sales team. A hot lead has been properly nurtured through the sales funnel and is primed for the sales conversion process.
The lead scoring process helps identify where they are in the process so you can improve your sales conversion efficiency. A good lead management program has built-in scoring features to help with segmentation.
Lead Nurturing
The lead nurturing process involves keeping leads engaged with your brand. Software tools help you segment lists for targeted campaigns that speak to the potential customers’ needs and interests.
Many lead nurturing tools include automatic email trigger campaigns. For example, a new lead enters your database after downloading a free guide. The trigger campaign sends an auto-welcome email, followed by a target email on the subject of the free guide a few days later.
The nurturing system should also include notifications when a lead takes an action and moves further down the sales funnel. The lead scoring and nurturing processes often work hand-in-hand.
Intelligent Routing
Intelligent routing features provide a method to move high-scoring, qualified leads to the sales team. The process helps ensure you’re sending the right lead to the right sales rep at the right time. Timing is crucial when converting a sale – as the saying goes, you have to strike when the iron [or lead] is hot.
Campaign Management Dashboard
The campaign management dashboard provides a complete overview of your lead generation, scoring, and nurturing efforts. The majority of lead generation software includes a campaign management dashboard (or similar features), but the interface and tools can vary significantly. Finding a program with a dashboard conducive to your needs is an essential component of selecting the best SaaS provider.
However, most dashboards should enable users to:
Identify the campaigns that generate the most leads.
Pinpoint your most qualified leads.
Monitor and report key lead management metrics.
Gain an overview of the average customer lifecycle.
Track overall performance and productivity of marketing & sales.
Some programs include integrations or API capabilities that enhance your dashboard, provide more robust data, and allow greater dashboard customization.
Analytics & Reporting
Your lead management software should include the ability to track key performance indicators (KPIs) and analytics. Common examples include tracking your acquisition and conversion rates.
The system should also let you pull those analytics into easy-to-read reports. This lets you quickly identify successful efforts versus areas that could use improvement. It’s also essential for reporting data and performance to key stakeholders and executive leadership.
Built-in Communications
Lead management only works when marketing and sales have the tools to communicate with potential customers. Most platforms include email integrations and built-in tools for voice communications, SMS marketing, chatbots, or push notifications.
Some systems include intelligent notification systems programmed to notify all relevant parties about the status of a particular sales account. This improves efficiency in relaying data across departments.
Integrations
Lead management software systems are only one aspect of your overall marketing and sales software ecosystems. As such, it’s crucial to have software that integrates with other platforms. Chances are your marketing and sales teams are using different software.
Many options have built-in integrations, but one of the best ways to avoid any compatibility issues is to use a program that has open API, REST API, custom app builders, or open source code. These tools can greatly expand your software’s capabilities with add-ons and widgets.
Advanced Security Options
Lead management and CRM systems contain detailed information about your customers. With the prevalence of cyber-attacks and data mining, you should look for software that can secure that information to protect your customers and your company.
Examples of security options include:
Two-factor authentication (2FA).
Single Sign-On (SSO) solutions.
SSL encryption.
Vulnerability scanning.
Malware detection.
What are the Best Lead Management Software providers?
Here is our list of the top lead management and tracking software options.
Pipedrive
Pipedrive is a cloud-based CRM that focuses on activities to help empower sales professionals to nurture leads into paying customers. As its name suggests, the focus of the platform is to drive leads through the sales pipeline.
It focuses on activities rather than outcomes. Salespeople can use it for call recording, client tracking, and online forms.
The CRM is very popular with small and medium-sized businesses (SMBs), with over 85,000 companies using it. That’s because it combines robust and advanced features with an easy-to-use interface and functions.
Pipedrive helps salespeople remain organized to focus on selling. It’s suitable for companies with up to 1,000 employees.
Pipedrive Features
Some of the platform’s standout features include:
Pipeline management.
Customizable dashboard for resource management.
Churn management.
Data importing and exporting.
Sales reporting & forecasting.
Collaboration tools.
Chatbot creation for websites.
Efficient reporting.
Pipedrive Pricing
Essential: $9.99/user per month.
Advanced: $19.90/user per month.
Professional: $39.90/user per month.
Power: $49.90/user per month.
Enterprise: $59.90/user per month.
Pipedrive Pros & Cons
Pros:
Intuitive interface with deal-focused workflow.
Automation for tedious processes.
Dashboard customization.
A central hub of customer history and information.
Cons:
Doesn’t separate new leads and contacts.
The number of filters can make it complex.
There is no way to have separate plans for users in the same organization.
The mobile app is not as intuitive.
Zoho CRM
Zoho CRM is part of the Zoho suite of office products. It’s widely popular for SMBs and provides excellent value for the price.
The cloud-based solution is a 360-degree customer lifecycle platform that offers over 500 integrations. It’s ideal for businesses already invested in Zoho products but can also be used by any business.
Zoho CRM Features
Here are some of the platform’s standout features:
Robust lead tracking tools.
Targeted email marketing.
AI-powered conversion assistant.
Omnichannel communications options.
Card scanner app.
Live chat.
Google Ads and social media integration.
Robust mobile app.
Zoho CRM Pricing
Standard: $14/user per month.
Professional: $23/user per month.
Enterprise: $40/user per month (most popular).
Ultimate: $52/user per month.
Zoho CRM Pros & Cons
Pros:
Provides a deep set of features.
Highly customizable.
AI assistance tools.
Source tracking.
Robust email marketing capabilities.
Cons:
Data duplication issues.
Steep learning curve for new users.
Advanced features are only available in higher price tiers.
HubSpot
HubSpot is a comprehensive marketing platform that includes lead management, CRM, and email marketing. Its Sales Hub handles customer relationships and lead management efforts.
The software provides users with complete real-time pipeline visibility with an efficient dashboard view. The interface is user-friendly, and the company provides significant training resources, including in-person training sessions.
HubSpot Features
Here are some of the platform’s standout features:
Email tracking and notifications, including reply email tracking.
Dashboard reporting.
Integrated marketing and sales solutions.
Client meeting scheduling.
Social media posting tools.
HubSpot Pricing
Free tools: $0 (limited features).
Starter: $45/month billed annually.
Professional: $1,600/month billed annually.
Enterprise: $5,000/month billed annually.
HubSpot Pros & Cons
Pros:
Free plan available.
Robust set of features.
Comprehensive CRM & marketing platform.
Pipeline & campaign management.
Easy to import and export leads.
Detailed training is available.
Cons:
Unwanted data can get added to the CRM.
Some basic features are only available on higher-priced plans.
The free version doesn’t have many CRM features.
Some features have a steep learning curve.
Freshsales
Freshsales is a robust lead management solution for small or mid-sized businesses with up to 500 employees. It stands out for its quick setup and automation features to help SMBs streamline their lead nurturing and sales processes.
The program is part of the larger suite of Freshworks products. Freshsales offers affordable plans for small teams, AI-powered features, and more.
Freshsales Features
Here are the platform’s standout features:
Excellent mobile app to access databases on the go.
The learning curve requires close study of the software.
Workflow automation is only available on the Pro plan and up.
Salesforce
Salesforce is an industry-leading CRM, marketing automation software, and sales solution. Thousands of businesses of all sizes utilize the company’s suite of products.
The lead management tools help revenue teams efficiently manage and nurture potential clients. Salesforce continues to be the CRM to beat with an ever-expanding feature set, but its pricing might put it out of reach for some small businesses.
Salesforce Features
Robust mobile app.
Integrated sales & marketing solutions.
Automatically track emails, calls, and meetings.
AI tools and assistance.
Salesforce Sales Cloud Pricing
Starter: $25/user per month billed annually.
Professional: $80/user per month billed annually.
Enterprise: $165/user per month billed annually.
Unlimited: $330/user per month billed annually.
Salesforce Pros & Cons
Pros:
Industry-leading solution.
Many features and customization options.
Powerful collaboration tools.
Robust third-party app marketplace.
AI-based sales assistant.
Cons:
Complicated product suite & pricing structure.
It could be too pricey for small businesses.
Steep learning curve for new users.
How do I choose the Best Lead Management Software for my business?
Choosing the best lead management software for your business depends on your unique needs. However, there are some key factors you should consider.
Features
Look for essential features like sales forecasting, pipeline analysis, CRM dashboard customization, and integrations. With technological advancements, also look for programs that offer the latest and greatest tools, such as AI assistance, response to leads, automated data collection and management, scheduling, and task management.
Automation
Automation might be the most important feature in any lead management system. Setting up automated workflows significantly improves efficiency and helps with timely communications, lead scoring, and more. In short, effective automation will make your life easier while improving outcomes.
Value
Finding the program that gives you the most for each dollar spent can be tedious but also crucial. You want to avoid overpaying for features or tools you don’t need while ensuring you get everything you need to do the job.
Customer Support
Technical issues could cause significant process delays. Look for companies that offer robust support options. The best providers offer 24/7 support by phone, email, or chat. Also, look for companies that provide training materials and tutorials, FAQs, and user-supported community forums.
Scalability
Solutions that work today might be too limited as your company grows and expands its customer base and lead generation. Look for software options that can scale with your operations.
Ease-of-Use
The software should be suitable for your experience and comfort level. Look for options with a user-friendly UI with visual tools. Even if your marketing or sales teams are tech-savvy, a simple and straightforward program can save significant time on setup and managing. After all, you want your team to focus time and energy on driving sales, not on setting up clunky software.
User Reviews
It’s also a good idea to read user reviews from your fellow small business owners or marketing and sales professionals. You can read reviews on sites like Google Reviews, Trustpilot, and the Better Business (BBB). There might also be industry-specific publications that review these programs. Pay close attention to mentions of specific features you need. A product might have a high rating, but if its negative reviews suggest an essential feature for you isn’t up to par, you should find another solution.
Frequently Asked Questions
Here are the most common questions about the best lead management software and tracking apps.
How much does Lead Management Software cost?
The costs for lead management software solutions can range from free to over $1,200 per user per month. Free solutions are often barebones and intended for individuals or very small teams.
Most basic or starter plans range from $12 to $100 per month. Mid-tier plans typically cost between $100-$600 per month.
Advanced plans usually range between $600-$1,200. However, enterprise solutions and on-premise software solutions can easily exceed that.
Many lead management solutions are part of a more extensive customer and sales management program suite. For example, the higher tiers of HubSpot options cost thousands of dollars monthly but offer comprehensive email marketing, campaign management, and more.
Are there free Lead Management Software options?
Yes, there are free lead management systems, but most have limited features and tools. They could be useful for freelancers, small teams, or startups. However, in most cases, you’ll need to upgrade to a paid solution as your business grows.
Some companies offer a free plan or free trial before committing to a paid plan. Every company listed above provides a free plan.
Other free options include:
Monday.com.
ClickUp.
Thryv.
Act! CRM.
Keap.
What’s the difference between CRM & Lead Management?
CRM software is a database where a company records all customer profiles, transaction histories, and touchpoints. Lead management and tracking tools are focused on moving potential customers through the sales pipeline and converting them into paying customers.
However, these two types of software are often interrelated or fully integrated into a single solution. The reason is twofold.
One reason is that a CRM can be used to record information and history about the lead. The other reason is that the goal of lead management is to convert leads into paying customers, so having their information in the CRM helps with that process.
Are there loan options to finance Lead Management Software?
It may be possible to finance your lead management software. Several business loans could potentially help with his effort.
Business Line of Credit
Amount: $1k – $1 million.
Factor rates: 1% p/mo.
Term: Up to 36 months.
Funding speed: 1-3 business days.
A business line of credit operates like a credit card in some ways. You get a set credit limit and draw from it as needed.
You only pay interest on what you draw, and the credit limit replenishes as you repay it. This is known as a revolving line of credit.
Business lines of credit are excellent for covering unexpected costs or funding ongoing projects. You could use the credit line to help pay for the software, lead generation, and other sales-related goals.
It can help you boost revenue from sales, which can then be used to pay off the line of credit balance. Just keep in mind that you’ll still have to pay to make your minimum payments, and any balance that carries over month-to-month will accrue interest.
Business Term Loan
Amount: $10k – $5 million.
Factor rates: Starting at 1-4% p/mo.
Term: 3 months – 5 years.
Funding speed: 1 – 3 business days.
A business term loan is a traditional financing structure where you receive a large lump sum. You then repay the principal plus interest in fixed payments.
You can use business term loan funds for most business purposes, including covering software costs. Like a line of credit, you could use the loan proceeds to fund software you can use to expand your lead generation, lead management, and conversion rates. You can then repay it once revenue increases due to the boost in sales.
Other Small Business Loans
You might also be interested in one of the following small business loan options:
Best Lead Management Software for Small Business – Final Thoughts
Many considerations go into choosing lead management software. For example, do you just need lead management tracking, or do you need a full suite of marketing and sales tools? Does the software integrate with your existing business apps? Do you want a cloud-based or on-premise solution?
Answering these questions and setting a budget can help you narrow down the best options. Next, look at user reviews on sites like Trustpilot and BBB. You should see what your fellow small business owners, sales directors, or marketing managers say about the company.
It would be best if you also looked at the ease of use and automations. The point of the software is to make it easier to record, track, and nurture leads. Programs with a user-friendly interface and automation tools will give you more time to focus on crafting compelling marketing campaigns that help move your leads through the funnel.
Contact us if you have more questions on the best lead management software or to apply for a small business loan. Our alternative business funding experts can help you find the best financing options for your business needs.
Square is a payment service provider (PSP) that offers a free point-of-sale (POS) system for specific industries. Its small business services include mobile payments (like Apple Pay or Google Pay), POS systems, eCommerce, invoicing, and more.
The company became well-known for mobile processing and still offers new customers a free mobile card reader. However, it now offers complete POS systems with a wide range of hardware selections to accept payments.
Square offers an intuitive website builder, a free virtual terminal, and developer tools for online sales and eCommerce sites. It also provides social media integrations and invoicing.
The company is one of the leading POS system providers and credit card processing options for small businesses because of its “something for everybody” approach. Few providers offer everything that Square includes. Receiving funds in your bank account usually takes 1-2 business days.
However, Square doesn’t provide full-service merchant accounts, so some users experience account stability issues. Other businesses might want a more robust set of features or better pricing for high-volume sales.
Square Subscription Plans
One of Square’s standout features is a free POS account, regardless of your hardware. There are also paid subscription options for more advanced features. However, there’s no contract, so it’s a pay-as-you-go arrangement you can cancel anytime.
Square for Retail: Plans start at $60 for one location and $40 for each additional location.
Square for Restaurants: Plans start at $60 for each location.
Square Pros & Cons
Pros:
No monthly fees for basic plans.
No long-term contracts.
Provides a diverse range of hardware options.
Tailored options for retail and food service businesses.
Free eCommerce tools.
Free mobile card reader for new customers.
Free virtual terminal.
No chargeback fees.
Cons:
Account stability issues – can freeze due to irregular activity.
Less cost-effective the higher your sales volume.
Limited support options.
Not available for international businesses.
Not available for high-risk merchants, except CBD sellers.
What is PayPal for Small Business?
PayPal has been an industry leader in eCommerce for over two decades and was one of the pioneers in providing secure online payment methods. The company is recognized globally, and its all-in-one payment processing system allows merchants to access global selling.
All you need is to sign up for a PayPal business account to begin using the service to accept payments on your website or eCommerce channel. You can use it as your only payment processing service to supplement your primary service by integrating your PayPal account.
As an online payment service, it offers an extensive suite of developer tools along with invoicing and recurring billing options. The service also expanded into in-person point-of-sale systems with PayPal Zettle. It takes an average of three business days to receive the funds from customer payments in your business bank account.
PayPal for Business Subscription Plans
Like Square, PayPal offers a free account with no monthly fees that serve most small business purposes. However, paid plans are also available for advanced features or large companies.
PayPal Payments Advanced: $5/month.
PayPal Payments Pro & Virtual Terminal: $30/month.
PayPal for Enterprise: Custom pricing.
PayPal Pros & Cons
Pros:
Global platform with high consumer trust.
Predictable pricing structures.
Extensive developer tools and integrations.
Zettle allows for in-person PayPal & Venmo payments.
Low in-person transaction fees.
Cons:
Limited features for POS solutions.
Account stability issues.
Not ideal for high-volume merchants.
Fees for a virtual terminal, chargebacks, and recurring billing.
What are the similarities between Square and PayPal?
Both companies offer free accounts and affordable payment processors. The account includes a free mobile POS app for each as well.
Businesses can use Square or PayPal to process QR code payments apply discounts, invoicing, and recurring billing. Each service includes an item library where you can add product descriptions, images, and variants.
To help with processing sales and inventory management, both Square and PayPal are compatible with barcodes or SKUs. You can also add P2P payments, buy now pay later options,
Both platforms provide phone support and 24/7 chat support. In addition, merchants using Square or PayPal may become eligible for small business financing options through the payment processing companies.
What are the differences between Square and PayPal?
Now that we’ve covered what the platforms have in common let’s look at the key differences.
Square Exclusive Features
As mentioned, Square offers industry-specific POS systems, but PayPal doesn’t. Those systems include advanced features for inventory management, payroll, timekeeping, and team management.
While both companies offer POS hardware, Square has a much more comprehensive selection of card readers and registers for in-person payments. Unlike PayPal, it also includes an offline mode so businesses can continue processing transactions if the internet goes down.
Other Square exclusive features include the ability to offer customer loyalty and marketing features, multilocation management, and more robust reporting features. While neither platform works with high-risk merchants, Square makes an exception for CBD sellers.
The payment processing company also offers chargeback protection so that you won’t get a fee for chargebacks. It also doesn’t have a fee for virtual terminals.
PayPal Exclusive Features
PayPal offers extensive international sales support, including the ability to process many currencies. In addition, it accepts cryptocurrency and allows customers to pay with PayPal in person (Square only accepts PayPal payments online).
Some merchants can get micropayment rates. It also offers discounted processing rates for nonprofits.
How do Square and PayPal Processing Fees stack up?
Here’s what you can expect regarding transaction processing fees from each company.
Online Transactions
Square: 2.9% + $0.30.
PayPal: 2.59% + $0.49 – 3.49% + $0.49.
In-Person POS Transactions
Square: 2.6% + $0.10 (2.5% + $0.10 for some industry-specific options).
PayPal: 2.29% + $0.09.
QR Code Payments
Square: 2.9% + $0.30.
PayPal: 1.9% + $0.10 for transactions over $10; 2.4% + $0.05 if under $10.
Chargeback Fees
Square: None
PayPal: $20.
Recurring Billing/Invoice
Square fees depend on your plan:
Free Plan: 3.3% + $0.30 per invoice.
$20/month plan: 2.9% + $0.30.
PayPal has a fixed fee for all accounts:
$10/month (free if you use Checkout); 3.49% + $0.49 per invoice.
Card-Not-Present or Virtual Terminal Transactions
Square: 3.5% + $0.15.
PayPal: 3.09% + $0.49 per transaction (plus $30/month for the plan).
How do businesses choose Square vs. PayPal?
Choosing between the two largely depends on what type of business you run, what channels you use, and what POS features you need. Here are some tips on when you should consider Square or PayPal.
Choosing Square
Square might make more sense if you have the following business needs.
Primarily In-Person Sales
Square is the more comprehensive POS solution for brick-and-mortar businesses. It offers a more extensive suite of hardware options, advanced features, and industry-specific solutions. In particular, it’s a better option for inventory management and integrated solutions.
PayPal is still viable for in-person businesses since it offers a POS app, a mobile card reader, smart terminals, and lower processing fees. However, it lacks the advanced options and scalability of Square.
US Domestic Business
Square doesn’t support international payments the way PayPal does. You won’t need PayPal’s international services if your business operates only in the US.
Low Average Ticket Size
While PayPal has a lower percentage for in-person transactions, it has a higher fixed fee at 49 cents compared to Square’s 30 cents. That difference can really add up if your average ticket size is small.
Multichannel Features
Businesses that want multichannel features in a platform should use Square. It lets you connect inventory reporting solutions, email marketing support, and loyalty programs easily.
Fast Online Store Needs
Square is a better fit for businesses that want a simple solution to quickly get an online store up and running. The free plan provides tools to launch a basic eCommerce website. However, you’ll need a paid plan for advanced features.
Scaling
Square is a better option for businesses that project the need to scale operations in the future. It offers more features in its higher-tiered plans, including various premium add-ons. In addition, it offers more third-party software integrations and add-ons.
CBD Sales
Square payment processing supports CBD sales. PayPal does not.
Choosing PayPal
Here are situations where PayPal would be a better fit for your business needs.
Primarily Online Businesses
PayPal began as an online payment system and still has a clear advantage in that area. You can sell from multiple online channels (Amazon, eBay, etc.), accept cryptocurrency payments, and get support for international currencies.
Leveraging the PayPal Brand
Some small businesses and online sellers like that they can leverage the PayPal brand to lend their brand more authority. PayPal has higher consumer confidence, so they’re more likely to purchase when they see that logo.
Low-Volume In-Person Sales
While PayPal doesn’t offer the same features or scalability as Square, it does have lower transaction rates, making Zettle suitable for low-volume in-person businesses. In particular, if you’re an online seller looking to expand into brick-and-mortar retail, PayPal Zettle could be a good fit.
In-Person PayPal Payments
Businesses that want to offer their customers the ability to use PayPal for in-person transactions must choose PayPal Zettle. Square doesn’t support this functionality. It only processes PayPal payments for online transactions.
Supplementing an Existing Payment Processor
Businesses that already have a payment processor in place might want to expand their options by offering online payments via PayPal. Square doesn’t support this.
Frequently Asked Questions
Here are the most common questions about PayPal vs Square.
Is Square or PayPal Cheaper?
Unfortunately, the differences in their pricing structures make it impossible to say one platform is cheaper than the other definitively. Their comparability in costs is one of the reasons it’s difficult to choose between the two.
Transaction Fees
Square has lower processing fees for online transactions but fewer features. Conversely, Square has more expansive POS features, but PayPal has lower in-person transaction processing fees. Also, keep in mind that PayPal charges a $20 fee for chargebacks, while Square doesn’t have a fee.
So, the question comes down to whether your sales are primarily online or in-person. If you have a mix of both, you’d have to calculate your online/physical sales ratio and compare them to processing fees for Square and PayPal.
For most businesses, the differences in transaction fees are negligible. Getting the features you need to support your sales operation is more important.
Subscription Plans
Both platforms offer robust free plans. Square’s paid plans range from $20-$60 but include more features. PayPal’s paid plans are $5-$30. However, you must have the $30 plan to use the virtual terminal; Square’s virtual terminal is free.
Point-of-Sale Hardware
Business owners should also consider hardware costs for in-person POS systems.
Square Hardware Options
Square Reader for Magstripe – The First One is Free, $10 for each additional one: Users get the essential magstripe reader for free when signing up for a Square account. The mobile device connects to smart devices, which can get you started processing payments on the go or at your location. Transaction processing fees are 2.6% + $0.10 per swipe.
Square Reader for Chip & Contactless – $59 ($66 with charging dock): This device processes chip reader payments and contactless payments like Apple Pay and Google Pay. Both payment methods have a fixed processing fee of 2.6% + $0.10.
Square Stand – $149: Square Stand is a powerful iPad POS. Users only need to download the Square POS app to use the device. It processes swipe, scan, chip, and tap payments. The system can download additional third-party apps to integrate business operations.
You can expand the setup with hardware like a barcode scanner, receipt printer, and cash drawer. There’s also an option for Square Stand Mount, which can be placed anywhere in your shop and used as a self-checkout screen. Transaction processing rates are 2.6% + $0.10.
Square Terminal – $299 (+ $39 to add Hub): Square Terminal is a credit terminal and all-in-one POS system. The device makes accepting payments easy and running a point-of-sale customized to your business needs. It has a swipe for magstripe, a dip for card chips, and a tap/contactless reader. The POS software is built into the device, so there is no need to download an external app. Processing fees are 2.6% + $0.10 for each in-person transaction.
PayPal POS Hardware
Zettle Reader 2 – $29 for the first reader & $79 each for each additional reader: This flexible card reader pairs with the PayPal Zettle app to process payments. It includes a tap and a chip reader. The device accepts payments from all major cards, Apple Pay, Google Pay, Venmo, and, naturally, PayPal. Transaction fees are 2.29% + $0.09.
Zettle Terminal – $199 (for terminal only): Zettle Terminal is a portable, all-in-one device for seamless payments. It comes with a preloaded SIM card, so it’s connected right out of the box. Transaction fees are 2.29% + $0.09.
You can also order it with add-ons:
Terminal with built-in barcode scanner: $239.
Terminal with built-in printer & dock: $269.
Zettle Store Kits
Business owners can purchase accessories like barcode scanners and cash drawers individually to build their own POS kit or order one of several pre-build store kits.
Store Kit Mini – $249 (or $598 with iPad): Includes Zettle Reader 2, Zettle Doc, Zettle Stand 360, and an optional iPad ($349).
Store Kit Standard – $499 (or $848 with iPad): Includes Mini kit items plus iPad stand 360, Smart Printer, and thermal rolls for Smart Printer. Like the mini kit, it includes an optional $349 iPad, or you can use your own.
Store Kit Plus – $699 (or $1,048 with iPad): Includes everything from the standard kit plus a barcode scanner.
Store Kit Portable – $339: Includes Zettle Reader 2, a portable printer, and thermal rolls for the portable printer.
What types of businesses should use Square?
Square is best for in-person and mobile payments. Examples of businesses that should use Square include:
In-person retail stores.
Coffee shops.
Mobile businesses.
Quick-serve restaurants.
Full-service restaurants.
What types of businesses should use PayPal?
PayPal is best for online sales. Examples of businesses that should use PayPal include:
Online sellers (via Amazon or other marketplaces).
Online retailers with an eCommerce website.
Businesses with international online sales.
Businesses that want to accept in-person PayPal payments.
What are my alternatives to Square and PayPal?
There are many alternatives to consider if neither Square nor PayPal works for your needs. Here are some of the other top payment processor options to consider.
Shopify
Shopify is one of the leading eCommerce platforms available. It can help you start, grow, and manage a business.
The popular eCommerce platform also provides an in-person POS solution. It’s a good fit for businesses that sell online and have a physical presence.
Software Subscriptions
Shopify Starter – $5/month: Only enables selling through social media.
Basic Shopify – $39/month or $29/month billed annually: For a complete online store with basic functionality and/or a POS system for in-person sales.
Shopify Plan – $105/month or $79/month billed annually: For running a more complex store. Unlocks staff accounts and some advanced tools and reporting features.
Shopify Advanced – $399/month or $299/month billed annually: Unlocks all advanced features, including international payments.
Shopify Plus – Custom pricing: For businesses with annual sales exceeding $500k.
Shopify Pros & Cons
Pros:
Easy to scale with your operations.
Robust eCommerce tools, including building an entire online store.
Integrates selling across multiple channels.
Affordable POS hardware.
Integrates with thousands of apps.
Cons:
Requires a paid monthly subscription – no free plan.
Same account stability issues as Square.
Limited checkout customization options.
Clover
Clover POS is an all-in-one solution for small and medium-sized businesses (SMBs). It processes various payment methods with special features for retail and restaurants.
Clover Subscriptions
Clover offers several subscription tiers:
Clover Payments – $0: Only includes payment processing; no hardware.
Clover Essentials – $14.95/month: For small retail or service-based businesses that don’t accept returns.
Clover Register – $49.95/month: For small to mid-sized merchants that require more POS features.
Clover Counter Service Restaurant – $54.95/month: For quick-serve restaurants, cafeterias, or mobile food service businesses.
Clover Table Service Restaurant – $84.95/month: For full-service restaurants.
Clover Pros & Cons
Pros:
Provides an option for a free plan.
Affordable transaction processing rates.
Provides a customer loyalty plan.
Advanced features for business management.
Clover App Marketplace offers many integrations.
Cons:
Only eligible with Fiserv merchant accounts.
It can be more expensive than Square.
Tied to the Clover Ecosystem.
Lightspeed
Lightspeed provides a robust all-in-one POS system solution. It’s best suited for retail businesses that process a high sales volume. The company features retail tools to manage inventory across various categories.
It also offers Lightspeed Restaurant as a POS solution for food service businesses. Both options are feature-rich and provide 24/7 support.
Lightspeed Retail POS Lean– $89/month or $69/month billed annually: Provides a basic POS retail systems for mid to large businesses.
Lightspeed Retail POS Standard – $149/month or $119/month billed annually: Retail-specific POS system with eCommerce and accounting integration.
Lightspeed Retail POS Advanced – $269/month or $199/month billed annually: Advanced POS retail features with loyalty, eCommerce, and accounting integration.
Lightspeed Restaurant POS – Up to $399: For restaurants.
Lightspeed Pros & Cons
Pros:
Advanced POS system & features.
Compatible with various merchant accounts/payment processors.
Excellent inventory management options.
Provides eCommerce tools.
Cons:
Costly subscription plans.
It may not be suitable for some small businesses.
Has a steeper learning curve than Square.
Limited offline functionality.
Stripe
Stripe is one of the leading online payment systems available, and it released Stripe Terminal to facilitate in-person POS payments. However, it stands out for its online options, making it a good fit for primarily online businesses that need limited in-personal sales capabilities.
Stripe Pros & Cons
Pros:
Available plans without a monthly software subscription.
No long-term contract or cancellation fees.
Accepts a wide range of payment options.
Fully customizable with open APIs.
Cons:
High transaction processing fees.
Limited in-person POS features.
Requires technical skills for setup.
Must purchase a $59 card reader.
Helcim
Helcim provides similar pricing to Square (including no monthly payment), but it offers the stability of a true merchant account. Helcim’s interchange plus pricing will save money for higher processing volumes compared to Square. It’s a good fit for business owners looking for an affordable merchant account and POS system.
Helcim Pros & Cons
Pros:
No monthly fee.
Costs decrease with higher volume.
Excellent customer support.
Provides true merchant accounts.
Cons:
Not cost-effective for low-volume businesses.
No high-risk merchant accounts.
Expensive mobile card reader.
Fewer back-office integrations.
Square vs PayPal Comparison – Final Thoughts
Choosing the best payment processing options for your small business is challenging. Square and PayPal are two of the most common options, but deciding between the two depends on your specific needs.
Square offers a more robust set of features and more equipment options, and it’s better suited to scale with your business. However, if you want to process international payments or accept PayPal payments in person, then you should go with PayPal.
In terms of costs, both platforms are more or less a push. So, the decision should come down to which offers the tools and services you need to get to process customer payments.
Contact us if you have more questions about comparing Square and PayPal or to apply for a small business loan. Our alternative business funding experts can help you find the best financing options for your business needs.
Digital products are everywhere nowadays. Nearly every startup is focusing on the digital product development process to solve a customer problem, launch a new service or delight more customers than before.
Digital product development serviceshelp startups and entrepreneurs in creating efficient, scalable, and effective digital solutions based on their growth goals.
This article will help you understand the seven phases of the digital product development process in the modern era.
The anatomy of a digital product
Digital products are dominating the modern world like no other innovation in human history.
From chatbots to cab-hailing apps, and food ordering services to SaaS platforms, nearly everything that is packaged in the form of software or an app is a digital product. Digital products are a step ahead of conventional websites where the goal is to inform alone.
Now, digital products are all about solving real-life problems by making use of technology. In short, everything that serves you is a digital product.
Essential Digital Product Development Process
Any modern software product development company would reinstate the fact that a phase-wise development approach is pertinent to the success of a digital product.
But how should one move ahead with the digital product development process? Here are some useful steps you should follow while developing your digital product:
Phase 1: Research, Analysis, and Planning
This is the most important step in your entire product development lifecycle. Whether you are planning to launch artificial intelligence servicesoran innovative mobile app, planning is the key to your success.
Without proper research and planning, you will end up wasting time, effort, and money on something you never wished to focus on.
This step would give you clarity on the fact if you should proceed with digital product development. At this step, you should focus on a solution-based approach where you should:
Understand the user requirements through intensive market research.
Ideate with a broad perspective to expand the scope of your digital product.
Focus on perfecting a minimal viable product (MVP) before you exhaust all your resources on non-important features, early on.
Phase 2: Start with Wireframing and Sketching
The planning phase would help you clear out your head and create a streamlined path toward product development.
Once you have a solid plan, you should focus on how your digital product should appear.
If you are working with a software product development company, you should ask for their expert advice on mastering the preliminary wireframes for your digital product.
Phase 3: Designing
When you are this deep in the product engineering process, it is time to start thinking about how your product should look and feel.
The design phase would give you an idea about how your product would appear and interact with real users. The key here is to develop an intuitive interface that simplifies the workflow and makes it easier for users to get the most out of your product.
The best way to perfect the design part is to focus on creating a clickable prototype that showcases how your digital product would function on different devices.
For the best user experience, you would need to focus on minor details: animations, transitions, menu appearances, and other small elements within the software, app, or digital product.
Phase 4: Prototyping
A critical part of the product engineering and development lifecycle is prototyping. The prototype is a highly scaled-down version of the actual product with the bare minimum features.
The goal of creating a prototype is to analyze and test how your target audience will respond to your product. This phase can merge with the MVP development process and focuses more on functionality than design.
If you are using third-party product development services, you should ask for a functional prototype that you can ask real users to use and provide feedback. Based on this preliminary feedback, you can make iterations to your existing product development approach.
Phase 5: Agile Development
This phase essentially kickstarts the coding activity. When you are thinking about fresh product development, try to engage with a team that adopts an agile approach to development.
This would help in making real-time adjustments to your product and accelerate the process of product evolution.
Agile development methodology gives a product owner more control over the end result and results in higher development productivity and better value for end-users. Additionally, considering software development nearshore staff augmentation can be an agile solution, enabling your team to scale up or down as needed, ensuring your project stays on track and within budget while maintaining flexibility.
The entire product development process will be broken down into sprints where routine testing and iterations will promise the best performance and results.
Phase 6: Launch and Marketing
With the completion of the product development phase, you will be ready to present your product to the real users.
The most important part of your launch process should be to have an effective marketing and launch strategy. This would help you avoid last-minute goof-ups and get maximum traction from the launch activity.
Here are a few tips to effectively launch your digital product:
Go for a soft/beta product launch before a full-scale rollout to identify and eliminate bugs.
Never overpromise and underdeliver. It is better to keep a low profile till the time you are confident.
Have a clear marketing and communication plan with clear target personas.
Phase 7: Maintenance and Support
After you are successful with your launch, don’t just lean back. Instead, create a proper maintenance and support plan for your digital product.
Brainstorm with your product development partner to draft a long-term service level agreement (SLA) for maintenance and support. This will help you keep your digital product free from bugs throughout the product journey.
You can hire a digital product development company with credibility and experience in maintaining apps, software, and other digital products.
Conclusion
Building a product from scratch is a tough ordeal for any startup. By bringing an experienced software product development company on board, the process of new product development can improve phenomenally.
Before you choose to do anything with your product idea, it is better to contact developers who can guide you through various phases and suggest the best course of action for new product development.
I’m Namee, a digital marketer working for Azilen Technologies. I’m also passionate about exploring and writing about innovation, technology including AI, IOT, Big Data, and HR Tech.
