Laigle Business Group https://laiglebizgroup.com Comprehensive Merchant Services & Digital Marketing Thu, 24 Jan 2019 18:53:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.4 Understanding What You Are Paying for And What You Are Getting https://laiglebizgroup.com/understanding-what-you-are-paying-for-and-what-you-are-getting/ https://laiglebizgroup.com/understanding-what-you-are-paying-for-and-what-you-are-getting/#respond Thu, 24 Jan 2019 18:53:15 +0000 http://laiglebizgroup.com/?p=1915 When paying for marketing, you need to ensure that you clearly understand how you are being billed and what you are actually being charged for. Digital marketing platforms often use creative language when selling to businesses. The intent of this article is to help you understand what you are paying for, using an example of […]

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When paying for marketing, you need to ensure that you clearly understand how you are being billed and what you are actually being charged for. Digital marketing platforms often use creative language when selling to businesses. The intent of this article is to help you understand what you are paying for, using an example of potentially misleading wording.

One provider indicates that they will ‘promote you to 10,000 people in your area looking for a business like yours’. Some people believe that this represents a ‘click’, but in digital marketing terms this is clearly an ‘impression’. This means your ad is potentially seen by a consumer, on a computer or mobile screen, and is similar to how traditional broadcast advertising works. A radio or television ad would use the same language. It is a potential view. There is no engagement component (a click). Engagement language would be more, then specific, such as ‘bring 10,000 people to your business’.

What is more significant is the cost being charged for these ‘promotions’ (impressions) for digital advertising – $100 – $200 CPM (cost per 1000 impressions). Comparing to other digital (D) and non-digital (ND) methods,

(ND) Direct Mail $20-$50 CPM

(ND) Newspapers/Magazines $10-$40 CPM

(ND) Television $10-20 CPM

(D) Text Messaging $30-$50 CPM

(D) Online Search $2-$5 CPM

(D) Banner Ads $1.50-$3.00 CPM

(D) Review Sites $100-$150 CPM

(D) dealsnapt $0.25-$2.00 CPM*

*ESTIMATE – DEALSNAPT PROVIDES UNLIMITED IMPRESSIONS AND CLICKS TO SUBSCRIBERS. THE ESTIMATE IS BASED ON ACTUAL RESULTS ACROSS THE CUSTOMER BASE BASED ON WHAT THEY PAID.

In the above example, the example provider is 50+ times more expensive than the same measure on most other digital mediums. In addition, it is over 2 times more expensive than the non-digital, traditional marketing methods!! When exposed, the question is evident – ‘Why would anyone want to pay 2-50x more than other proven methods?’

Side note – SMS Messaging (texting) programs are by far the most expensive digital method of advertising by a factor of 10 over search and mobile platforms.

Are all impressions created equal?

The short answer is ‘no’. The long answer is that the different methods use different approaches based on their ability to track results. Using the methods above,

(ND) Direct Mail Addresses delivered to. No Guarantee of receipt or opening

(ND) Newspapers/Magazines Circulation. No guarantee of delivery, receipt or view

(ND) Television Statistics. Prior statistics of viewing statistics

(D) Text Messaging Texts received

(D) Online Search Presence on the page (whether visible or not)

(D) Banner Ads Presence on the page (whether visible or not)

(D) Review Sites Presence on the page (whether visible or not)

(D) dealsnapt Presence on the mobile device

From the table, non-digital (ND) methods do not ensure a true view by a consumer. Digital methods (D) are much more likely to be seen by a consumer.

Make sure that you ask your provider how their numbers match up to industry standard metrics and understand how they rank. Your profits depend on it.

If you are interested in seeing how we can help your business visit contact us and drop us a line!

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PCI vs EMV Compliance https://laiglebizgroup.com/pci-vs-emv-compliance/ https://laiglebizgroup.com/pci-vs-emv-compliance/#respond Thu, 24 Jan 2019 18:52:04 +0000 http://laiglebizgroup.com/?p=1913 A recent report published by the Federal Reserve revealed that 60% of consumers in the United States prefer using credit cards instead of cash. Paying with credit card is easier, more convenient, and it often comes with additional perks like included insurance on specific purchases. But small business owners need to choose their payment processors […]

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A recent report published by the Federal Reserve revealed that 60% of consumers in the United States prefer using credit cards instead of cash. Paying with credit card is easier, more convenient, and it often comes with additional perks like included insurance on specific purchases. But small business owners need to choose their payment processors carefully due to recent liability shifts regarding PCI and EMV compliance.

EMV Compliance

Short for “Europay, MasterCard and Visa,” EMV is the new global security standard for credit card processes. It involves the use of special EMV chips embedded into credit cards to protect against fraudulent activity. Also, known as a “smart card,” they create a unique four-digit PIN for each transaction; thus, adding an additional level of security to the transaction. This is in stark contrast to the previous magstripe cards, which use a static number.

Business owners should take note of the transition to EMV. Effective October 2015, U.S.-based businesses that do not have an EMV processing device could be liable for fraudulent transactions. In other words, if a breach occurs at a business that hasn’t upgraded to an EMV processing device, that business could be liable for the cost of the fraudulent activity.

PCI Compliance

Short for “Payment Card Industry Data Security Standard,” PCI is a specific set of guidelines governing the credit card data. Its primary purpose is to promote a safe and secure environment in which credit card transactions can be processed

Originally launched September 2006 by major credit card companies like Visa, MasterCard, American Express, Discover and JCB, the Payment Card Industry Security Standards Council (PCI SSC) is the organization that manages the ongoing development of the PCI security standards.

PCI compliance falls into one of four different levels, depending on the business’s Visa transaction volume over the course of a year. The business’s PCI level dictates which Self-Assessment Questionnaire (SAQ) it must complete for compliance.

Furthermore, to remain compliant with PCI, businesses must perform quarterly or annual vulnerability scans to identify weaknesses in their network. Additionally, businesses must monitor and test their networks, and maintain a security policy.

While there’s no law requiring business owners to comply with PCI, failure to do so could leave them subject to heft fines, audits, fraudulent activity and other related problems. The purpose of this is to promote a secure environment among businesses that accept credit card payments.

See the difference Laigle Business Group can make in your processing, Click here for more info today!

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Calculate the true cost of marketing for your business, then calculate the ROI. https://laiglebizgroup.com/1045-2/ https://laiglebizgroup.com/1045-2/#respond Fri, 11 Jan 2019 16:02:02 +0000 http://laiglebizgroup.com/?p=1045 The post Calculate the true cost of marketing for your business, then calculate the ROI. appeared first on Laigle Business Group.

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Many business owners we speak with separate their costs to run some of their advertising campaigns from discount their product. But when you think about it, a discount is simply a cost of bringing a customer into your business, just like an ad.

If you ran an ad for $300 that resulted in 20 customers, your cost per customer is $15. This is effectively a discount of $15 off what they spend at your restaurant but with one exception. The ad company is seeing the benefit, not the end customer.

If the customer were to receive the benefit, the resulting goodwill has a better chance of translating into repeat business, and sharing. Have you ever had a consumer come into your business and say ‘Great ad in <place publication name here>. I would take that over a discount any day of the week”?

Is the ad cost, the same as a discount? Yes, of course. A cost is a cost. As an example, assume that an advertisement costs $300 per month, and that the ad does not include a discount. Although there is no guarantee of the ad bringing in customer, assume that you expect 20 customers from the ad. Your cost per customer is $300/20 = $15. If your average customer spends $25, then you make $10 per customer or $200 total.

If we told you that you could get the same 20 customers for $100, would you offer them a $10 off coupon? The answer should be ‘Heck, yes’ because your costs and margins are exactly the same as the ad. Assuming the same spend less the $10 discount, your cost per customer is $5+$10=$15. You make the same $200, but there is one big difference. Ten dollars of the cost directly resulted in a perceived benefit to the customer because they saved 40%. In addition, these customers are more likely to return and share with their friends

If the printed ad included a discount, then you are even worse off because you need to include the discount plus the number of redemptions to your ad cost. The following graphic explains the examples in more detail.

The left-hand column of both Print and Digital/Mobile represent an ad with no posted discount. The right column assumes a $10 coupon.

Digital/Mobile platforms will always deliver a higher return-on-investment than non-Digital platforms if redemption expectations are equal. If the business applies some or all the savings as a discount to consumers (Green cells), ROI remains the same as Print but the benefits to customers will result in repeat visits. Profit will remain unchanged, worst case.

See the difference dealsnapt can make in your marketing, Click here to setup a demo today!

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