The Amazing Power Of Persuasion

Whether we like it or not, as business owners we are in the business of persuasion.

Persuasion covers many different facets of our business. We need to use persuasion to elevate prospects to customers. Customers need to be persuaded to buy more frequently from us. The team around us need to be persuaded to do the things we want them to do things they like and don’t like doing. 

Even suppliers from time to time need persuasion to deliver the things we want from them, whether that’s in terms of products or services or service (with a capital ‘S’). The point is, if we can get good with ‘ethical’ persuasion, then the effect on our business will be significant.

Subconsciously, many of us use persuasion without even realising it. Our children master persuasion at an early age too! But what’s more interesting is that there is a science to persuasion that can be measured.

Perhaps the leader in the ‘field of persuasion’ is Robert B. Cialdini. His bestselling book ‘Influence—The Psychology Of Persuasion’ is an interesting read and covers the 6 major areas of persuasion…

1. Reciprocity

2. Scarcity

3. Authority

4. Liking

5. Consistency

6. Consensus

 

As a firm, we regularly (and not always consciously!) use reciprocity, authority, liking and consistency but I’d like to just talk about the real impact reciprocity can have on your business. This is the science of giving before receiving. Simply put, people are obliged to give back to others the form of behaviour, gift or service that they have received first.

For example, a recent study carried out at a number of restaurants demonstrated the result of giving each diner a simple mint with their bill at the end of the meal and the effect it had on the size of the tip. The results are quite frankly staggering and revealing (if you run a restaurant, you should implement this immediately!)…

They found that giving one mint with the bill increased the size of the tip by 3%. Not bad. Giving two mints quadrupled (yes, quadrupled) the tip to an increase of 14%. But when the waiter gave one mint per diner, walked away, paused and then turned back saying ‘for you nice people, here’s an extra mint’, tips increase an incredible 23%.

 That’s the power of reciprocity. How can you use it in your business to increase sales and profits? 

PJ

☎ 020 89310165

☏ 07900537459

✉ pushkar.joshi@apjaccountancy.com

3 Easy Tips to Recruit Via Mobile Channels!

Are you a small business looking for the best recruit but can't afford big budget for recruitment drive? Small and big organizations are using the mobile platform alike for recruiting the best resource in the market. In today’s mobile world, more and more people are using social media services like LinkedIn to search for jobs. In order to find the best potential candidates, businesses need to take advantage of this trend.

Here are a few tips and ideas you can use to help you find your next new recruit:

1. Post Jobs on Social Media

In addition to listing vacancies on your company's website, post them to social media sites. LinkedIn is a favourite among recruiters, and many job seekers will use LinkedIn’s search functionality to find their next role. 

Image Source: Adweek

Facebook is less business-focused, but people may still look at company pages for jobs. Many businesses also use Twitter to post messages such as, “We are hiring! We are looking for a talented [job title] to join our team. Click here for more information.” The “click here” can then be a link to your company website with full details of the role and information on how to apply.

2. Use Mobile-Friendly Online Applications

Jobseekers should be able to fill out their online application using their phone or tablet. Potential applicants generally want to be able to apply for jobs directly from their mobile devices. If your firm doesn’t already have a mobile-friendly application page or system, you should revise your page so that it is responsive (works on tablets, phones, laptops and desktops), doesn’t require too much typing and lets the applicants easily upload their CV and cover letter. If you are using LinkedIn to advertise a job vacancy, you can even set up the job listing so that the applicant can click on an “apply now” button and then apply using their LinkedIn profile as their CV. This makes it much easier for candidates to apply for the role.

3. Use an applicant tracking system

Each application you receive should ideally be automatically entered into an applicant tracking system. Not only will such a system ensure that you have all applications on file, it will also organise applicant's CVs and cover letters. Your online application can have fewer forms, which are annoying to fill out on a mobile device, because an applicant tracking system can read and organise any documents that applicants upload.

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What is Experiential Marketing? 4 Simple Techniques to Implement it!

We often hear or read about experiential marketing in the business press. So, what is it and what is it all about?

What is Experiential Marketing?

Experiential marketing is a way of marketing in which the customer/consumer is made to experience the product rather than just seeing and hearing; includes as many other human senses as possible. It essentially involves the promotion of your business and brand in a way that allows both customers and prospects to connect and interact with you and have memorable experiences. Based upon such brand-related encounters, your customers may or may not accept your product or service offering.

4 Simple Techniques to Implement Experiential Marketing:

The success of an experiential marketing initiative depends upon the quality and impact of the techniques you incorporate into your campaigns in order to attract attention. Developments in the mobile world, social networking, and content marketing have ensured that the business environment today is set for experiential techniques.

1. Ensure that the marketing strategy is brand-related

There is no point in running a campaign if prospects are unable to identify your brand. The way in which you promote your brand should communicate that it impacts the lives of your target audience positively. They must be able to relate with your products or services in order for them to accept your brand.

2. Connect with customers digitally

You can reach out to your existing and potential customers via connected devices such as smartphones and tablets. In order to do this effectively, you will have to create content marketing and social media campaigns based upon the interests of your prospects. Focus on the things they are interested in, or that are important for them.

3. Build brand association

Do not forget emotional relevance. By using experiential marketing campaigns, you want buyers to gradually become connected emotionally to your brand and this is what will ultimately secure their loyalty. If they like your brand, what it represents and how it makes them feel, they will take proactive measures to gather purchase-related information. Ensure that your experiential campaign creates a customer experience that becomes synonymous with your brand in a positive way.

4. Be newsworthy

Make your business newsworthy in order to increase its reach and visibility among your target market. Experiential campaigns can do this very well, provided you implement the right strategies. When your existing customers cannot stop talking about the quality of your products or services, they will essentially be ambassadors for your brand.

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Monthly Tax and Accounting News and Updates - What you need to know on June?

Our Monthly Tax and Accounting News and Updates post is designed to keep you informed of the latest tax and accounting issues for businesses.

We are here to help you if you need further information on any of the topics covered.

 

Emergency PAYE Tax Code To Be Applied To Certain Pension Withdrawals

The new flexible pension rules came into force from 6 April 2015 for those aged 55 or over with money purchase pension schemes. As announced by the Chancellor in last year’s Budget, these individuals will be able to withdraw as much as they wish from their pension fund but will be taxed on the amount withdrawn at their marginal tax rate. In some cases, the pension fund administrator will apply an emergency PAYE tax code to the payment on a month 1 basis which may result in more tax being deducted than the amount eventually due. This can either be reclaimed at the end of the tax year or during the year if you complete the appropriate HMRC form. Note that we can advise you of the tax implications of the amounts that you are considering to withdraw from your pension fund and, where necessary, assist you in reclaiming any excess PAYE deducted.

Further Budget On 8th July

Following the Election result on 8 May, the Chancellor has announced that there will be a second Budget. We expect this to include a number of Conservative manifesto tax pledges.

HMRC Don’t Yet Have The Power To Raid Taxpayers’ Bank Accounts

HMRC are seeking the power to recover unpaid tax over £1,000 from taxpayers’ private bank accounts and legislation was originally going to be included in the 2015 Finance Act. However the new measures were not included in the first Finance Act but may be included in the next one!

This new power will only be used where the taxpayer has ignored several demands for payment. Additionally, the taxpayer’s bank account should not be reduced below £5,000 by HMRC.  If enacted, this proposed new power will extend to joint bank accounts in the tax debtor’s name, but not those in the spouse’s sole name.

Considering Giving Shares In Your Company To Employees?

More and more companies now give their employees the opportunity to acquire company shares. If correctly structured, this can be a very tax efficient way of attracting and retaining staff, as they are able to share in the success of the company. However, if you get things wrong there can be significant tax charges on the employee and employer. As a general rule, if employees are allowed to acquire shares at less than market value, the discount is taxable as employment income and PAYE; national insurance may also be due. So for example, where the employee pays just £1 for a share worth £10, the £9 difference would be taxable.

The issue of shares to an employee also needs to be reported to HMRC using Form 42 by 6 July following the end of the tax year. There are a number of schemes that you may wish to consider where the receipt of the shares will not be taxed as employment income and in some cases will only be subject to capital gains tax when the shares are eventually sold. It used to be possible to ask HMRC for confirmation that the share scheme satisfied the rigid rules for the tax advantages to apply, but this is no longer possible and employers are now required to “self certify” that the share scheme complies with the legislation. We can assist you with this process if you would like to consider putting a share scheme in place.

Enterprise Management Incentives (EMI) Share Option Scheme

The best employee share option scheme currently available is the EMI share option scheme. In order to take advantage of this, both the company and employees must meet certain conditions. The company must carry on a qualifying trading activity and have a gross asset value of no more than £30 million. The employee or director must work at least 25 hours a week for the company and not hold more than 30% of the company’s shares at the time that the EMI options are granted. The main tax advantages of EMI share options are that provided the option price is set at the correct value there would be no income tax or national insurance when the option is granted or exercised. Furthermore, the employee will then usually benefit from CGT entrepreneurs’ relief which provides a 10% rate when the shares acquired under the option are eventually sold, such as on the sale of the business.

Corporation Tax Relief For Employee Shares

A further tax advantage of allowing employees to acquire shares in the company is that the employing company may be entitled to a corporation tax deduction. This deduction is the difference between the amount payable by the employee and the market value of those shares at the time they are acquired. This will generally be the amount taxable on the employee so, for example, if the employee pays £1 a share when the shares are worth £10 each then the £9 per share discount will be deductible for the company.

Forms P11D Due By 6 July

As mentioned in the tax diary, the deadline for filing the 2014/15 returns of benefits and expenses paid to employees is 6 July 2015. Note that there can be significant penalties for incorrect returns so they need to be completed with great care. Remember that unless the employer holds a dispensation from HMRC, employees’ and directors’ reimbursed expenses (such as travel and subsistence) also need to be reported. We can assist you in completing the forms and to put in place control procedures that will satisfy HMRC requirements to grant a dispensation from reporting certain expenses.

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How To Have A Social Media Presence Without Being Present?

Running a social media strategy as well as being a business owner will only lead to stress and sleepless nights.  But everyone is on social media, right? Even the Pope.

You need to strike the balance between informative and annoying. Studies show the optimal postings for the two most popular networking sites are:

Twitter: 3 posts, daily
Facebook: 5 posts, weekly

Doesn’t require a lot of effort, does it? But finding free time is any business owner’s challenge, so you need a method of having active accounts, without it taking hours and feeling like a chore. 

Welcome to scheduling. It’s a strange thought that people can tweet without actually being behind the screen at the time, but it’s a time-saving approach to social media marketing.

Having a consistent online presence is a necessary part of marketing, but you don’t want to be doing it every day.

So which schedule tool should you use?

TWITTER

1. Tweetdeck

https://web.tweetdeck.com/

For Tweetdeck newbies, this is your new best friend when it comes to developing your Twitter presence.

You don’t have to create an account; just sign in with your Twitter logins and you’re off - no email confirmation required. And it’s free! Music to everyone’s ears.

You can plan posts into the far future. Ideal for those who have a lot to say. A huge pro is that Tweetdeck’s layout looks similar to Twitter (probably because Twitter bought it in 2011).

At any time, you can log back in and amend scheduled tweets or delete them. This is a great idea if something you have scheduled is no longer accurate or relevant. You can keep track of when your posts are, too, if you log in often.

HOW TO USE IT

1. Visit https://web.tweetdeck.com

2. Sign in using your Twitter login details

3. Click ‘New Tweet’

- Select your account

- Type your tweet you want scheduling

- Click ‘Schedule Tweet’

- Select the relevant date and time

- Once you’ve proofread, click ‘Tweet at…’-

TIPS

- Don’t be confused by all the columns. The beauty of Tweetdeck is that you can see your direct messages, timeline, notifications and messages all on one screen. Delete all the columns apart from ‘Scheduled’ to tidy up your dashboard.

- Scroll to the right of the page, so you can just focus on the Scheduled column. Here you will see all the tweets you have planned for the future.

- If you have multiple accounts, you can add them all. You can even post the same content across all accounts easily, by selecting all the accounts.

- Don’t forget to add an image with your text, too. Just select the ‘Add Image’ option, before submitting the tweet.

- Once you become an expert, utilise all the columns by monitoring what your followers are retweeting and your notifications.

FACEBOOK

1. Facebook

www.facebook.com

Even avid social media users don’t know you can use Facebook to schedule posts and many are paying for services that do no different.

Using Facebook to schedule is free and you can prepare a post using the same process as posting normally. You can only automate on a page, not a personal account. Again, you can see your scheduled posts and amend or delete them at any time.

HOW TO USE IT

1. Sign into your Facebook page.

2. Type the post you want scheduling. Do not click ‘Post’.

3. Click on the clock symbol.

4. Select the date from the calendar and choose the time you want the post scheduling.

5. Click on ‘Schedule’ once you’re happy with your post.

TIPS

- With a 63,000 character limit, utilise this space with detailed posts.

- You can schedule up to 6 months ahead, so plan time-relevant posts, such as Christmas.

- Be consistent with your postings. Aim for at least 5 a week.

- Avoid newsworthy content, because for the date you’ve scheduled it, it will no longer be news.

- Select your times wisely. People are more likely to see your post at 7am, when they are waking up, than 9pm on a Friday night. Target locations will also play a part. 

It’s tempting to rush scheduling, but your followers will notice if you’ve just posted anything. Interesting posts about the industry, links to your service and entertaining posts will vary your content and make your account interesting.

Be wary of posting at the same time and day across your accounts, because you want to mix it up a bit.

Scheduling makes life easier, but don’t neglect your accounts. Regularly checking notifications and interacting with your followers will further improve your social media marketing.

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