Product pricing is essentially the process of determining the cost of products you sell to consumers. When you are figuring out how to price a product for retail, you are facing a delicate balance—price your items too high, and no one will buy; price them too low, and you sacrifice your profits. This article provides…
How To
15 IVR Design Best Practices & Tips: How to Optimize Your Menus
A well-designed interactive voice response (IVR) system creates a better customer experience, directing calls efficiently to the right departments and agents. To optimize the caller’s journey, follow these IVR design best practices: map out the call routing plan based on common customer needs and keep menu options straightforward. You can also give callers the option…
How to Use a Virtual Background With Zoom & Other Providers
Using virtual backgrounds in video meetings varies slightly across platforms, but the steps generally stay the same. First, install the video meeting app and log in. Then, open settings and navigate to virtual backgrounds to select among the preloaded images or upload your own. Before learning how to use a virtual background, it’s important to…
How to Calculate Call Abandonment Rate in 4 Steps (+ Calculator)
Call abandonment rate is the percentage of incoming calls terminated before a customer speaks to a live customer service representative. A high abandonment rate indicates that callers may be waiting too long in the call queue, experiencing connection problems, or not getting the information they need from the interactive voice response (IVR) system. In this…
How to Get a Vanity Phone Number: A Small Business Guide
Vanity numbers deliver an easy way for your business to stay in the minds of your customers. These numbers provide a memorable number incorporating an alphanumeric combination of letters and numbers to form words or phrases. For a small business, learning how to get a vanity phone number is a smart way to build your…
Fixed vs Variable Costs: Determining Your Contribution Margin
Fixed and variable costs are categories of costs based on activity level. Fixed costs are expenses that don’t change regardless of changes in activity level, whereas variable costs respond directly to activity level changes. Distinguishing between fixed vs variable costs help in determining your business’s contribution margin (CM). Fixed vs Variable Cost Examples The list…
How to Get a Real Estate License in Every State (7 Steps)
To start a career as a real estate agent, you’re required to obtain a license from your state’s Real Estate Commission. While the steps may vary slightly based on your state, getting a real estate license generally includes completing prelicensing education, getting a background check, passing the real estate exam, finding a sponsoring brokerage, and…
How to Set Up Venmo for Business
Venmo is a popular peer-to-peer mobile payment platform that offers a Venmo Business profile, which allows businesses to accept Venmo payments. Setting up Venmo for business is quick and easy, especially if you already have a Venmo Personal account. It involves submitting your business details and tax information and connecting a bank account or card….