Social customer relationship management (CRM) involves using strategies, workflows, and tools to oversee customer interactions on social media platforms. Using a CRM and social media solution, you can personalize your campaigns, track brand mentions, schedule posts, and generate valuable insights in one space. Learn more about what social CRM can do for your business and…
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What Is the Average Age of Inventory Formula? (+Calculator)
Average age of inventory, also known as days sales in inventory (DSI), refers to the average number of days it takes a business to sell its inventory. It’s a key metric used to assess a company’s inventory management efficiency and working capital health. The average age of inventory formula is: Average Age of Inventory =…
What Is a Hiring Freeze: Causes, Effects & How to Respond
A hiring freeze is when a company temporarily stops or slows down hiring new employees. This usually happens when the company is going through financial difficulties, facing an uncertain economy, or making significant changes within the organization. Read on to fully understand what a hiring freeze is, what hiring freezes mean for employers—its causes and…
What Is Form 1125-E? (+Example)
IRS Form 1125-E is used to report compensation for corporate officers, and state law determines who is considered an officer for the purposes of Form 1125-E reporting. The form is required for S corporations (S-corps) or C corporations (C-corps) with gross receipts of $500,000 or more for the year. Example – Completing Form 1125-E Joe…
Facial Recognition in Retail: Everything You Need to Know
Facial recognition is technology that recognizes human faces and matches them to images of faces stored in a database. This technology has been around for years—in your smartphone camera, for example—but commercial establishments are also beginning to use it for retail applications. Brands can use facial recognition technology to improve customer service, increase operations efficiency…
What Is an SEO Audit? (+ SEO Audit Checklist)
By now, you’ve probably heard “SEO” a million times and maybe are still wondering what it is. Search engine optimization is how a business can fine-tune its site to attract more search traffic. But how do you know whether your optimization efforts are working? By conducting an SEO audit. An SEO audit is a deep…
What Sales Qualified Leads (SQL) Are & How to Use Them
Sales qualified leads (SQLs) are warm leads nurtured by your marketing team, found at the bottom of the sales funnel or the decision-making stage. SQLs have already received a sales pitch or engaged in a marketing campaign and expressed high-level interest in a product demo or a sales offer. Because of the SQL’s high likelihood…
What Is a Statement Descriptor? Examples & Best Practices
Clear statement descriptors help customers recognize charges on their credit card statements and prevent them from filing unnecessary chargeback claims.
Statement descriptors are text used to provide customers with transaction information on their credit card bills. A standard statement descriptor includes the business name, phone number or location, and the transaction amount. However, some payment processors further customize statement descriptors to include additional information such as product or service name and invoice numbers. Customers use…