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Credit Squeeze Keeps Factoring Firms Busy

A small business owner who is trying to grow his/her business during a booming economy will hit some speed bumps when applying for traditional financing if he/she cannot show an extensive profitable operating history. Throw in the current economic climate, and the chance of an entrepreneur obtaining a conventional bank loan is slim to none.When loans are no longer an option, business owners have to find a short-term funding option to keep them from dipping into their personal savings accounts or having to rely on friends and family for operating cash. Over the past decade, the main fallback has been small business credit cards. During better times, credit card companies actively pursued the small business market. Entrepreneurs were enticed with low introductory interest rates and high credit limits. In addition, banks started offering small credit lines to entrepreneurs who didn’t meet conventional loan requirements, and vendors started relying on the efficiency of credit card payments. Needless to say, the small business credit card caught on like rapid fire. Today, nearly 60% of the nation’s small businesses rely on credit cards to help fund their daily operations, according to the National Small Business Association.Yet as the economy worsens, entrepreneurs are seeing their interest rates going up and their credit limits going down. With credit card delinquency as high as 12 percent among small business owners, bankers and credit card companies say the only way to decrease the risk in their portfolios is to make some changes with their small business accounts. As a result, nearly three-quarters of small businesses have seen a large cut in their credit limits over the last six months. Now that access to both bank loans and credit cards is hard to come by, where can the nation’s 27 million small business owners turn for funding?Enter factoring. Now more than ever, entrepreneurs across the nation are in desperate need of a factoring firm that understands the intricacies of today’s funding marketplace.If you think about it, the process of factoring receivables is very similar to using a credit card. For example, many small business owners use a credit card to purchase additional inventory and then pay down that bill as their customers pay them. With factoring, a business owner could just as easily sell his/her invoices to an invoice factoring firm and receive cash immediately on those invoices. In turn, they can use the cash to purchase additional inventory. In both instances, the business owner has readily available cash to purchase more supplies. In fact, the two funding mechanisms sound almost exactly the same.However, there is one very important difference. When credit card companies and banks define a credit line and interest rate for a small business credit card, it’s based on the financial strength of the small business or its owner. During an economic recession, credit card companies view the normal ups and downs of a struggling small business as too risky. However, with factoring, the credit decision is not based on the business’ credit at all. Rather, the lending decision is based on the creditworthiness of the company’s customers. Keep in mind that small businesses routinely sell to larger, more established companies. Because these companies are financially sound, they have the ability to continue paying their vendors, even during an economic decline. So in other words, when business owners use factoring, they can literally leverage the creditworthiness of their customers, which leads to lower fees and higher credit limits.Now as I previously stated, there are 27 million small business owners in America right now who could be looking for another form of invoice funding because of the current state of the economy. Factoring is the perfect funding solution for those entrepreneurs who are unable to qualify for a traditional line of credit or are having difficulty negotiating reasonable rates on a small business credit card.

Brainstorming The Ideas for Influencing Your Mobile App Audience

Once the app is downloaded, you have little time to take a sigh of relief, and then again start focusing on making things easier for the them till their goal is achieved.

According to the AppsFlyer, an app marketing company, the global uninstall rate for apps after 30 days is 28%. Entertainment apps are most frequently deleted, whereas apps based on Finance is least frequently deleted. No matter which app category you belong to, your strategy should be to remain in the mobile phones of users for a long time, and not just sit around but to fulfill your purpose as well.

If we analyze the encounters of users with an app step by step, it can help us unveil the critical factors that influence mobile app audiences, so that we can work upon those and achieve our purpose. Here are the details:

Step1. Finding Your App in Appstore

For this, we have to first find out what exactly users type to search an app. Based on a research, it has been found that 47% app users on iOS confirmed that they found the app through the App Store’s search engine and 53% app users on Android confirmed the same.

What have been their search queries? Interestingly, as the per the data provided by the TUNE research, 86% of the top 100 keywords were brands.With little scope for non-branded categories, most of the keywords were either of games of utility apps. Common keywords in the non branded category are: games, free games, VPN, calculator, music, photo editor, and weather.

Leaving brands aside, if we analyze the user-type of a Non-branded category, we will get two types of users:

1. Users are informed, and they know what they are search

2. Users are exploring possibilities, have no precise information in mind.

If you are a mobile app development company, targeting non-branded users, then your efforts must be directed to creating apps that compel these two types of users. To do so, we have to analyze once they are on an app store, what keywords they use to search. Regina Leuwer, with expertise in marketing & communications, bring some light to the subject. She reached out Sebastian Knopp, creator of app store search intelligence tool appkeywords, who shared with her the data of unique trending search phrases. And according to that data, in 2017, there were around 2,455 unique search phrases trending in the US.

Now, if we study these data to get information, we will find that name of the app is critical to attract the attention of the users.

If your app belongs to non-branded category, then make sure your app name is similar to the common search queries but also unique in comparison with your competitors. So that when your app name is flashed, they click it on to it, finding it purposeful and compelling both.

Step 2. Installation

Remember your users are on mobile devices has limited resources, from battery to storage and RAM to Internet. Everything is limited. So better create an application that is easy to download or say get downloaded with 5 minutes. One critical advice here:

1. Keep the application file size small.

If you are a developer, use APK Analyser to find out which part of the application is consuming maximum space. You can also reduce classes.dex file and res folder that contains images, raw files, and XML.

Step 3. Onboarding

After the user has successfully downloaded your mobile application, don’t leave anything on assumptions. Guide them properly. This you can do through an onboarding process, where users can learn the key functionality and where to begin with the mobile app. Below are the 3 things you need to keep in your mind when creating an onboarding process for your users.

Short and Crisp: The entire guidance of features and functions should be completed within few seconds, with easy options loud and clear option to skip.

Precise Information: Don’t introduce them to the app. They already know what they have downloaded. The objective to inform about the key functions and features.

Allow Users to Skip: Let the tech-savvy users skip the intro. Your app is to meet their requirement and not to have a friendly session.

Step 4. Purpose and UI
Here, the stage is set for your app and it is the golden chance for you to impress your users. What is needed here is the collaboration between purpose and UI of the app. It totally depends on the problem-solving capability and ease of use of the mobile app. Interface design plays the critical role, allowing the users to access features of the apps easily and quickly to perform the task for what they have downloaded the app. When it comes to interface design, make sure that the design is interactive and task-oriented. Here are some factors that you must take care off while creating mobile app interface:

1. Usability: The Mobile phone is an epitome of convenience and if your users find it difficult to use your app, then there is no way there are going to make the space for it in their mobile phones. From screen size to the color of the app, there are many factors that are equally critical and need attention.

2. Intuitive: To create an intuitive User Interface, you have to read the mind of the users, and develop a model based on that. The next should be precise, clear and ‘obvious’ in an interface.

3. Availability: Key features should be hidden in the drop down menu or even if so, it should be obvious for the user to look into the drop-down. An intricate work of design and research is required to make essential features available for the customers and they don’t need to navigate here and there.

If you need more help with the user-interface and innovative ideas for a mobile app, write to me [email protected] and I promise to get back to you with interesting mobile app designs.