Today’s highlighted video from DSEF:
Can’t see this? Click here: Product Buybacks
Learn about the buy-back policy that all DSA member companies adhere to.
To read more about the DSA Code of Ethics regarding Product Buybacks – http://dsa.org/ethics/code/#inventory
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Today’s highlighted blog post from the Council on Better Business Bureaus (CBBB):
Social media can be a tool to strengthen customer service and to give consumers an outlet to complain about a company. According to Convergys Corp, one bad tweet or one negative comment on Facebook can lose a company up to 30 customers.
How do you use social media to strengthen your customer service? Does your business have social media policy in place to deal with complaints? We would love to hear from you. Please share with us in the comments below.
DSEF and Council on Better Business Bureaus (CBBB) fosters honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.
About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visit www.bbb.org/us for more information.
Today’s highlighted blog post from NCPW:
For 13 years, the DSEF has been proud to partner with the FTC and other organizations to offer a wide array of education events and resources that encourage consumers nationwide to take full advantage of their rights and make better-informed decisions.
You’ll find a wealth of resources at www.ncpw.gov that will help you protect your privacy, manage your money, learn more about credit and debt, decipher advertising messages, and steer clear of fraud and scams.
Please take a moment to share the resources on this Web site with others in your communities and companies and, together, we’ll help build a nation of better-informed and educated consumers.
Charles. L. Orr
Executive Director
Direct Selling Education Foundation
Testimonials are one of the greatest marketing tools you have. Research tells us that people are a lot more likely to believe what others say about you than what you say about yourself. This is the reason that online shopping sites often have a place for customers to leave reviews about individual products (and why so many shoppers turn to them when making a decision about what to buy.) As a small business owner, you should be asking your loyal and enthusiastic customers for testimonials on a regular basis.
Yet it’s also important to be sure that your testimonials are accurate and ethical. This enables you to comply with Federal Trade Commission (FTC) rules regarding testimonials and endorsements, and also helps customers to trust you. After all, testimonials that go beyond the facts can damage your credibility, and lead to disappointed customers. And testimonials used in your marketing material that made health, income, or product claims beyond what you’re allowed to say legally can get you and your business into hot water.
So how do you get started using testimonials to promote your business? Here are some tips:
Using testimonials that are accurate and stick to the facts can be a great marketing tool to help you build your business even bigger. How do you use testimonials to promote your business? Where do you put them? How do you ask for them? Would love to read your thoughts in the comments below.
You’ve probably heard the saying that “what goes around, comes around” – when you and your business consistently do what’s best for your customers and promote good business practices, word will spread that you and your business will always do the right thing. Doing the right thing builds trust, and trust means more customers and sales. More customers and sales mean a successful business.
Here are even more reasons why doing the right thing builds business:
The key to doing the right thing is to focus on transparency, fairness and creating a strong foundation for your brand and reputation. In return, you will be rewarded with personal and business success!
How do you keep focus on doing the right thing? We would love to hear about your experiences in the comments.
From the DSEF: Today we’re thrilled to bring you a guest post from Janet Garkey of the Credit Union National Association (CUNA), a DSEF strategic partner. In partnership with state credit union leagues, CUNA provides many services to credit unions, including representation, information, public relations, continuing professional education, and business development. Ms. Garkey has more than 20 years of personal finance experience in the private, public, and nonprofit sectors.
Janet Garkey
‘Fiercely loyal’ to a financial institution?
by Janet Garkey
Even a simple dog walk can turn educational. And the day job comes in handy at these times.
One of my neighbors—in the wake of so much media attention about big banks charging new or higher debit card fees—approached me during a recent walk and asked, “What’s the difference between a bank and a credit union?”
My dog is smart. She sat down. I turned to my neighbor and began to explain.
Philosophy: Credit unions are not-for-profit financial cooperatives that exist to serve their members, not to make a profit. The original concept was simple: Credit union members pool their savings and lend to each other. Earnings are returned to members in the form of better rates, fewer and lower fees, and improved services. Banks exist to earn a profit for stockholders.
Ownership: Each credit union member has equal ownership and one vote, regardless of how much money the member has on deposit. That means each customer is both a member and an owner. Banks are owned by stockholders.
Control and management: Credit unions are managed by unpaid directors, who serve voluntarily and are elected by members. Banks have paid directors, legally bound to make decisions in the best interests of their stockholders.
Membership eligibility: People qualify for credit union membership through a common bond. Most U.S. citizens qualify. For example, membership is open to those who work, live, worship, or attend school in a defined community. There are credit unions for military personnel and teachers, and credit unions open to everyone in a particular county. Currently, nearly 94 million members own more than 7,400 U.S. credit unions.
Social purpose: People helping people. Every member counts, and the goal of a credit union is to serve all members well, including those of modest means. Members are fiercely loyal because they know their credit union will be there for them in bad times, as well as good.
Financial education for members: From the very beginning, credit unions wanted to keep members economically independent by helping them learn to save and borrow wisely. Credit unions hold educational seminars on car- and home-buying, basic budgeting, fraud prevention, and more. And they offer a wide variety of print and online tools to help members become better-educated consumers of financial services.
Just as I paused, my dog stood up, anxious to move on down the street. But I had one more message for my neighbor. Credit union founders had a motto that described why credit unions were formed in the first place: “Not for profit, not for charity, but for service.” And in this day and age, great service translates to loyalty. Just ask my dog.
To find a credit union near you, visit aSmarterChoice.org.
Janet Garkey has more than 20 years of personal finance experience in the private, public, and nonprofit sectors. She joined Credit Union National Association in 2003 and develops personal finance products for credit unions. She has held positions at Iowa State University Extension, American Express Company, and the U.S. Office of Consumer Affairs. She currently serves on AFCPE’s Board of Directors. She twice served on the Board of Directors, served as President 2002-2003, and chaired several committees for the American Council on Consumer Interests. She has a B.S. in Consumer Affairs from the University of Wisconsin-Madison, M.S. in Consumer Economics/Public Policy from the University of Maryland, and completed the Accredited Financial Counseling certification from AFCPE in January 2009.
Like most things in life, there are always two sides to everything. We try to maximize the benefits and minimize the negatives. The same holds true with credit cards. They can be a valuable resource, but you have to use them wisely or they could cause trouble! Understanding the pros and cons of credit cards can help you navigate your financial decisions successfully.
Here are the Pros of credit cards:
These are the Cons that you want to minimize:
Here’s how to maximize the advantages:
Credit cards are a modern convenience and can be beneficial if used properly. Are there other advantages that you can think of? We would love to share your tips with our community.
From the DSEF: We’re delighted today to share with you a guest post from Rod Griffin, Director of Public Education at Experian. Experian, a Direct Selling Education Foundation strategic partner, is a global leader in providing information, analytical tools and marketing services to organizations and consumers to help manage the risk and reward of commercial and financial decisions.
Rod Griffin, Director of Public Education for Experian
Opt Out of Debt, Not Credit
Guest post by Rod Griffin
I was recently asked if a person could “opt out of credit reporting.” The answer is yes, but only if you live a truly cash-only existence. If you never use credit of any kind you will not have a credit report. Most would find that having no credit report is not as desirable as it first sounds.
Take a moment to consider how ubiquitous credit and credit reports are in your daily life, even for things that don’t involve debt. For example, cellular telephone companies typically review your credit report when you apply for service, utility companies and apartment complexes do the same before activating an account or approving a lease, and a credit card is often required to reserve a rental car or hotel room.
Without credit or a credit report, you may be required to pay a deposit or security fees, have a hold placed on your checking account to obtain services and could even have difficulty qualifying for rent or getting a job.
A better approach is to opt out of debt, not credit. You can have one without the other.
Start by paying off any existing debts. You might choose to close some of your accounts, but don’t close all of them. You only need one or two credit accounts to have a strong credit report. Make a small purchase from time to time and pay the charge in full to demonstrate the account is active and that you make good credit decisions.
You still must do all of the things you would do if you were living a cash-only lifestyle: budget carefully, don’t spend more than you earn and pay yourself first by setting aside savings regularly.
But, by opting out of debt, not credit, you will keep your credit report, which is an important and powerful financial tool.
Rod Griffin is Director of Public Education for Experian. He is responsible for Experian’s national consumer education program and supports the company’s community involvement and corporate responsibility efforts. He supports various national consumer education initiatives including the LifeSmarts Consumer Knowledge Competition, for which he serves on the Corporate Advisory Board, and the Jumpstart Coalition for Financial Literacy. In addition, he produces a variety of consumer education materials and for more than a decade has written Ask Experian, an online consumer credit advice column. Rod holds a B.S. in journalism from the University of Kansas, has a Fair Credit Reporting Act certification from the Consumer Data Industry Association and is a Center for Financial Certifications Certified Financial Counselor.
When we think of selling, we often think of the shady used car salesman. The whole idea of selling anything is often uncomfortable for people. It requires a mind shift to move into your comfort zone when selling. Imagine that selling is more like helping a friend. And it can be. In fact, that’s the foundation of ethical selling.
Here are some ways to make the selling process more comfortable, natural and lower stress.
This way may take a little more work and time. But, it will make selling feel less like selling, while you focus on matching people with products and services they actually need, while also building fulfilling relationships. Ultimately, your financial success will also include the satisfaction of really caring about other people.
To learn more about ethics in sales, and the DSA Code of Ethics in direct selling, check out this series of videos.
What are some effective, ethical sales techniques that you use? We would love to hear your tips and comments.
Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!
It’s time for your annual credit check up! It’s not only a smart way to maintain your financial health, but to also avoid financial and identity fraud. A once a year credit checkup is like getting an annual physical…it makes great sense and makes you feel good knowing you’re healthy.
Here are a few steps to review your credit and financial health:
Step 1 – Obtain your free once a year credit reports from all three credit agencies.
Step 2 – Review your credit reports and check if there are any inaccuracies or incomplete credit history.
Step 3 – If you do find a discrepancy, report it to the agency. They are required to investigate the inaccuracy within 30 days.
Step 4 – If you do have a legitimate negative mark, contact the creditor directly to negotiate and arrange for a payment plan.
Step 5 – Your credit report’s health is reflected in your FICO score which is a measure of your capacity to repay loans. This will affect the interest rates for your loans.
Step 6 – Understand your debt ratio. Creditors prefer a debt ratio under 36%. For example, if you earn $3000 monthly they want to see debt payments less than $1080 a month.
Step 7 – Consider keeping only 2 credit cards, maintaining less than 30% of the maximum limit at any time and always pay on time.
Step 8 – Develop a budget and financial plan. Review it annually to fit your financial situation.
Step 9 – Seek help from a certified credit counselor for sound financial advice if you get in trouble.
For more financial tips check out this helpful free government site http://www.ftc.gov/
This is all part of a healthy life style. Eating right, exercising, thinking positively and maintaining your credit leads to a happier you!
Do you check your credit annually? What tips would you offer? Would love to read your thoughts in the comments below!
