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Handling difficult customers 8 strategies for investingАвтор: Vubar | Category: Kraken crypto radar | Октябрь 2, 2012
Customers who are not firm enough to make a decision no matter how many questions they ask. As a business, what you can do is acknowledge the. Determine whether it's the situation or the person. · Don't work with bullies. Duran said he may give a client a pass if he or she is difficult. There comes a time when you need to seriously consider walking away rather than continuously trying to close a difficult customer. Think about. SAINT ASONIA BETTER PLACE ITUNES
Value investing requires investors to remain in it for the long term and to apply effort and research to their stock selection. Investors who follow growth strategies should be watchful of executive teams and news about the economy. Momentum investors buy stocks experiencing an uptrend and may choose to short sell those securities.
Dollar-cost averaging is the practice of making regular investments in the market over time. Getting Started Before you begin to research your investment strategy, it's important to gather some basic information about your financial situation. Ask yourself these key questions: What is your current financial situation? What is your cost of living including monthly expenses and debts? How much can you afford to invest—both initially and on an ongoing basis?
Even though you don't need a lot of money to get started, you shouldn't start investing until you can afford to do so. If you have debts or other obligations, consider the impact investing will have on your short-term cash flow before you start putting money into your portfolio.
Make sure you can afford to invest before you actually start putting money away. Prioritize your current obligations before setting money aside for the future. Next, set out your goals. Everyone has different needs, so you should determine what yours are. Are you saving for retirement? Are you looking to make big purchases like a home or car in the future? Are you saving for your or your children's education? This will help you narrow down a strategy as different investment approaches have different levels of liquidity, opportunity, and risk.
Next, figure out what your risk tolerance is. Your risk tolerance is determined by two things. First, this is normally determined by several key factors including your age, income, and how long you have until you retire. Investors who are younger have time on their side to recuperate losses, so it's often recommended that younger investors hold more risk than those who are older. Risk tolerance is also a highly-psychological aspect to investing largely determined by your emotions.
Sometimes, the best strategy for making money makes people emotionally uncomfortable. If you're constantly worrying about the state of possibly losing money, chances are your portfolio has too much risk. Risk-Reward Relationship Risk isn't necessarily bad in investing. Higher risk investments are often rewarded with higher returns. While lower risk investments are more likely to preserve their value, they also don't have the upside potential.
Finally, learn the basics of investing. Learn how to read stock charts, and begin by picking some of your favorite companies and analyzing their financial statements. Keep in touch with recent news about industries you're interested in investing in.
It's a good idea to have a basic understanding of what you're getting into so you're not investing blindly. Strategy 1: Value Investing Value investors are bargain shoppers. They seek stocks they believe are undervalued. Value investing is predicated, in part, on the idea that some degree of irrationality exists in the market.
This irrationality, in theory, presents opportunities to get a stock at a discounted price and make money from it. Thousands of value mutual funds give investors the chance to own a basket of stocks thought to be undervalued. The Russell Value Index , for example, is a popular benchmark for value investors and several mutual funds mimic this index.
Who Should Use Value Investing? Value investing is best for investors looking to hold their securities long-term. If you're investing in value companies, it may take years or longer for their businesses to scale.
Value investing focuses on the big picture and often attempts to approach investing with a gradual growth mindset. People often cite legendary investor Warren Buffett as the epitome of a value investor. He explained that airlines "had a bad first century. Over the long-run, value investing has produced superior returns. However, value investing has seen prolonged periods where it has underperformed growth investing. It remains to be seen whether value stocks will regain their luster in the near future.
Pros and Cons - Value Investing Pros There's long-term opportunity for large gains as the market fully realizes a value company's true intrinsic value. Value investing is rooted in fundamental analysis and often supported by financial metrics. Value companies are more likely to issue dividends as they aren't as reliant on cash for growth. Cons Value companies are often hard to find especially considering how earnings can be inflated due to accounting practices.
Successful value investments take time, and investors must be more patient. Even after holding long-term, there's no guarantee of success - the company may even be in worse shape than before. Investing only in sectors that are underperforming decreases your portfolio's diversification. Strategy 2: Growth Investing Rather than look for low-cost deals, growth investors want investments that offer strong upside potential when it comes to the future earnings of stocks.
A drawback to growth investing is a lack of dividends. If a company is in growth mode, it often needs capital to sustain its expansion. Moreover, with faster earnings growth comes higher valuations, which are, for most investors, a higher risk proposition. While there is no definitive list of hard metrics to guide a growth strategy, there are a few factors an investor should consider.
Growth stocks do tend to outperform during periods of falling interest rates, as newer companies can find it less expensive to borrow in order to fuel innovation and expansion. It's important to keep in mind, however, that at the first sign of a downturn in the economy , growth stocks are often the first to get hit.
Achieving growth is among the most difficult challenges for a firm. Therefore, a stellar leadership team is required. At the same time, investors should evaluate the competition. A company may enjoy stellar growth, but if its primary product is easily replicated, the long-term prospects are dim. Who Should Use Growth Investing? Growth investing is inherently riskier and generally only thrives during certain economic conditions.
Investors looking for shorter investing horizons with greater potential than value companies are best suited for growth investing. Growth investing is also ideal for investors that are not concerned with investment cashflow or dividends. While it's inadvisable to try and time the market, growth investing is most suitable for investors who believe strong market conditions lay ahead. Because growth companies are generally smaller and younger with less market presence, they are more likely to go bankrupt than value companies.
It could be argued that growth investing is better for investors with greater disposable income as there is greater downside for the loss of capital compared to other investing strategies. Pros and Cons - Growth Investing Pros Growth stocks and funds aim for shorter-term capital appreciation.
If you make profits, it'll usually be quicker than compared to value stocks. Once growth companies begin to grow, they often experience the sharpest and greatest stock price increases. Growth investing doesn't rely as heavily on technical analysis and can be easier to begin investing in. Growth companies can often be boosted by momentum; once growth begins, future periods of continued growth and stock appreciation are more likely.
Cons Growth stocks are often more volatile. Good times are good, but if a company isn't growing, its stock price will suffer. Depending on macroeconomic conditions, growth stocks may be long-term holds. For example, increasing interest rates works against growth companies. Growth companies rely on capital for expansion, so don't expect dividends. Growth companies often trade at high multiple of earnings; entry into growth stocks may be higher than entry into other types of stocks.
Strategy 3: Momentum Investing Momentum investors ride the wave. They believe winners keep winning and losers keep losing. They look to buy stocks experiencing an uptrend. Because they believe losers continue to drop, they may choose to short-sell those securities. Momentum investors are heavily reliant on technical analysts.
They use a strictly data-driven approach to trading and look for patterns in stock prices to guide their purchasing decisions. This adds additional weight to how a security has been trading in the short term.
Momentum investors act in defiance of the efficient-market hypothesis EMH. This hypothesis states that asset prices fully reflect all information available to the public. A momentum investor believes that given all the publicly-disclosed information, there are still material short-term price movements to happen as the markets aren't fully recognizing recent changes to the company. Despite some of its shortcomings, momentum investing has its appeal. Who Should Use Momentum Investing?
While switching channels when interacting with customers is generally not advised, it might be worthwhile in the case of a difficult customer. Note that the most difficult of all conversations you could have, would be with customers who are right. When you know that the customer is justified in their anger, the best thing to do would be to agree with them and accept that the mistake was on your side.
Show them that you are their advocate within the company. Show customers that you are on their side and that you are their advocate within the company Click To Tweet Apologize if needed When a customer flies off the handle for a seemingly manageable problem, then their anger is probably not about the problem. Maybe the customer has had a series of issues with your product or service.
Maybe they recommended your product or service to their friends and colleagues and they feel let down. Maybe it is not related to you or your product. They might be having a personal problem that they are taking out on someone else. But your job is to make sure you do everything you can to make them happy. So go ahead and apologize.
As Lo Marino from Boomerang said, nearly every customer calms down when you shoulder some of the blame. But make sure you do not apologize too much and sound insincere in the process. Further reading.
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Debrief the situation with someone else when the customer leaves — sometimes you may need to talk to someone about your difficult customer to debrief and get rid of any negative thoughts and emotions you may have — this is a very important step. Learn stress management techniques — this may help you stay calm if a customer raises their voice or becomes emotional. Recognise and accept you will work with customers who have bad days — understand when you are working with the public some people take their bad days out on you — it is not personal.
Consider what you could do differently next time — if the customer is complaining about a company system or process, take some time to review this and determine if this might need to be changed. Think about the way you handled the customer and note anything you would do differently next time.
Setting boundaries around your communication is a must, especially if a client can be difficult. Let your client know how and when they can get in touch with you with project-related questions or concerns.
Project scope. But often, difficult clients will request changes to the project and not want to pay for those changes—so set clear boundaries around the project scope from the get-go and make sure to draw up a new contract any time the client makes a request for a change.
Treatment of staff members and contractors. If you have employees or subcontractors working with a client, you want to make sure your team is being treated with respect. Refuse to tolerate any disrespect, inflammatory language, or other type of mistreatment from your client to yourself and your team—and if they step out of line, let them know the behavior is unacceptable.
During, keep things professional. When you have to navigate difficult conversations or challenging project check-ins, be aware of your facial expressions and body language. Keep a record of all the phone calls with your client; after the phone call, write down the time, date, and what was discussed. If you have a video call, do the same thing. Keep all your emails and other written communication in a folder. Not only will having documentation of all your client interactions help you to address any misunderstandings with the client in the future, but it will also be helpful if you end up having to take legal action against the client or they decide to take legal action against you.
Own up to the mistake, apologize to the customer, and take any steps necessary to ensure, moving forward, your crew arrives on time and ready to work—and follow up with the client to make sure that happens. Bottom line? And in those situations, sometimes the best thing to do?
Escalate the situation. There are a variety of situations where you might need to take things to the next level when dealing with a difficult client, including: The client refuses to pay for outstanding invoices. Fee disputes.
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