Are you thinking of applying

Are you thinking of applying for a student loan? If so, a promissory note will need to be signed. Basically, this is a contract. On the due date, you will have to pay the loan along with the amount of interest based on the terms and conditions. Often, students don’t think much before accepting the terms and conditions of the promissory note. If you have got a loan but you are finding it hard to pay it back, you can refinance your student loan. However, make sure you consider 4 important things before you go ahead and refinance it.

No financing from the federal government

Remember: it’s the congress that decides on the rate of interest for the federal student loans. Moreover, the rates of interest are set based on the law irrespective of how good your credit rating is. If you have lower credit score, the interest rate will be higher and vice versa.

It’s possible to use a private loan to refinance a student loan. However, keep in mind that the same can’t be true about refinancing a federal loan into another federal loan.

Know the difference between refinancing and consolidation

Some borrowers believe that the consolidation of their loans is a good way of reducing the rate of interest just like refinancing. This is a common confusion as the options are quite similar. You get a new loan accepting new terms to replace a loan you took earlier. However, it’s important to keep in mind that you can’t reduce your interest rate by consolidating a federal loan.

However, you can enjoy some benefits with consolidation. For instance, you are free to opt for a service you like. Moreover, you can qualify for other forgiveness and repayment options.

Refinancing and your loan terms

Remember: refinancing will made changes to the terms of your loan. For instance, your interest rate may come down based on your cosigner or credit rating. The reduction in the rate of interest is the main thing that entices students.

As said earlier, the new loan will feature new terms and conditions. What this means is that the rate of interest may go up.

If you are finding it hard to repay your loan, the protection that come with federal students loans can help you. For instance, you can try repayment plans that reduce the payments.

Other methods

You can use other ways to cut down on the interest. Moreover, if you want to get federal student loans, you can use other options to reduce your interest rate. Therefore, it’s a good idea to give them a go. Some servicers may choose to reduce the interest rate provided you register in automatic payments.

You may also choose to pay an additional amount each month. As far as prepaym

times compared to retaining the existing ones. In this post, we bring you five most effective strategies for increasing customer retention with digital marketing.

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Start by setting customer expectations

When you start working on any marketing effort, the first retention effort should be setting clients’ expectations. The expectations help you to clear the vision and enable a company to structure its operations around the Key Performance Indicators (KPIs). When you set very high expectations and deliver more than the clients anticipate, they will be happy and keep coming back for more.
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The customer expectations should be drawn along the lines of their needs. This means you must start with comprehensive market research to determine what they need and how to deliver it. Remember to also set the timelines for evaluating the KPIs. Also, do not hesitate to implement changes to make the expectations more realistic.
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Be an expert in your niche

If you position yourself as an expert in the niche, customers will always come for advice. They will come back to read your content and become part of the business community. As an expert, your word is taken with finality. Recommendations drawn in your platforms are rich in content and guarantee users of highest value. To become an expert in a field, you need the following;

(I) Carry comprehensive and regular research about the target market

(ii) Ensure to run a blog for educating and guiding clients

(iii) Generate regular and high-quality content about the niche
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(iv) Consider running a monthly email marketing program

Build an extraordinary customer service

The customer support you install in business will define how satisfied the target clients are. When clients are treated well, they want to continue coming to you for more services and products. Good customer support is considered part of value addition to products or services.

The main components of great customer service include a commitment to the customer at all levels of interaction. This can be extended to include services and products’ perfection. Consider it as part of the business culture. The main components of high customer value include;

(I) Immediate response to clients’ inquiries about a product

(ii) Maintaining fulltime presence on social media and interacting with the target clients regularly

(iii) Offering solutions to clients issues at different levels using content and blog

(iv) Following customers who have bought products from email marketing and mobile apps

Implement special offer programs for your customers
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When clients come and buy from you, letting them to simply go means a massive loss of business. You lose the profit that could have come from repeat purchase and referrals. By implementing a special loyalty program, your customers will find a reason to continue coming back for more. For example, a fitness company can consider a special offer of new fitness e-book to clients using its services. Think of special coupons, special discounts, and other creative considerations that will add value to clients.
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Various types of products and services have various marketing objectives due to the nature of their trade. Objectives are best defined in a marketing plan which details exactly how the company can benefit if it takes on projected sales and marketing activities. The plan highlights the marketing mix, its budget, and how the business will expand in a specific period.

Marketing communication has channels that deliver your business message to the large masses. These days, companies use both print media and electronic media in their marketing mix. They like to take part in events and put up kiosks in various busy spots of the city for product testing as well. If the objective is to reach large masses you can create TV ads. To engage users online companies create websites and use questionnaires for new product development, learn more about consumer behavior, their likes and dislikes.

Reinforcement is the main element of integrated marketing communication as it ensures all elements of a result-driven campaign work cohesively to achieve objectives. For brand awareness five elements are most important as follows:

Personal Selling
Advertising
Sales Promotion
Direct Marketing
Publicity
A promotional mix works like a combination of options and the options that suit the trade best are always part of a marketing mix. If you are a local restaurant there is no need to advertise on TV. All you need is sales promotions, websites, and direct marketing through food delivery companies. For an FMCG TV ads are essential when you have a lot of competitors. FMCGs try to make sales using all types of channels. So objectives of the marketing communications (MC) depend on the type of business you are in.
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The importance of integration

Integration is important for consistency. For example, if the brand logo appears different on the packaging than what is displayed on the website it gives off a very bad impression. Uniformity gives you a clean brand image that is more trustworthy. The corporate identity has to be maintained at all times. The look and style of your brand need not change across the various channels. Your brand message has to be consistent for corporate reasons. The target audience will take actions you want them to if you have a consistent message across many platforms. For this reason, the brand, the agencies, media, channel members, and the MC support services all need to work together to ensure they are on the same page. This prevents clutter which is damaging for the company image.

Role of marketing communications in promoting and developing brands

Promoting and developing brands requires work on graphics. When you have attractive graphics the brand name will be well recalled as the mind likes to retain eye-catchy graphics. When you have the effectual graphics for your advertising and publicity you are ready to promote a brand. The logo is a vital element of the brand as it distinguishes you from others. It can be revamped when the market trends change. Brands are best developed using the right IMC strategy so they can find consumers in the large target market and this requires research. After that, we can build a brand using a marketing mix for IMC. It helps with customer retention and getting new customers. By building brand equity brands can survive n the market. Product information that consumers get leads to making informed decisions about making purchases.

A business message gives the target market awareness about who you are and the benefits you have to offer. By using events at expositions or interacting with consumers online at websites or social media sites we can build associations with the consumers. When we have a large following the perception of the brand in the market will be positive. More prospects will trust us and try it. From the experience they get online and from the product use, they will be loyal.

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