How Can Our Esports Gaming Software Company Incentivize Feedback & Get Testimonials From Our Customers?

 How Can Our Esports Gaming Software Company Incentivize  Feedback & Get Testimonials From  Our Customers?

    

Today we will learn how reviews can help your business to improve sales and how to convince your customers to leave more reviews. It is vital to include the request for reviews in your marketing strategy to ensure that you receive high-quality reviews from your customers. The immediate advantage of reviews is that they give your future customers more confidence. [Sources: 0, 5] 

    

Customer reviews give customers real product feedback from other buyers. Having lots of customer reviews strengthens the feeling of potential customers that they are confident of their brand. One of the easiest ways to get customer reviews is to reach out to customers you know who are ingesting their product. [Sources: 5, 11] 

    

If your customers understand how important reviews are for your business and that you offer an excellent product or service, they will not be annoyed when you request a review. Next time you are congratulated by a customer in person, email, phone or email, mention that you appreciate it and leave the same feedback in an online review on TrustPilot, Yelp or any other review page of your choice. Negative experiences are widely shared and the average customer will not look for a way to leave an online review for his company. [Sources: 7] 

    

If you receive a negative review, you will find ways to make improvements, integrate customer feedback into your product, or seek additional reviews. You should see negative reviews as an opportunity to show your customers that you are interested in them. Responding to negative reviews can help you keep your current customers for longer. [Sources: 1, 5] 

    

If you own a business, you know that online customer reviews can be very influential. Requests for the publication of customer reviews are an essential and ongoing part of the business. Negative reviews are the perfect stage to shine as a company with first-class customer service. [Sources: 0, 1, 7] 

    

Request your influencers to write honest reviews of your products and share them to strengthen and support your customer acquisition strategy. Use a system to collect and share customer reviews so your business can respond to criticism and improve the customer experience. For marketers, social evidence, such as reviews from customers who share their opinions, is extremely valuable. [Sources: 3, 5, 6] 

    

Because our business model consists of a transaction-based product project in time, we trigger email drip campaigns and SMS text campaigns to obtain quality assessments in good time before the project is sold or completed. [Sources: 9] 

    

For example, an email campaign aimed at customers who are already familiar with your brand will have a higher response rate than an unknown demographic. Customers loyalty to the company will help them draw more value from the product, encourage them to share feedback, influence potential new customers, and build a community of like-minded customers and users with whom the company can connect. This is the same ultimate goal as our email campaign to earn Capterra ratings and email campaign experiments with G2 Crowd, which highlights both motivated and unmotivated email campaigns and the differences between third-party email campaigns. [Sources: 3, 8, 9] 

    

For this reason, it is important to involve your customers early, often and often in the product or service. The most important thing is to engage with your customers and the product. [Sources: 3] 

    

The best way to get a customer to check an item they own or buy is to ask them. A customer review helps the customer learn more about the product and decide if it is the right product for them. In this way, they not only save time, but also understand how the product helps them to achieve their goal. [Sources: 0, 3, 11] 

    

Marketing experts say the voucher trick Shutman witnessed had the shameless effect of paying actual customers to write glowing reviews, making it impossible for Amazon to challenge the posts. Still, it's not easy to get customer reviews when you're selling a product that goes viral or is seen on Shark Tank. Retailers know that reviews can alter or destroy a sold product, said Dina Mayzlin, a marketing professor at USC. [Sources: 0, 10] 

    

Good reviews are a key component of Amazon's product rankings, meaning that sellers have a strong incentive to generate the best possible reviews to achieve customer satisfaction, even through dubious methods. A high volume of customer reviews for sellers is important because it helps improve conversion rates and improve their products in Amazon's search results. But comments on a private Facebook group of Amazon reviewers show that some sellers are using underhand tactics to get customers to check products. [Sources: 2, 10] 

    

Thousands of people flock to their websites to research products based on customer reviews. Customer feedback appears on product pages, reviews and help pages and can be found by search engines using unique keywords. [Sources: 0] 

    

In this way, prospective customers who come across your site and see a negative review can read your account history and make an informed decision as to why it happened. If customers are active on Facebook, they are more likely to leave a review on your Facebook page. If you share the product you rate on your social networks, it will get more attention for the product and your brand. [Sources: 0, 1, 5] 

    

Whether you choose negative reviews or not, you have to come up with a game plan for what you tell your customers. Your satisfied customers may need an additional incentive to take time out of their busy schedules to write a review. [Sources: 1, 7] 

    

A great way to do this is online word of mouth and how it generates for your customers. The point is to take the time to thank your customers through an email campaign. After a customer purchases can go a long way to building a brand that is lovable and memorable. This makes customers happy and gives them more experience with your product or service. [Sources: 3, 4] 

##### Sources #####

    

[0]: https://woocommerce.com/posts/get-more-product-reviews/

    

[1]: https://neilpatel.com/blog/your-business-needs-negative-reviews/

    

[2]: https://www.businessinsider.com/amazon-bad-review-practices-crackdown-2018-4

    

[3]: https://blog.hubspot.com/service/customer-retention-strategies

    

[4]: https://profitboss.com/the-100-best-restaurant-promotion-ideas/

    

[5]: https://sproutsocial.com/insights/how-to-ask-for-reviews/

    

[6]: https://www.singlegrain.com/content-marketing-strategy-2/guide-influencer-marketing/

    

[7]: https://www.forbes.com/sites/allbusiness/2014/08/28/6-simple-ways-to-get-customers-to-review-your-business-online/

    

[8]: https://antavo.com/blog/customer-loyalty-programs

    

[9]: https://www.business2community.com/brandviews/grade-us/ab-testing-online-review-incentives-via-email-campaigns-01615984

    

[10]: https://www.latimes.com/business/story/2020-02-04/amazon-review-bribe

    

[11]: https://www.amazon.com/gp/help/customer/display.html?nodeId=G3UA5WC5S5UUKB5G

What’s holding you back? Just say “OK” and get The Market Algo NL for Free!  ---   “Just ‘Do it!’”   ---

Delia Garcia-Celedon, much sought-after/renowned Forex-crypto-futures market analyst agrees-The Ninja Guide & The Market Algo NL are top tier:

“Patrick O’Connell is the ‘go-to’ person to connect with if you are a startup company that needs that extra push!  He has many connections from all over the globe!  I am currently working with him to connect me with the right people from my industry.

Please see his “Ninja Guide” as it has a great deal of information to connect you to the right people to start your business!  He has connections with investors that will help you get your company off and running!”

Patrick says:  I create pitch decks, compelling cover email cover letters, and I regularly update a customized spreadsheet that lists likely VCs and angel investors – just for startup founders/CEOs- all pro bono! 

Some of my awesome subscribers:  Gerald Celente, Brian Yim (CEO: MillionaireAsia), Delia Garcia-Celedon, Peter Thomson, and a sprinkling of VCs, angel investors, professional Forex/futures traders and a sprinkling of millionaires  from around the world!

Are you an entrepreneur?    Raise Money-Make Money! FREE Guide for the Ninja Entrepreneur to Fund/Sustain your Stellar Startup-How to  Avoid Failure : Free link avail thruMy MarketAlgoNL:  https://tinyurl.com/061421NL

The Market Algo Newsletter (free & weekly): shares compelling & actionable market forecasts (S&P500 & global) that I have shared for the benefit of investors/traders worldwide! I do the research: you reap the profits. Subscriber here:  https://mymarketalgo.com/RTCT

 

    

How Can I Create & Approach A Branding Partnership To Sell Advertising For My Vehicle Lease/Rent Subscription Model?

How Can I Create & Approach A Branding Partnership To Sell Advertising For My Vehicle Lease/Rent Subscription Model?

  

Vehicle Subscriptions In the most basic case, vehicle subscriptions revolve around the idea of temporary ownership of a common mobility service where customers have access to a vehicle every month. Vehicle subscription programs seem to be ideal for the average customer, who is expected to want to avoid the cumbersome process of owning, renting or leasing a car. In addition to being more flexible, subscription programs for vehicles are perceived as more cost-effective than traditional car rentals, rentals or direct purchases. [Sources: 13] 

    

Car rental companies can retain their existing customers and attract more business by providing additional customer service services such as roadside assistance, vehicle replacement and more. By using marketing efforts you can make your customers understand that your rental car service is better than your competitors. [Sources: 10] 

    

Many car rental portals are central marketplaces in which the services of different car rental companies can be compared to each other to help customers make an informed decision. Car rental companies are often set up by local businesses, municipalities, car companies and customers to meet in one place. Most of them offer services for different types of vehicles. [Sources: 10] 

    

A uniform brand identity to promote your business makes you look professional and helps you win new customers. Once your target customers and brand identity are under your belt, you can begin building the core marketing components of your small business, including your website, blog, email tools, conversion tools and social media accounts. [Sources: 1] 

    

Marketing plays an important role in the success of any rental car company, but only if they take the right marketing approach and implement it well. In addition to researching your target customers before starting the company, you also need to create the basis for a strong brand identity. Brand building is about convincing customers to believe in your product or service and to buy it. [Sources: 1, 10, 12] 

    

The direct-to-consumer business model is based on a brand or company's direct access to its end customer. Since the company is able to tap its customers without intermediaries, this model works in favour of the company itself. Unlike the business-consumer model (B2C), which is sold directly to individual customers, the consumer-business model (C2B) offers users services through the company, such as customer reviews, influencer marketing, etc. [Sources: 6, 9] 

    

While the majority of users receive free services, only a small percentage of these users become paying customers through the marketing and distribution funnel. The growth of online companies and advertising models has led to a distribution of sales costs, whereby the turnover from advertising is generated by the division of the company offering the service or digital property on which the advertising appears. [Sources: 6, 8] 

    

Subscription services offer their customers a new car that is less than a year old. This means the ability to sell or lease a new or used car via a subscription enables dealers to sell more of the same customers and reach a whole new customer base. [Sources: 2, 4] 

    

Leasing is one of the best ways to package and market a soft service offering, especially as manufacturers begin to rely more on short-term leasing programs to reduce inventory spikes in new and used cars. [Sources: 3] 

    

In order for this business to work, additional capabilities need to be developed and deepened, such as customer-specific offers that transcend a particular car model, customer-benefit-oriented pricing and fleet management. Manufacturers must set up their own subscription service and learn from customer feedback to make it a profitable business. Shared ownership between dealers and manufacturers could make unbundled second-hand car dealerships more plausible than existing franchisors. [Sources: 3, 4] 

    

Subscription services aim to be a system that integrates the asset management of vehicles used in different modes of mobility (subscription, rental, car sharing, etc.). More efficient operation reduces the cost of stopping a car, and these lower costs are passed on to the customer. [Sources: 4] 

    

Many consumers either want to buy or lease a new or used car, or they want to abolish the car altogether and choose a subscription model. Many potential customers do their calculator and decide to forgo their subscription, which turns out to be cheaper than traditional car ownership. [Sources: 2, 4] 

    

In the digital age, where the existence of retailers is under threat and car buying is migrating to online platforms and small boutiques, it is an opportunity to upgrade an archaic business model. Car manufacturers want to expand their participation in the life cycle and value chain of customers in order to improve profitability and expand a stagnant market. The aim of automobile manufacturers, sensing the opportunity to create a new source of revenue for their cars through their own subscription programs, is to tap into the Product-as-a-Service (XAAS) model to capture the lion's share of their "mobility needs" without being limited to one-off sales. [Sources: 3, 13] 

    

In response, car manufacturers are getting serious about marketing and addressing the weaknesses of their traditional distribution channels for franchises and dealers. Subscription models are changing the focus to align products and customer service with customer needs in an ongoing, dynamic relationship. [Sources: 2, 3] 

    

It is a way of generating dealer income and, at the same time, creating value by listening to customers, learning from their experiences and using these insights to sell them a car. Vehicle on Demand is the national car rental company we know best, but it is more of a loyalty program. China's Ycloset takes a different approach, using a subscription rental model that gives customers free or free access to a range of garments and accessories. [Sources: 2, 5] 

    

The company’s value promise delivers value through various elements such as novelty, performance, customization, the completion of tasks, design, brand status, price, cost reduction, risk mitigation, accessibility, convenience and ease of use. [Sources: 7] 

    

    

        

    

##### Sources #####

    

[0]: https://www.cbinsights.com/research/fashion-tech-future-trends/

    

[1]: https://blog.hubspot.com/sales/how-to-start-a-business

    

[2]: https://www.coxautoinc.com/learning-center/transportation-mobility-white-paper/

    

[3]: https://www.strategy-business.com/article/10102

    

[4]: https://www.oliverwyman.com/our-expertise/insights/2019/jun/automotive-manager-2019/sales/a-car-without-the-commitment.html

    

[5]: https://www.mckinsey.com/industries/retail/our-insights/the-end-of-ownership-for-fashion-products

    

[6]: https://fourweekmba.com/what-is-a-business-model/

    

[7]: https://en.wikipedia.org/wiki/Business_Model_Canvas

    

[8]: https://www.investopedia.com/ask/answers/010915/how-does-revenue-sharing-work-practice.asp

    

[9]: https://www.businessnewsdaily.com/5000-what-is-b2b.html

    

[10]: https://fleetroot.com/blog/how-to-effectively-market-your-car-rental-business/

    

[11]: https://bombbomb.com/blog/email-templates-car-sales-professionals/

    

[12]: https://courses.lumenlearning.com/wmopen-introbusiness/chapter/product-marketing/

    

[13]: https://www.forbes.com/sites/sarwantsingh/2018/07/30/your-next-car-could-be-a-flexible-subscription-model/

    

What’s holding you back? Just say “OK” and get The Market Algo NL for Free!  ---   “Just ‘Do it!’”   ---

Delia Garcia-Celedon, much sought-after/renowned Forex-crypto-futures market analyst agrees-The Ninja Guide & The Market Algo NL are top tier:

“Patrick O’Connell is the ‘go-to’ person to connect with if you are a startup company that needs that extra push!  He has many connections from all over the globe!  I am currently working with him to connect me with the right people from my industry.

Please see his “Ninja Guide” as it has a great deal of information to connect you to the right people to start your business!  He has connections with investors that will help you get your company off and running!”

Patrick says:  I create pitch decks, compelling cover email cover letters, and I regularly update a customized spreadsheet that lists likely VCs and angel investors – just for startup founders/CEOs- all pro bono! 

Some of my awesome subscribers:  Gerald Celente, Brian Yim (CEO: MillionaireAsia), Delia Garcia-Celedon, Peter Thomson, and a sprinkling of VCs, angel investors, professional Forex/futures traders and a sprinkling of millionaires  from around the world!

Are you an entrepreneur?    Raise Money-Make Money! FREE Guide for the Ninja Entrepreneur to Fund/Sustain your Stellar Startup-How to  Avoid Failure : Free link avail thruMy MarketAlgoNL:  https://tinyurl.com/061421NL

The Market Algo Newsletter (free & weekly): shares compelling & actionable market forecasts (S&P500 & global) that I have shared for the benefit of investors/traders worldwide! I do the research: you reap the profits. Subscriber here:  https://mymarketalgo.com/RTCT

 

How To Locate Funding For A Startup

 How To Locate Funding For A Startup

   

If you want to start your own business but do not have the financial means, you can start it in different ways. There are many different ways to finance a business, and many of them will vary according to experience and track record. Here is a quick guide to help you finance a start-up. [Sources: 5, 8] 

    

Financing for a start-up comes in all possible forms, and entrepreneurs are well advised to consider and evaluate the forms of capital available at each stage of the business. As business grows and evolves, various forms of capital are more useful and available at every stage, from simple credit card debt and personal savings to more complex sources such as angel investors and commercial loans. [Sources: 11] 

    

Do not imagine a high-growth company in the early development phase without financing as an established, stable, low-growth company. High-tech, high-growth startups often have access to investment funds that are not available to stable, low-growth, incumbents. [Sources: 6] 

    

It is common for angel investors to fund companies if they are still in the early stages and VCs want to join a bit later. An angel investor is an elevator pitch for entrepreneurs who have gone through a venture capital firm and have access to a full-fledged business plan and a seasoned track record. [Sources: 1, 8] 

    

In reality, the preferred source of funding for start-ups is the best type of financing, because it shows that your business can take off. Many entrepreneurs start with a degree of self-financing (also called bootstrapping), but the fact is that prospective investors want to see you have skin in the game. Investors are trying to figure out how to invest in you and your idea, and financing your own start-up is a good sign for them. [Sources: 1, 14] 

    

If you want to get your start-up off the ground and see it develop into a successful business, it's time to delve deep into your financing options. In other words, start seeking financing for your business from family and friends. You can look at financing options for startups and online businesses that cost less money, but in many cases the problem is that it might be time to rethink your business idea if you are embarrassed to ask your family or friends to support your start-up. [Sources: 5, 13] 

    

The first step is a list of initial costs that you need to take to get financing to start a business - but there is more to it than that. [Sources: 13] 

    

Self-financing, also known as bootstrapping, is the most effective way to get start-up financing before you start your business. Most start-ups start with early start-up funding from friends and family, angel investors and accelerators. The start-up financing generated by Bootstrap covers the essentials of the business, such as the inclusion of basic office materials, a website and a domain. [Sources: 3, 9, 11] 

    

Avoiding the traditional route of bank lending may seem like an impossible feat, but there are plenty of financing opportunities for small businesses available to entrepreneurs. This comprehensive guide lists 10 financing opportunities for startups that can help you raise capital for your business. While these are for Indian companies, similar alternatives exist in various countries. [Sources: 3, 9] 

    

In this article, we will break down 10 financing options for small businesses, explore the benefits of alternative lending, and give tips for how to finance your business. Without suitable funding for companies, start-ups are more likely to fail. [Sources: 3] 

    

Small business loans are one of the most traditional forms of financing, but they are limited to people with existing cash flows and some sort of collateral. Banks provide business and start-up loans at low interest rates, but do not provide equity to companies. Venture capital is another frequent and attractive source of start-up finance, even though it involves giving up part of one's business. [Sources: 1, 5, 12] 

    

Other entrepreneurs have built successful businesses and are willing to invest significant sums to help others launch their startups. Banks are more likely to invest as venture capitalists or lend money to start-ups. For many of the same reasons, banks do not lend money directly to start-ups. [Sources: 6, 13] 

    

Crowdfunding is one of the latest funding methods for startups and is very popular. Websites such as Kickstarter, GoFundMe and Indiegogo allow you to promote your business idea or product and get people all around the world to donate money without exposing equity to your business. [Sources: 9, 12] 

    

If you can't finance your business yourself, try getting a loan or credit line from your local bank. I recommend using a reputable online company such as Lend.io or Funder.a if you are looking for a simple approach to get quick financing for your business. [Sources: 8] 

    

If you ask a friend or family for a loan, it is a good idea to make sure you get sound legal advice before you take out the loan. [Sources: 17] 

    

As a man who has spent 15 years trying to get his sailing boat business up and running and who has nothing more than old age and more debt, I can tell you one thing, and that is that I can say one thing: never take money from friends and family. Contrary to popular belief, there is no magic waiting in the wings to make you money when you have a new and exciting business idea. Instead, I would strongly encourage entrepreneurs to think about the many additional creative opportunities available to start a business that you may not find when you buy a car, home, or other important consumer goods, and if you don't choose one or two, discourage them when they don't work for you. [Sources: 0, 6] 

    

Investments are a type of loan or stock that can be bought to help future investors find something positive, even if your family and friends don't believe you are an investor. [Sources: 14] 

##### Sources #####

    

[0]: https://www.entrepreneur.com/slideshow/299773

    

[1]: https://blog.salesflare.com/startup-funding-sources

    

[2]: https://invest.georgetown.org/locate-business-funding/

    

[3]: https://www.businessnewsdaily.com/1733-small-business-financing-options-.html

    

[4]: https://www.fundera.com/business-loans/guides/startup-funding

    

[5]: https://foundr.com/articles/building-a-business/finance/funding-a-startup

    

[6]: https://articles.bplans.com/how-to-get-your-business-funded/

    

[7]: https://www.uschamber.com/co/run/business-financing/government-small-business-grant-programs

    

[8]: https://www.quicksprout.com/how-to-get-your-startup-funded/

    

[9]: https://www.profitbooks.net/funding-options-to-raise-startup-capital-for-your-business/

    

[10]: https://www.merchantmaverick.com/do-i-qualify-for-a-startup-grant/

    

[11]: https://www.fundable.com/learn/resources/guides/startup/funding-your-startup

    

[12]: https://about.crunchbase.com/blog/investors-for-startup/

    

[13]: https://www.national.biz/how-get-funding-startup-business-2020/

    

[14]: https://www.upcounsel.com/funding-for-startups

    

[15]: https://www.nerdwallet.com/article/small-business/small-business-grants

    

[16]: https://www.themuse.com/advice/show-me-the-money-7-ways-to-get-funding-for-your-business-idea

    

[17]: https://www.startupgrind.com/blog/9-realistic-ways-to-fund-your-startup/

What’s holding you back? Just say “OK” and get The Market Algo NL for Free!  ---   “Just ‘Do it!’”   ---

Delia Garcia-Celedon, much sought-after/renowned Forex-crypto-futures market analyst agrees-The Ninja Guide & The Market Algo NL are top tier:

“Patrick O’Connell is the ‘go-to’ person to connect with if you are a startup company that needs that extra push!  He has many connections from all over the globe!  I am currently working with him to connect me with the right people from my industry.

Please see his “Ninja Guide” as it has a great deal of information to connect you to the right people to start your business!  He has connections with investors that will help you get your company off and running!”

Patrick says:  I create pitch decks, compelling cover email cover letters, and I regularly update a customized spreadsheet that lists likely VCs and angel investors – just for startup founders/CEOs- all pro bono! 

Some of my awesome subscribers:  Gerald Celente, Brian Yim (CEO: MillionaireAsia), Delia Garcia-Celedon, Peter Thomson, and a sprinkling of VCs, angel investors, and millionaires others from around the world!

Are you an entrepreneur?    Raise Money-Make Money! FREE Guide for the Ninja Entrepreneur to Fund/Sustain your Stellar Startup-How to  Avoid Failure : Free link avail thruMy MarketAlgoNL:  https://tinyurl.com/061421NL

The Market Algo Newsletter (free & weekly): shares compelling & actionable market forecasts (S&P500 & global) that I have shared for the benefit of investors/traders worldwide! I do the research: you reap the profits. Subscriber here:  https://mymarketalgo.com/RTCT

    

What Are The Creative & Destructive Impacts Of AI-Powered Fintech On Financial Services?

    

Simple mobile solutions with AI technology can help your customers take advantage of your services by answering basic questions. Thanks to improved functionality, simple AI can help provide analysis of irrational purchases, recommend ways to save, and remind everyone of the date of mandatory credit card payment. [Sources: 8] 

    

Transformation means bringing technology into every aspect of business to create a better and more streamlined customer experience. Technical solutions such as React can save a lot of time for customer service staff and recruitment teams. If you suffer from constant staff turnover, AI chatbots may be the answer. [Sources: 8, 10] 

    

For example, traditional financial firms like Pingan Group (a Chinese industrial and commercial bank) and Morgan Stanley (Goldman Sachs) are using big data and other new technologies to transform their services. However, despite significant capital, most banks lag behind consumer tech companies in their efforts to attract customers with superior service experience. Increasing competition from fintech start-ups that use technology to create unique customer experiences in banking and other financial services is forcing big banks to respond and innovate as quickly as possible. [Sources: 1, 2, 6] 

    

As a result, institutions need more detailed insights into customer behavior outside financial services and need to focus more on delivering what customers want. For example, banks with huge amounts of consumer spending, savings and investment data that can be fed into AI algorithms to add value to their customers will need human financial literacy and new expertise, and these insights will form the basis for customer seminars and personalized financial planning services. The data, analysis and AI skills needed to build an AI bank are largely alien to traditional financial institutions and organizations must develop detailed strategies to attract them. [Sources: 6, 9, 11] 

    

Artificial intelligence in the banking industry can solve routine tasks, offer improved solutions, and bring new value to the industry. To remain competitive, established banks must become an artificial intelligence vision and implementation (as discussed in our previous article) and that means transforming the entire stack of skills, including engagement levels, AI-based decision-making, core technologies, data infrastructure and operating models. In this article, we look at how banks can take an AI-first approach to reinventing customer engagement. [Sources: 6, 8] 

    

In this environment, financial services companies must change the way they operate and the type of products they develop to compete for customers. Today, banks need to build a banking stack that enables them to have a platform where customers and third-party providers can connect and offer flexible and personalized experiences to end users. In addition, new players form alliances and raise funds in the market, and they develop social media buzz to demonstrate their capabilities through customer partnerships and ultra-fast service responses. [Sources: 1, 9, 11] 

    

The success of ATMs has acted as catalyst for the introduction and diffusion of other innovative devices including automated ATMs (often described as a combination of one ATM at one location, an Internet connection to the bank's website and a telephone connection to customer service) [5] (P 500 ). The introduction of these facilities not only helped to keep operating costs at a modest level, but also made banks more comfortable for their customers. [Sources: 0] 

    

These innovations have expanded access to the entire financial sector, which includes most companies around the world. Financial organizations that want to remain relevant must transform themselves into some kind of FinTech company. The main players in most FinTech innovations have already produced other innovative FinTech solutions that are likely to emerge in traditional financial and banking systems. [Sources: 0, 10] 

    

The explosive growth of the past decade, in which banks had a lot of structured and unstructured data at their disposal, coupled with the growth of cloud computing and machine learning has created a perfect storm for the use of artificial intelligence across the banking and financial services landscape. The hope is that the use of fintech and big data in financial services will have a greater impact on the quality of financial transactions made available to the financial sector across socio-economic and geographical boundaries. [Sources: 1, 3] 

    

This effect has prompted traditional banks to look for new technologies to keep pace with the speed of the Internet. In the financial sector, more and more industry giants invest in blockchain technology startups and work with startups, including banks and investment institutions. This low-net-worth and service-heavy model is affecting traditional financial firms, particularly commercial banks, and reforms in the traditional banking sector are imminent. [Sources: 2] 

    

AI offers financial institutions the opportunity to solve a wide range of common problems plaguing the industry and its customers, and they can team up to develop common solutions that benefit all, "the WEF said. FinTech companies strive to follow modern trends and provide the best possible services while keeping their heads and shoulders above water. [Sources: 8, 11] 

    

Modern customers demand more attention, special opportunities and better conditions at the same time. Accustomed to the standards of service set by consumers and Internet companies, customers today expect the same level of consistency, convenience, and personalization from their financial services providers. [Sources: 6, 8] 

    

By 2020, when consumers will need banking services, they will no longer turn to banks. Remember that banks are the biggest customers of FinTech companies, and this will help them reach new customers. [Sources: 1, 7] 

    

The digital nature of finance means that power has been taken away from the big banks and transferred directly to the people. All parties involved in bank transactions are involved and involved in the optimization of various financial services processes. Interactive financial transactions such as equity trading are withdrawn from the portfolio holder in several steps. [Sources: 2, 10] 

    

The financial services industry as a whole will consider banking technologies as a high priority for investment if they appear relevant to its business model. Talent will move from financial institutions to service providers. Such apps will suggest that routine banking roles such as bank clerks, service agents, loan officers and regulators are seen as ripe for automation and elimination. [Sources: 1, 9, 11] 

  ##### Sources #####

    

[0]: https://www.intechopen.com/online-first/ai-powered-virtual-assistants-in-the-realms-of-banking-and-financial-services

    

[1]: https://www.wowso.me/blog/technology-in-banking

    

[2]: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7306205/

    

[3]: https://link.springer.com/10.1007/978-981-33-6137-9_3

    

[4]: https://www.kelltontech.com/kellton-tech-blog/top-5-technology-trends-that-will-shape-fintech-sector-in-2021

    

[5]: https://internationalbanker.com/finance/the-impacts-and-challenges-of-artificial-intelligence-in-finance/

    

[6]: https://www.mckinsey.com/industries/financial-services/our-insights/reimagining-customer-engagement-for-the-ai-bank-of-the-future

    

[7]: https://www.pwc.com/gx/en/industries/financial-services/publications/financial-services-technology-2020-and-beyond-embracing-disruption.html

    

[8]: https://idapgroup.com/blog/artificial-intelligence-in-financial-services/

    

[9]: https://fastfuture.com/the-creative-and-destructive-impacts-of-ai-powered-fintech-on-financial-services/

    

[10]: https://www.forbes.com/sites/anniebrown/2021/06/15/meet-the-fintech-innovators-using-ai-to-reimagine-the-financial-sector/

    

[11]: https://internetofbusiness.com/how-ai-is-transforming-and-threatening-financial-services-wef-report-in-depth-analysis/

    

How Might Blockchain Technology Enhance Travel Trust& Authenticity In The Travel Experience?

 How Might Blockchain Technology Enhance Travel Trust& Authenticity In The Travel Experience?

    

The Aviation and Communications Company SITA4 is researching the use of a single travel token based on the principles of single signing on (SSO) that can be stored on mobile and portable devices and authenticated on the blockchain, cutting down documentation checks throughout the journey of the customer. [Sources: 5] 

    

It's good to know that many travel companies are starting to use blockchain technology. Airbnb uses blockchain to secure the disclosure of user profiles to third parties. Many travel companies have their own loyalty programs to satisfy their customers, and blockchain technology could help in this area. [Sources: 3, 5] 

    

Blockchain interrupts every step of the industrial value chain by continually analyzing alternative currencies, securing irrefutable identities, lowering transaction costs and challenging the current marketing thinking. Together with other accelerating technologies such as artificial intelligence, cloud computing, hyper-connectivity, and the Internet of Things, this could transform society. Because blockchain bears fruit with successful implementation, we can harness the myriad benefits of blockchain technology in our lives without having to understand the technical aspects of how it works. [Sources: 9, 12] 

    

Blockchain enables the creation of unique travel experiences that become independent of external, centralized sources of manipulated information. Blockchain technology can bring the scenarios described above to life, providing a seamless customer experience, speed, secure collaboration and transparency for the multitude of stakeholders involved in travel. [Sources: 6, 9] 

    

Ethan Chernofsky, vice president of marketing for cross-sector blockchain networks at Orb Group said that measure of how well technology disrupts travel is whether it creates real value for consumers. Blockchain's travel-based applications are developing new systems for sales, loyalty, identity, operations, and more, an issue we explored in detail in February. [Sources: 0] 

    

Blockchain could also serve as a basis for other technological applications, and these could be useful for the tourism industry. Platforms providing travel support services could choose blockchain to improve their competitiveness in the market. Taking advantage of the potential of the technology, travel companies are exploring the role blockchain could play in key areas. [Sources: 4, 5, 11] 

    

Blockchain technology is one of the technological advances that could help brands gain a better understanding of how to appeal to their customers, while allowing customers to regain control of their PII. [Sources: 8] 

    

Although there is a growing literature on the potential of blockchain applications, thorough scientific research is needed to illustrate how blockchain technology can provide a fundamental level of improved transparency and trust in marketing activities. In a further section, the authors give an overview of sustainable tourism and Blockchain Technology, describe how this could be used to achieve sustainable tourism, explain how blockchain technology could be implemented in practice and conclude by identifying future research directions. [Sources: 8, 13] 

    

Global supply chains, financial services, healthcare, government, and many other industries are exploring ways for innovators to use blockchain to disrupt and transform traditional business models. Read on to see significant business advantages, such as greater transparency, improved security, improved traceability, increased transaction efficiency and speed and lower costs – and learn more about the use of Blockchain in your industry. Many companies in the travel industry are considering whether to invest in their existing systems or incorporate technology, and blockchain deployment focuses on four key parameters. [Sources: 5, 10] 

    

Financial transactions are an important part of the travel industry, and blockchain technology can not only simplify payments but also secure them. The most important use of blockchain technology for payments in the hotel, tourism and travel industries. Payments are an obvious and immediate travel application, and progressive providers are already aware of the blockchain potential and are beginning to accept payments in cryptocurrencies. [Sources: 7, 12] 

    

Blockchain technology promises to improve the transparency and security of transactions, which has prompted the tourism industry to experiment with the technology. It simplifies bank payments, secures transactions and enables companies to accept payments with Bitcoin and other cryptocurrencies. For tourism, blockchain has the potential to become a powerful combination of technologies that bring security and transparency at multiple critical junctures. [Sources: 3, 11] 

    

Blockchain has the ability to change the way critical information is shared to prevent fraud and unauthorised activity in industries where the protection of sensitive data is critical, such as the financial services, government and healthcare. Blockchain technology can create a new topology of increased transaction trust and information transparency in an opaque environment where information asymmetries prevail and the relationship between brands and consumers dominates (Shah et al., 2006 ). Blockchain technology can also contribute to more trustworthy campaigns and customer-centredness. As more and more travel companies deploy technology that enables trust, more of it will lead to larger decentralized networks and consortia. [Sources: 6, 8, 10] 

    

In recent years, the emergence of blockchains has generated enthusiasm and interest because of their potential, the way we store and use data and other sources of information. Blockchain technology has the potential to transform the way information and data are stored and used, increase transparency and security, and improve transactions. [Sources: 7, 11] 

    

Blockchain will have a dramatic impact on travel over the next 5-10 years. It is one of the most discussed concepts of 2018 not least in the travel sector, where its development is being discussed as the future of distribution and security. Let us generalize the main opportunities for blockchain in the travel industry which are yet to be implemented or are still waiting for their pioneers to be implemented. [Sources: 0, 4, 12] 

    

Stability and security come first, given the benefits blockchain technology offers to the travel industry. Given the many opportunities that blockchain offers, its introduction in appropriate forms could open up new opportunities for the industry. For travel and social engagement, it seems reasonable that blockchain-based travel platforms could take the form of social networks. [Sources: 6, 7, 9] 

    

The Swiss travel platform Winding Tree2 has developed a public, blockchain-supported marketplace for travel inventories, hotel rooms and flight experiences. The platform allows suppliers to list their inventory and book agents on the platform. Bank of America, JPMorgan Chase, the New York Stock Exchange, Fidelity Investments and Standard Chartered are using blockchain technology to replace paper-based, manual transaction processing in areas such as trading and finance, foreign exchange, cross-border settlement and securities settlement. [Sources: 1, 5] 

##### Sources #####

    

[0]: https://www.phocuswire.com/2018-review-2019-preview-blockchain-startups

    

[1]: https://hbr.org/2017/01/the-truth-about-blockchain

    

[2]: https://www.emerald.com/insight/content/doi/10.1108/JHTT-02-2019-0039/full/pdf?title=is-blockchain-tourisms-new-hope

    

[3]: https://tealfeed.com/blockchain-revolutionizing-travel-industry-b89c0

    

[4]: https://www.altexsoft.com/blog/business/blockchain-in-traveltech-how-startups-and-mature-players-strive-for-industry-disruption/

    

[5]: https://www.wns.com/insights/articles/articledetail/509/article--blockchain-in-travel-a-compelling-case-for-adoption

    

[6]: https://www.accenture.com/us-en/blogs/compass-travel-blog/how-blockchain-powers-frictionless-travel

    

[7]: https://www.revfine.com/blockchain-technology-travel-industry/

    

[8]: https://www.frontiersin.org/articles/500660

    

[9]: https://www.forbes.com/sites/forbesrealestatecouncil/2019/12/02/three-ways-blockchain-is-improving-our-lives-now/

    

[10]: https://www.ibm.com/blogs/blockchain/2018/02/top-five-blockchain-benefits-transforming-your-industry/

    

[11]: https://www.wearemarketing.com/blog/what-we-can-expect-from-blockchain-in-the-tourism-industry.html

    

[12]: https://www.linkedin.com/pulse/authenticating-travel-experience-tourism-blockchain-steve-wells

    

[13]: https://link.springer.com/chapter/10.1007/978-3-030-65785-7_2

    

 What Successful Examples Can Be Provided Concerning Vehicle Lease/Rent Subscription Models?

    

Subscription services aim at a system that integrates asset management and vehicle use across different modes of mobility: subscription, rental and car sharing. Shifting vehicles between different mobility services could, for example, shift the provision of on-demand assets from rental to subscription. One option could allow users to switch between regular vehicles, exchange plans, lower prices, car sharing and more. [Sources: 3] 

    

Price will vary depending on the type of car insurance and additional fees that the driver has incurred, so it is advised to consider these options when deciding on long-term rental. Also, remember that your insurance company or credit card may have limitations on how long it covers a rental car. If customers keep their car for a few months or a few years, there is no penalty for a return if they want or need anything other than initial prepayment, which acts as a natural deterrent for people hoping to treat a subscription as a rental. [Sources: 0, 2] 

    

Our car subscription service is the solution for those who want more flexibility than with car leasing. Subscribe to a car subscription and say goodbye to the old difficulties of owning or leasing a car. A car subscription at its core is a new take on an old business model you may be familiar with. [Sources: 1, 4] 

    

Check with your own insurer before renting a car for more than a few weeks. While the major car rental companies consider it too expensive, many offer long-term deals that can reduce the price to a weekly rate. [Sources: 0] 

    

The car rental company has a new program that allows subscribers to choose between three monthly subscription levels starting at $5.99 per month. Their monthly rate starts at $45.9 and covers automobile use and car-related costs such as registration, dealer fees, and routine maintenance and service fees. Unlike most subscription services, the monthly fee for car insurance and maintenance is included, so you have to worry about fuel, but not much else. [Sources: 6, 8] 

    

Outside of that, Volvo’s subscription program costs 28 percent to 102 percent more than the equivalent cost of leasing, insurance and maintenance of a typical car per month and that does not take into account the one-time fees for joining such subscriptions, which range from $495 to $575. The Volvo treatment locks you in the car for 12 months, which is not much more than a Jaguar Land Rover, but getting in the game early is crucial as the little-known subscription service Carpe was at the time only available in the UK. [Sources: 8, 10] 

    

The cost of leasing a car varies depending on the type of vehicle that you choose, including estimated depreciation, lease life, rental costs, taxes and fees. When you lease a car, the payment is not only based on the purchase price of the car. The monthly lease payment is calculated by adding up the amount of new car likely to depreciate, the rental cost (similar to interest on car loans ) and taxes / fees divided by the total amount plus the number of months in the lease. [Sources: 5] 

    

It is common for leasing companies to charge a purchase fee to offset the administrative costs of handling the lease, such as drawing your credit report and checking your car insurance cover. Leasing agreements can also involve substantial fees if you do not own the car when the lease ends. Most low-cost used cars are leased vehicles with a strong track record of resale, especially later models with low mileage. [Sources: 5, 11] 

    

Car subscriptions tend to be less restrictive than leasing contracts because it is easier to cancel the subscription and switch to another vehicle. Many subscription contracts include all aspects of ownership (repair, maintenance, royalties, smog checks, insurance) in a single monthly payment, making your life easier. In the past, car subscriptions offered the ability to change vehicles at will if your requirements changed. [Sources: 4] 

    

New car rental subscription programs complement the crowded field of subscription options. Some are willing to pay for a selection of high-quality cars, while others are interested in the subscription model for lack of hassle. Since these subscription models are not yet available, a real comparison is difficult. [Sources: 3, 6] 

    

The car rental company competes with automakers for subscription programs. Some automakers have taken an early lead in subscription programs like Care by Volvo, offering drivers the opportunity to rent rather than buy. Care seems poised to increase acceptance of vehicle subscriptions, and others will follow with its hybrid subscription-meets-lease solution. [Sources: 6, 10] 

    

FlexDrive works with local car dealers to offer subscriptions for vehicles in their inventory. Subscription services offer their customers new cars that are less than a year old. Vehicles are in their first year of depreciation, so the fleet includes both young used cars and new cars. [Sources: 3, 4] 

    

Lease rates are usually lower than the loan payments for the same make and model, and you pay the depreciation in full instead of the purchase price for the car. [Sources: 5] 

    

If you are familiar with subscription services, they are one of the many ways to subscribe to your next new car. For example, some services offer insurance bundled with the vehicle, while others help you find insurance. Some are on par with the cost of a car loan for the same used car, while some are fair prices and others are service fee bundles. [Sources: 2, 8] 

    

Mercedes says its subscription cars are the last three model years while Porsche Passport guarantees its cars for the current year. In contrast, the service is only operated in the Nashville, Tennessee area. [Sources: 10] 

    

    

        

    

##### Sources #####

    

[0]: https://blog.autoslash.com/best-monthly-car-rental-deals/

    

[1]: https://www.sixt.com/plus/

    

[2]: https://www.latimes.com/business/story/2020-03-11/fair-car-buying-app

    

[3]: https://www.oliverwyman.com/our-expertise/insights/2019/jun/automotive-manager-2019/sales/a-car-without-the-commitment.html

    

[4]: https://www.jdpower.com/cars/shopping-guides/from-fair-to-volvo-how-does-a-car-subscription-work

    

[5]: https://www.creditkarma.com/auto/i/cost-to-lease-a-car

    

[6]: https://www.forbes.com/sites/christopherelliott/2020/11/28/these-new-car-rental-subscription-programs-will-get-you-there/

    

[7]: https://www.investopedia.com/best-car-subscription-services-5112003

    

[8]: https://www.cnet.com/roadshow/news/car-subscription-guide-buying-leasing/

    

[9]: https://howtostartanllc.com/business-ideas/car-rental

    

[10]: https://www.cars.com/articles/do-the-math-car-subscriptions-as-lease-alternative-dont-add-up-1420700634669/

    

[11]: https://www.davidcorrycars.com/end-of-lease-faqs.htm

    

 How Can I Reduce Car Ownership Costs By Moving 2 Renting /Leasing With Flexible Renting/Leasing Options?

    

Make sure the car insurance covers the vehicle and have a clear understanding of who is paying the end of the lease for excessive wear and tear. [Sources: 11] 

    

Most leases permit you to purchase your car for a predetermined amount during the lease period at any time during the lease period, usually at an early purchase price. If you do not sell the car during your lease period, you do not have to worry about it at the end of the lease term. Leasing terms usually last for 2-3 years, at which point you can either borrow another brand new vehicle or choose to buy the car you lease. [Sources: 4, 11] 

    

Some car dealers permit you to lease a car for several months, but conditions are usually limited, including minimum days and mileage restrictions. Leasing contracts, on the other hand, allow the car to be driven for a fixed period (usually three years) and to make monthly payments until the car expires. Leasing allows you to get a new car a few years after purchase and keep it until its value drops with each year until it's time for a swap. [Sources: 9, 12] 

    

Leasing is similar to renting a vehicle, but instead of using it for a few days, it is for a year. Leasing a vehicle for three years receives three years of use for $3,000 per unit. [Sources: 8, 13] 

    

Leasing pays for the use of the vehicle instead of paying it directly. Leasing contracts have lower monthly payments than buying a vehicle. Leasing a vehicle involves lower liability costs, which makes it possible to switch from one vehicle to another more flexibly. [Sources: 8] 

    

Many lease companies do not require a down payment, which makes leasing flexible than purchasing a truck. Rental cars can come from rental agencies, airports and shops, while leased vehicles come from car dealers, fleets and leasing companies. In a way, they differ in the possibility of obtaining ownership of a rental vehicle, but this is not the case with leased trucks. [Sources: 0] 

    

For a short period of time, giving a lease to someone is the ideal way to get a new car. The trick is to find someone who is interested in taking over a car for three years and then leasing it again. [Sources: 5] 

    

There are a number of ways to get a car leased to avoid early termination fees. This is important, because if you want to get the car leased, the higher the early termination rate, the more likely it is. [Sources: 5] 

    

Key Takeaways One of the best ways to get out of a car lease is to find a person who will take out the car for you if your finance company allows it. If you do not know who is going to take over the car rental business, a leasing exchange can help you find one. [Sources: 5] 

    

An alternative to buying a car in the middle of a lease is to buy or allow someone else to sell it. In this case, you can exchange the vehicle and still make your remaining lease payments. You can also trade in some of the new technologies that come with a warranty on a new vehicle, but don't throw money out the window by buying or leasing a vehicle. [Sources: 4, 5] 

    

Fees start at $75 to $100 and you must publish the terms and conditions of your vehicle on the lease page. Whether or not you transfer your car to a lease depends on your lease and your ability to find a suitable new lessee. The secret to negotiating a car purchase or lease is to do some research and you will be fine. [Sources: 4, 11] 

    

Renting a car from Hertz or Avis is considered as a contractual arrangement to lease a car from a car dealer for a time limit of up to three years, while leasing is the case. A subscription service for cars is similar to leasing in the sense of private ownership, but the terms are shorter and more flexible. [Sources: 1, 13] 

    

For those who hate commitment and don't mind paying too much for standard lease or lease financing to access the perks associated with it, a car subscription may be worth considering. If leasing a car is something you like to do, like driving a new car for three years, the cost could be worth it for you. [Sources: 1, 9] 

    

In this context, it makes sense to lease a car instead of investing in owning an obsolete vehicle. Imagine having the option of replacing the vehicle every three years during your lease period. When the car is leased for three years you lease a brand new vehicle and it is covered by the warranty for the duration of your lease. [Sources: 6, 8, 13] 

    

If you have many temporary projects or are your business is seasonal, it may make sense to lease a truck rather than having to buy a vehicle which offsets expensive maintenance costs. [Sources: 0] 

    

If you want to keep your leased car, your monthly payment will be lower. The monthly lease rates are lower than the car loan payments because they are based on the depreciation period of the car (how long you drive the car) and not on the purchase price. A large down payment is useful when you buy a car, but it does not apply to leasing. [Sources: 6, 11] 

    

In short, if you are unsure whether to lease a car or to buy one, begin calculating your hypothetical monthly lease costs relative to your home. The total lease fees and remaining monthly payments are a good estimate of what you would have to pay to end your lease and leave the leased car. [Sources: 6, 11] 

    

If you are wondering whether it is best to lease a car or buy it, it is worth considering both options. If you like a nice set of wheels but can't afford to pay cash, it can be tempting to take out a large monthly loan to lease a car. [Sources: 5, 6] 

    

    

        

    

##### Sources #####

    

[0]: https://www.wilmarinc.com/blog/better-to-lease-or-buy-6-reasons-to-lease-trucks

    

[1]: https://www.forbes.com/wheels/advice/car-subscription-services/

    

[2]: https://www.holtca.com/company/news/renting-equipment-versus-owning

    

[3]: https://www.cnet.com/roadshow/news/car-subscription-guide-buying-leasing/

    

[4]: https://www.carlease.com/ultimate-guide-to-car-leasing

    

[5]: https://www.investopedia.com/articles/personal-finance/013015/best-way-get-out-your-car-lease.asp

    

[6]: https://www.creditkarma.com/auto/i/lease-vs-buy-car

    

[7]: https://www.businessnewsdaily.com/8083-equipment-leasing-guide.html

    

[8]: https://www.fleetio.com/blog/lease-or-buy-your-fleet-vehicles

    

[9]: https://www.moneyunder30.com/why-you-should-never-lease-a-car

    

[10]: https://www.latimes.com/business/technology/la-fi-tn-lyft-express-drive-20190520-story.html

    

[11]: https://www.nerdwallet.com/article/loans/auto-loans/4-ways-to-end-your-car-lease-early

    

[12]: https://www.enterprise.com/en/car-rental/long-term.html

    

[13]: https://academic.oup.com/jla/article/doi/10.1093/jla/laaa003/5904227

    

 

How Can I Create & Approach A Branding Partnership To Sell Advertising For My Vehicle Lease/Rent Subscription Model?

    

Vehicle Subscriptions In the most basic case, vehicle subscriptions revolve around the idea of temporary ownership of a common mobility service where customers have access to a vehicle every month. Vehicle subscription programs seem to be ideal for the average customer, who is expected to want to avoid the cumbersome process of owning, renting or leasing a car. In addition to being more flexible, subscription programs for vehicles are perceived as more cost-effective than traditional car rentals, rentals or direct purchases. [Sources: 13] 

    

Car rental companies can retain their existing customers and attract more business by providing additional customer service services such as roadside assistance, vehicle replacement and more. By using marketing efforts you can make your customers understand that your rental car service is better than your competitors. [Sources: 10] 

    

Many car rental portals are central marketplaces in which the services of different car rental companies can be compared to each other to help customers make an informed decision. Car rental companies are often set up by local businesses, municipalities, car companies and customers to meet in one place. Most of them offer services for different types of vehicles. [Sources: 10] 

    

A uniform brand identity to promote your business makes you look professional and helps you win new customers. Once your target customers and brand identity are under your belt, you can begin building the core marketing components of your small business, including your website, blog, email tools, conversion tools and social media accounts. [Sources: 1] 

    

Marketing plays an important role in the success of any rental car company, but only if they take the right marketing approach and implement it well. In addition to researching your target customers before starting the company, you also need to create the basis for a strong brand identity. Brand building is about convincing customers to believe in your product or service and to buy it. [Sources: 1, 10, 12] 

    

The direct-to-consumer business model is based on a brand or company's direct access to its end customer. Since the company is able to tap its customers without intermediaries, this model works in favour of the company itself. Unlike the business-consumer model (B2C), which is sold directly to individual customers, the consumer-business model (C2B) offers users services through the company, such as customer reviews, influencer marketing, etc. [Sources: 6, 9] 

    

While the majority of users receive free services, only a small percentage of these users become paying customers through the marketing and distribution funnel. The growth of online companies and advertising models has led to a distribution of sales costs, whereby the turnover from advertising is generated by the division of the company offering the service or digital property on which the advertising appears. [Sources: 6, 8] 

    

Subscription services offer their customers a new car that is less than a year old. This means the ability to sell or lease a new or used car via a subscription enables dealers to sell more of the same customers and reach a whole new customer base. [Sources: 2, 4] 

    

Leasing is one of the best ways to package and market a soft service offering, especially as manufacturers begin to rely more on short-term leasing programs to reduce inventory spikes in new and used cars. [Sources: 3] 

    

In order for this business to work, additional capabilities need to be developed and deepened, such as customer-specific offers that transcend a particular car model, customer-benefit-oriented pricing and fleet management. Manufacturers must set up their own subscription service and learn from customer feedback to make it a profitable business. Shared ownership between dealers and manufacturers could make unbundled second-hand car dealerships more plausible than existing franchisors. [Sources: 3, 4] 

    

Subscription services aim to be a system that integrates the asset management of vehicles used in different modes of mobility (subscription, rental, car sharing, etc.). More efficient operation reduces the cost of stopping a car, and these lower costs are passed on to the customer. [Sources: 4] 

    

Many consumers either want to buy or lease a new or used car, or they want to abolish the car altogether and choose a subscription model. Many potential customers do their calculator and decide to forgo their subscription, which turns out to be cheaper than traditional car ownership. [Sources: 2, 4] 

    

In the digital age, where the existence of retailers is under threat and car buying is migrating to online platforms and small boutiques, it is an opportunity to upgrade an archaic business model. Car manufacturers want to expand their participation in the life cycle and value chain of customers in order to improve profitability and expand a stagnant market. The aim of automobile manufacturers, sensing the opportunity to create a new source of revenue for their cars through their own subscription programs, is to tap into the Product-as-a-Service (XAAS) model to capture the lion's share of their "mobility needs" without being limited to one-off sales. [Sources: 3, 13] 

    

In response, car manufacturers are getting serious about marketing and addressing the weaknesses of their traditional distribution channels for franchises and dealers. Subscription models are changing the focus to align products and customer service with customer needs in an ongoing, dynamic relationship. [Sources: 2, 3] 

    

It is a way of generating dealer income and, at the same time, creating value by listening to customers, learning from their experiences and using these insights to sell them a car. Vehicle on Demand is the national car rental company we know best, but it is more of a loyalty program. China's Ycloset takes a different approach, using a subscription rental model that gives customers free or free access to a range of garments and accessories. [Sources: 2, 5] 

    

The company’s value promise delivers value through various elements such as novelty, performance, customization, the completion of tasks, design, brand status, price, cost reduction, risk mitigation, accessibility, convenience and ease of use. [Sources: 7] 

    

    

        

    

##### Sources #####

    

[0]: https://www.cbinsights.com/research/fashion-tech-future-trends/

    

[1]: https://blog.hubspot.com/sales/how-to-start-a-business

    

[2]: https://www.coxautoinc.com/learning-center/transportation-mobility-white-paper/

    

[3]: https://www.strategy-business.com/article/10102

    

[4]: https://www.oliverwyman.com/our-expertise/insights/2019/jun/automotive-manager-2019/sales/a-car-without-the-commitment.html

    

[5]: https://www.mckinsey.com/industries/retail/our-insights/the-end-of-ownership-for-fashion-products

    

[6]: https://fourweekmba.com/what-is-a-business-model/

    

[7]: https://en.wikipedia.org/wiki/Business_Model_Canvas

    

[8]: https://www.investopedia.com/ask/answers/010915/how-does-revenue-sharing-work-practice.asp

    

[9]: https://www.businessnewsdaily.com/5000-what-is-b2b.html

    

[10]: https://fleetroot.com/blog/how-to-effectively-market-your-car-rental-business/

    

[11]: https://bombbomb.com/blog/email-templates-car-sales-professionals/

    

[12]: https://courses.lumenlearning.com/wmopen-introbusiness/chapter/product-marketing/

    

[13]: https://www.forbes.com/sites/sarwantsingh/2018/07/30/your-next-car-could-be-a-flexible-subscription-model/

    

 How Can I Best Structure  Vehicle Subscription Tiers To Best Make A Vehicle Lease/Rent Subscription Model Profitable?

    

Subscription services for cars are similar to leases in the sense of private ownership, but the terms are shorter and more flexible. For those who hate commitment and don't mind paying too much for standard leasing or rental finance to access the perks associated with it, car subscriptions are worth considering. Subscription services offer a variety of flexible terms and vehicle options that are not found in the small print of leases. [Sources: 3] 

    

Subscriptions are business models in which customers pay a recurring amount in exchange for the use of a product or service. At the end of a new 24-month contract, subscribers buy a car at a predetermined price instead of leasing it. Subscription models offer consumers premium vehicles directly from the manufacturer and not through a third-party leasing company. [Sources: 1, 3] 

    

Companies like GoPro and Adobe are committed to this business model because it is a reliable way to continue to add value to customers. The subscription business model depends on a strong and lasting customer relationship. Your customers recognize the value of your product or service at every turn and therefore try to pay regularly. [Sources: 4] 

    

Subscription pricing models can be found at software vendors, financial service providers, club membership fees, mobile phone companies, cable TV, garden services, newspapers, magazines and scientific journals. Subscription business models offer consumers the promise of one thing less to worry about. It doesn't matter whether you're a SaaS company, a streaming service or a subscription box; the first step to understanding the model is to look at some of the most successful subscription companies in the industry. [Sources: 1, 4, 7] 

    

Subscription pricing is a business model where customers pay a subscription to access a product or service. Subscription models help you to take advantage of the added value of a customer relationship. A subscription business model works by converting transaction costs into recurring revenue. [Sources: 1, 4, 7] 

    

If your competitors are selling their goods and services on a one-off transaction basis, it is worth considering selling under a subscription model. Subscription models force providers to improve their products and offer customers added value, so they want to renew their subscriptions. Optimal pricing of your subscription offer is critical to your success, and determining the best price point takes into account factors such as your business model, costs, competition and the value to the customer. [Sources: 7] 

    

Developing a subscription business model involves defining new values and creating a transition from the current business model to a subscription model. Future implications include multiple alternative formats and channels, greater dealer unbundling, cross-channel added value, improved choice of services, lower costs, greater emphasis on lifecycle relationships, and closer relationships between manufacturers and consumers. Each of them has its own requirements for buying and owning experience, which are determined by service requirements, which in turn help determine the best cost and operational structure, specific sales formats and customer value promise. [Sources: 1, 2] 

    

In order to adapt, many mobility operators are repositioning their offers in order to increase the flexibility of customers. For example, more rental companies are offering short-term leasings as an alternative to car sales and OEMs do the same. All current market capitalizations of US electric vehicle manufacturers suggest that this will add value for mobility operators in the future. [Sources: 0] 

    

Software subscription services allow people to pay for programs which unlock features such as heated seats and full self-driving features. The providers enable dealers to build on-going relationships with customers and offer them additional flexibility and customization. Driven by high multiples, low incremental costs, and changing customer behavior, EV player offerings are a perfect fit for today's market. Mobility preferences for subscription models are particularly evident among younger consumers in good economic times. [Sources: 0] 

    

Subscription models give the customer the feeling of owning many different products without having to bear the cost or responsibility of dusting them all off and buying them. [Sources: 1] 

    

Leasing is one of the best ways to package and market soft offers and services, and manufacturers are increasingly relying on short-term leasing programs to reduce inventory spikes in new and used cars. If you think you are buying your vehicle at the end of the lease, compare the cost of buying, buying and leasing. [Sources: 2, 5] 

    

For most consumers a lease is closer to the final payment estimated in the monthly calculation than the price at which you would buy the car at the end of the lease. Your rent will be offset against the financing fee, which is the cost you pay your leasing company to use the money to buy the car. A higher residual or higher money factor in a lease can lead to a more attractive payment, but it could also lead to a worse deal if you buy your vehicle right before the end. [Sources: 5, 8] 

    

At the end of the lease period, the leasee can either buy the car back or return it back to the dealer, depending on the type of lease. A closed lease is when the car company or the bank offers this, so it is wise to make sure that your lease is concluded at the end. Some leasing companies charge a fee, called a document fee, to receive the leased vehicle. [Sources: 5, 6] 

    

With rent charge, you need to add the net capitalization cost of the vehicle to the residual cost and then multiply the rental cost by your money factor (for more information on determining the money factor see Lease Basics). Many people think it makes no sense to add the net capitalization cost of the vehicle, but it is actually a simplified method of using bank money. [Sources: 8] 

    

The vehicles total accident insurance pays what you are worth for the vehicle, leaving an outstanding balance for the lender, if you have a gap in cover, it is worth buying a new car with a lease loan. [Sources: 5] 

    

    

        

    

##### Sources #####

    

[0]: https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/reimagining-the-auto-industrys-future-its-now-or-never

    

[1]: https://www.garyfox.co/subscription-business-model/

    

[2]: https://www.strategy-business.com/article/10102

    

[3]: https://www.forbes.com/wheels/advice/car-subscription-services/

    

[4]: https://www.priceintelligently.com/blog/subscription-business-model

    

[5]: https://www.manchestermb.com/key-term-definitions.htm

    

[6]: https://www.caranddriver.com/shopping-advice/a15356888/the-terms-you-need-to-understand-before-leasing-a-new-car/

    

[7]: https://blog.blackcurve.com/the-pros-and-cons-of-subscription-pricing

    

[8]: https://www.swapalease.com/lease101/guide/chapters/calculating-your-monthly-lease-payment/

    

 For A Vehicle Lease/Rent Subscription Model, What Are The Legal Considerations For Me As I Approach Insurance Options?

    

For example, homeowner policy includes liability cover to protect policyholders in the event of a claim against a slip and fall on property, while car insurance covers liability insurance to compensate for the damage an accident can cause to other lives, health or property. Car insurance protects the policyholder from financial losses in the event of an accident with his or her own vehicle, such as a traffic accident. The adjustment of liability claims can be difficult if a third party is involved, since the plaintiff has a contractual obligation to cooperate with the insurance company as well as facts concerning the deep pockets of the insurance companies. [Sources: 3] 

    

Car rental companies can offer drivers additional insurance options at a price. This cover is usually offered by the finance company from which the car owner bought the car, but many car insurers also offer cover to consumers. Regardless of the type of insurance cover, insurance rates do not differ between leasing and buying a vehicle. [Sources: 2, 3, 7] 

    

Motor vehicle liability insurance is designed to protect against financial loss and legal liability for injuries or injuries related to motor vehicles, medical payments, property damage or other causes of accidents arising from ownership, maintenance or the use of a motor vehicle, including recreational vehicles such as motorhomes. Your car is leased and owned at the expense of the insurance company. Some leasing companies require that all possible damage to the leased vehicle be covered by your car insurance. [Sources: 0, 8] 

    

Insurance - The value or amount of the insurance purchased against the real replacement cost of the insured property, expressed in ratios. Insurable interest - The right or relationship with respect to the subject matter of an insured policy to the extent that the insured may suffer financial losses due to damage, loss or destruction of the policy. [Sources: 8] 

    

A rental agreement is a rental agreement that is both a contract between the landlord (the landlord) and the tenant (the tenant) and a transfer of the decline of the premises between the landlord and the tenant (the tenant). A lease (also known as a lease or lease option) is a traditional lease that gives the tenant the opportunity to buy the apartment he or she rented at the beginning of the lease. A net rental or lease agreement to commercial tenants also pays rent for habitation, but also for maintenance and operating costs such as taxes, insurance, utilities and repairs. [Sources: 1, 10] 

    

The lessor or agent may permit you to return the vehicle that has been purchased from the dealer or lessor, but if you wish, you can only return it to the car dealership associated with the lessor. The lease agreement may include other costs, but the terms should not conflict with the buyer's order to use the leased vehicle to take the lot. [Sources: 2] 

    

Under most leasing agreements, you have the right to move to another state if you tell the lessor that you are moving, but be sure to lease the vehicle title and register in the new state. Retirees and others who have residences in two or more different states, such as Canadians who spend their winter in the United States or military members, should be careful about the lease terms which cover the export of the vehicle out of the country. Depending on the state in which you lease the vehicle, the law may apply. [Sources: 2] 

    

Let's say your contract says you have the option to buy the leased car for $13,000 at the end of your lease. Your leasing company has some insurance cover that it needs, and some models are more expensive to insure than others. If you totalize the car before your lease expires, your insurance company will check the current market value of the car and pay the amount to the dealership that owns the car. [Sources: 0, 6] 

    

This list means that if the leasing company is the owner of the vehicle, the insurance company will be paid for all damage to the vehicle. Your vehicle is protected by Uber's insurance coverage and Lyft's tenant insurance if your car is driven by Uber or Lyft. [Sources: 0, 5] 

    

There are other unique fees that you will pay if you decide to lease a car. These fees cover the costs of the leasing companies for cleaning and selling the vehicle at the end of the lease agreement. Ask if roadside assistance is included in the basic price of your rental car or if you have to pay extra. [Sources: 7, 9] 

    

A large down payment is useful when you buy a car, but it does not apply to leasing. You are responsible for all maintenance and repair costs on a car you do not own and make the monthly lease payment. Some car dealers advertise low monthly lease rates for new vehicles but you will need several thousand dollars in advance to get this low down payment. [Sources: 6, 9] 

    

If you are wondering if your best move is leasing or buying the car, it is worth considering both options. In short, if you're not sure whether to lease or buy a car, calculate your hypothetical monthly cost of leasing versus ownership first. Use the Auto Lease Calculator to find out whether leasing saves more money in the long run than buying a car. [Sources: 6, 9] 

    

The monthly cost of leasing a car can be lower than buying a car with a car loan. You can compare leasing and buying cars and the pros and cons of each approach. [Sources: 6] 

    

You must meet the minimum requirements for car insurance when you lease and there may be additional requirements from your lessor, such as comprehensive and collision protection. These additional requirements can make leasing a car more expensive than you would expect. If your lender requires that your deductible be no higher than a certain amount, you may end up paying more premiums when you rent the car than when you buy the car. [Sources: 0] 

    

    

        

    

##### Sources #####

    

[0]: https://www.valuepenguin.com/auto-insurance/leased-car

    

[1]: https://www.nolo.com/legal-encyclopedia/the-basics-rent-own-agreements.html

    

[2]: https://www.federalreserve.gov/pubs/leasing/resource/faq.htm

    

[3]: https://en.wikipedia.org/wiki/Insurance

    

[4]: https://www.ncsl.org/research/transportation/car-sharing-state-laws-and-legislation.aspx

    

[5]: https://www.hyrecar.com/blog/rent-out-your-car/

    

[6]: https://www.bankrate.com/loans/auto-loans/car-leasing-mistakes-to-avoid/

    

[7]: https://www.consumer.ftc.gov/articles/renting-car

    

[8]: https://content.naic.org/consumer_glossary

    

[9]: https://www.creditkarma.com/auto/i/lease-vs-buy-car

    

[10]: https://www.pleasantviewrealty.com/real-estate-glossary/

    

 

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