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How to make customers happier and make more money

(Business News) Happier customers mean more to your bottom line than nearly anything else, so what does psychology tell us you can do about this? It’s easier than you think.

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Can money really buy happiness? Kind of…

So many times when people speak of happiness, it comes with an “if” statement: if I had more money, I’d be happier; if I had a better job, I’d be happier. While there are certainly times this seems to be true, especially when you are down to your last few dollars, happiness should not be contingent on something else and a psychological study confirms it, especially in regards to money and happiness.

Psychological research suggests that, in the long run, experiences make people happier than possessions (hint: read to the bottom to consider how this impacts your business and bottom line).

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For example, you get a bonus at work and you are trying to decide whether to treat yourself to a new pair of shoes, or a concert, game, or theater experience; research suggests that because the initial job of acquiring a new object fades over time, experiences stay with us longer. Experiences continue to provide happy memories long after the event has ended.

How the study worked

Ryan Howell, assistant professor of psychology at San Francisco State University, presented his research at the Society for Personality and Social Psychology’s annual meeting. The study examined 154 people enrolled in the University, with an average age of 25. The participants answered questions about their recent purchases that were purchased with the intent of making themselves happy (some were material, some were an experience).

While most people reported being happy with their purchase regardless of the type, those who purchased experiences, reported greater happiness because it was related to a sense of enjoying it with someone else. So your happiness can again, influence others’ happiness. Howell states, “when people spend money on life experiences, whether they also take someone with them, or buy an extra ticket, or whatever, most of our life experiences involve other individuals. People were fulfilling their need for social bonding while having these experiences.”

While a new pair of shoes might be nice, purchasing an experience can have long-lasting, positive effects on your happiness level, as well as the happiness levels of those around you who share in the experience.

Keeping your customers in mind and making money

Conversely, this study very obviously points out that consumers want a full experience and are happier doing more than just forking over cash, so tending to the details can set your business apart as your competitors struggle to understand that spending money is about so much more than tangible goods or results.

Note from the editor: years ago, Benn Rosales, CEO and Founder here at The American Genius (AG) penned a thoughtful piece that is chock full of ideas on how to focus on experience and increase your revenues; check it out.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

Business News

Supreme Court okays trademarking for ‘generic’ name URLs

(BUSINESS NEWS) Generic name trademarks have helped to stave off monopolies of broad products and services, but the Supreme Court just ruled that generic company names like Booking.com, can now be trademarked.

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For years, The United States Patent and Trademark Office has denied rights to names termed as “generic.” This was previously used to prevent generic terms from monopolizing a section of the market. It has prevented many companies from doing that as well.

However, as we move into the 21st century we begin to see things that may not be so cut and dry. As usual life gets messy and things are far more grey than they previously have been.

Recently, the US Supreme Court ruled that website names are eligible for a change to the previous trademark rules. The website that pushed for this privilege first, Booking.com that is owned by Booking Holdings Inc., argued that they needed this ruling to stop consumers from following copycats down a rabbit hole and away from their business.

The decision, heavily weighted at 8-1, gives Booking.com, nationwide legal protection against competing companies trademarks.

A remark released later by Justice Ruth Bader Ginsburg and the Supreme Court states, “We have no cause to deny Booking.com the same benefits Congress accorded other marks qualifying as nongeneric.” An argument quoted from the decision continues as since, “‘Booking.com’ is not a generic name to consumers, it is not generic.”

This stance, taken by the majority, exemplifies a firm position on the rights of the individual companies’ abilities to identify themselves as they see fit.

The lone dissenting vote coming from Justice Stephen Breyer who argued that he fears that this decision “will lead to a proliferation of ‘generic.com’ marks, granting their owners a monopoly over a zone of useful, easy-to-remember domains.”

Honestly, if you can’t come up with your own domain that either incorporates, but doesn’t copy, or gets your point across without being too generic, you may need to hire a PR person.

This move forward from the Supreme Court opens up a lot of possibilities for people to be creative with their businesses. If generic and simple names will be the norm, then people will have to think outside the box in the future. Bring on the challenges.

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Business News

New company beats Amazon with next morning delivery?

(BUSINESS NEWS) Amazon has a new competitor in South Korea: Coupang, with faster shipping than Prime.

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What if I told you Amazon Prime’s, 1-3 day guaranteed delivery time isn’t the fastest e-commerce service the world has to offer? You would think I’m lying right?

Coupang, one of the world’s fastest delivery services located in South Korea, allows you to order any item, anytime before midnight, promising that it will be at your doorstep by 7am! (I wasn’t lying!) With 70% of its employees living within a 10 minute radius of a Coupang center, 80% of residents residing in populated cities and 95% of it’s population owning a smartphone, South Korea has become the perfect e-commerce epicenter. Coupang employees over 10,000 people who together deliver 99.3% of all orders within 24 hours. Imagine it’s Tuesday night, you’re falling asleep and suddenly remember you forgot to get your wife a present for her 50th birthday tomorrow. You have two options: accept your fate of being put in the dog house for three long weeks, or quickly order a few great items off Coupang’s website that’ll be delivered BEFORE she even wakes up!

Like Amazon, Coupang allows its customers to create a profile, store desired products in a list, and check out using your saved payment method. Half of South Korea’s total population of 51.6 million has installed Coupang’s app with a surge of people trying Coupang for the first time during stay at home orders due to the Coronavirus pandemic. The company struggled to meet fulfillment demands, especially those including PPE, household cleaning products, and children’s necessities. While many companies are struggling to stay afloat, Coupang is quickly adapting to meet consumer demands. In March, the company opened a new logistics center to expand its overnight/same day delivery services and is currently working to reach an even broader population.

Believe it or not, right before Coupang received a $2 Billion investment from SoftBanks, its founder, Kim Bom debated walking away from it all. Bom founded the company in 2010, receiving the investment in 2018 and is expected to pursue an IPO by the end of 2020. So for all of you entrepreneurs wondering if you should give up on that decade long dream…DON’T. Coupang went from selling a few hundred items each day to 3.3 million. Now that’s what you call entrepreneurism!

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Business News

Google plans to pay publishers for content (a little too late)?

(BUSINESS NEWS) Google will finally pay publishers for news, but only a few, and they have to meet Google standards.

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I mean…could you get any greedier Google? (Chandler Bings voice).

After years and years of pressure and complaints from publishers that Google’s search feed doesn’t properly recognize them or the news they work so hard to report, Google has finally announced that they will begin to pay publishers for content. But only some.

WHAT A LOAD OF BS.

According to the News Media Alliance, Google profited 4.7 BILLION in 2019 as a search engine for the news industry. So now, not only is Google fleecing its content providers and the writers who are working to create material for them, but it’s quite likely that Google’s algorithm is pushing paid news to the top of its search feed. What does this mean for users? It means that for one, you will see what they want you to see, but most importantly, it means that Google HAS the money to pay its publishers but chooses not too!

Google’s announcement to start paying publishers excludes all publishers outside Brazil, Germany, and Australia. Even within the countries that Google closed a deal with, there are many that do not meet its “high quality content” requirement for a paid position. The problem with all this nonsense is that we stopped letting the news come from others like us, and instead, according to the U.S News Media Alliance, the news is entirely owned by a handful of companies. You may have 635 channels on your TV, but if you google…or maybe you should duck duck go it, you’ll find that all those channels lead back to one huge organization.

SO WHAT THE HELL IS GOING ON?

Google has definitely been pressured to make some big changes, and while paying publishers is a good first step in the right direction, is it enough to make up for years of damage?

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