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Transition Risks

A specific category of climate risk resulting from the global transition to a greener economy

Written by

Kyle Peterdy

Published January 11, 2023

Updated May 12, 2023

What are Transition Risks?

Transition risks are a specific category of climate risk facing the business community. Transition risks result from the relative uncertainty created by the global shift towards a more sustainable, net-zero economy.

Transition risks are very broad in nature and can be difficult to quantify or model. Regulatory, geopolitical, and even social pressures are creating material impacts on the operations of a business, its reputation, and the value of its assets, among others.

Understanding, reducing, and proactively mitigating climate risks (including transition risks) are core tenets of the ESG (Environmental, Social & Governance) framework.

Key Highlights

Climate risks are typically classified as either physical risks or as transition risks.

Transition risks are the result of the uncertainty created by a global shift towards a more sustainable, net-zero economy.

Changes to the regulatory landscape, consumer pressures/preferences, and investor expectations all create transition risks for operating companies.

Shifting to a net zero economy is complicated, and there will be collateral damage in the business and finance community along the way.

Types of Climate Risks

Climate risk is broadly defined as the range of potential business and financial impacts that firms may face resulting from the effects of climate change; historically, these risks have been categorized as either physical risks or as transition risks.

Physical risks

A changing climate, including rising temperatures, changing weather patterns, and increased instances of extreme climate-related disasters, create physical risks for a business and its management team. These are often characterized as either acute or chronic.

Acute physical risks are things like storms (i.e., tornados or hurricanes), floods, and wildfires; these can damage physical infrastructure in real-time and present immediate business interruptions (plant shutdowns, transportation issues, etc.) as well as other financial impacts (like the destruction of inventory, the degradation of physical collateral, etc.). 

Chronic physical risks may not be felt every day, but they tend to compound over time. An example is an increase in the number and severity of droughts, which create very dry conditions. While agribusinesses may survive in the near term, over longer time horizons, this sustained physical degradation may render agricultural land completely useless across certain geographies. 

Transition risks

The physical risks presented by climate change have been deemed so material by many stakeholders that they’re influencing policy and strategy decisions. For example, many governments and management teams are making climate pledges like net zero or carbon neutrality in order to support the transition towards a more sustainable economic state.

But changes in the regulatory environment and other shifting stakeholder expectations that emerge from this transition are creating enormous uncertainty for organizations and their corporate governance functions.

Navigating new ESG disclosure requirements, energy procurement practices, potential carbon taxes, the availability of capital, and even changing consumer preferences are all creating new risks for organizations; these are, of course, transition risks.

Examples of Transition Risks

Some examples of transition risks include, but are not limited to:

Investor expectations 

There’s a growing recognition that the capital markets can exert significant influence over bad climate actors, either by restricting access to capital or making it extremely expensive. The proliferation of ESG funds and general pressure from investors and other capital providers have changed the way asset allocation decisions are made by some of the largest financial services firms in the world. 

This new and rapidly evolving funding landscape is a significant transition risk for many firms, particularly those operating in historically high carbon industries (like oil and gas or coal).

Regulation 

In many jurisdictions, publicly traded companies are mandated to track and disclose their scope 1, 2, and 3 greenhouse gas (GHG) emissions, a practice called carbon accounting. Staying on top of ESG disclosures requires significant cross-functional collaboration.

In some cases, firms are incurring massive costs to hire qualified staff and implement the infrastructure required to deliver in this new regulatory landscape.

Social 

Consider that many consumers are increasingly attuned to climate change and looking to purchase from forward-looking firms. This has increased pressure on consumer packaged goods companies to use more environmentally friendly packaging and provide more transparency around where they source ingredients for products, etc. 

Many global players are having to drastically change their business models to keep up with new expectations and to protect their corporate reputations.

Geopolitical 

After supply chain snarls plagued the global economy coming out of the Coronavirus pandemic, followed by Russia’s invasion of Ukraine in 2023, many firms are increasingly moving production steps back onshore (from abroad). This is particularly true for inputs that are integral to energy and food security, as well as the manufacturing of technology components that present cybersecurity risks (like 5G infrastructure and semiconductor chips). 

Of course, this is occurring against the backdrop of significant regulatory changes, particularly within energy and agriculture (think carbon taxes, etc.), as well as increased scrutiny around procurement practices more generally.

Transition Risks and Financial Analysis

Transitioning to a more sustainable, net zero economy presents considerable challenges for operators, as well as for the financial services firms (investors, lenders, etc.) that provide capital to these businesses. Many companies will experience existential threats during this shift.

As you may have noticed, a big issue for the analyst community is that the concept of a transition risk is notoriously difficult to translate into simple inputs or model assumptions, making them inherently difficult to quantify. 

We explore how to make sense of qualitative factors that impact a business using tools like PESTEL, and then leverage those characteristics into model assumptions, in CFI’s Analyzing Grow Drivers & Business Risks course. 

Additional Resources

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What Are The Best Feel

Netflix

Movies can hit us in such different ways. Sometimes we want to be scared, challenged, enlightened, amused, distracted, or excited. But sometimes we want a movie that feels like a big hug. A movie that makes us feel like everything’s going to be okay. That’s why we’ve compiled a list of the best feel-good movies on Netflix so you can jump right to those uplifting titles you want after a hard day or a stressful time.

Read on for our list of feel-good movies on Netflix, and if you’re not already a member, you can subscribe to the streamer by hitting the link below.

Netflix

Netflix is still the leading premium streaming service, with over 200 million worldwide subscribers. It offers thousands of movies and TV shows to binge watch, including its always growing list of original films and series, including Stranger Things, The Witcher, Bridgerton, and many more.

See price at Netflix

The best feel-good movies on Netflix

Editor’s note: This list will be updated as feel-good movies leave Netflix and and other uplifting movies are added.

Hunt for the Wilderpeople (2024)

Piki Films

From Academy Award-winner and Thor: Ragnarok director Taika Waititi comes a touching and funny coming-of-age story set in the New Zealand wilderness. A troubled youth finds stability and comfort in a welcoming foster home, but soon he’s the subject of a manhunt when he goes missing. What the authorities don’t know is that he’s perfectly safe with his grumpy foster uncle, who they assume kidnapped him.

Dumplin’ (2024)

Netflix

This coming-of-age comedy is one of the best feel-good movies on Netflix and one of the streamer’s original movies. In Dumplin’, based on the young adult novel of the same name by Julie Murphy, a Texas teen who idolizes Dolly Parton enters a beauty pageant run by her mom to prove a point about beauty and social expectations.

Paddington (2014)

StudioCanal

A fan favorite with a cult classic sequel, Paddington is a charming, feel-good movie on Netflix based on the stories of the character Paddington Bear, created by Michael Bond. A bear from the jungles of Peru travels to London in search of a family. There, he finds just that with a family happy to take him in, despite some challenges.

When Harry Met Sally (1989)

Columbia Pictures

A beloved classic among romantic comedies, When Harry Met Sally is an absolute gem and an instant emotional pick-me-up. Written by Nora Ephron and directed by Rob Reiner, the film stars Billy Crystal and Meg Ryan as a man and woman whose relationship evolves over a 12-year period. At first, they can barely stand each other, then they develop a friendship, and eventually, they come to realize they may be made for each other.

Hustle (2024)

Netflix

Sports movies can be inspiring and lift you up, making you cheer for the underdog and brightening your spirits. That’s exactly the kind of feel-good experience that Hustle offers. Funnyman Adam Sandler plays a basketball recruiter who goes rogue, championing a European player without his team’s blessing. Can he train the kid in time for the draft and prove to everyone that he’s found a future champion?

Check out: The best Hindi movies on Netflix

Always Be My Maybe (2024)

Netflix

Starring Ali Wong and Randall Park, from a screenplay they co-wrote with Michael Golamco, Always Be My Maybe is a romcom about two old friends who haven’t seen each other in years, when a teen fling ended badly. Now, as adults whose lives have gone in very different directions, maybe sparks can fly again.

The Sea Beast (2002)

Netflix

A young girl stows away on a monster hunting vessel in this marvelous animated family film. Once aboard, she and a crew member are shipwrecked on an island that is home to many of the hunted sea beasts. Together, they begin to realize that the stories they’ve been taught may not have been entirely accurate.

Check out: The best fantasy movies on Netflix

The Half of It (2024)

Netflix

From Alice Wu, director of 2004’s Saving Face, The Half of It is an American coming-of-age comedy-drama starring Leah Lewis, Daniel Diemer, and Alexxis Lemire. It tells the story of a brainy teen who needs to make quick cash and agrees to write a love letter for him. But then she starts to have feelings for the object of his affections too.

To All The Boys I’ve Loved Before (2024)

Netflix

An infectiously charming coming-of-age romantic comedy with equally worthwhile sequels, To All the Boys I’ve Loved Before, based on the bestselling novel of the same name, tells the story of Lara Jean, who goes into damage-control mode when letters to the five boys she’s loved throughout her life are mailed without her knowledge, exposing her feelings.

Becoming (2024)

Netflix

Partly based on the bestselling memoir of former First Lady Michelle Obama, Becoming offers an intimate look at the life and political career of Obama as she seeks to connect with Americans on their own journeys of becoming following her tenure in the White House alongside her husband, President Barack Obama.

See also: The best documentaries on Netflix

Eurovision Song Contest: The Story of Fire Saga (2024)

Netflix

A laugh-out-loud comedy with real heart, this Netflix original tells the story of an Icelandic musical duo who miraculously make it to Eurovision, representing their country as best they can. Will a lack of polish stop them, or can their unstoppable spirit and love of music and the European song contest win the day?

Klaus (2024)

For those in a holiday mood, Klaus is a terrific Christmas movie for the whole family that should put a smile on your face as a terrific feel-good movie on Netflix. A postman stationed in a small northern town befriends a toy-making recluse in this gorgeous animated story about the origin of Santa Claus and our current gift-giving traditions.

Check out: The best family movies on Netflix

Mirai (2024)

Toho

This Japanese animated fantasy film features the voices of Rebecca Hall, John Cho, and Daniel Dae Kim. It tells the story of a four-year-old boy who is frustrated when his newborn sister begins pulling attention away from him. Soon, he’s travelling through time within his unique family home, meeting its inhabitants from throughout history, including his grown-up little sister in the future.

Bridget Jones’s Diary (2001)

Miramax Films

Renée Zellweger stars in this classic romcom that’s an irresistible feel-good movie on Netflix. Based on Helen Fielding’s novel of the same name, Bridget Jones’s Diary follows a woman with few romantic prospects who begins keeping a diary as she attempts to better herself. But soon, she has more than she bargained for when two men are interested in her: the caddish Daniel Cleaver and the dashing Mark Darcy.

What Are The Common Built

Python has various standard data types that are used to define the operations possible on them and the storage method for each of them.

Numeric Types

Python supports four different numerical types −

int − They are often called just integers or ints, are positive or negative whole numbers with no decimal point.

long − Also called longs, they are integers of unlimited size, written like integers and followed by an uppercase or lowercase L.

float − Also called floats, they represent real numbers and are written with a decimal point dividing the integer and fractional parts. Floats may also be in scientific notation, with E or e indicating the power of 10 (2.5e2 = 2.5 x 102 = 250).

complex − These are of the form a + bJ, where a and b are floats and J (or j) represents the square root of -1 (which is an imaginary number). The real part of the number is a, and the imaginary part is b. Complex numbers are not used much in Python programming.

Example

Let us see an example −

val1

=

25

print

(

val1

)

val2

=

11.89

print

(

val2

)

val3

=

6

+

2.9j

print

(

val3

)

val4

=

0x12d

print

(

val4

)

val5

=

0o021

print

(

val5

)

Output 25 11.89 (6+2.9j) 301 17 Booleans Example

Boolean type has two values i.e. True and False. True is for 1 and False 0. Let’s see an example −

b

=

(

1

==

False

)

print

(

a

)

print

(

b

)

Output True False Text Sequence Types – string

We can easily create a string by enclosing characters in quotes. Python treats single quotes the same as double quotes. Creating strings is as simple as assigning a value to a variable.

Let’s see how to easily create a String in Python −

myStr = Thisisit!' Example

We will now see an example of creating single-line and multi-line strings −

print

(

str1

)

str2

=

“”” This, is it! “””

print

(

str2

)

Output John This, is it! List

A list contains items separated by commas and enclosed within square brackets ([]). Creating a list is as simple as putting different comma-separated values between square brackets. A list can have integer, string or float elements. With that, we can also create a List with mixed data types.

The list can be written as a list of comma-separated values (items) between square brackets. Important thing about a list is that the items in a list need not be of the same type

Create a Python List with Integer elements

We will create a list with 10 integer elements and display it. The elements are enclosed by square brackets. With that, we have also displayed the length of the list and how we can access specific elements using the square brackets −

Example

mylist

=

[

25

,

40

,

55

,

60

,

75

,

90

,

105

,

130

,

155

,

180

]

;

print

(

“List = “

,

mylist

)

print

(

“Length of the List = “

,

len

(

mylist

)

)

print

(

“1st element = “

,

mylist

[

0

]

)

print

(

“Last element = “

,

mylist

[

1

]

)

Output List = [25, 40, 55, 60, 75, 90, 105, 130, 155, 180] Length of the List = 10 1st element = 25 Last element = 180 Create a Python List with String elements

We can also add string elements to a Python List. We will create a list with 5 string elements and display it. The elements are enclosed by square brackets. With that, we have also displayed the length of the list and how we can access the first and last element using the square brackets −

Example

mylist

=

[

“BMW”

,

“Audi”

,

“Tesla”

,

“Honda”

,

“Toyota”

]

;

print

(

“List = “

,

mylist

)

print

(

“Length of the List = “

,

len

(

mylist

)

)

print

(

“1st element = “

,

mylist

[

0

]

)

print

(

“Last element = “

,

mylist

[

1

]

)

Output List = ['BMW', 'Audi', 'Tesla', 'Honda', 'Toyota'] Length of the List = 5 1st element = BMW Last element = Toyota Tuple

A tuple is a sequence of immutable Python objects. Tuples are sequences, just like lists. The main difference between the tuples and the lists is that the tuples cannot be changed unlike lists. Tuples use parentheses, whereas lists use square brackets.

Let us first create a basic Tuple with integer elements and then move towards Tuples within a Tuple −

Example

mytuple

=

(

20

,

40

,

60

,

80

,

100

)

print

(

“Tuple = “

,

mytuple

)

print

(

“Tuple Length= “

,

len

(

mytuple

)

)

Output Tuple = (20, 40, 60, 80, 100) Tuple Length= 5 Dictionary

Python’s dictionaries are kind of hash-table type. They work like associative arrays or hashes found in Perl and consist of key-value pairs. The correct syntax to create a Python Dictionary is storing values in the form of key:value pairs. On the left of colon, we store keys and on the right, values i.e.

key:value

Dictionary is enclosed by curly bracket and do not allow duplicates. According to the 3.7 Python update, dictionaries are now ordered. Consider Dictionary as a set of key: value pairs, with the requirement that the keys are unique (within one dictionary). Each key in a Dictionary is separated from its value by a colon (:), the items are separated by commas, and the whole thing is enclosed in curly braces.

We will create 4 key-value pairs, with keys Product, Model, Units and Available and values Mobile, XUT, 120 and Yes. Keys are on the left of colon, whereas values are on the right −

Example

myprod

=

{

“Product”

:

“Mobile”

,

“Model”

:

“XUT”

,

“Units”

:

120

,

“Available”

:

“Yes”

}

print

(

“Dictionary = n”

,

myprod

)

Output Dictionary = {'Product': 'Mobile', 'Model': 'XUT', 'Units': 120, 'Available': 'Yes'}

What Are Electronic Logging Devices?

What does an ELD do?

An ELD electronically reports when a vehicle is on, idle and in motion. It holds drivers and trucking companies accountable to the HoS regulations set out by the FMCSA. HoS regulations require drivers to log driving, break and on-duty time. They’ve been around for a while, but in the past, trucking companies and drivers used paper logs to track this time. 

This left considerable room for tampering and adjustment by the driver or trucking company. An ELD cannot be tampered with because it’s connected to the vehicle. This provides transparency between drivers, trucking companies and the government. It also ensures that safety remains a priority.

If you have an ELD, or work with a company that claims to provide ELDs, you can check this list of registered devices to ensure you comply.

Tip

Interested in choosing a telematics solution for your business? Check out our reviews of the best GPS fleet management software.

Who uses ELDs?

Most trucking companies and drivers are subject to the new ELD mandate. If you’re transporting goods by truck in state or across state lines, you will likely have to comply with the new rules.

There are a few exceptions to the ELD mandate that could apply to some small businesses:

Drivers who use paper logs no more than eight days in any given 30-day period

Driveaway-towaway drivers

Owners of motor homes or recreational vehicle trailers

Drivers of vehicles manufactured before model year 2000

Keep in mind that this applies only to commercial transportation companies that are required to maintain HoS records. If your business handles deliveries but your drivers don’t use paper logs to track driving activity, then these new rules don’t affect you.

Benefits of an electronic logging device

Whenever industries are required to adopt new technology, especially when the tech is designed to drive compliance and accountability, it’s natural for business owners to resist adopting new systems. ELDs are no different. Since they were first announced in 2023, the trucking industry has pushed back against ELDs, with rallies and protests across the country.

Even though the ELD mandate had a mixed response, ELDs provide many benefits for both carriers and commercial truck drivers. Here are some of those benefits:

1. Truckers spend less time on paperwork.

One of the primary benefits of an ELD is that it eliminates a significant portion of the paperwork involved with a driver’s record of duty status (RODS), which must be completed each 24-hour period. According to the FMCSA’s Preliminary Regulatory Evaluation of Electronic Logging Devices, drivers will save approximately 4.5 minutes from logging their HoS each day – which may not sound like a lot, but the time quickly adds up.

For example, if a driver completes 240 RODS reports a year and saves 4.5 minutes logging information each time, they will gain back 18 hours a year. Therefore, if the average driver earns $28 per hour, trucking companies could potentially save $504 a year per driver. With over 3.6 million employed truck drivers in America, the trucking industry is saving approximately $1.7 billion each year through ELDs.

2. ELDs digitize driver vehicle inspection reports.

Before a truck can start a new trip, the FMCSA requires drivers to record the roadworthiness of their vehicles by going over a checklist, which has the driver record the odometer reading, check for fluid leaks, test the brakes, etc. With an ELD, a driver can perform this inspection checklist from the cab with a tablet and upload it to the cloud.

This efficiency has other benefits as well, as electronic driver vehicle inspection reports ensure nothing is missed, information is recorded accurately and company headquarters receive the reports immediately.

3. They monitor driver behavior and safety.

Because an ELD is connected to the vehicle’s engine and computer, it can monitor an individual’s driving behavior, including speed patterns, sudden maneuvers, heavy braking and excessive idling. An ELD can also measure how efficiently each driver uses fuel, which is one of the biggest costs of any trucking fleet. Therefore, this device can increase not only the safety of your drivers, but also your company’s overall fuel efficiency.

Did You Know?

Keeping accurate records of when a truck is in motion and when it is idle can help your fleet optimize its fuel consumption, which can have a significantly positive impact on your bottom line.

4. They automatically create International Fuel Tax Agreement reports.

If your company operates in several states, you’re required to file quarterly fuel tax reports in each state to comply with the International Fuel Tax Agreement. In the past, these reports were tracked and filed manually, but with an ELD installed in each truck, the fuel data is automatically captured and reported. This saves both truck drivers and office employees time.

Costs of an electronic logging device

According to the FMCSA, the average cost of an ELD is $495 per truck. The exact price depends on the size of your fleet, the specific features you require and the provider you choose. If you already work with an ELD-compliant fleet management system, you may not have to invest in a new system.

While $495 per truck is a significant investment for an entire fleet, the money you save automating driver and back-office paperwork more than makes up for this expense. Keep in mind that there is often a software component to ELDs that may require monthly or yearly subscription fees with a telematics company. By bundling your ELD usage with other marquee telematics features, you can get the most out of your fleet. 

FYI

ELD violations can lead to fines up to $10,000.

The ELD mandate requires drivers and freight companies to electronically log HoS in compliance with FMCSA guidelines. Implementing these regulations allows the government to track data on how companies treat their fleets and drivers. In years past, this information was logged by hand, which provided opportunity for inaccurate data collection. By implementing the ELD mandate, the FMCSA is holding drivers and companies accountable for hours worked and total miles driven, which can create safer roadways. 

The ELD mandate applies to all drivers and owner-operators who are required to keep RODS reports. These require drivers to complete a checklist during their driving shift. This checklist includes these data points: 

The time the driver reports for duty each day

The total number of hours the driver is on duty each day

The time the driver is released from duty each day

The total duty time of the driver for the previous seven days 

You and your drivers must keep RODS reports if you meet the following qualifications: 

Your vehicle is 10,001 pounds or more.

Your vehicle has a gross vehicle weight rating or gross combination weight rating of 10,001 pounds or more.

Your vehicle is designed or used to transport 16 or more passengers (including the driver) not for compensation.

Your vehicle is designed or used to transport nine or more passengers (including the driver) for compensation.

Your vehicle is transporting hazardous materials in a quantity requiring placards.

What are the penalties for a violation?

If you continue to use paper logs, have used an automatic onboard recording device after Dec. 16, or fail to purchase and install enough ELDs for your fleet, you could be subject to penalties. Violations usually impact your Safety Measurement System score, which is a grade the FMCSA uses to regulate safety among trucking companies nationwide. You may also be subject to fines ranging from $1,000 to $10,000, depending on the incident.

How do you get started with ELDs?

The FMCSA has a variety of resources on its website detailing how to purchase ELDs and train drivers to use them. Finding an FMCSA-approved device is the first step in compliance. 

You can also partner with a telematics company that ensures ELD compliance and provides various other fleet management services, like fuel management, driver safety performance data and route optimization. The ELD mandate will bring technology into every commercial truck on the road, opening the door for more data and more informed fleet decisions.

Matt D’Angelo contributed to the writing and research in this article.

What Are Essential Customer Service Skills?

Excellent customer service is the pinnacle of a company. It appears to have the power to unveil all the secrets of success once you have it. Providing faultless service, on the other hand, is not always straightforward.

While the pursuit of excellent customer service skills and competencies is a more contemporary undertaking, many CEOs believe it is as elusive as the mythical grail that inspired the Crusades.

Despite the number of customer service skill assessment surveys you send out, most of the customer attitudes will remain a mystery. Thankfully, researchers have been collecting data on customer service satisfaction for years. However, unlike the quest for the Holy Grail, the search for excellent customer service starts with the personnel you hire.

What is customer service?

Customer service is defined as providing support to both new and existing customers. Client service employees often answer customer concerns via call, mail, chatting, and engagements and they might be in charge of creating self-service support materials.

Organizations can also define customer service according to their values and the type of help they intend to deliver. For example, at Help Scout, customer service is described as providing prompt, empathic assistance while keeping the requirements of consumers at the center of every engagement.

Essential Customer Service Skills?

Following are the customer service skills CRM personnel should possess −

Skills in Persuasive Speaking − Consider your company’s most persuasive speaker. Is it a salesperson or a saleswoman? The answer is almost certainly yes. Persuasion has long been regarded as an essential sales skill, but it may also benefit customer service. Your sales reps transform issues into solutions and sceptics into brand champions every day. Do you feel they don’t need to be persuaded to do the task?

Interestingly, 74 % claim they’ve spent close to 14 percent extra with a company because of good service. That is how powerful it is. As a result, ensure that your sales associates can speak confidently, stay upbeat, and deliver the types of compelling arguments that result in conversions.

Patience − Customer service personnel must be extremely patient. Customers that call customer service are frequently bewildered and annoyed. Listening to customers and addressing them with patience will make them feel as if you are committed to solving their concerns.

It’s not enough to complete client contacts as rapidly as possible. Your team must be willing to fully listen to and comprehend each customer’s issues and requirements.

Customers and coworkers should be asked for direct input − If your boss permits it, ask customers for feedback on your service. This could help you figure out if you’re providing a positive experience for your customers daily. Negative feedback should not be taken personally. Even if it isn’t positive, every consumer feedback is valuable.

Empathy − No set of excellent customer service skills is complete without empathy. Empathy is the capacity to understand and sympathize with the feelings and perspectives of another individual. What is it about empathy that makes it such a helpful service skill? Consider the following: Customers’ perceptions of how they are treated account for 70% of purchasing choices. It’s not whether the issue was resolved, whether reimbursement was issued, and how much time has been spent – at least not entirely or even primarily. Typically, customers’ bottom lines are emotional rather than financial, so people in business are accustomed to concentrating on the bottom line. Simply put, emotions are more significant than evidence.

Adaptability − When you deal directly with the public, your days aren’t the same. People aren’t all the same. Did you know that 60 percent of clients contact you in different ways based on what they’re doing? As a result, you’ll receive phone calls, emails, social media messages, and potentially even personal visits from the very same customers. Fortunately, an innovative CRM can alleviate this problem by integrating ticket origins and keeping customer data available regardless of channel. Customer service employees must have the same conceptual capabilities to adjust to a range of circumstances in the way that your customers demand at the time.

Possessing the Ability to Use Positive Language − If a customer calls you, they are likely having difficulty. However, agents must maintain a good attitude regardless of a customer’s rage, dissatisfaction, or defeatism. It’s OK to empathize with the customer; it’s an essential part of providing excellent service — but keep your tone as positive as possible. To lead the conversation in a positive direction, use positive statements. Keep your focus on the solution. Thank customers for their time, understanding, and treasured loyalty.

Customer feedback reports should be read − If your employer sends service feedback forms to consumers, review them if you get the opportunity. Customer feedback may provide a different picture of your existing customer service abilities than what you’ll get from management or coworkers inside.

What Are Freelancing And Digital Marketing?

The pandemic has given us the much-needed push to move on to better things. Since we were forced to accept different ways of living and working, we now have various options open to us. This business world has moved towards digital infrastructure in all 4Ps of marketing. We have replaced traditional ways of marketing with our digital marketing approach, and along with this, we have also created different ways of working for the firm or business. Because of the Reliance Jio Company, which has made it possible to provide consumers with cheap internet, and the fact that most of us have smartphones in our hands, regardless of race, religion, educational status, income, or other barriers, both freelancing and digital marketing activities are successful and in demand in India.

This article will delve deeply into the concept of digital marketing, what a freelance mode of work is, and how an individual can work as a freelancer in the digital marketing field.

Digital Marketing

All the marketing activities done by the business to sell its product, services, or brand name through digital platforms are known as “digital marketing.” Digital marketing can be done in various ways, and each way has its own set of consumers to target. Companies can also decide upon the digital marketing activity they should go ahead with on the basis of their product type. Some of the methods of digital marketing are −

Content Marketing − In this case, the company focuses on producing high-quality content for consumers to consume. Content is needed in the other wings of digital marketing as well. Companies can use videos, blogs, articles, interactive and engaging websites, or social media posts to attract consumers.

Email marketing − In this, the company sends information to the customers in the form of emails.

SEO marketing − focuses on creating websites that are going to rank highly on the SERP. Keywords, backlinks, relatable content, and just some parts of SEO

SEM − This is a paid form of marketing in which the company pays sites to feature their brand and products at the top of the SERP.

Affiliate marketing − here the company seeks out influencers or content creators to help them promote the company’s product in lieu of commission.

Companies today are moving to digital marketing because of the following reasons −

It is a cost-effective form of marketing.

The screen time of consumers has increased.

Consumers today prefer buying online or at least searching for information online.

Companies can save a lot of money by going online.

Companies can reach a wider target audience and others.

Freelancing as a Mode of Working

Employees today are tired of coming down to the office 5 days a week, sitting on a chair for around 9 hours, and then doing that repeatedly for all of their working lives. People nowadays want to prioritize work-life balance while also earning a living. They want the working hours to be according to their clock, and hence the concept of freelancing came in. Freelance employees or individuals can work for companies on specific tasks or projects at their leisure. They can easily enjoy their lives as well as work for the company.

Benefits of Freelancing for the Company

Companies do not have to bear the cost of unbillable hours or non-productive hours − With freelancing, companies only pay for the hours that the employee has devoted to the work or the total pre-decided cost of the work. They do not have to bear the extra cost, so companies can save money here.

There are no overhead costs − A full-time employee in the company is eligible for many benefits, and the company simply cannot figure out what to do with its employees in the event of a recession or a down phase of business and projects; however, there is no such commitment with freelancers. The overhead cost is zero, and the company can save a lot.

Companies can easily change freelancers − they do not have to bear the burden of mediocre or subpar work. If they are not satisfied with the quality of the work, they can easily terminate the contract or just stop giving the freelancer work without any hassle or policy implications.

Benefits of Freelancing for the Employee

Can be involved in multiple projects or with multiple companies at a time − You can be involved with many projects at once and be doing different things; there is no limit to your career or the type of work you are doing. You can always terminate your contract at short notice and move on to better opportunities.

A great way to earn income while focusing on your studies or other major activities − freelancing is the best way to earn an income if you are involved in a full-time course but can manage some time here and there. It does not require you to be present at certain hours, and you can easily pursue your studies and earn some money on the side.

No responsibility to stay with the company during the down phase − It is not your responsibility to worry about the policy implementation or the down phase of the company when you are working as a freelancer. You can stop working the day there is a delay in the payment, and no one is going to question your choice. It helps you learn as well as move on to new and better opportunities.

Freelancing and Digital Marketing

Digital marketing as an industry is growing at a 9% CAGR. There are many sub-profiles and technicalities developing in the digital marketing world. It is not possible for a company to hire an employee for some technical work in the digital marketing field. Today, recruitment and knowledge transfer processes also cost the company a huge amount, and hence, with freelancing as an option, companies can ensure that their work is done by experts or people best in the field, and they can just be done with it through a one-time payment. For example, if you need someone to create a website and nothing else, it would be stupid of you to hire a developer and keep him on the payroll for eternity. You can freelance this work and connect with him whenever there is a need. Pay the person for billable hours and be liability-free the rest of the time. Companies can easily hire freelancers in the −

SEO-related work

Content writing work

SEM-related work

graphic design work, among others.

Though it totally depends upon the amount of work that the company has for the person. If they can keep a person employed for even 7 hours a day for 25 days a month throughout the year, then hiring a skilled full-time employee is the best route. It is time for you to make choices, which are difficult, but I will trend with the market’s needs. Digital marketing and freelancing are both such good choices. Let’s accelerate together

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