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In todays economy, its fairly likely that anyone running abusiness has been witnessing a lack of sales lately. Whether its a minor slopeor a major fall it is certainly noticeable, and depending on how you react itcould be fatal to your business. In order to survive though, you need to makesure that your customers are content, and that they keep coming back to buyyour goods. One way to help yourself do that, is to get a feel for whatkind of financial position your customers are in, and an easy way to do that isthrough your credit card processing. Paying attention to what credit cards yourcustomers use can help you predict their purchasing trends by tracking majorcredit card companies on the market. Higher Stocks, HigherSpendingFor example, American Express in their quarterlyreport has shown an increase in user spending. Kenneth I. Chenault,American Express chairman and CEO, was quoted saying Card member spending wasup 16 percent, rebounding strongly from the recessionary lows of last year.Knowing this, if a majority of your customers are American Express users, thiscould lead to higher sales for you. On the other side of the coin, if most of your customers useCapital One, then you may need to prepare your company for a slowing in sales.Capital Ones quarter report shows a continued decline in their loanbalance. Fortunately their CEO, Richard Fairbank, claims that the futurelooks promising and that the worst is behind them, saying that they arewell-positioned to ramp up our businesses as we emerge from the recession. With this knowledge, you can now predict and make properadjustments for any trends coming your way whether they are positive ornegative, making your credit card processing company valuable at foretellingthe possible future. Using Knowledge toPlanWhat you do with this information is up to you as there area myriad of new ways to connect with customers. You can experiment with socialmedia sites to connect with existing customers while reaching out to potential customersonline. Another technique that some companies are using is text messaging.Using text messages as coupons, customers now no longer need to clip or printanything, except to simply bring their phones with them. Another possibility isusing the texts as reminders for important events or sales that are coming inthe near future. Either way, in this economy it pays to be creative. Althoughthere has been a recent surge in spending, it is important to keep yourcustomers coming back and spending money. Doing some research and discoveringwhat credit cards your customers use could give you a glimpse of what is tocome, which will no doubt help your efforts.
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