Kevin Garrett Named Five Star Wealth Manager

Market Commentary – November 3, 2020

The October 2020 issue of Atlanta Magazine, in partnership with an independent research firm QMI Research, named Kevin Garrett as a 2020 FIVE Star Wealth Manager. This is the seventh consecutive year (2014-2020) that he has received this award and the eighth (2012) in nine years. Kevin is a partner of Integrated Financial Group, a consortium of professional advisors.

“I’m appreciative of the recognition of this award. While it’s great to be included in this group, we always strive to improve our client’s experiences, like our Return On Life program which is designed to give our clients the best chance to live their ideal life,” Garrett commented.

Kevin specializes in employee compensation planning such as stock options for business executives. He also works with women going through a life transition such as a divorce or death of a spouse, as well as professional athletes and their family.

The Five Star program is the largest and most widely published wealth manager award program in North America. As part of the updated research process for the Five Star Wealth Manager program, firms and peers nominate award candidates. Award candidates are evaluated against 10 objective criteria to determine the Five Star Wealth Managers in more than 40 major markets.

The updated Five Star Wealth Manager award process includes:

Eligibility Criteria – Required:

    1. Credentialed as an investment advisory representative or a registered investment advisor.
    2. Actively employed as a credentialed professional in the financial services industry for a minimum of five years.
    3. Favorable regulatory and compliant history review.
    4. Fulfilled their firm review based on internal firm standard.
    5. Accepting new clients.

Evaluation Criteria – Considered:

    1. One-year client retention rate.
    2. five-year client retention rate.
    3. Non-institutional discretionary and/or non-discretionary client assets administered.
    4. Number of client households served.
    5. Educations and professional designations.

 3,314 Atlanta wealth managers were considered for the award; 268 (8% of candidates) were named 2020 Five Star Wealth Managers

You can see the listing in the October edition of ATLANTA Magazine.

Integrated Financial Group

Kevin Garrett – Integrated Financial Group

My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events:

1) Accessing and Managing Retirement Assets

2) A Performance Contract (Typically a Sports or Entertainment Contract)

3) Divorce Settlement

4) Inheritance or Insurance Payout

5) Sale of a Business or Stock Options

6) A Personal Injury Settlement

I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them.

My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging, and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds, and managing taxes.

Firm Specialties:

    • Retirement Planning For Business Owners & Executives
    • Woman’s Unique Financial Planning Needs
    • Professional Athletes
    • Investment/Asset Allocation Advice
    • Estate Planning
    • Risk Management
    • Strategic Planning

Kevin was listed in The Wall Street Journal as “One of the Financial Advisors In The Southeast That You Need To Know”

Kevin was listed in Forbes Magazine’s Annual Financial Edition as a Five Star Financial Advisor

Kevin has been awarded the Five Star Professional Wealth Manager in Atlanta Magazine in 2012, 2014, 2015, 2016, 2017,2018, and 2019.

Award based on 10 objective criteria associated with providing quality services to clients such as credentials, experience, and assets under management among other factors. Wealth managers do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.

KEVIN GARRETT, AWMA, CFS

Integrated Financial Group

200 Ashford Center North, Ste. 400 | Atlanta, GA 30338

Phone | 770.353.6311

Email | kgarrett@intfingroup.com

Website | kevingarrettifg.com

New Source of Contributions For Charities and Churches You Support

Most of us support charitable and religious organizations.  These are the organizations that support the needy among us and/or give us spiritual inspiration and guidance.  They all do great things.  And to do their work, they all need money to support their missions. Unfortunately, until now, our only course of action to provide support has been personal giving and/or to solicit giving from others.

What if there were a solution that could raise large sums of money for the charities and religious organizations you support, not just on a single fund-raising drive, but year-round?  And, what if that solution was literally “free” to donors and coincidentally made you a lot of money?

Most charitable and religious organizations communicate to their potential donors through email, social media, radio, and TV.  These are the perfect channels through which to promote “Cash Back Giving” using the capabilities provided by Retail Benefits.  The following is an example of a charitable giving campaign run by the “Lone Survivor’s Organization”

http://lonesurvivorfoundation.org/lsf-rewards/?bblinkid=33762656&bbemailid=2589018&bbejrid=190468451

What charities and religious organizations can benefit from Retail Benefits?

Organizations that regularly communicate to 10,000 or more individual consumers/people who potentially shop on-line are the best candidates.  Most national charities and many of the larger churches will likely fit the profile.

What do I need to do?

The key is to refer Retail Benefits to senior officials in the organization and arrange a conversation/referral.  Before making contact, call me so we can strategize the best approach.

What can I tell my contact about Retail Benefits?

An organization that incorporates cashback fundraising (The Red Cross Shopping App) will realize the following advantages:

    • Year-Round Fund RaisingCashback donations via on-line shopping are automatic and on-going
    • No out-of-pocket expense for donorsCashback is from money that has always been spent shopping. No new donor expenditures required
    • This is a new source of tax-deductible donations – Donor receives annual contributions statement for tax filing
    • Cashback may be designated to multiple purposes or charitable entities – Such as the building fund and the general fund and/or the American Heart Assoc. and the American Cancer Society
    •  Messaging – Communicate directly to donors via the app on time-sensitive and other important information

In our next article, we will be talking about the special advantages for Retailers.  Yes, national retailers themselves are great prospects for Retail Benefits!

I the meantime, if you need more information or if you think you might have a referral, contact me so we can explore the possibilities together.

Philip Davis

Phillip Davis

Philip Davis

Referral Partner

Retail Benefits, Inc.

pdavishr@Comcast.net

The Turning Point

Cabernet Steakhouse

Wednesday night, I did something I have not done in a long time.   I am glad I had the opportunity to do so!   When I say, ‘a long time,’ I mean long before the appearance of Covid-19. Wednesday, I enjoyed a five-hour dinner meeting with a friend and his business associates.  The venue was my favorite Cigar-friendly Steakhouse in the Northern Suburbs of Atlanta.  This meeting included cocktails and a fabulous dinner followed by cigars. As we began our meeting at 6:00 p.m., I made it home before midnight. It was beyond my usual bedtime, yet manageable.

The Invitation

 At the beginning of the month, my friend Tom asked if I was available to join him on the 21st for Steaks and Cigars. He said that a friend was coming to town on business and we should meet. As I said, the location is a personal favorite. I happily accepted.  Fifteen years ago, I placed Tom as a CFO for a regional restaurant brand.  He recently retired from that company, having survived several ownership changes.   It was a long but productive evening.

Arrival and Introductions

Cabernet Steakhouse

I arrived promptly at 6:00 p.m. and joined our party already in the first round of drinks.  Tom greeted me, then introduced Jeff, our host.  Then Jeff introduced his colleagues.  We spent the next hour getting to know one another over cocktails.  As this was our first meeting, we took our time, sharing background information, both personal and professional.  It was a free-flowing conversation, often taking short detours to discuss tangential topics.  We found that we shared many interests.  No one was in a particular hurry to order dinner.

Getting to Know you

We enjoyed a good exchange of ideas. We shared perspectives and insights about the state of the economy and explored how we might work together.  We also discussed opportunities that may present themselves.  Tom told us that although he was retired, he is open to interesting opportunities. He talked about his consulting work with a mutual friend. I encouraged him to consider work as a fractional CFO. This role is in great demand and would provide him a lot of flexibility.  In fact, our host came to realize that he needs the benefits of a good CFO. Tom may have landed his first gig, with a little help and encouragement from me.

It was not all business of course.  Much of our discussion was about where we grew up, places we lived and visited, and personal interests.  We found that we shared many interesting experiences.  It was a great time, catching up with an old friend and meeting new folks.

Food – Beverages – Cigars

Cabernet Steakhouse

Thankfully, I maintained discipline over my food and drink intake throughout the evening.  Two pints of Guinness over five hours is well below my limit.  Although the quantity of food ordered was more than ample, I controlled myself in that area too. The remainder of the evening was for casual conversation with fine cigars and cocktails.   After six hours of sleep, I felt completely normal.  My self-control meant that I was better equipped to connect with my hosts.

The Turning Point

I am convinced that this week was a personal turning point.  This is the first time, since the beginning of the pandemic, that I feel that I am back to a normal routine. Tuesday night I attended a live event with another group.  Although it was of a shorter duration, it included over 50 people. As I write this post, I am looking forward to two more ‘one-on-one’ meetings before the end of the week.

My Takeaway

Cabernet Steakhouse

One should not underestimate the value of personal contact.  Hearing different perspectives from people you know and respect, is most useful.  For example, Tuesday I received validation for my strategy working with a coaching client. I received further validation regarding my belief that tenures are shortening, especially for more seasoned executives.

It is difficult, if not impossible, to close a business deal without building a relationship.  It requires a personal connection.  It is difficult to become more effective without speaking to people who have faced similar situations.  I cannot be sure, but I believe it is time to get on with our lives, including a renewed focus on strengthening personal relationships.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

 

Jim Weber – Managing Partner, ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Decoding the Engagement Challenge or Why People Leave.

Paula Fowler Presents to The BENG, October 13, 2020

Decoding the Engagement Challenge or Why People Leave is a conversation about the four factors of employee engagement – Job, Manager, Team, and Culture and how they impact productivity. PI’s motto is Better Work, Better World and the premise is that by understanding human needs and behaviors, we can select a job and company that “fits” our natural tendencies and be happier at work, manage people more successfully and drive company success.

Paula Fowler

Paula Fowler is a strategic leader with a proven ability to create a company-wide vision and drive business results. She has a passion for working directly with entrepreneurs to implement strategies for growth and profitability. Paula has over two decades of management and consulting experience in small to mid-sized businesses across a broad range of functional areas, including sales, marketing, finance, accounting, operations, human resources, customer support, and business development.

She is skilled at analyzing existing operations and implementing strategies, processes, and technology to improve company performance. She believes that entrepreneurs often know what to do – but lack the time or internal expertise to accomplish the task at hand. Paula will deftly tackle the project and drive it to completion.

Paula is also a certified Six Disciplines Coach, a management system for purpose-driven leaders of small to mid-sized companies.  Six Disciplines combines on-site business coaching, workshops, and collaborative software to close the gap between the future vision of a company and today’s reality – by engaging the hearts and minds of every employee in the organization and aligning actions.

Contact Paula Fowler

pfowler@fowlerbusinessconsultingllc.com

A Crisis Averted

Jim Weber – Managing Partner, ITB Partners

Andy called me early Monday morning.  He had a crisis to resolve.  It was not a life and death crisis, but a potential blow to his professional credibility and confidence.  He was facing the complete failure of a new venture. This series of events began for me on Friday.

Friday, Andy told me that he had been asked to lead the renewal of a successful networking program organized around a “book club” format.  The originator of this concept is no longer able to lead the program, but it is a well-established brand with further potential.  It is a great honor for Andy to be asked to revive this concept.  Unfortunately, Andy did not have much time to plan the first event as the speaker is publishing a new book at the end of September.  By supporting the book launch even on short notice, Andy created a win-win situation.  His plan was to offer a ZOOM event the following Wednesday and he asked if I could promote it to my network.  I agreed, of course.  Over the weekend, however, Andy’s promotional plans were dashed.  That was the genesis of his Monday morning call.

Monday morning, he explained that he was unable to promote his event as his Internet Service Provider (ISP) suspended his account.  He had exceeded his allowed email volume.  Unable to advertise he faced a stillborn event.  He asked if I could help.

I could relate to his predicament as I had the same experience many years ago.  It was the catalyst that led to a subscription with an Email Marketing Service (EMS).  This EMS reinforced my brand image and improved the effectiveness of my messaging.    I have not had a problem with my email campaigns since.  Also, I can leverage the utility of my website and social media accounts by integrating them with my EMS.  It is one of the best decisions I ever made.

Problem Solved.

I reminded Andy that one of the benefits of membership with ITB Partners is access to our EMS.  He had forgotten that, but he was not familiar with the concept anyway. I explained the value of using an Email Marketing Service and answered his questions; How many emails could we send? How often?  How many people could we engage at one time?  When his questions were answered, he realized his crisis had been averted.

I went to work on his project.  Using his copy, I created an email that will become the template for future campaigns.  It represents his brand well and the message is clear.  He provided me with three email lists that I uploaded into separate folders to be used for his projects only.  Finally, I scheduled the emails to be sent daily, leading to Wednesday’s event.  By midday Monday, Andy was back in business.

Build your business or career.

You need not be a major corporation or an online retailer to enjoy the benefits of your address book.  It is one of your most valuable assets.  I learned this early in my Executive Search Career.  I began sending group mailings to demonstrate my vitality. It was a powerful business development tactic.  I announced new assignments, which generated interest from prospective candidates.  When I announced the completion of a search, prospective clients called me to assist their recruiting for similar positions.  Doubtless, this concept will work for anyone.

Personalize your email campaign.

The smart people in transition create a mailing list from their address book.  They know that their network wants to hear from them and to help if they can.  They use email to keep their contacts up to date on their situation.  They understand that their outreach can be even more interesting if they share their thoughts, ideas, and experience in each post.  This technique has become an effective way to shorten one’s time in a job search.

Build brand equity.

Back to Andy.  Yes, his event was a success.  There were the typical first-time logistical problems associated with a ZOOM meeting, but those issues will diminish over time. The presentation was insightful and well-executed.  Those who attended the meeting were riveted.  Andy did not achieve his attendance goal, but he was not far off.  Word will get out. As the quality of his promotional efforts improves, attendance will follow. I am looking forward to working with Andy to help rebuild this brand.

Your address book is valuable!  USE IT!  If your mailing list is large enough, consider an EMS.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

 

 

Provide Financial Support Without “Writing a Check”

Phillip Davis

Are you affiliated with educational and professional associations?  This includes colleges and their related fraternities and sororities, as well as our state and national professional organizations. These organizations promote our success, past, and future.  We continue our affiliated out of gratitude and, in some cases, for the continuing professional and personal opportunities they provide.

 

Our better natures compel us to “give back” to those who help us achieve the success we enjoy today. Typically, we can give our own time and our money.  However, occasionally we are called on to “solicit” support from other people.  Many of us heed the call, but few of us actually like asking for donations.

What if there were a solution that could raise SIGNIFICANT DONATIONS, not just on a single fund-raising drive, but year-round?  And, what if that solution was “free” to the association and the donor?  This solution exists and can be realized through engaging Retail Benefits, Inc. as part of your fundraising strategy.

Associations that regularly communicate to 10,000 or more people are great candidates for Retail Benefits.  This includes most colleges, universities, and their affiliated fraternities and sororities.  When Retail Benefits cashback shopping is engaged as an element of fundraising, the following advantages will be realized:

  • Year-Round Fund RaisingCashback giving is automatic and on-going. Once the donor signs up and downloads the shopping app, everything happens automatically.
  • No out-of-pocket expense for donors – Cashback donations are from the money that has always been spent shopping. Therefore, no new donor expenditures are required
  • Reduce/Eliminate the cost of membership – Association can apply cashback to reduce or eliminate dues making it easier for members to join and/or stay affiliated
  • Drive engagement – A portion of cashback can be directed to the donor as “donor bucks” to purchase special offers and merchandise (such as hats, shirts, pins, etc.)
  • Designated donations to multiple purposes – Donations can be subdivided to support annual dues, the building fund, and/or special causes
  • Messaging – Communicate directly to participants via the app on association business

To learn more about cashback shopping and its potential for your association, contact Philip A. Davis at pdavishr@comcast.net or 678-977-5578.

ITB Partner, Barry Flink Named to Magazine Board

Longtime community leader brings four decades of management experience, including in the hospitality industry.

Barry Flink

Barry Flink, executive vice president and partner of Flex HR, Inc., has been named to the advisory board of Departures Magazine. The publication is a source for high-end travel, restaurants, hotels, and fashion, shopping, art, and culture.

Flink has 40 years of management experience in multiple industries. His favorite jobs have always been in the hospitality industry. He has held senior-level management positions in Westin Hotels & Resorts, InterContinental Hotels, Service America Corporation, the Greyhound Corporation, and the Peasant Restaurants, Inc., based in Atlanta. He began his career in the hospitality industry as the Hyatt Hotel Corporation’s first national management trainee.

Flink is also an executive in residence at Kennesaw State University and has served on the board of directors of Georgia Tech’s College of Management as well as KSU’s Coles College of Business. He has also served on the President’s Advisory Board of Oglethorpe University.

He has been a visiting lecturer at Cornell University, Washington State University, Florida State University, Georgia Tech, Georgia State University, Emory University, and the University of Guelph and Ryerson University in Canada. He also wrote a chapter for a college textbook, “Business Acumen II.”

Flink was board chair of the Edge Connection and has served on the Small Business Council of the Metro Atlanta Chamber of Commerce, the board of directors of the American-Israel Chamber of Commerce, and an advisory board of Saint Joseph’s Hospital.

For More information contact:

Marilyn Pearlman

Atlanta Cause Marketing & PR

Phone: 404-298-6910

Mobile: 404-395-2602

Web: http://www.atlantacausemarketing.com

Email:  mpearlman@atlantacausemarketing.com

 

When Opportunity Presents

NSA Atlanta Chapter President

During my college years, I learned that if I completed my term papers early, I would have the flexibility to avail myself of interesting opportunities.  That usually meant enjoying social events with my Fraternity Brothers. Besides, I never saw the point of adding stress to my life by waiting until the last minute to tackle a project.

Last weekend was a great example:

Last week, my friend Michael Moore invited me to join him for a Saturday Morning meeting of the Atlanta Chapter of the National Speakers Association (NSA).  I was not familiar with the NSA, but I would like to become a better speaker.  I called Michael for more information.  He told me he had been a member for many years and thought I would enjoy the event.  He said the meeting would begin at 8:30 a.m. and end at noon.  Additionally, he reminded me to bring my mask as the meeting would be fully Covid-19 compliant.  Since I had already completed and published my weekly blog post, my Saturday was clear.  I was sold. I registered for the event immediately after our call.

As with most meetings, the first thirty minutes is usually for check-in and networking.  It is rare for me to attend an event in Atlanta that I do not encounter people I know.  Arriving early provides an opportunity to meet new people and catch up with friends.  I made plans to arrive at 8:30 a.m.

Background of NSA

The National Speakers Association (NSA) was founded in 1973 to help its members become more successful by providing education, tools, and resources.  NSA members include speakers, trainers, educators, humorists, motivators, consultants, and authors from a variety of industry segments.  NSA helps build eloquence, expertise, enterprise, and ethics.  Their Mission is “Empowering professional speakers to thrive and influence. We elevate excellence, share expertise, and challenge one another to improve.”  NSA’s values are to “provide mutual support, shared success, giving back, and cooperation over competition to build a bigger pie.”  Clearly, this organization is aligned with my goals and values.

Full Covid-19 Compliance

I arrived on-site at about 8:30 a.m. and was greeted at the door by my host and another gentleman who I did not know.  I later learned that he was the Barry Banther, the keynote speaker, and Incoming NSA National Board Chairman.  I proceeded to ‘checked-in’ where I filled out a brief Covid-19 questionnaire and had my temperature checked.  As I was obviously healthy and wearing my mask, I received my name badge and was directed to the meeting room.  Already in the room, several people were engaged in conversation. You know, networking.  Not surprisingly, I encountered a colleague and the speaker for my upcoming BENG Atlanta Chapter meeting.  Before the official meeting began, I was able to ‘catch up’ with my colleague and prepare my speaker for Tuesday’s meeting.  After catching up with those folks, I encountered a third acquaintance who had attended a few of my events. That is networking in Atlanta.  You usually find people you know at any event you attend.

The meeting room was staged to accommodate the attendees as well as those participating via ZOOM.  The layout included a well-appointed elevated stage for individual presentations and interviews.  It was well-lighted and flanked by video monitors.  It was not a particularly large room, but it could easily accommodate sixty people.  It was more than adequate for the twenty members and guests seated appropriately for social distancing.  It is an excellent venue for my meetings.

The Meeting

Thurman Interview

The formal meeting began promptly at 9:00 a.m. with a welcome and presentation of the organization’s mission.  This was followed by the introduction of guests and our hosts.  The next item on the agenda was the Installation of Chapter Officers for 2020 – 2021.  The ‘warm-up’ Speaker was Dan Thurman who talked about his experience starting out as a professional speaker.

The Keynote

Barry Banther, the Keynote Speaker was impressive. I suppose that should be expected of the incoming NSA Chairman.  Barry’s talk was titled “How to Build

Barry Banther Keynote

a Sustainable, Profitable, and Fulfilling Business as a Speaker.”  It was an excellent presentation!  He used a lot of stories to drive home his points, holding our attention.  His talk was particularly relevant as it was similar to one of mine. I received many ideas to improve my presentation which justified my attendance.

Conclusion

There are good reasons to avoid procrastination.  In addition to creating stress, procrastination can result in lost opportunities.  If you believe, as I do, that networking and continuous learning are important professional skills, you should engage in those activities whenever possible.  For me personally, I believe that public speaking is a fundamental skill to be developed. I was fortunate to be able to accept my friend’s invitation to the NSA Meeting.  Completing my work early in the week paid off big-time.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner,  ITB Partners

 

Weinstock Lands New Client – Disinfect Group

Ron Weinstock of Weinstock Marketing and ITB Partners lands New Client, Disinfect Group. 

Disinfect Group USA, offers a variety of systems to allow retailers, offices, venues to reopen safely.  Total flexibility of units depending on the size needed. All manufacturing is in the USA. Disinfect Group USA’s  product has the ability to:

  • Disinfect people and their belongings safely – 99.9999% effective
  • Take thermal temperatures
  • Count capacity in/out
  • On product branding
  • Offer LED sponsorship opportunities

Disinfect Group – Sanitation Tunnels

SANITIZING TUNNELS

Dry Fog is an innovative new product that creates an invisible “haze” in our tunnels which are completely safe and approved for use on humans against viruses and bacteria. It works using electrolyzed water technology.

Available with 1 to 5 tunnels and comes as a fogger or a misting sprayer.

 

SANITIZING FOG

Each visitor and worker pass through a completely safe dry fog before

gaining access to your facility.

 

THERMAL IMAGING SCANNER

Screens for elevated body temperature at a safe distance for employees and guests entering your facility. Alerts staff when a high temperature is detected.

 

DIGITAL CAPACITY COUNTER

Add a Body counting camera that helps you know exactly how many people are in your venue or facility at all times.

 

NO-TOUCH SANITIZER DISPENSER

Automatic hand sanitizer dispensers allow everyone to disinfect their hands helping stop the spread of viruses.

 

STAY CLEAN. STAY SAFE.   RETURN TO WORK.

Contact Ron Weinstock for more information.

(310) 663-7669 | ron@weinstockmarketing.com

 

 

Ronald D. Weinstock

Ron Weinstock is an experienced restaurant and retail industry executive, consultant, and entrepreneur.

Over thirty-plus years of successfully launching, building, and revitalizing national and regional brands have positioned Ron Weinstock as a business and marketing leader in industries that include restaurants, financial, health, entertainment, and retailing. Ron is a business and marketing executive with a proven track record and a passion for team building, which/that includes leading cohesive & purpose-driven teams that consistently deliver exceptional results.

Cash Back Shopping – The Key To A New Competitive Advantage

Phillip Davis

Have you heard of “cashback shopping”?  If you have heard of Rakuten (formerly Ebates), then you have experienced the leading example of business to consumer (B2C) cashback shopping.  In B2C cash back shopping, the cashback is paid directly to the shopper as an incentive to buy.  Why?   It is much less expensive to sell an item on-line than in a brick and mortar store.  Online retailers take a portion of these savings and invest them in cashback advertising to bring more shoppers into their on-line stores and encourage on-line vs. in-store purchases.

This same cashback shopping concept can be also be applied in a business to business (B2B) environment.  The biggest drawback of B2C cashback is that shoppers are reluctant to provide their personal contact information to someone they do not know, in this case, Rakuten.  In the B2B environment, shoppers already have a relationship with the sponsoring organization.  The sponsor might be their bank, church, favorite restaurant, or any number of other organizations.  The key is for the sponsoring organization to have a trusted relationship with the shopper.  In many cases, the sponsor may already have significant personal information on the shopper and be sending the shopper regular communications.

Most organizations with ten thousand plus (10,000+) patrons can benefit through adopting cashback shopping as a component of their on-going promotion program.  The more potential shoppers, the greater the benefit.  The cashback that flows to the organization can be utilized as a donation (for churches and charities), to pay for future purchases (retailers), and to pay a portion of the price of current purchases (grocery stores, insurance providers, and power companies).  Most sponsors keep at least a portion of the cashback to pay expenses and as accretive to profit.

The benefit to the organization can be quite substantial.  For example, a charitable organization that is keeping 100% of cashback as donations can expect to receive roughly $1 million per 10,000 shoppers.  A commercial business will receive the same amount but will likely pass 80% or more on to the shopper in one form or another.  Therefore, a commercial operation keeping 20% of cashback will be retaining roughly $200,000 per 10,000 shoppers.

To learn more about cashback shopping and its potential for your organization, contact Philip A. Davis at pdavishr@comcast.net or 678-977-5578.

Thank you for visiting our blog.

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Jim Weber – Managing Partner,  ITB Partners