Author: Glenn

The average number of touchpoints needed to secure a sale, or appointment generally falls between 7 and 12. However, this varies by industry, target audience, and product or service type. Here’s why multiple touchpoints are necessary and how they work:

Why Multiple Touchpoints Are Necessary

• Building Trust: Buyers need to trust the seller, and trust develops over time through consistent and meaningful engagement.
• Cutting Through Noise: Prospects are inundated with marketing messages, so repeated interactions ensure your message stands out.
• Guiding the Buyer’s Journey: Buyers often move through awareness, consideration, and decision stages before committing. Multiple touchpoints help guide them.
• Relevance and Customisation: Frequent contact allows you to refine your messaging and address specific concerns, making your offering more appealing.

Typical Sales Touchpoints

• Awareness Stage: Social media ads, blog visits, email newsletters, or website engagement.
• Engagement Stage: Personalised LinkedIn messages, phone calls, or direct email outreach.
• Consideration Stage: Webinars, product demonstrations, or sharing case studies and testimonials.
• Decision Stage: Proposal discussions, follow-up calls to address objections, or in-person meetings to finalise details.

Factors Affecting the Number of Touchpoints

• Industry: B2B sales or high-ticket items typically need more interactions (10–15+), while consumer sales might only require 3–5 touchpoints.
• Lead Type: Warm leads, such as referrals, may convert faster, while cold leads from unsolicited outreach require more nurturing.
• Approach: A strategic follow-up plan can reduce the number of touchpoints needed by effectively addressing concerns early on.
• Communication Channels: Some channels, like personalised phone calls or in-person meetings, can fast-track trust and reduce unnecessary follow-ups.

Strategies to Reduce Touchpoints

• Personalisation: Craft messages tailored to the prospect’s specific needs to make each interaction more impactful.
• Multi-Channel Outreach: Engage prospects across email, phone, social media, and in-person to reach them in their preferred way.
• Pre-Qualification: Focus on well-targeted leads to reduce wasted efforts and ensure efficient use of touchpoints.
• Automation: Leverage tools to automate routine touchpoints, such as follow-up emails or reminders, while maintaining a personal touch.

Key Takeaway

While the general range is 7–12 touchpoints, prioritising quality over quantity is essential. Strategic, timely, and relevant engagement will always outperform excessive, unfocused interactions.

Inheritance Tax nil-rate bands remain frozen until April 2030. Learn how this affects estates, the residence nil-rate band, and planning opportunities to maximise tax-free inheritance for loved ones.

The Inheritance Tax (IHT) nil-rate bands have been frozen for a number of years and had been set to remain at current levels until 5 April 2028. As part of the Budget measures, it was confirmed that the rates will remain at the same level for a further 2 years until 5 April 2030.

This means that:

• the nil-rate band will continue at £325,000;
• residence nil-rate band will continue at £175,000; and
• residence nil-rate band taper will continue to start at £2 million.

The residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death. The allowance is available to the deceased person’s children or grandchildren.

Any unused portion of the RNRB can be transferred to a surviving spouse or partner. The RNRB is on top of the £325,000 nil-rate band. The allowance is available to the deceased person's children or grandchildren. Taken together with the current IHT limit of £325,000 this means that married couples and civil partners can pass on property worth up to £1 million (£325,000 x 2 plus £175,000 x 2) free of IHT to their direct descendants.

The transfer does not happen automatically and must be claimed from HMRC when the second spouse or civil partner dies. This is usually done by the executor making a claim to transfer the unused RNRB from the estate of the spouse or civil partner that died first.

There is a tapering of the RNRB for estates worth more than £2 million even where the family home is left to direct descendants. The additional threshold will be reduced by £1 for every £2 that the estate is worth more than the £2 million taper threshold. This can result in the full amount of the RNRB being tapered away.

The UK government has recently addressed the Parliamentary and Health Service Ombudsman's (PHSO) report concerning the communication of changes to women's State Pension age. The PHSO identified maladministration by the Department for Work and Pensions (DWP) due to a 28-month delay in informing women born in the 1950s about these changes. In response, the government has acknowledged this finding and issued an apology.

PHSO Investigation Findings

The PHSO's investigation focused on how the DWP communicated these changes, not the policy decisions themselves. The findings were:

• 1995 to 2004: The DWP provided adequate and accurate information through various channels, including leaflets, campaigns, and its website.
• 2005 to 2007: Decision-making during this period led to a 28-month delay in sending personalized letters to affected women, which the PHSO deemed maladministration.
• Impact: While the delay constituted maladministration, the PHSO concluded it did not cause direct financial loss. However, it acknowledged that some women lost opportunities to make informed financial decisions, diminishing their sense of autonomy and control.

Government's Response

Work and Pensions Secretary Liz Kendall accepted the finding of maladministration and issued an apology for the delay in communication. She emphasized the government's commitment to learning from this case to prevent similar issues in the future.

Despite acknowledging the communication failures, the government has decided against providing financial compensation. This decision is based on evidence suggesting that unsolicited letters are often ineffective; research indicates that only one in four people recall receiving unexpected letters. Additionally, the government argues that the majority of 1950s-born women were aware of the impending changes, and earlier communication would not have significantly altered this awareness.

The government also considered the financial implications of compensation. Proposals for a flat-rate compensation scheme, with payments ranging from £1,000 to £2,950 per individual, were estimated to cost between £3.5 billion and £10.5 billion. Given the belief that most women were already aware of the changes, the government deemed such expenditure an unjustifiable use of taxpayer funds.

Reactions and Implications

The decision not to offer compensation has been met with criticism from advocacy groups, particularly the Women Against State Pension Inequality (WASPI) campaign. They argue that inadequate communication left many women unprepared for the changes, leading to financial hardship. The government's stance has also sparked debate among policymakers and the public about the adequacy of communication strategies and the responsibility of the state in ensuring citizens are well-informed about significant policy changes.

Conclusion

While the government has acknowledged and apologized for the delays in communicating changes to the State Pension age for women born in the 1950s, it has decided against offering financial compensation. This decision is based on evidence suggesting that earlier communication may not have significantly increased awareness and concerns about the proportionality of compensation costs. The situation underscores the importance of effective communication in policy implementation and has prompted discussions about how to better inform the public about significant changes that impact their financial planning and well-being.

The economic outlook for the UK in 2025 presents a mixed picture, with expectations of modest growth tempered by persistent inflationary pressures.

Growth Projections

The Organisation for Economic Co-operation and Development (OECD) has revised its forecast for UK economic growth in 2025 upward to 1.7%, citing increased government spending as a key driver.

This adjustment reflects the UK's resilience amid global economic uncertainties and aligns with its broader strategy to stimulate growth through fiscal policies and structural reforms.

Inflation Concerns

Despite the positive growth outlook, inflation remains a significant concern. The OECD projects that UK inflation will average 2.7% in 2025, the highest among G7 nations. This is attributed to strong wage growth and elevated services inflation, indicating persistent domestic price pressures.

Monetary Policy

In response to these dynamics, the Bank of England (BoE) has begun adjusting its monetary policy. In November 2024, the BoE reduced its interest rate from 5% to 4.75%, marking the second cut since 2020. However, the BoE has signalled that future rate reductions will be gradual, given the rising inflation expectations.

Analysts anticipate that the BoE will continue to lower rates cautiously throughout 2025, potentially reaching 3.75% by year-end.

Fiscal Policy and Public Debt

The UK's fiscal policy is poised to play a pivotal role in shaping the economic landscape. The March 2024 budget introduced measures aimed at stimulating growth, including increased public spending and tax adjustments. However, these initiatives have raised concerns about fiscal sustainability, with public debt projected to rise to 92.8% of GDP in 2025.

The OECD warns that the UK's stretched public finances may limit its capacity to address potential economic shocks in the future.

Labour Market and Business Sentiment

The labour market is expected to experience moderate improvements, with businesses expressing cautious optimism. Surveys indicate that a significant proportion of firms anticipate revenue growth and increased hiring in 2025, supporting the government's efforts to revive economic growth.

However, challenges such as rising national insurance contributions and persistent inflation may temper this optimism.

Conclusion

In summary, the UK's economic outlook for 2025 suggests a period of modest growth accompanied by persistent inflationary pressures. The interplay between fiscal stimulus and monetary policy adjustments will be crucial in navigating these challenges. While increased government spending may bolster economic activity, concerns about inflation and public debt sustainability remain pertinent. Stakeholders, including policymakers and businesses, will need to balance these factors to foster a stable and sustainable economic environment in the coming year.

Advisory fuel rates for company cars help employers and employees manage fuel costs without triggering tax liabilities. Learn how to use these rates to avoid tax, especially car fuel benefit charges.

HMRC's fuel rates also known as advisory fuel rates are intended to reflect average fuel costs and are updated quarterly. These rates only apply to employees using a company car.

The rates can be used either by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel.

HMRC will accept that there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses where employers pay a rate per mile for business travel no higher than the published advisory fuel rates.

Employees can also use the advisory fuel rates to repay the cost of fuel used for private travel. This is the easiest way to ensure that no fuel benefit charge (for private journeys in a company car) is payable. However, the fuel benefit charge will still be payable if it cannot be demonstrated to HMRC that the driver of the car has paid for all fuel used for private journeys, this includes commuting to and from work. To ensure that this does not occur employees will need to keep a log of private mileage.