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.

The Chancellor’s Spring Statement, scheduled for 26 March 2025, is expected to focus on navigating the challenges of public finances, economic growth, and household pressures.

Economic Context

The UK economy is forecast to grow by 2% in 2025, though inflation is projected to remain above the Bank of England's 2% target for several more years. This economic backdrop follows significant tax increases announced in the October 2024 Budget, where £40 billion in measures were introduced, including raising employers' National Insurance contributions from 13.8% to 15% for salaries above £5,000. These policies have triggered concerns across businesses and households, compounding challenges for an economy still recovering from previous shocks.

Taxation and Public Finances

Despite the £40 billion in tax hikes, a £22 billion deficit in public finances has been identified, suggesting further fiscal measures may be necessary. Economists anticipate additional increases in capital gains and inheritance taxes as the government seeks to address this shortfall. Meanwhile, the rise in employers' National Insurance contributions has created significant burdens on businesses, particularly in labour-intensive industries like retail and hospitality, raising concerns about job losses and reduced investment.

Business Challenges

Business confidence has dipped to its lowest level in two years, with many companies reducing staff due to rising employment costs. December 2024 saw the fastest rate of job cuts in four years, highlighting the strain on businesses. The government may need to consider targeted support for struggling sectors to counteract the impact of its tax policies and foster stability.

Household Finances

Households are bracing for rising costs in 2025, with food prices expected to increase by up to 4.9%, energy bills climbing, and mortgage payments potentially rising if there are further interest rate hikes. Stamp duty thresholds are set to drop in April, increasing costs for property buyers, and rail fares are expected to rise by 4.6% from March. These pressures will likely lead to calls for government intervention to support families.

Potential Policy Adjustments

The Chancellor could use the Spring Statement to refine some of the policies introduced in the Autumn Budget. Possible measures include adjustments to the National Insurance increase, which has proven particularly controversial. Additionally, there may be new proposals targeting Inheritance and Capital Gains taxes to help bridge the fiscal deficit. Support for businesses, such as reliefs or incentives, might also feature to counteract declining confidence and rising unemployment. For households, the government could announce measures to ease financial pressures, such as subsidies for energy bills or targeted support for low-income families.

Conclusion

The Spring Statement presents an opportunity for the Chancellor to balance fiscal discipline with much-needed support for businesses and households. As stakeholders across sectors await the announcements, the government’s response will be crucial in shaping the UK’s economic outlook.

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.

Capital Gains Tax rates have increased for disposals from 30 October 2024, with further changes ahead. Stay informed on the updated rates for assets, property, and reliefs to optimise your tax planning.

We would like to remind our readers of the updated Capital Gains Tax (CGT) rates that apply to gains realised on or after 30 October 2024. The main CGT rates for assets other than residential property and carried interest has increased to 18% (from 10%) for Income Tax basic rate payers, and to 24% (from 20%) for Income Tax higher rate payers.

For trustees and personal representatives, the CGT rate will has also increased to 24% (from 20%) for disposals made on or after 30 October 2024. The CGT rates for residential property disposals (18% and 24%) remain unchanged.

The CGT rate for Business Asset Disposal Relief and Investors’ Relief will increase from 10% to 14% for disposals made on or after 6 April 2025. A further increase to 18% will apply for disposals made on or after 6 April 2026. The lifetime limit for Business Asset Disposal Relief remains unchanged at £1 million, but the lifetime limit for Investors’ Relief will be reduced from £10 million to £1 million for qualifying disposals made on or after 30 October 2024. Special provisions apply to certain contracts entered into before 30 October 2024.

Additionally, the normal and higher rates of CGT on carried interest (currently 18% and 28%, respectively) will rise to a single unified rate of 32% from 6 April 2025. From April 2026, carried interest will be subject to a broader package of policy changes, which will be announced at a later date.

Ensure compliance with HMRC rules when providing company cars. From P46(Car) submissions to benefit reporting, learn what steps to take for private use and specific exemptions.

Here are the steps you need to follow to inform HMRC if you make any cars available for private use by company directors or employees. Private use of a car includes employees’ journeys between home and work, unless they are traveling to a temporary work location.

You must submit a P46 (Car) form to HMRC if you:

• Provide company cars to employees
• Stop providing a company car
• Provide an additional car to someone

You can submit the form in the following ways:

• Complete it online and send a printed copy to the address listed on the form.
• Use HMRC’s PAYE Online service for employers.
• Use your payroll software.

Additionally, you must report the car benefit on your end-of-year forms and pay Class 1A National Insurance on its value. You must also notify HMRC if a company car is replaced.

You do not need to notify HMRC if you provide:

• 'Pool' cars, which are used by multiple employees for business purposes and usually kept on your premises.
• Cars adapted for employees with disabilities, if the only private use is for commuting.
• Emergency vehicles used exclusively by on-call employees in police, fire and rescue, ambulance, or paramedic services.