Outsmart the competition with these surprising strategies.
Human intuition is a fickle faculty. Sometimes it leads you to exactly what you want, for reasons that are quite mysterious to you. Other times you find your common sense, for all its popularity, is idiocy. So here are some lessons from IT that might surprise you.
1) Leave your business vulnerable to credit card fraud
One might have apprehensions about hiring a man who extols the virtues of credit card fraud to handle your company’s payments, but in the case of Simon Black, chief executive of Sage Pay, this would be unwise.
As with everything in life, security is subject to trade-offs. These include not only the cost of implementing protocols and technology to protect your business, but the inconvenience to customers. "Experiencing no fraud may mean controls are too tight and legitimate transactions are being rejected," Black said.
"Although it can be tempting to tighten security controls in the face of fraud, it is worth keeping in mind that for every extra action a consumer is asked to make, you are prolonging the customer journey and therefore increasing the risk that the customer will drop out of the buying process."