Louis-Frederik Hamelin from BestMobileCanada.com uses his risk management Skills to beat competition
An actuary from Canada discovered that his risk management skills actually make him stand out from the competition in the market of selling used cell phones.
Quebec, Canada (PRUnderground) June 19th, 2020
Louis-Frédérik Hamelin, owner of BestMobileCanada, explains to us that when he created his business in 2015, his goal was to use his actuarial knowledge to optimize each of the risk parameters for maximum performance. He believes that this type of strategy should be used by all companies, regardless of the field.
To do this, he created a model allowing him to maximize the profitability of his business based not only on the quantitative factors most companies are based on (i.e. purchase costs, shipping costs or fixed capital costs). In his model, he also places “value” on qualitative factors (such as quality of customer service, quality of business relationships and the guarantees offered by his various suppliers).
Louis-Frédérik gave us examples of qualifying factors which are often underestimated by entrepreneurs when it comes to assessing the profitability of their decisions.
A company that offers a more flexible customer service to the consumer results in more short-term costs (exchange, reimbursement, credit, etc.) but offers a higher recurrence rate and greater customer loyalty. This significantly increases long-term income. He also gives us an example of the importance of obtaining a good guarantee from your suppliers. Although it may cause a slightly higher cost of acquisition, a good guarantee also means that the supplier has confidence in his product. This results in long-term reduction in losses caused by defects and increased customer satisfaction.
According to Louis-Frédérik, many entrepreneurs analyze the short-term effects of their decisions (often quantitative), without worrying about the long-term effects of these decisions (often qualitative). He told us the great thing about fostering a qualitative factor analysis is that it almost always benefits consumers. Take the time to evaluate companies that are very successful and you will be surprised to learn how they attach great importance to these factors.
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