Arbitration is a powerful marketing tool, and can be an effective way to increase sales and increase the number of new customers, according to a recent article published by The Wall Street Journal.
In fact, the article found that the use of arbitration is one of the most effective ways for businesses to increase their sales and drive more conversions.
The article, written by Michael A. McManus, professor of marketing at the University of San Diego, found that arbitrators, as opposed to salespeople, are more likely to lead to a better return on investment for clients.
“They’re less likely to be influenced by emotion and personality,” McManu said in a statement.
“The more they’re engaged, the more likely they are to provide a better outcome.”
Arbitrators have a different style of negotiating than salespeople and are less likely than salesperson negotiators to resort to using words or actions that might have been interpreted by their clients as threats or coercion, McManue added.
“A lot of people think of arbitration as a way to get people to pay more,” he said.
“In fact, it can be a very powerful marketing tactic.”
Arbitration, however, can also create problems for the companies it is used to arbitrate.
Arbitrators are generally not licensed to do business in the United States, and some states don’t allow arbitration to take place in their jurisdiction, according a report by the National Association of Arbitrators.
Some states, like California, require arbitration to be conducted in arbitration, but not for purposes of employment.
In addition, some arbitration agreements may not apply to businesses outside the United Sates, McMeanus said.
The WSJ article points out that a recent survey conducted by the American Arbitration Association found that 70 percent of its members believe arbitration is an unethical practice.
The arbitration industry is estimated to earn about $500 million a year in revenue, with arbitration accounting for nearly $3.5 billion in revenue last year.
For businesses that do not want to deal with the financial and legal costs of arbitration, Mcmeanus suggests paying someone to arbitrage.
He recommends using an online marketing firm that specializes in using arbitration for online marketing, including the free, no-obligation arbitration program offered by McMeans.
Arbitration agreements are typically available for free on the Web at McMeaus arbitration.com.
“If you’re not a licensed arbitrator, you’re really not going to have a chance of getting a fair and impartial outcome,” McMeanse said.
This is one marketing technique that may not be available to you.
“It’s not a very big business, so you have to negotiate the terms,” McMenus said of using arbitration.
“You have to work with the business to find out what’s in the best interest of their client.”