One of the more troubling effects of today's uncertain economy is the lack of resources small business owners and entrepreneurs have to succeed in their business ventures. The inability to save and spend on necessary expenditures is hurting today's budding executive, but one individual is trying to change this and is using SMS messaging to help her cause.
Dina Pomeranz, an Entrepreneurial Management professor at Harvard Business School, has launched a program to help young professionals trying to start their own business set up a savings program. In a difficult economy, this is designed to give entrepreneurs a crutch to lean on should we experience another downturn, thus alleviating the dangers of losing the business.
The program was run to research the effects of peer pressure and outside influencers on saving. When participants met their savings goals for a month, they would receive a text congratulating them on doing so. If they failed to meet their goals, they would receive a message scolding them.
Pomeranz told the Harvard Business School's online publication Working Knowledge that the results found more people receiving constant notifications regarding their savings were successful in their efforts.
"It could be that text feedback or getting a message that cheers you on saying 'Yeah, I did it and I can do it again!' is enough to encourage people to make a deposit," she said.
Pomeranz's system was simple, but extremely effective. By sending information to a group of people to update them on their respective goal-reaching statuses, she inspired hard work and discipline. This showcases the power of text messages and why organizations that implement SMS services can make a significant impact in their industry or community.
Swift SMS Gateway offers the tools companies need to launch effective text messaging campaigns.