Multi-channel marketing continues to evolve. What was previously brick-and-mortar combined with an online presence is now both plus email list marketing, Twitter, Facebook, LinkedIn, Quora, Pinterest the list grows daily. Traditional marketing fixated on growing market share by expanding the customer base. Today’s marketers aim to do that and much more; they’re seeking to increase customer loyalty through engagement programs that result in a larger share of wallet. How can both co-exist and collaborate? Conquering market share means acquiring high volumes of “net new” consumers for a company’s consumer list. In keeping with a more traditional approach, having more customers typically means an increase in sales for a specific market. Employing market share strategy remains valuable but organizations must adapt to changing times. Newer technologies – especially social channels – have lessened the costs of market share marketing campaigns. However, without loyalty programs in place, marketers risk spending money on customer acquisition yet not realize the profitability associated with growing those relationships. Wallet share, or share of wallet, represents another approach to modern marketing. Unlike market share, wallet share focuses on promoting customer loyalty by paying special attention to existing customers and taking full advantage of the opportunity that each individual on your consumer list represents. Understanding the customers’ buying trends and services needs means marketers can tailor the messages in a way that intensifies the relationship. Making sure a individuals on your consumer list know they can purchase additional products that enhance their current investments or receive certain services through the same organization means you’ll grow wallet share by creating a more profitable, longer term connection. The relationship between market and wallet share is complementary by nature. Having more market share creates the opportunity to expand wallet share, which in turn, leads to new prospects. Both “shares” are critical to the health of an organization and should be considered and balanced. Make sure to conduct your analysis carefully to measure ROI for wallet and market share. Relying on the intelligence provided by data and analytics to construct tailored messages further demonstrates your organization’s investment in the relationship with individuals on your consumer lists, whether from the onset or later in the discussion. Working with a reliable data service is the final ingredient in blending share strategies to connect with customers and boost profits.
Nobody ever relied on Internet on its conception. It was a newfangled extension of technology for some, for others an unknown technological tool. With the passing of time, Internet has imprinted its importance in the sands of time and proved to be the most prominent tool humans could ever create. Every good thing has a worsening after effect. So did Internet. The online world was contrived to provide people with useful information, however the providers failed to measure and counter measure the negative impact of the same. A freebee is welcomed by one and all. Internet can be summed up as a free podium for all those who like to voice their opinion, no matter how much truth it beholds. The story of Questnet also lies in these misjudged and misleading views. Every multi-level marketing firm has an infinite set of rules and regulation to be followed. They plan out their governing strategy well in advance and generate income. Every firm established in the multi-level marketing industry follows certain protocols. According to these protocols, the firm by all means has to compensate the employee who has achieved his or her targets. Inability to do so can lead the firm into legal hassles. Well, Questnet was once known for its fruitful policies and a burgeoning company. It expanded overseas and contributed to infrastructural growth of the country. It was a steadfast alternative to earn an extra buck with ease. The company did not impose an ironclad rule regarding the timings and nature of business. It was a simple deal. Once you become a part of the company, you are supposed to man a personal website displaying an array of products by the company. The sole objective was to sell the products. The volume of sale influenced the amount of compensation to be given at the end of every month. Hard work and diligence are the two noted skills needed to manage and carry out this business. With everything said, some found it difficult to abide by the rules and lacked concentration. They enrolled themselves but failed to match the benchmark set by the company. After undergoing rigorous training, the productivity level did not increase so they were allowed to leave. These members incited a verbal movement against Questnet, accusing the company of cheating and fraud. Since internet is an easily available tool to help them voice out their opinions, they started floating random negative reviews about the company to thrash its image. However in the end they won, because people were skeptical to associate themselves with the company. The power of online networking is immeasurable. India in particular has not yet caught the drift of online shopping and so on. Therefore, many find it difficult to support such multi-level marketing companies like Questnet. On the other hand, a wise decision would be to try the service and then narrow down to a conclusion. Unless and until a person does not garner firsthand experience, he or she will never know what the actual truth is.
The Hispanic market on the internet is proceeding towards the onslaught of boom and it is reaching out to the global online market. Reports and researches show huge growth in every business sector and especially in the US market where there is a huge surge of Spanish speakers who are turning out to be potential customers. Online business entrepreneurs from every part of the world are rushing towards taping this growing market. With an immense increase in the buying power of the Hispanic people the market will grow to approximately $1.5 trillion within 2015. This will account to around 11% of the total US buying power alone. In this article we provide you with a few important tips to reach Hispanic market and grow your business. The initial thing that you should be doing is to know you market beyond what you already have. In recent times, the Hispanic market has evolved tremendously and reaching out for online trading and buying. If you are already doing business online then it is time to expand the horizon of your business. Reaching out to the huge Hispanic market in US alone can bring in more profits for your business. Studies have proved that unlike the growth of the general market, the Hispanic market online is growing much faster. Thus taping in some resources from this market would prove to be a profitable venture. While USA is the biggest contender of the prospective Hispanic market, countries like Philippines, South America, Mexico and Spain are coming up as strong buyers. If you are really thinking of venturing into this increasing market of Hispanic marketing, then you would need to translate your website in Spanish. Well, this important and the primary thing to be done. When a Hispanic visitor comes to your webpage, he must feel at home with your website. This will make him spend more time on your website.Spanish translations of websites are available with various professional companies online. However, you should remember that the visitors would want parity and customization in a website. That would look tampered and fake. While reaching out to the Hispanic people, language becomes a very important tool for communication. Before you venture out in the Hispanic market, you need review and modify the content of your website. This is very much required because Hispanics can have different requirements and when you modify the content you keep only the Hispanics in mind, so as to hit the bull’s eye right away. It has been assumed that the Hispanic people would access internet via cellular devices than computers. Smartphone have made it really to surf, search and even buy and sell products online. Thus to tap in more customers you would need to develop websites and applications that will work on smartphones and on different operating systems. This will be an important step towards your success in the Hispanic market in years to come. Accessing the internet via mobile phones is the recent demand of the Hispanic consumers and thus it becomes an imperative for entrepreneurs to provide access to their website via computers as well as the smartphone.