Three Sure Shot Ways to Build Your Wealth

Whether you are planning to launch your own business, taking a trip outside your hometown or purchasing a new house, you can only achieve it when you have enough cash with you. You many have always dreamt of devoting more time with your family members but you can only have the desired free time when you have adequate financial security so that you need not spend your precious hours sweating it out.

If you have always made your financial resolutions, you can one of these easy ways to build your wealth so that you have a proper financial back up during your rainy days.

1. Seal the discovered leaks

Take a note of your annual as well as monthly recurring expenses; there may be many. Some of them would be expenses related to your health club membership, Internet, cable TV, phone bills, bank fees, car insurance, annual fee for credit cards insurance for your home etc. Your next step should be to find out which of these expenses you do not use much. For instance you may have taken an Internet connection with 12 GB download facility whereas your consumption rate is not more than 7 GB every month. In this case, you can opt for a cheaper download plan and thus save more money.

2. Find a budget that you can stick to

You should try to stick to your budget by keeping it simple. Your contribution to retirement fund is already deducted from your salary in all probability. You should stick to a particular figure as far as your groceries, utilities, transportation and house loan is concerned. They should not exceed over 50 percent of your net salary. At least extract 20 percent of that amount for savings and debt allocations. This is the money to meet your financial goal. Whatever money is left with you that should not be higher than 30 percent of your monthly pay should be divided by 4.33 to arrive at your weekly allowance. This is the money you should pay for expenses like entertainment, dining out, shopping and other miscellaneous expenses.

3. Earn extra money

If you have debts, try to come out of it by making more money. To do this, you can have a plan for requesting for a pay hike, if you are in a regular job. If you are a freelancer, you can ask your clients to increase your rates or take up a side job for contributing your extra income towards repayment of debts.

How to Retain Customer Loyalty through Relationship Marketing

Marketing in order to retain customers and boost customer satisfaction is known as relationship marketing. The focus here is diverted from money gain through sale transaction. The approach that sets relationship marketing apart from other marketing genres is the recognition of importance of sustaining long term customer relationship by extending interaction beyond promotional sales messages or advertising. With evolution in technology, the interactive platforms have extended to social media and telephonic interaction through mobile networks. Ways of retaining customer loyalty through relationship marketing is by:

  • Setting up customer relationship on day one: in business approach involving generation of leads, the primary task is to effectively handle the customer. This decides the foundation of the relationship: if the relationship sustains or falls apart. If interaction is face-to-face, the importance of good relationship through interaction escalates. The right approach here is by addressing the needs of the customer and tending to it in a way beneficial to both parties. It is also helpful to ask the customer about their needs and expectations.
  • Customer Feedback: Interact with customers to maintain and improve business and service quality. Facebook marketing is an effective approach for this strategy.
  • Equality: treat all customers, regardless of the revenue generated through them, equally. If the customer feels that there is preference there are high chances of losing a good lead. Through the first interaction there is no certain way to determine the course of the relationship. That can only be ascertained by time and you can then decide if the relationship needs more investment or less.
  • Put the customer at ease: when the customer is at ease then the interaction is unrestricted. Instead of sending out generic mass emails, make a personal phone call to show interest. Adopting a separate web site to maintain contact with regular customers is also beneficial.
  • To conquer, divide: organize the potential of each customer in a way that will make follow up easy. Grade every potential customer according to the RFM (recency, frequency, monetary value) and share-of-wallet. Develop marketing strategies according to the groups created to specifically target the same.
  • Begin at the beginning: do not attempt to start the relationship after the customer has been introduced. In order to maintain the old customers as the new ones enter, relationship must be started at the beginning.
  • Customize to personalize: isn’t it a god feeling when your preferences are known and you are treated accordingly? Extend the same approach to each customer. Put in some effort to know what they like and counsel them accordingly.