It is easy to open a trading account on Forex and start trading. However, studying the market and formulating a winning trading strategy takes effort and experience. Even experienced traders often fail to make the right trade and suffer great losses. However, this should not keep you from entering the market. A loss is an opportunity to learn and make better choices in the future.
Despite the inevitability of a loss in the long term, avoiding major and frequent losses only requires you to stick to certain tips and tricks when Forex trading. Below are three tips and tricks that can help you build a strong portfolio on your Forex trading account.
1. Simply Trade with the Trend
Many traders have heard it many times, “trend is your friend” which ultimately emphasizes the importance of trading with the current trend. This is a very simple trick that promises a profitable outcome, and yet, the vast majority of forex traders do not follow it.
Sometimes, the reason why people do not follow this trend is that they do not know how to identify some of the common uptrend indicators and signals. For this, you will have to learn about reading a candlestick graph.
Even if you cannot identify using some of the basic technical analysis techniques, some trades have all the fundamental backing towards their rise, and almost all the news shows positive signals towards them. Not capitalizing on those opportunities means that you are letting go of an easy opportunity to bag a profit.
2. Trade Contra Crowd
What does this mean? Well, the market is made up of two different players. The first is smart money, which is the banks, institutions, hedge funds, and billionaires. These entities are winning the majority of the time. On the other side, you have the herd or the retail traders, and as you know, the retailers are usually the ones that are oftentimes on the losing end of the trade.
Therefore, now that you know that the retailer’s trading strategy usually has them in losses and rarely in profits, it is almost a no-brainer to follow what the herd is trading. Instead, you can do just the opposite and have a better win ratio.
Simply by trading opposite to how the herd trades, the chances that you will be sitting at a profit ultimately increase. You can find many tools that show you the total number of retail activity in the market and this can help you either short or long positions on a trade by looking at what the vast majority are trading.
Once you start making trades that oppose the majority retail sentiment in the long run, your trades will begin to gradually align with the winners in the market, causing your Forex journey to become more profitable.
3. Use Stop Loss
Using stop-loss on your trades can give you a better risk to reward ratio. Limiting your buy order to stop loss at a given price can ultimately help you exit when the market becomes very volatile and the price starts to fall below its previous resistance levels.
Many traders do not bother putting a market order because they do not want to sell early and miss profits. However, this greed can be the reason for your turmoil in this market. The downside of stop-loss is that sometimes the market may not come to the level that you are expecting.
This is just a balance between where you expect the market to go, and at which point can you not bear the loss. Using it on every trade keeps you on the safer side of the trade, even if it means that you have to miss some profits.
A rough guideline on where you should put the stop loss is putting it near the market structure. Most of the times, a candlestick graph will have very clear support and resistance, and just by looking at the market structure, you can identify where you should stop your losses.
To Conclude:
Overall, the tips of making profitable trades are simple and have no secrets to them. They are usually very clear tips that every trader knows bout, yet does not follow. One bonus tip would be to hold your traders except panic selling at a loss.
I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.
Grant management, or a management plan, first and foremost includes all administrative responsibilities that must be completed during the time frame of a grant. When managing a grant, all promises must be kept that were made in the grant proposal, meaning that it's important to stay in compliance with the terms of the grant, as well as to follow through on each deliverable and submit reports according to the requirements of the funder.
As George Mason University reveals, the federal government spends over $500 billion annually on grants-in-aid to state and local governments. Grant management, whether federal grant management, state grant management, private or another type, is more than just ensuring that all of the terms of the grant, sticking to the budget and any deadlines, however. It includes efficient program development and tracking and strategic planning as well as having the resources to ensure the process is managed smoothly. Managing the grant means working with your organization's stakeholders to identify grant opportunities, develop strategies, evaluate projects that have been successful and implement specific grant awards. It requires working across departments, from working with those who implement all the details to the CEO.
Grant Management Best Practices:
A Grant Management Calendar
Creating a calendar that is specifically dedicated to management grants which every member of your team can access and work on will allow everyone to stay involved while staying on the same page resulting in improved communication and better accountability. It should include deadlines, progress meetings, and important dates.
Keeping Supporting Documents Organized
Staying organized throughout the year is key for optimal grand management. Be sure that all documents that support grant-seeking and grant-receiving efforts are kept well-organized. Keep answers that can be reused for common questions to save time too. A quality template will allow some of that work to be completed beforehand, in fact, as much as three-quarters or more of your funding proposals, before you even know which grants you're applying for. Keep all financial records such as receipts, invoices, and contracts organized too, making sure everyone who needs this information can easily access it and update it when necessary.
Put Together An Archive for Grant History
Keeping archives of all grants can help you make better future decisions based on history while helping you save time when it comes to managing current grants. It should include critical details about all grants and funders, along with the kinds of programs that are funded, the usual range of funding, tax forms related to grants, any social media efforts, and notes kept during conversations. You'll also want any previous applications you've submitted as well as contact details, information about the person who wrote the grant, amounts requested, and any amounts that are received.
Grant Tracking and Report
A grant management software system that efficiently tracks and reports everything is essential too. You'll want something that provides checklists, status updates, regular reports, and reminders.
Providing Internal Progress Reports at Regular Intervals
Be sure that summaries on internal progress are provided regularly, keeping everyone in the organization and board up to date on the progress and current status of all grant-seeking efforts. That grant management software system you've invested in will mean the entire effort will be much easier, requiring just a few clicks.
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As an entrepreneur, your customers are the biggest pillar of your business. No matter your industry of domain, area of specialization, or even your business focus, they are the single most valuable asset to your organization and you should treat them as so.
Through their valuable feedback, your business can gain a new sense of direction, develop new concepts, as well as bring in more revenue. With that said, as a business owner, simply appreciating your customers isn’t enough. You need to truly understand them to tailor your products and services to meet them at their point of need. And that’s where Salesforce application development comes in.
It entails creating integrated customer relationship management solutions that interface businesses with their customers. These CRM platforms also give all the departments in a particular organization a unified view of all the customers and how they interact with various aspects of the business.
In this article, we are going to look at what Salesforce is and its uses. While at it, we are also going to delve deeper to see the entire Salesforce application development lifecycle.
What Is Salesforce?
Simply put, it’s a cloud computing SaaS company that provides customer relationship management (CRM) solutions. Thanks to the company’s cloud technology, businesses are able to better connect with their existing clientele, partners, and potential customers.
Over the years, Salesforce software has grown to become the leading marketing and customer behavior tracking solution for both small startups and Fortune 500 companies. As it turns out, customer relationship management is one of the key driving factors for the increasing demand for application development in Salesforce.
Recent research from Vonage offered a compelling view of the effects and consequences of poor customer service. In the US alone, the research revealed that an estimated $62 billion is lost annually as a result of bad customer experience.
To underwrite this figure, a different report from Huffpost has indicated that 91% of customers won’t hesitate to switch brands once they experience bad customer service. These are mind-blowing figures, especially if a business has no solution to counter the consequences of poor customer experience.
However, with Salesforce in place, businesses are able to overcome the problems caused by poor customer service and other business process variables. According to statistics published on Salesforce’s website, companies that are currently using their software have continued to see average increases in multiple areas. For instance, 34% of users have seen an increase in customer satisfaction, with 27% and 32% users seeing an increase in sales revenues and lead conversion respectively.
In 2018, Salesforce emerged as the biggest CRM software commanding a total of 19.8% market share of the CRM software market. During the same period, the company was voted as the #1 CRM provider by the International Data Corporation. It shouldn't come as a surprise that companies are willing to pay the highest Salesforce consultant salary just to get wind of this technology.
The Benefits of Using Salesforce
Given the commendable portfolio of Salesforce, here are areas it can help your business find success. Below I am going to discuss the benefits of using Salesforce.
Helps Collect Customer Intel
In the prevailing competitive business environment, overlooking data collection can be a fatal and unforgiving mistake. As a business, collecting and collating customer intelligence should be an obsession or the very least treated as a full-time affair, because it can lead to loss of revenue. As such, if you are to improve customer satisfaction and continue remaining competitive, hiring qualified Salesforce developers to build a high-quality CRM tool is inevitable.
And with Salesforce, you get an upper hand over your competitors by enjoying tools that help you identify, understand, and solve customer problems.
Flexible And Scalable
As companies and business needs continue to evolve, the tools of trade must also adapt. For instance, if the structures of your business start to grow, the management software should be able to seamlessly accommodate the changes. Cognizant of this fact, Salesforce CRM comes with multiple functions that allow for scalability right from the initial stages to any future interactions.
Helps in Account Planning
Having a unified view of customer information allows your teams to independently make plans for various accounts. It also facilitates a more hands-on customer connection approach as well as allows various reps and departments in your organization to modify their plans for optimized results. Salesforce also comes with a to-do items feature, which helps your entire workforce stay organized throughout the day.
Along with that, Salesforce also works as an organizational tool. Your team can create calendar reminders specifying the future customer follow-ups or important duties reminders to the upper management, which helps prevent anything from falling through the cracks.
If you are in the service-based businesses, Salesforce also gives you insights into the amount of time a particular customer/s has stayed in a particular subscription package. Once this info is established, your team is able to customize marketing materials to match a particular customer niche.
Cloud Connectivity
Many companies are now gravitating towards software as a service (SaaS), which means software that is available online. Luckily, Salesforce doesn’t need to be installed on a computer as it is cloud-based. This means that you can easily access it everywhere, interface it with other digitized services, and enjoy unlimited storage capacity. And since no maintenance is required, you get to save on a Salesforce developer salary that would have otherwise been paid for this purpose.
Facilitates Team Collaboration
Poor team communication and collaboration can lead to reduced productivity. On top of a unified view of customer data, Salesforce’s “Chatter” feature allows your team members to easily and regularly communicate work-related information. Additionally, the feature also lets you highlight and prioritize urgent issues that require special attention by inviting different team members to look at them.
Salesforce Application Development Lifecycle
Software developers spend a lot of time designing, developing, securing, and delivering products that perform better than initially envisioned. As a result, different software development approaches like agile development, waterfall model, and many others have merged.
When it comes to cloud-based solutions, the incorporation and implementation of various software development methodologies make it even more complex. Moreover, the Salesforce Development Lifecycle also means that the software is developed, tested, and deployed in a cloud environment.
Below, we have laid down 6 steps that clearly illustrate the entire Salesforce Development Lifecycle:
Business Requirements Analysis
The first step towards a successful custom Salesforce application is to conduct an internal business needs analysis. It entails the development team eliciting the potential customer needs, elaborating them, validating all the assumptions, and devising efficient methodologies to meet these requirements.
Business requirements analysis is important as it helps avert potential mistakes as well as make the final product both efficient and compatible with the existing system and security standards.
UI/UX Design
Another important aspect of Salesforce application development is optimizing the app for user experience. A report by iMPACT indicates that 52% of customers are less likely to conduct business with a brand offering a poor mobile experience. On the other hand, Forbes conservative estimates indicate that intentional and strategic user experience can yield a conversion rate as high as 400%.
If these numbers are anything to go by, designing a user-friendly and highly responsive Salesforce application development is absolutely paramount. In order to optimize an app for effective and enjoyable use, developers need to map out the user journey and creatively choreograph user/platform interactions to benefit the end-user.
Development Phase
The next step in Salesforce application development entails creating developers creating isolated sandboxes. Generally, these distinct sandboxes hold the main production app copy and other supplementary Salesforce configuration information. They are also independent, implying that changes in a single sandbox don’t affect the main Salesforce production enterprise. Individual developers have to clone their branches.
To retrieve the metadata from the sandboxes to the IDE, the developers need to use Force.com IDE. Once they have the metadata, they continue coding their assigned app features, performing initial unit testing, and then submit the finished code to the Git repository.
If a subsequent developer wants to build on top of this freshly updated branch, they need to clone it to their sandbox and continue developing new features. Once done, they also have to submit their latest development to the repository.
With that said, the possibility of multiple developers working on the same branch cant be overlooked. To avoid conflicts, it is important for everyone in the development team to check for possible branch updates before committing.
Testing
The next step after building a Salesforce application is to ensure that it has an excellent and stable performance. This mainly entails developers carrying out QA activities including unit tests and code reviews. It is also at this stage that functional, performance, and integration testing is conducted within the development process.
Lastly, automation tests and debugging are conducted to augment the app’s speedy delivery.
Integration
During the integration phase, the custom CRM application is interfaced with third-party software like CMS. To facilitate a smooth transition, the development team also conduct hands-on training sessions as well as provides training materials to the client.
Launch
Once the app is launched for internal use, it is transferred to the client and subjected to their User Acceptance Testing environment (UAT). Once satisfied, the finished product is moved to the production environment and deployed to the end-users.
Salesforce Application Development Team Actors
During the app development process, different players are involved and handle different aspects of the app. In the Salesforce app development life cycle, the most common actors include:
Product Manager: Help finalize business requirements.
Release Manager: Help coordinate the app’s release schedule.
Software Developer: Handles the main coding and produces the requisite deliverables.
Quality Analyst: Tests and confirms the functionality of various app features.
Potential money from the Salesforce AppExchange development:
After researching the fact this has been seen that Potential money from the salesforce AppExchange development can depend on several other factors.
How To Build an App for Salesforce AppExchange?
To build your AppExchange app, you must go through the multi-step procedure, which includes compliance, release, ongoing support, and demand app development. Below, I will discuss how to create an App for Salesforce AppExchange.
1st Step: Become the Part of Salesforce Business Partner Community
The first and foremost step in becoming a Salesforce AppExchange trade Partner is to join the Salesforce Partner Community. In this case, you must submit the form using AppExchange. After all, the Salesforce Partner Community is the hub of existing AppExchange Partners.
2nd Step: Examine AppExchange Market
The next step in building the app is to examine the AppExchange market. AppExchange offers many products and solutions for several products and cloud services in Salesforce. In this case, for optimal outcomes, you must use the curated collections of AppExchange.
3rd Step: Make the First Sketches of Your Product
Once you are done researching the existing solutions on AppExchange, you must start defining the unique value proposition of your product. For the outline, you must follow the below-mentioned procedure such as:
Firstly, you must understand your target audience.
Secondly, ensure you have an idea of business targets.
Thirdly, you must follow the types of Salesforce editions you will support.
After that, ensure you have an idea of the package type.
Next, ensure you have the Salesforce Licenses that you want to use.
Lastly, it would help if you ensured the requirements for your AppExchange App security.
4th Step: Define the Type of ISV Partnership and the Type Of Your AppExchange Solution
Once you have joined the Salesforce Partner Community, then, you must analyze the existing products, and you can create a rough roadmap. In this case, ensure you have defined the type of ISV partnership, and consequently, you also have built the AppExchange solution.
There are seven types of ISV partners in AppExchange. It includes OEM, CDP Cloud Partner, Commerce Cloud Partner, All Other Clouds (paid), All Other Clouds (free), and Technology Partner/Tableau.
5th Step: Choose the Programming Type and Tools to Build Your Salesforce App
Recently, Salesforce provided two types of programming languages and two types of tools that you can use. Let’s know what programming tools are used in Salesforce App development. This includes Apex Cloud-based programming language. Next are Lightning components and Visualforce.
6th Step: Build Your Salesforce App
Once you can identify the exact type of solution, it must have the programming language, licensing, and packaging, and of course, you must continue with the building procedure.
Two ways to do this are using internal sources or outsourcing the dedicated team. If you want to build the SalesForce App using an in-house team, it could be one the most viable and remarkable options. If you don’t have enough resources, ensure you can control the entire product cycle of AppExchange.
7th Step: Test Your Salesforce App
If you want to ensure optimal performance, then it must conduct comprehensive end-to-end testing in technological domains. In this case, you must adhere to the development of best business practices, especially for testing.
8th Step: Prepare Your App for the Launch on AppExchange
Once you are done testing and finalizing the app, the next step is to prepare by submitting it to the SalesForce AppExchange. In this procedure, it includes creating the managed packages and providing screenshots.
9th Step: Submit Your App for Security Review and Market This
Ensure you have submitted your final app by undergoing the security review and then have met the necessary security requirements.
Final Thoughts
Salesforce CRM is a critical business tool. It helps streamline data analysis and reporting, provides invaluable customer feedback, and aid in formulating better customer service strategies. As a result, businesses are able to align their resources towards creating timely, customer-oriented solutions.
With that said, Salesforce application development isn’t a linear process. It entails working with different tools and multiple software development methodologies. And with cloud solutions continuing to capture the imaginations of business owners, the world is yet to see the full potential of CRM Salesforce and the cloud ecosystem as a whole.
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Creating user engagement can be daunting regarding your brand's online presence. However, encouraging user interaction is crucial to garnering brand loyalty and driving sales. Engaging with customers online not only grows a company's following but also helps to establish a sense of trust and credibility with potential customers.
With the ever-growing importance of online reputation protection, investing in building strong relationships with your target audience is essential. By implementing effective strategies, brands can achieve their objectives and foster a flourishing online community.
This blog post will discuss tips and tactics to encourage user interaction with your online brand.
1. Create Unique And Valuable Content
One of the best ways to encourage user interaction with the brand online is by providing unique and valuable content to your audience. With countless brands vying for the attention of online users, it's essential to stand out from the competition by providing quality content that encourages interaction.
Whether through insightful blog posts, engaging social media updates, or informative videos, your content must deliver real value to your audience. By doing so, you not only build credibility and trust with your followers but also create a community of loyal brand advocates eager to engage with the content and share it with others.
2. Run Contests
Running contests is an excellent way to build engagement and excitement around your brand. Contests can be designed to promote user-generated content or reward social shares. The key is to make it easy for participants to enter and to offer incentives that align with your brand's values and interests.
At the same time, ensure that the rules are easy to understand and follow. You can run contests across all social media platforms or your website to increase your brand's visibility and drive traffic to your site.
3. Respond And Communicate To Your Audience
Promote audience engagement by responding to their comments, questions, and feedback. If someone shares your post or leaves a comment, take a moment to respond and show some appreciation. Participate in social media conversations and proactively engage with the audience by asking for feedback or conducting surveys.
Ensure that you respond to your customer needs and complaints promptly. Quick and helpful responses can create a positive impression and increase brand loyalty. Regularly updating social media profiles and websites with fresh content and actively engaging with your prospects can establish a robust online presence that resonates with your target audience.
Effective online reputation management requires consistent effort and dedication, but the payoff is worth it.
4. Collaborate With Influencers
Collaborating with influencers can bring new traffic and followers to your brand. Partner with influencers in your industry and build relationships that can potentially lead to collaborations.
Find the most relevant ones to your industry and audience, and then create a campaign that aligns with the brand messaging and values. Influencers can help you reach a broader audience, generate more engagement, and increase brand awareness.
5. Let User-Generated Content Prevail
Encourage the audience to curate as well as share your brand-relevant content. You can run campaigns encouraging your audience to take pictures of your product or share testimonials about your services.
User-generated content is an excellent way to build valuable social proof as well as advocacy around your brand. By sharing user-generated content with your potential audience, you will encourage others to engage online with your brand.
User Interaction Statistics That Focuses On Strategy
Given below are three primary user interaction statistics that prove its worth:
43% of Users Have Boosted Their Social Use For Discovering New Brands And Products
In comparison to the previous year, almost 2-5 consumers increased their social media use for learning about new brands, products, and services. On the other hand, 40% expect this number to rise in the coming years. The social profiles of your brand are simply an extension of your online storefront.
80% Of Users Want Brands To Interact With Them Socially
Yes, you heard that right! Most of your users are willing to interact with you on a social level. Very soon, we will be finding socials as the primary channel for businesses to establish connections with their users. You might try using social listening tools in order to join such conversations proactively.
Median Social Engagement Rate Lowers Down 1%
Less than a single percent of users seeing a post actually make an effort to interact. The median rate for engagement on Facebook is 0.009%, whereas, for Instagram, it is 1.22%.
The rate becomes even lesser for Twitter, where it is just 0.0045%. These statistics prove how important it is to comprehend the efficiency of a structured user interaction strategy.
How Is Consumer Engagement Beneficial For Any Business?
Social media is a bit conversational in its nature. A user will never visit your page if you don’t talk about it openly. Great conversations are likely to have a positive effect on sales. Positive user interaction with brands makes consumers willing to purchase from the brand. Also, they opt for the business over other competitors.
If you manage to impress a user with your positive interactions, they are most likely to recommend you too. Additionally, it manages to maximize its spending with your brand. We must stop undermining the potential of positive user interaction as it develops a stronger relationship.
Each time you talk to a consumer on social, you demonstrate your care about their feedback as well as opinions. Additionally, a scheduled interaction practice might encourage other users to interact with you as well. This not only boosts your overall brand visibility but also increases the engagement rate.
Conclusion
Creating engaging user interaction with the brand online can be challenging, but building brand loyalty and social proof is crucial.
By providing valuable and unique content, running fun contests, engaging with your target audience, collaborating with influencers, and encouraging user-generated content, you can create a solid online brand presence and keep your audience engaged.
Consistency and authenticity are vital to creating a lasting impression and engaging your audience.
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