Times sure change quickly. In the past, Multiply.com is one of the biggest social media and e-commerce websites in the world. Now, it just announced that it is shutting down. So, what happened? How did such a promising online business end up closing down? After a series of tweaks and changes in its logo, platform, and promotions, where did the lead generation efforts go wrong? As a company concerned about reaching sales leads quotas, what can you learn about this?
First of all, we should look into Multiply’s change of platform. Before, it focused on social networking and trade. Now, Multiply wanted to recoup operational losses by focusing on e-commerce. But here is the thing: in their bid to improve their operations, they ended up messing with the merchant’s records, payments, and products, leaving no one happy about it.
Also, the initial promotion of no transaction fees (offered way back in 2011) did not sit well with their investors. Considering the amount of money they burned, not to mention the fact that competing websites with minimal start-up cost are gaining popularity, only added to their woes.
Lastly, there is the lack of a clear execution. It seems that the current CEO had problems on packaging and presenting Multiply, making it difficult to market to potential B2B leads who could have been additional investors. It was a shame, since a properly organized appointment setting campaign could have helped.
Business players come and go. No matter what marketing medium is used, be it online sales, telemarketing, email marketing, or social media, properly adapting to change is necessary. This is for the good of your own business.