We are trying something new with this blog — a community blog. Prior to the event, we sought expectations from each of our community members in the form of questions that the community wants our speaker to answer and shared it with our speaker for the day — Dr Ritesh Malik. Post event, we asked the same community to share the expectations met and this is what we collated in the format of a blog. Here it goes:
Entrepreneurship is limitless, physical potential is limited. Dr Ritesh Malik mentioned that in any profession you can at the most attend 100 clients on your own, there is a limit to the growth however leveraging technologies in earnings hence he chose entrepreneurship.
Acquiring new customers
Startup is dynamic and every startup goes through a common challenge — acquiring users. Attract your users with content — The most effective way of marketing when you’re bootstrapping. It leaves an impression on the mind of your user. The more time a user spends on reading your content, the more your message gets into his mind.
Every startup has got a message to deliver. Every user landing or associating with your product/ service/ website/ app should interact with the message. Start your marketing message with — why you do what you do.
Simple is difficult. Both the message & design needs to be very simple and exact promise that you are delivering through your product/ service. What’s visible, get’s sold. It’s not at all easy to get it right in the first attempt. One needs to go through multiple iterations before he/ she gets it right.
Any marketing done by a startup has to have a short term goal for sales and long term vision of creating and establishing a brand.
You need to find ways for customer retention. e.g. Discounts work like magic till the discounts are alive. Give discounts to your repeat customers. We do it at Think Pot.
Give immense respect to your customers — Identify your repeat customers and make them a part of your product development cycle. Whenever we plan to come up with something new we first ask our existing customers for feedback.
Make people fall in love with your product — If people love your product they would be ready to pay a premium for your product.
It’s better to have 100 customers who love your product than 1,000 people who like your product.
Always deliver your promise. Be it Investors/end users/consumers, they need to be educated on the value a startup/entrepreneur is offering. If your service/ product is exactly what you promise in your message, you are in the game for a long term.
Make a brand so good that people can recognize it by its logo for example : People buy a Nike and not just another pair of shoes. Same analogy is true for a toothpaste & Colgate. MRF might not be the leader in tyres but, Sachin’s endorsement throughout his career has made MRF a household name.
It’s always better to go for bootstrapping as long as possible. It is advisable to raise funds when you’re considering to scale up operations or upgrade technology such as creating an app after your idea has been validated or accepted by customers offline or on the web.
The important factor at play here is that a startup also needs to decide what is their appetite in terms of raising capital.
Never run after an investor — If you build something good, they will be after you. For Alive app we never went after anyone. After watching our 250,000 downloads on day one, there were many who came running after us.
Any person would like to invest in a startup that has good traction. This gives investors the confidence in the management of a startup and entrepreneur’s acumen in running a startup.
Good investors are open to listening and learning from anyone — They are those who don’t have a “know it all” attitude.
Look beyond money — What value can the investor give you? There are many who would offer their money but the really good ones, through their experience, will show you the way whenever you need it.
I have literally begged startups to take money from me.
Be friends with the investor first. It’s important to win each others trust. Investors appreciate honesty — At least that’s something that I appreciate.
This was just a snippet of what happened at GrowthTalks. To stay updated with the upcoming events hosted by HelloMeets subscribe to HelloNews at the bottom of the webpage.
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Acknowledgement — This blog is a collective effort of our audience at GrowthTalks Delhi, July 2015 and each line has been crafted by them. We are gratified by them and we would like to give special mention to Anand Prakash ( www.nextpixar.com), Pankaj Arora & Ankur Arun(www.2499office.com), Muheet Mehraj( www.kashmirbox.com), Aditya Sisodia(www.Recruitwheels.in), Anil Gupta(www.digitalsalesmen.com) & Abhiyendra Kumar.