Category: MSME

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5 Ways to Skyrocket your Webinar Attendees!

If you are an entrepreneur with an e-commerce business, you must have experienced the highs and lows of hosting a webinar. After all, improving your attendance rates can result in higher sales than any other conversion strategy.  However, it is also one of the most dangerous places where you can lose most potential buyers in a campaign.

The major reason behind this is that sometimes you are so focused on the sale, you forget about getting people on the webinar. Earlier 60-70% of people would attend a webinar live whereas today, most people are likely to get 25% of the audience.

According to a report, 64% of businesses received a new client in the last year through a Facebook video.

In another survey, ‘83% of video marketers say that webinars have helped them generate leads. 84% of consumers admitted that they have been convinced to purchase a product or service by watching a video by a brand’.

Webinars have exploded on the internet, especially in that past year. The consumption of social media content is increased due to the pandemic. As the people were forced to stay at home, online consumption spiked up. And as the trend evolved, more and more marketers began to take the advantage of them.

So what makes WEBINARS a popular choice amongst the marketers as well as the consumers?

Webinars are one of the most effective ways to hook in new leads. It helps brands to change with the rapidly changing consumer behavior and market trends. A potential buyer will buy your product or sign up for your service because it will help them. Not because it`s cool, hip, or trendy.

This is why people love hands-on lessons and casual walkthroughs that can help them build their businesses in a better and simple way.

Brilliantly planned and executed webinars can result in a 19% of the conversion rate on an average. These are pretty solid statistics if you compare them with the average conversion rate on standard PPC campaigns on websites.

If you too are planning to host a webinar, here are 5 tips to cut through the noise and attract a large audience to your webinar:

1. Identify your Customers` Challenges

Understanding your customers or clients is paramount. Ask your potential customers, existing & potential clients about their current challenges, frustrations, and desires. Post questions on Facebook and read the comments. Find out why consumers will choose your brand and not your competitors. Identify the solutions and use the exact language in your webinar. This will make your audiences feel seen and heard.

2. Pick a topic that Attracts Attendees

Research a topic that will pull more people towards your webinar. Which topic according to you will attract more audience?

a). How to purchase our product?

or

b). Make your business easier through new strategies?

If you pick the ‘option B’ then you are right. Why? The second option promises a benefit that will help your customers to run their business operation, smoothly.

If you test different topics for your webinar, you will find that an interesting, engaging, timely, and educational webinar will pull more audience. Your presentation should be ‘customer-centric and ‘solution-oriented. This will give participants practical ways to solve the challenges they are facing currently.

The topic should also obviously include the real goal of lead generation, product launching, and educating your audience.

3. Find your Target Audience

If you are selling a sports product, it would be pointless to market a webinar to those who are more interested in business courses. Hence, it is extremely necessary to search out forums, mail groups, chat rooms, or any other social media platform to find out your target audience.

Once you find a topic of interest, create a follow-up plan, and make a strategy to build your event marketing plan from there.

4. Be open to fluctuating Attendance Expectations

Sometimes we overestimate the numbers and find it demotivating to see the actual number of people who attend the webinar. Expect a show rate of only 30% of those who have registered for a free webinar.

If your numbers are below that then make sure that you are sending day-of and 24 hours reminders via email. Send invitations to more prospects and multiple times to remind them about your free webinar.

5. Use Polling Questions

The best way to increase the engagement on your webinar is to ask your audience to participate in your webinar. If you have ever attended a webinar on one of the most leading platforms, you must have noticed that they allow you to pre-load interactive polling questions.

You can capture the attention of your audiences by asking questions related to the webinar. Ask things like:

i. What interests you most about the webinar?

ii. What are the immediate challenges you are facing?

iii. Would you like to boost your sales?

iv. Would you like more information on our latest product or services?

The type of questions that we have mentioned above will not only attract the audience to your webinar but also give them ‘food-for-thought and keep them hooked for your next webinar.

Have your attendees try, buy and contact you for more information on your products or next webinar. Also, offer them a limited-time offer for the webinar to create urgency and hype around it. If you are doing an educational webinar, tell your attendees to stay on for more information.

And last, but far away from least- Be Enthusiastic and talk in a more connecting way! Motivate your participants and engage them in conversation. Want to know more about marketing strategies? Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads to join the league of successful entrepreneurs.

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MSME

Udyam Registration Portal: Over 25 Lakh MSMEs Registered Through Centre Govt’s Online Initiative

A worker at an MSME firm
A worker at an MSME firm. | Representative image.

The central government is taking several schemes to promote and develop the MSME sector. Certain programmes have been undertaken for the welfare of the micro, small and medium enterprises. One such initiative is the Udyam Registration Portal, which was undertaken to simply the process of registering a firm as an MSME. The registration through the portal has crossed 25 Lakh so far. As per the data shared by Union MSME Minister Nitin Gadkari in Rajya Sabha, a total of  25,07,112 firms have been registered as the micro, small or medium enterprises on the Udyam Registration Portal till March 22, 2021. In November the registration toll stood at 11 lakh. Udyam Registration Portal: GSTIN No Longer Mandatory for Registering MSMEs.

Launched in July last year, the portal aimed to eliminate the excessive paperwork involved in the registering process, making it more efficient and streamlined. The objective of the portal is to provide a single-page registration, consume less time and simplify registering process for MSMEs. The portal has been welcomed by the various existing MSMEs and the business owners who have been planning to get their firms registered under the sector. It has made the process of registration from transparent and user friendly. MSMEs in India: Over 11 Lakh MSMEs Registered So Far on Udyam Online System Since July; Here’s How You Can Register Your MSME Online.

Recently, the government also did away the need to have a GSTIN to register the firm as MSME through the Udyam Portal, following the complaints and criticism from the various groups and business owners in the sector. The business owners can now register under the MSME sector through the portal by using their PAN (Permanent Account Number) cards only,  the GSTIN is no longer a mandatory requirement for the same. It also aims to support several  micro-enterprises, including skilled craftsmen and artisans and other enterprises in the informal sector and unorganised sector, by easing the process of registration.

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Business motivation Business Startup Ideas Startup Strategy

5 Important Steps Entrepreneurs must take for the Perfect Product Launch!

So you have a unique idea for a new product that will magically resolve all the challenges that customers in a particular segment are facing. You create a killer product that may bring a revolution to the world. Now you want the entire world to go crazy to purchase it (think about people standing in queue to buy an iPhone).

But none of that happens and you get up with sweat beads all over your forehead. All the hard work and efforts that you have put in to create a product now appear pointless. Scary, isn`t it?

It is extremely easy to get ahead of yourself when trying to create a new product. Envisioning all the sales and profits, recognition, and success that will emerge after your product launch can often take us away from reality. But just like any other business initiative, a product launch also requires time and careful planning.

And, launching your product in the market without having your ducks in a row is a recipe for disaster. Thus, if you have created a brilliant product after investing your hard-earned money and efforts, here are 5 steps every entrepreneur should take before releasing a new product:

1. Be Strategic in Defining your Target Audience

Whether you are creating the new iPhone or a food joint, it is important to find and learn from your core audience. Establish your base and build their confidence in you.

Learn from your competitors as there are no original ideas, only repurposed ones. As you prepare for your product launch, research your competitors. Take from their good, learn from their mistakes and enhance where you think is a scope for improvement.

2. Go All out When It comes to Publicity

Obscurity kills businesses. If you do not shine like a sun when it comes to publicity, you won`t get the attention that is needed to be successful. Before launching your new product, ask yourself two things-

a). How far will I go to get attention?

b). How frequent will I be in my attempts?

If you will not go overboard when it comes to marketing your product launch, you will not get your customer`s attention. Also, having a thorough understanding of the challenge that your product or service is solving is imperative to business growth. It is very surprising to see how it is not thoroughly thought through.

3. Be Clear & Concise about your Target Audience

If someone asks you, “Who is your target audience?” you should have a concise answer. Otherwise, it’s a red signal! Being an entrepreneur is not an easy deal and thus, it is suggested that you should research well about your target audience.

Apart from knowing your audience, you must be well aware of your product`s value. Take testimonials from your client who found success using your product, which can be beneficial for making improvements.

4. Trace & Understand the Buyer`s Journey

What is the foundation of all the marketing and sales activities? The Buyer`s Journey! The process that revolves around the buying process makes the basis of all the activities related to marketing. Thus, it is essential to understand the customer`s pain points, from where do they get their information to, and who influences the purchase. Generally, there are specific events that may trigger a purchase.

5. Focus on Major Media Outlets

Attention is the currency of the internet. An average person consumes an enormous amount of information daily. To hold someone`s attention, cut through the noise. Develop the right media strategy that is suitable for your product launch. Pitch yourself as an expert and focus on high-profile media outlets. However, your pitch must have a sensational hook with actionable advice.

Also, do not just use the traditional medium of advertisements. Use the power of social media and create hype to engage customers. Create strong brand guidelines and ensure that you got the powerful one. Use social media platforms to create a buzz amongst the target consumers.

Another brilliant way to create a buzz around your product before its launch is to reward your customers. Offer discounts for preorders, first-time users, and or something else that can entice users to buy upon launch.

Launching a new product or service is not easy! There are lots of steps involved that can leave a great impact on a product launch. These steps can make or mar your product in the niche market. Know what is best for your product or service with our Problem Solving Courses.  To know more about it, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

 

 

 

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Business motivation Business Startup Ideas Startup Strategy

5 Common Pitfalls Startups Encounter and How to Avoid Them!

Home to 21 Unicorns, India is being the 3rd largest startup ecosystem. The Indian startup has received increased attention in recent years. This simply means that their numbers are on the rise and they are widely being accepted and recognized as an integral part of growth.

Though the immense growth and support for startups that are available in all dimensions is a pleasant change, the cold and hard fact is that most of the startups in India fail within 5 years of their launch, as per a report by IBM Institute for Business Value and Oxford Economics.

There are numerous reasons behind the failure of the startup. But one major reason is due to the lack of innovation. Also, startups that fail tend to repeat the same mistakes that prove costly shortly.

Here is a list of five common pitfalls that every entrepreneur makes at the early stages, but should steer clear of them at any cost:

1. They don`t have a Leadership Team that encourages diversity

Starting our list with the most common but costly mistake that founders usually make is when they begin hiring people for their team. Many entrepreneurs hire people just like themselves. On the surface, this appears to be a sound idea, but the danger lies underneath.  Without people who challenge the stereotypes and the founder`s thinking, a startup fails to identify new opportunities or to spot risks until it`s too late.

Avoiding this trap is essential to make a startup business successful. Startups should hire people who think out-of-the-box and know no creative boundaries. The diversity of ideas, skill sets, and backgrounds are the key essentials of every successful startup.

2. They Don`t Invest Time To Find The Right Venture Capital

Capital is essential. But this does not mean that every startup should rush after it. Speed is important, yes, but without breaks, it will result only in a misadventure. Finding a balance speed to find the right fit is equally essential.

Finding perfect Venture Capital is just like finding the right partner for marriage. Take enough time to find the right match- and avoid jumping at the first or the biggest check.

VCs are always on the lookout for the next Uber, Razorpay, Nykaa, or Facebook. To increase their chances, they may invest in multiple companies and come with a growth-at-all-mindset.

To avoid a situation like that put in a considerable amount of time to find a VC partner that will provide thoughtful guidance, mentorship and will be there for you during the challenges.

3. They Create Products Without Considering Customer`s Pain Points

Too often founders get overly enthusiastic about their ideas related to their product or service. They often believe that once they build a product, customers will come. But building a product or a service without any customer validation or A/B testing can be dangerous for a business.

Instead, founders of startups should always find an alpha customer and then create a product to solve the customer`s biggest pain point. Creating a customer-centric product doesn`t happen by just sitting around a conference table brainstorming. The idea to build an amazing product comes from seeking out and tackling the real problems in the world that already exist.

4. They Lack a Clear, Concise & Focused Go-to-Market Plan

More often than not, startups are known to overestimate the demand for their products. Generally, they also lack a clear understanding of how to bring their big ideas to the market. Entrepreneurs should document a clear and concise path to their profitability. To chart this document they should conduct rigorous research and analysis that challenge their market estimates.

This requires an in-depth knowledge of the strengths and weaknesses of their market competitors. Along with that, they should also determine the company`s proprietary advantage in each market segment it is looking to penetrate.

It is also important to be prepared in advance to be able to shift the business with the technological advancement or according to customer needs. And while adaptability is crucial, having a focused plan is also essential. As a startup the resources are generally limited, thus, it is important to be laser-focused for maximum impact.

5. They don`t build Strategic Partnerships

Many startups think about partnerships just in terms of capital and checks. But startups also require strategic alliances that will help them refine their business models, new customers, scale revenues, and generate market awareness.

By making partnerships with large and established companies, startups can save costs on R&D resources as well as the expertise of their professional team.

Want to know what are the other pitfalls that entrepreneurs should avoid? Know it all from the top industry experts with our Everything about Entrepreneurship course. EAE course will give you access to marketing expertise and essential mentorship.

To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

‘Completion before expansion’- Invest your money on a complete project

Planning to buy a new home? Know why you should invest your hard earned money on a complete project rather than an under-construction project.

 

 

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MSME

Centre Committed to Promote Renewable Sources of Energy, Especially in MSME Sector, Says Union Minister Nitin Gadkari

Union MSME Minister Nitin Gadkari. (Photo Credit: PIB)
Union MSME Minister Nitin Gadkari. (Photo Credit: PIB)

The government and its various enterprises have taken several initiative to promote and develop the micro, small and medium enterprises. Several schemes and programmes have been implemented with the aim to boost the MSME sector in the country and improve its competitiveness at par with the global competitors. There are have certain steps undertaken by the Nitin Gadkari-Led Union MSME Ministry to reduce the cost of operations and increase the efficiency of its functioning. At a recent event, Nitin Gadkari said that the government is committed to promote the use of renewable resources in the country, especially for the enterprises in the micro, small and medium sector. MSMEs Should Avail Concessional Finance and Install Rooftop Solar System to Increase Business Efficiency, Says Union Minister Nitin Gadkari.

Addressing a webinar, Union Minister Nitin Gadkari said that the firms in the micro, small and medium sector with good track record are now being encouraged for capital market. Gadkari added there exists a huge opportunity for investment in scrapping policy. The MSME Minister also invested foreign investors to invest in the Indian MSMEs and expressed hope that it will drive the sector to become the world’s largest manufacturing hub, by providing numerous opportunities.Union Minister Nitin Gadkari Inaugurates Technology Centres, Extension Centres To Boost MSME Sector.

He also promoted the use of solar energy for the micro, small and medium firms in another recent event. Gadkari had earlier urged the MSME owners to install rooftop solar for enhancing the efficiency of the firm and bring down the cost of operations substantially. He had said that the roof top solar system offers an excellent value proposition to Micro, Small and Medium Enterprises by significantly bringing down cost of electricity consumption, which on an average, is up to one-fifth of their operations cost. He also asked the people in the sector to avail concessional debt finance to do the same.

“I believe there is a strong business case for MSMEs to install rooftop solar and achieve significant savings to achieve the cost-competitiveness. I am confident that MSMEs will stand together in generating and consuming solar power using their rooftops,” Union Minister Nitin Gadkari had said while addressing an event virtually earlier this month.

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MSME

MSME Sector in India Has Huge Potential To Become World’s Largest Manufacturing Hub, Says Nitin Gadkari

Nitin Gadkari | File Image (Photo Credits: Facebook)

New Delhi, March 13: Union Minter Nitin Gadkari on Saturday said that the micro, small and medium enterprises (MSMEs) sector in India has a huge potential to become the world’s largest manufacturing hub. During a webinar on ‘Aatmanirbhar Bharat – Opportunities in Solar & MSME’ on Friday, Gadkari said that the government is committed to promoting renewable energy resources in the country, especially in the MSMEs sector.

The Minister, who holds the MSME portfolio along with road transport, said by making solar energy available, “we will create big market for electric vehicles”.  He said that the solar power rate in India is Rs 2.40 per unit and commercial rate of power is Rs 11 per unit and the cheap power generated through solar energy can be used for automobiles and other developmental works.

He expressed confidence that within five years, India will be a top manufacturing hub for automobiles in the world. While speaking about the businesses in India, the minister highlighted that India has tremendous potential and capacity for electricity generation. Gadkari invited investors abroad to invest in Indian MSMEs.

During his address, he expressed hope that this will provide a number of opportunities to the MSME sector in the country to become the world’s largest manufacturing hub. Talking about the growth of MSMEs in India, Gadkari said that the MSMEs with good track record are now being encouraged for capital market, adding that there exists a huge opportunity for investment in scrapping policy.

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MSME

Union Minister Nitin Gadkari Inaugurates Technology Centres, Extension Centres To Boost MSME Sector

Nitin Gadkari (Photo Credits: Facebook)

The government is undertaking various initiatives for the development of the MSME sector. Several projects and schemes have been launched to promote the welfare of various firms in the micro, small and medium sector. In lines with this, Union MSME Minister Nitin Gadkari has has inaugurated new technology centres, one at Visakhapatnam in Andhra Pradesh and other at Bhopal in Madhya Pradesh, three extension centres of big technological centres and seven mobile Udyam Express. These centres have been inaugurated to increase the e geographic footprint of Technology Centres network through future ready new Technological Centres with vertical as well as horizontal expansion to cover more states and regions, making its reach across the country. Udyam Registration Portal: GSTIN No Longer Mandatory for Registering MSMEs.

The Technological Centres and Extension Centre are expected to boost the micro, small and medium enterprises and people involved in the sector by providing an increased capacity of training and enhancing skills of around four lakh trainees, providing assistance to around one lakh MSMEs in terms of technological, skilling and advisory support. It has been undertaken to increase the competitiveness of various MSMEs in the country. It also aims for creation and registration of more firms under the MSME sector. It also tragets to improve and enhance employment generation capacity of various firms in the micro, small and medium sector. RBI Extends Deadline For Udyog Aadhaar Memorandum of MSME Registrations Till March 31, 2021.

At the virtual inauguration event of the new technological and extension centre, the Union Minister of Micro, Small and Medium Enterprises, Nitin Gadkari said, “if the country has to overcome three biggest problems of poverty, starvation and unemployment, then we have to create jobs.” He added, “the technological centres should have coordination, cooperation and communication with the local industries.” Gadkari said, “the country has huge potential for raw material, young and skilled manpower, government is ready to support all entrepreneurs and we need to take the cooperation of IITs, engineering colleges and successful persons in the society.” He emphasised on the need of integrated development.

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MSME

Udyam Registration Portal: GSTIN No Longer Mandatory for Registering MSMEs

MSME (Photo Credit: Wikimedia Commons)
MSMEs (Representational Image)

The government is taking several steps to provide impetus to the enterprises in the MSME sector. Over the last few years, various projects and schemes have been launched by the central and state governments in order to promote and develop the Micro, Small and Medium Enterprises. In lines with the Narendra Modi-led government’s visionary ‘Digital India’ initiative, several efforts have been put in  by the Nitin Gadkari-led MSME Ministry to digitise processes involved in registration of firms under the micro, small and medium enterprises. In order to promote ‘ease of doing business’, steps have been undertaken to streamline all the procedures related MSMEs’ interaction with the government to reduce unnecessary wastage of time and resources and   increase business’ efficiency.

One such initiative by the central government to simplify the registration process for the MSMEs is the launch of the Udyam Registration Portal. Launched in July last year, it was aimed to eliminate the excessive paperwork involved in the registering process and make the work more streamlined. The objective of the portal is to provide a single-page registration, consume less time and simplify processes of registering any enterprise under MSME. RBI Extends Deadline For Udyog Aadhaar Memorandum of MSME Registrations Till March 31, 2021.

However, the major issue with the portal being, that as per a notification dated November 26,2020, GSTIN was made  a mandatory condition to register the firm through the Udyam Registration Portal with effect fro April 1, 2021. Following complaints and criticism by various MSME owners and businessmen, the Union Ministry of Micro, Small and Medium Enterprises, have done away with this requirement. MSMEs in India: Over 11 Lakh MSMEs Registered So Far on Udyam Online System Since July; Here’s How You Can Register Your MSME Online.

As per a notification dated March 5, 2020 the MSME Ministry examined the matter related tothe mandatory requirement for filing Udyam Registration with those for filing GST Returns, in the interest of those enterprises that are exempted from filing returns. The business owners can now register under the MSME sector through the portal by using their PAN (Permanent Account Number) cards only,  the GSTIN is no longer a mandatory requirement for the same.

Following the notification last year, various MSME associations said that the measure of making GSTIN mandatory is impacting the registration process as many enterprises are exempt from the mandatory requirement of filing GST Returns as per the Goods and Service Tax Act. They also stated that the annual turnover for several MSME might be less than the threshold limit for exemption from registration under said act.

The Udyam Registration Portal has been a welcomed move by various existing MSMEs and the business owners who have been planning to get their firms registered under the sector. It is has simplified the entire process of registration, making it more user friendly and transparent. It also aims to support several  micro-enterprises, including skilled craftsmen and artisans and other enterprises in the informal sector and unorganised sector, by easing the process of registration.

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Business Startup Ideas E-Commerce Startup

How to Start Toys Manufacturing Business in India in 5 Steps!

Toys are an integral part of our childhood. Popular among babies, kids, teens, and even adults, everyone loves toys. Toys not only entertain children but also help them to develop the horizon of their imagination, dexterity, and more.

According to National Investment Promotion & Facilitation Agency, ‘the toy industry in India is estimated to be $1.5 billion, which is around 0.5% global market share. The Indian toys industry is also estimated to grow to $2-3 billion by 2024’.

The report also stated, ‘the demand for the toys will increase by 1.2 times in Tier II and Tier III cities by 2025’.

The toy manufacturers in India are mainly located in Karnataka, Maharashtra, Tamil Nadu, NCR, and across central Indian states. The sector has 4,000 toy industry units from the MSME sector.

Last year in August 2020, Prime Minister Narendra Modi also urged the young entrepreneurs to focus on bringing innovation in the toy sector as the Indian toy market has huge potential.

The Prime Minister also suggested that the start-ups should come up with creative designs and innovative toys that can instill a sense of pride and can help our domestic toy makers.

Apart from the domestic market, the toy manufacturing business also has potential in foreign trade.

Recently, the Swedish furniture maker IKEA announced to upscale the sourcing of toys from India on March 1, 2021. IKEA has a range of over 1,000 products as part of its kid`s range and is planning to expand its operations by sourcing toys in New Delhi.

Starting a toy manufacturing business is a brilliant low investment business idea. Here are 5 steps in which you can kick start toys manufacturing business startup in India:

1. Research your market

Whether you are planning to start a café or toys manufacturing business, it is essential to do market research. Having adequate and well-researched information will help you to create a business model. You will not only learn about your competitors but also about your target audience.

Hence, before starting a toy manufacturing business in India spend months researching to gather as much information as you can about this business.

2. Bring Innovation!

The toy manufacturing business does not need a huge investment to start it. However, there is one thing that you should have to succeed in the market- creativity!

Try to design unique toys and their exceptional designs will make you stand out from the rest of the toys manufacturer. Toy businesses in India are fast-paced, which means that the market will keep evolving. Your customers will want different things in a very short time. So, it is very important to be creative to meet the demands of your customers.

3. Find your Niche

The toy manufacturing business in India is booming with plenty of opportunities and competition at the same time. If you want to start a toy manufacturing business, you need to know what it takes to succeed in your niche market. Whether you want to manufacture soft toys or you would also like to venture into the market of electronic toys, you must make a decision.

Finding a niche market not only allows you to find your target customers but also gives in-depth knowledge to cater to their needs and preferences.

4. Raw Materials

The process of manufacturing toys is easy and simple. You will need basic raw materials that include pattern, fabric cutting, mold making, fiber for stuffing, sewing machine, eyes, and nose pinching.

However, if you want to venture into the manufacturing of electronic toys then you will need a toy manufacturing machine and raw material. Along with it, you will also need to hire a staff.

5. Toys manufacturing machine

If you only want to manufacture stuff toys, you will need raw materials of premium quality and a sewing machine. But, if you want to set up a manufacturing unit, you will need to secure a space first. Finally, you will need to install the toys making machinery. Some of the most vital machines and equipment are:

  • Digital Multimeter
  • Temp controlled
  • Drilling machine
  • LCR meter
  • Analog meter
  • Tool kit
  • Electronic screwdriver
  • Combined soldering desoldering station
  • High-speed mini drill set
  • Digital storage Oscilloscope
  • Tools, equipment, and dies, etc.

You will also have to obtain a fire protection system to protect your unit from fire. The initial investment might take around INR 2,00,000 to 5,00,000 if you want to start a toy store in India.

The toy manufacturing business in India has potential in the domestic as well as the international market. The main driving factor behind its growing popularity is the increased demand for quality and luxury goods.

Are you thinking about setting up your own toy manufacturing business in India? With our ‘Everything about Entrepreneurship’ course you will not only learn how to start a startup but also how to make it successful.

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Business Startup Ideas Marketing Sales Strategy

Branding: Why it is crucial while scaling your startup business?

Branding plays a crucial role in the success of every business. And when it comes to startups, branding is of paramount importance. It is vital for the development and growth of an organization.

Your brand becomes a part of the customer`s everyday life. For instance, if a customer wants to purchase a product, he or she would like to buy from a company that not only offers great quality products but also provide other assurances. And, if a customer feels that your brand is the best in the market, then a customer will buy it even if it is a bit costlier. This is the impact of having a solid brand image.

A brand is what helps your business distinguish your product from the league and helps consumers associate themselves with your brand.

But many entrepreneurs fail to recognize its importance in the initial stage of the business. They make the mistake of obsessing over their products and turn a blind eye to every aspect of the branding. This can lead to a series of disastrous consequences for the product as well as the company in the long run. Due to the negligence, the brand might become unnoticed and irrelevant.

According to an analysis conducted by the Marketing Accountability Standards Board (MASB), ‘brands contribute on an average of 19.5% and if the impact is measured based on firm cash flow, profits and firm value, the impact could be contributed for over 50% of the enterprise value.

Another report by the Marketing Science Institute (MSI) that included around 220 consumer products found that a superior brand preference or reputation commanded price premiums of 26% on average, even when brand quality is the same.

Brand Image: A living persona

Your brand image is like a living entity. If your brand can create ripples in the market and generate excitement by showcasing life, you can get a loyal clientele. Your brand grows and matures over the years and builds its persona just like a living entity and provides a solid competitive advantage.

In this age of digitalization, it is important to have a unique brand strategy that will engage the audience across multiple mediums. Therefore, it is essential for every company to carefully select and invest when it comes to building a brand that speaks volumes about the company`s unique business strategies and core values.

Branding is essential for business sales too!

If your brand connects straight away with your target customers, it will result in an excellent customer experience. And according to a report published in Forbes, ‘73% of companies with above-average customer experience performs better financially and also get higher revenue’.

Another report suggests that around 17% of the consumers are willing to pay more to purchase from a brand that has a great reputation and market value.

Harvard University professor, Gerald Haltman who is the author of ‘How customers think: Essential insights into the mind of the market’, writes in his book that 95 percent of a customer`s decision-making process happens subconsciously. Hence, the major reason why a customer will choose your brand instead of your competitor will largely depend on how the consumers ‘feel’ about your company.

And why this factor is important for a startup? Startups tend to have major competitors who have a larger team, better infrastructure, brand reputation, and marketing knowledge. A good brand image will help you to attract more customers and your product will finish on top of your competitors.

Brand Image: Honesty v/s Perfection

Startups represent innovation and a distinct approach towards the same product that is already available in the market. It`s their uniqueness that connects them super strongly with their customers. However, too many companies want to represent their brand under a perfect and idealized spotlight. This results in a brand image that lacks the character, texture, and trust of a consumer.

Another blunder that most startups do is copying other businesses or internet trends and images. Creating a fake image of their brand that does not represent them would simply mean wasting the most valuable emotional factor due to which a startup ends up eroding its customer base.

Branding in the internet age

With technological advancements, the internet has slowly taken over. Today, with the advent of affordable smart-phones, branding of products online is no longer a luxury. It has become a necessity for startups where they can sell their products to a wider audience.

With cost-effective internet that is available to most people, a business must use this opportunity. Despite the changing times and mediums of advertisement, branding is still an integral part of advertising and the business world. Hence, listen to what stakeholders and customers have to say about your brand, and use their feedback to make improvements. This will also build a better brand image.

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