Categories
Marketing

Zero Dollar Marketing Strategies to Attain More Customers

Learn the Art of Zero Dollar Marketing to Get More Customers

In today’s digital India, social media has democratized marketing for everyone and zero dollar marketing techniques can be a boon for SMEs. It’s about your creativity, your understanding of the customer & innovative strategies that will get you more customers. Here are 7 strategies that will get the customers rolling!

1. Make a World-class Strategy at Minimum Cost

  • The basic premise is that the customer should be able to find you. You should not spend your energy in finding people and zero dollar marketing tools help you to achieve that
  • Design a website and that has a neat and clean home page, so that the customer can understand the messaging easily
  • The website should support a Call to action; this will help in engaging the customer.
  • Focus on the solution- Don’t waste your website space on product introduction and description. Maximize your messaging on the solution
  • Try and have all the navigation information on one page making it convenient for the customer to browse
  • Stick to need-based up-gradation of the website

You would need either a full-time resource or a vendor to fulfill these requirements. Look at minimizing the cost but increasing the scope of work here. And how can you minimize the cost- by using zero dollar marketing ideas!

  • Ask the technology vendor to come and explain how the technology works and how will it benefit you.
  • Call 4-5 vendors and understand what they teach you and then finally choose the best vendor for your company
  • This will help in minimizing your cost to set up your website or what we call as zero dollar marketing

2. Track the Pattern of your Customer’s  Buying Behaviour
 

Consumer behavior is key to an entrepreneur’s business and zero dollar marketing tools can help track this beahviour in a structured manner

  • To begin with you need to analyze the old buying behavior of the consumer
  • Understand the touch points, how is the customer reaching you?
  • What is your customer’s buying process and where is his pain point. Try and solve that buying process gap.
  • For e.g. If a customer would order multiple items from a restaurant, it would cost him Rs. 800, but if that restaurant owner gave him an option of a fixed thali with most of his likable items with a cost of Rs.600, immediately the customer would prefer to order the thali. This is how you can pull the consumer using zero dollar marketing
  • Take business decisions based on analytics & data and not based on perception. You can use the Google analytics tool for this
  • Check which pages on the website show high traffic and which pages show low traffic
  • Analyze for how much time you retain the customer on your webpage
  • What are the videos from your website that he is sharing on other social media platforms?
  • What is the bounce rate which means at what point does the customer move to another video or website

3. Anticipatory Content to gain Customer Attention

  • Anticipatory Content is that content which is authentic, relevant, and to the point. Don’t write big articles but use infographics, tabular representation instead. This just requires a little time and effort but is a powerful tool for zero dollar marketing
  • Make the content free and make sure it is not about your product features or promotions
  • For e.g. For a pathology lab, give the consumer content related to what tests are beneficial for him. For a restaurant owner, give content related to recipes & international food items. Interesting content makes for good zero dollar marketing.
  • Understand that content is king and the customer will come to you with these zero dollar marketing technique

4. Flip your Marketing Budget from Outbound to Inbound

  • Outbound methods include- Trade shows, Seminars, TV Ads, Print, Cold Calling, Tele marketing, E-mail, Hoardings & Door-to-Door marketing
  • Inbound Marketing includes- SEO, Blogging, CRM, Social media, Call to Action, Analytics
  • Change your model, spend 90% of your funds on inbound methods and 10% on outbound. The ROI on outbound marketing is less
  • Attract, engage and delight the right customer by using zero dollar marketing

5. Build your Database

  • Data is the heart of your business, keep your customer’s personal data and their preferences secure to successfully run your business
  • Build a database of your prospective and relevant customers gathered from calls, events, old sales and enquiry forms
  • Put all data in the CRM software so that it is registered for life
  • Empower your employees to build a relationship with the customer using this data

6. Give Old Data a New Life

  • Follow-up with ageing lead and build a relationship with the customer
  • Don’t waste time on incompatible, incomplete or unqualified data
  • The sales agent should call the old customer to build a relationship and not to sell the product in the first go. Ask more questions on why the customer has not returned to make more purchases
  • Building on employee-customer relation can go a long way when it comes to zero dollar marketing strategies 

7. Story Telling for Recall

  • Have an emotional, engaging & educational story that talks about your brand rather than a direct advertisement
  • Add a story in everything; from your sales pitch to your brand campaign to your website. This will help the customer connect with your brand
  • Become a problem solver!

If an entrepreneur follows these Zero dollar marketing strategies to acquire more customers, not only will his business flourish but his customer too will be happy and satisfied.

Categories
Motivational

8 Ways to Make a Great First Impression in Business

Make a Positive First Impression: Recipe for Success

First Impression in business is very important. You get only a limited time to impress your potential partner or client and he too takes only one glance to judge you. Every new encounter leads to evaluation and it’s your first impression that makes all the difference.

Here are 8 important tips that can help you create a positive first impression on the people you meet.

1. Research about who you are meeting

  • It is important to prepare beforehand and research about who you are meeting. Whether it is a potential partner, a client or a customer, you should not enter a meeting cold.
  • Doing your homework will give you a competitive advantage over your competition.
  • Being knowledgeable and showing that you have made an effort, are both positive qualities to make a first impression in business.

2. Attire

  • You need to dress for success. When you enter the room, the first thing a person notices is the way you dress. So be dressed as per the gathering.
  • If you are meeting a client or a highly qualified gathering, professional attire will help in making a good first impression.
  • Some occasions do call for a casual approach, so if you are going for a networking dinner or a media party you can try out your personal style.

3. Rehearse your Pitch

  • It is always better to practice your pitch before the meeting. You don’t want the client to lose interest halfway.
  • Hence, make pointers that will help you convey your message promptly and with clarity.
  • A third party prefers if you have clarity of thought and a clear outcome of what is expected out of the meeting.

4. Be Punctual

  • You always build a positive first impression in business if you are punctual and no time is wasted waiting of either of the parties. In fact try and be 10 minutes earlier just in case you face any issues in finding the place.
  • Give a few minutes to compose yourself and gather your thoughts before entering the meeting.

5. Be Courteous and a Patient Listener

  • Listen to them. Listening to the client with patience can go a long way in forming a good partnership.
  • Sometimes we get too carried away in making a good first impression that we forget to listen to what the other party has to say. This can appear to be rude.
  • It goes without saying that certain courteous gestures always work in a meeting. Just like switching off your phone or being well-mannered and polite with others.

6. Be Honest & Genuine

  • Do not try to fake your achievements or boast about your credentials. Be genuine and it will help in creating a memorable first impression in business.
  • Clients appreciate honest feedback, so if a client is asking for something unreasonable to be done, be honest about your feedback and suggest a way out.

7. Carry a Positive Outlook

  • Positivity can help conquer every obstacle, so enter the meeting room with a positive approach.
  • Your attitude can make or break your first impression, so be optimistic about whatever challenges they throw at you.
  • A smile can help you break the ice and bring everyone at ease.

8. Be at your Professional Best

  • Reserve personal comments or negative remarks about any person from the organization or any religion/country being discussed in the meeting.
  • Keep your conversation to the point and answer in a professional manner. This will help in building a sensible first impression.

A positive first impression in business is an important chance to prove your confidence & passion. If you follow these guidelines before entering an important meeting, be rest assured you will come out happy and contended and so will your client!

Categories
HR & People Management

10 Remote Work Tools That Help Employees Work From Home

Work from Anywhere Successfully using these Remote Tools!

Having the perfect set of remote work tools can make work from home productive and meaning for yourself and the employer. With the entire country under lockdown, we get you 10 remote work tools that can help employees successfully work from home.

1. Zoom

  • Zoom is a web-based video conferencing remote working tool with a local, desktop and a mobile app that allows users to meet online, with or without video
  • Zoom users can choose to record sessions, collaborate on projects and share one another’s screens, all with one easy-to-use platform 

2. Google Docs

  • This remote work software solves the challenge of working on multiple documents at the same time. Today, businesses have various spreadsheets for every department. With Google docs you can collaborate and work with fellow employees simultaneously
  • Say goodbye to endless chain mails and creating multiple versions of the same document. It is also available in 53 languages

3. Slack

For business communication and internet chat services, slack is a unique remote work tool as it reduces your reliance on e-mails through its third party services

4. Google Hangouts

  • Hangouts is slightly on the lines of Zoom as it brings conversations, discussions to life through group video conferencing for free.
  • From direct messages to group chats, it can help employees collaborate and work efficiently from remote locations

5. TeamViewer
 

  • What happens when most of your important documents and information is kept on your office desktop and you want to access it while working from home?
  • TeamViewer is easy to set up and is a great option for employees who need desktop access from their homes or any other location. Supporting a two-step authentication, this tool requires very basic firewall access and in no time you are ready with your work 

6. Google Calendar

  • Google calendar helps you keep a schedule in place making it easier to check with co-workers on conducting meetings at a given time. Through this remote work software calendars can be shared so that full event details can be viewed by employees working from their respective homes 
  • It can be accessed from your laptop, phone or a tablet

7. Skype for Business

  • Again a great tool for conference calls, instant messaging or creating chat rooms

 

8. Dropbox

  • Sharing large files can be a painful task over e-mail, so a dropbox account makes it easy to sync files and collaborate with
  • It’s a great way to organize work from remote teams when they need to submit presentations or projects.

9. Teamwork

  • Teamwork allows you to track your team’s productivity. This remote work software lets you create custom time reports of time logged on the project
  • Once the work is completed employees can export the report and time log entries in easily accessible formats to their reporting managers

10. Hub Staff

  • Hub Staff helps in keeping a track of the tasks assigned to the employees working from home
  • Some of its important features include online timesheets, employee scheduling, employee monitoring, payroll software, GPS tracking, online invoicing & project budgeting

Employees & employers both are able to adapt quickly to the remote work tools and can jump right into their jobs without worrying about how to set things up. All these tools are easy to work with and make remote working more productive.

Categories
Process & Business Expansion

Tips by Ratan Tata to Run a Successful Business

Lessons for Life: Business Gems by Ratan Tata

Entrepreneurs today are not just building companies, but creating a stronger India. Some of the best business tips revolve around the attitude & determination of an entrepreneur that eventually decides the altitude he can achieve. Growth in business is full of challenges and to reach the top you need to inculcate habits that make your life happy and productive. Here are 10 business tips for success mentioned by a visionary and entrepreneur par excellence- Chairman Emeritus of Tata Group, Mr. Ratan Tata.

1. Giving

  • Businesses need to go beyond company profits, sales & targets. You need to give back to the communities you serve
  • Successful companies have the resources to give back to the society and do good!
  • Build a culture of giving back in the organization, in this ways the employees respect and look up to you even more
  • The gesture of giving only builds mutual respect making your community a better place to live in

2. Persistence

  • Have the ability to push and push till you reach the finish line
  • Persistence in business is one of the best business tip for an entrepreneur as you need to fight failure and bounce back, only then you can be successful
  • Persistence is all about indomitable spirit whether it is in business or in your life
  • Find new ways to do things and you will be able to find new solutions to many of your problems

3. Talent

  • Everyone cannot be the best in everything. Develop your talent and find your unique strength
  • An important business tip for success is to focus on the visible skills and hone them. As a leader you should do this on a regular basis for your employees
  • Build a culture of development- Mentor employees, have one-on-one interactions, devise programs for skill development. This gives employees the confidence to build more capabilities in them
  • Understand the value of learning- Learning is a continuous cycle and for people interested in building new skills, touching new horizons & reaching new heights, learning should never stop

4. Life

  • Embrace life, love life and enjoy every moment of it
  • Don’t stress over things what others say to you.  As Mr. Ratan Tata himself says, let them throw stones at you and you should build a monument out of it
  • You are born to do bigger and better things in life, identify your goal, your mission and put in all your energy to fulfill it. This can be one of the best business tips to lead a prosperous company and will turn you into a happier soul

5. Decision Making

  • Decision making is required at every level of your business; in fact it is required at every moment of your life as well
  • For success, one of the best business tips is to have clarity of thought. Be sure of what you want to do and then devise plans around it
  • Don’t be scared of making the wrong decision, this too is a part of your learning curve
  • Gather relevant information that can help you make a decision and then evaluate your options. This will help you reach closer to your goals
  • Evaluate the results- Evaluation and reviewing helps in judging the effectiveness of the choice made by you

6. Mindset

  • Your mindset can either break or make the goal you have set to achieve. It is your way of thinking to treat a problem as an opportunity or an obstacle
  • Develop a success-oriented mindset; following this mantra is a key business tip for success
  • Be around positive people and find time to disconnect from unnecessary stressors
  • Focus on learning new skills and put yourself in challenging situations, this will help in making you mentally strong and build confidence

7. Change

  • We all know the only thing constant is Change. So embrace it and move on with it
  • Suggest new ideas, introduce new processes and do things differently. A change for the better is the best business tip
  • Predict and prepare for the future. This will help you face challenges in the rapidly changing business environment with ease and preparedness
  • Focus on your values and not the fears. You need to understand that change is inevitable and there should be no inhibitions while adapting to it

8. Challenge
 

  • View any obstacles that stand in your way as a challenge, have the belief that it’s not impossible to overcome a certain business problem
  • In challenging times, the best business tip for an entrepreneur is to don the role of a leader. Show the way to your people and other stakeholders
  • Ups and downs are very important in business to keep us going. It helps us challenge our limits as well
  • Understand the problem first and then put things into perspective before jumping the gun and making a hurried decision 

9. Legacy

  • Follow a set of values, ethics or culture that your forefathers have left behind
  • Build your business on sustainability and not just on the basis of profitability. Money is important but sustainable development is the best business tip for success in the long run
  • Following or leaving a legacy requires immense investment in upholding the value system that has been created

10. Growth

  • Know what you want- If you have clarity about your goal, you will focus all your energies to achieve that and this business tip forms the stepping stone for growth in business
  • Set your eyes on the prize- Measure yourself, your team, and your organizational goals alongside your target. Once you know the how far the target is, everyone can align their energies to work towards it
  • Keep your Passion alive- Keep the excitement and enthusiasm going, it is contagious and spreads to people around you
  • Think People first- Your stakeholders are the backbone for the company. Keep your employees motivated, customers happy and other stakeholders aware of the functioning of the company. This business tip for success will play a major role in your growth strategy

So if you feel a little lost in life, these 10 business tips for success by Ratan Tata can put you back on track and motivate you to bounce back.

Categories
Process & Business Expansion

Phygital- Redefining the Customer’s Shopping Experience

Shop till you drop with Phygital

Imagine a shopping experience where you just enter the store, pick up what you want and simply walk out. Yes, you read it right! No lines, no checkouts, no payments just walk in, grab and go! Welcome to the world of Phygital.

4 years ago when e-commerce giant Amazon launched it’s first ’Amazon Go’ store, it redefined the entire Customer’s shopping experience. With their ’Just walk out technology’ Amazon Go became the first store of its kind where no checkout is required. 

The Amazon Go app allowed the customers to enter the store, browse through its products and then leave. What bliss for people on the go!

Defining Phygital

  • The marriage between the usages of intelligent technology to boost customer’s shopping experience is the new norm today
  • It is an ecosystem where both physical and digital co-exists.

Both the worlds complement each other in the sense that the consumer experience is not just limited to their computer or mobile screens but makes it way into the vicinity of fancy stores as well. 

The objective of both the premises is to enrich customer’s shopping experience
which has a direct impact on revenue generation and business growth

Importance of Phygital in business growth

With technology and innovation taking center stage of every business, companies now have become more focused on giving its consumers a world-class shopping experience be it in physical store or in the digital domain. 

In an age where time is money, a consumer needs the holistic experience of both the worlds (digital + physical) before buying a product.

In retail, through Phygital a customer can experience the following things:- 

  • look and feel the product
  • Browse through a plethora of options
  • Take feedback
  • Enjoy easy transactions through mobile point of sale units
  • Guided layout to add value to overall shopping experience
  • Virtual add-ons
  • No need to stand in queues 

After making a mark for themselves in the e-commerce space, brands like Lenskart, Myntra, Nykaa, Firstcry.com understood the need of giving this ’wholesome’ shopping experience to the customer.

It allowed brands to move from online to offline seamlessly. It helped them in increasing their offline reach to the customers and in turn helped in their business growth.

The Way Forward

Taking a cue from the retail giant Amazon, back home in India, Dmart also followed suit. 

In its new store format, customers can place their order online or through the app. They can then collect their purchases from the DMart Ready stores, or have it home-delivered for an additional charge. 

Clearly, the idea behind the new format is to provide shopping convenience to customers and to tap into the e-commerce category as well.

Small business in tier2 and tier3 cities should focus on the smooth transformation of their stores/shops into new age customer engagement hubs. 

Tip:

  • A small businessman can create a basic website or app, through which he can accept orders online from customers and customers, can pick up their order from the nearest physical store without having to wait or stand in the queue.

Great opportunities lie ahead for businesses that have a hold in smaller cities. 

Tip:

  • Small businesses should look for the collaboration with online giants like Flipkart, Snapdeal to open their physical stores and target offline customers for their business growth.

The Phygital trend which is catching so fast is here to stay for 2 simple reasons- 

  • In Phygital, physical comfort meets digital convenience
  • Speed meets personalization

Phygital has enhanced the overall shopping experience of a customer by multiple notches and has been an integral strategy for the business growth of many brands. Offline and online stores which were once perceived as opponents, Phygital has surely blurred the lines between the Bricks and the Clicks.

Categories
Process & Business Expansion

5 Business Automation Tools to Grow Your Business

Work from Anywhere, Anytime!
 

Have you ever thought of a scenario where you are on a holiday, sipping your favourite drink and your business back home is not only running smoothly but also generating revenue? 

Yes, it is possible! Automation in business gives an entrepreneur the advantage to create more value for himself and his customers. 

As a small business owner if you are not leveraging the power of technology, then in all probability you must be micromanaging everything in your business. In that case, as weird as it may sound, you are in all likelihood just like any other employee in your company with the fanciest title.

The advantages of using business automation technologies
are many. It helps:

  • In leveraging an entrepreneurs time
  • It reduces the time in completing a task
  • It increases the efficiency and productivity of employees
  • Business owner can focus on other important aspects of the business like customer service, innovation, strategies and revenue generation.

With the ever changing landscape of business, business owners need to develop the ability to adapt and use the power of technology and automation in their businesses.

The top 5 Business Automation Tools are-
 

1. Make a Repeatable business model

The model is applied to new products and services for the generation of sustained growth in the company. 

It can be achieved by enabling the people of your company through processes and technology.  

The best example of a repeatable business model is of DMart. The company enjoys the market capitalization of Rs.114,000 crore. Over the years the company has focused on building a good team, robust process and technology. 

2. Smart Marketing

As the name suggests, many B2B and B2C businesses swears by the smart marketing formula. 

Smart marketing not only helps business owners to increase their sales significantly but also allows unlocking their time.

Examples of smart marketing tool-

a) Facebook ads/Instagram Page

Facebook and Instagram are the most popular social media platforms. While Facebook has the largest user base across the globe, Instagram enjoys immense following amongst youngsters.

Both Facebook and Instagram are widely used as an advertising tool that allows you to reach directly to your specific customers based on their interests, gender, age and location.

The icing on the cake is that it is cheaper than the conventional modes of marketing.

b) LinkedIn Ads

If you want your business to get the visibility in the world’s largest professional community then LinkedIn ads are the best and the only bet. 

It helps in creating awareness about your brand, generating leads and increases engagement with your potential customer on a global professional platform.

3. Mail chimp

Mail chimp is a powerful marketing software. It is a tool that redefines the conventional way of connecting with your group of customers. 

With the help of this business automation tool, you can boost your email marketing efforts. It helps you in sending newsletters to thousands of recipients who have signed up for it in one go. 

It also helps in automating your email campaigns and collect leads for your business.

4. Technology

Technology in business is the best enabler. It helps in business automation and reduces operational costs. 

Few examples of popular business automation tools are:

a) ERP-

Enterprise Resource Planning is a centralized database that puts the important parts of business on automation.

ERP can be implemented across the departments of an organization be it Sales, Marketing, Finance, HR, Inventory Management etc.

b) Zoom- 

It is video conferencing platform which is used for conducting video conferencing meetings, webinars, audio conferencing, recordings and live chats from anywhere.

This business automation software saves travel time, helps in better communication, increases productivity without any physical infrastructure.

c) Cloud based Services- 

It is a system where the hardware and software hosted by a 3rd party. It is a service that can be accessed from any location freely through an internet connection. 

This business automation tool is cost effective and improves functionality of your business. 

For Example: Dropbox, Google Apps, Amazon EC2 etc.

5. CRM

Relationship with customers is the most important thing in the business world. To maintain a record of thousands of customers can become a cumbersome task at times. Customer relationship management (CRM) software eases out this process for business owners. 

This powerful business automation tool not only automates the whole process but also collects data from other sources as well.

If you are a small or medium-sized business, it is critical for you to implement these business automation tools to increase efficiency and productivity enables by tech today.

Categories
Process & Business Expansion

5 Fastest Growing Industries to Start a Business In 2020

What industries should excite you in 2020?

Are you planning to start your new business venture?

You must be wondering if you have your eye on the right industry or not?

Starting your own business is not easy. There are so many things to consider, from market demand to competition, but it will all be worth it. 

To help you drive the wheel towards the road to success, we’ve rounded up 5 fastest growing industries to start your business in 2020:

1. Ed-tech

Data Points for the Industry:

  • From 2014 to 2019, more than $1.8 Bn has been invested into Indian ed-tech startups.
  • The sub-segment of test preparation has the highest capital inflow & the greatest demand in India.
  • India’s tech economy growth has also pushed the demand for skill development solutions.

If educating people is something that you’re passionate about, Ed-Tech or Educational Technology may just be the startup industry for you.

The growing popularity of online learning has provided a major push to 3 of the top subsectors in the edtech market:

  • Test Preparation (from k-12 to entrance exams)
  • Online Certification
  • Skill Development

What’s the upside of Ed-Tech industry in India?

Fundamentally, India is one such market where there is a lot of focus on education. Most parents aspire to see their children aim high in education, and hence, people are willing to pay for these services. 

  • As per a study conducted by KPMG, the estimated market size for the ed-tech industry i.e. online certification and the reskilling industry is estimated to be $463 Mn (2021) growing at a CAGR (compounded annual growth rate) of 38% since the year 2016.
  • The key theme and major advantage for the ed-tech industry is: Personalisation and Inclusion
    .

Ed-tech is considered as one of the fastest growing industry in India.

2. HealthTech

Data Points for the Industry:

  • Indian Health-tech sector recorded a total funding of $586.93 Mn in the year 2019
  • Indian healthcare market to be valued at $372 Bn by 2022.
  • Some of the popular healthtech startups are CureFit, PharmEasy, Practo, etc.

Increase in population, changing lifestyles and environmental instability pose newer challenges, as new diseases appear. To tackle these challenges and focus on mass scale solutions, it is important to encourage technology & automation in the Indian healthcare sector.

What’s the upside of HealthTech industry in India?

  • Indian healthcare industry is growing at tremendous pace and is considered as one of the fastest growing industry due to increased penetration of technology, improved connectivity and enhanced healthcare policies.
  • Indian healthcare market is expected to grow threefold to Rs.8.6 trillion by 2022. 

3. FinTech

Data Points for the Industry:

  • India is experiencing a ’FinTech Boom’ by emerging as the world’s second largest fin-tech hub.
  • Indian Fintech sector received a total funding of $3.18 Bn in the year 2019
  • Some of the popular Fintech companies are Paytm, PhonePe, Google Pay, Cred, etc.

For years, FinTech (or Financial Technology) has been a hot startup sector and one of the best industry for business in India. The digital payment space in India is set to witness interesting times as WhatsApp
, the global messaging app, is coming in a phased manner with its payment services.

What’s the upside of FinTech industry in India?

  • As per Deloitte & CII’s Vision 2020 report, India is speedily heading towards becoming a digital economy with over a billion mobile phones, 330 million internet users, and 240 million smartphones.
  • B2B startups in FinTech industry are climbing the ladder
  • Some of the other areas where Fintech businesses are moving in 2020 includes taking insurance to the masses & a new wave of Fintech in education.

There is no doubt that competition in the fintech industry will intensify in the year 2020, however, it will still remain one of the fastest growing industries in India.

4. Gaming

Data Points for the Industry:

  • Smartphones accounts for a majority of online gaming revenues in India
  • India fantasy sports operators witnessed a 7 times growth since 2016, while the user base grew 25 times in India
  • 250 Mn online gamers and game developing companies were recorders in the year 2018, while the numbers were 20 Mn and 25 Mn, respectively in 2010.

Today, gaming industry has grown to become one of the biggest in the entertainment sector in the world and is considered as one of the fastest growing industry.

With smartphone penetration at its peak, the Indian gaming market ranks 5th among the world’s top mobile gaming markets. 

What’s the upside of Gaming industry?

  • Gaming industry was estimated at more than $150 Bn in 2019, and this figure is anticipated to grow to nearly $200 Bn by 2022, with a CAGR of over 9%.
  • The impact of mobile gaming is nowhere more evident than in India, where it always has always been considered a niche form of entertainment.

Games such as PlayerUnknown’s Battlegrounds (PUBG), FarmVille, Candy Crush Saga, and Clash of Clans, with social and multiplayer components, only furthered the trend, making gaming one of the fastest growing industry.

5. Data Security

Data Points for the Industry:

  • The Indian business ecosystem’s poor data security is no secret
  • The BYOD (Bring your own device) work culture is now prevalent across many offices and workplaces in India
  • India business & enterprises don’t have adequate visibility into their cybersecurity health

The more time people spend online, the more they are exposed to data breaches & violations of digital privacy. 

Due to major data privacy thefts & scandals like Cambridge Ananlytica, companies and consumers have now become more aware of these risks.

What’s the upside of Data Security industry?

  • Data privacy breach makes Cyber Security one of the fastest growing industries and creates endless opportunity for entrepreneurs and business owners willing to bet on cybersecurity and data protection as a business.
  • According to a report by PwC, the cyber security market in India is expected to grow from USD 1.97 billion in 2019 to USD 3.05 billion by 2022, at a CAGR of 15.6%

Though Data Security is one of the fastest growing industries, but starting a cyber-security company is no easy feat but the starting point could be by offering consultancy services to local companies.

If you’re thinking about starting a business soon, be where there is enough sunrises. Be a part of those sectors where the next wave of growth will come from.

We have given you a lowdown of the 5 best industries for business in 2020 and should be well considered when establishing a new business 

Categories
Finance

5 Essential Accounting Terms for Small Business Owners

Everything You Need To Know About Small Business Accounting

How often do you end a call with your accountant feeling more confused than you were before?

If you response is ’almost every time’ have no fear!

We’ve compiled a list of 5 most crucial accounting terms for small business, along with the technique to understand them with regards to your business  

1. Cash Flow

Cash Flow = Money Flowing In & Out Of Your Business

Most of the small businesses fail not because of the lack of sales or profit, but because of lack of cash in their business.

Cash is not the same thing as revenue. Sales occur when a business sells a product or renders a service, but the cash comes in the business when the company collects payment from the customer.

Being cash flow positive
 i.e. having excess cash in the business means:

  • Business is better equipped to keep up with the debt
  • Business can cover unforeseen expenses
  • Business can invest in growth opportunities

The activities that affect the cash flow of business are:

  • How quickly customers payback the company
     ’ the faster they pay, the faster cash comes in the business
  • How slowly the company pays back to its vendors
     ’ the slowly these bills are paid, the more cash is retained in the business. But you have the credibility to build too, hence this should be done within a 45-60 day cycle depending on your terms with the vendor
  • The inventory size and how many times it rotates in a year
     ’ the larger the inventory, the more cash needs to be invested in the inventory.

2. Variable & Fixed Expenses

Variable & fixed expenses are very simple but extremely important accounting terms for small businesses.

Variable expenses can increase or decrease depending upon the company’s production output in a month i.e. they rise as production increases and reduces as production decreases.

Fixed expenses remain the same regardless of the production output in a month (e.g. office rent, employee salary, etc.)

  • Small businesses should try to keep more expenses as variable and only a few expenses as fixed, to make higher profits.
  • Unused resources like employees not being able to produce at their maximum potential because the pace of the business alternates, hence such resources can become a real drag on the bottom line.
  • Businesses should try to keep such expenses as a variable by using seasonal workers, freelancers or other third-party resources, only paying them when they work.

3. Depreciation

Many business owners feel that depreciation is a complicated accounting term, which is a completely wrong perception.

Depreciation is the decrease in the value of an asset over time due to its wear and tear, new technology or market conditions.

  • Common assets that a company can calculate depreciation for includes tangible assets like machinery, vehicles, furniture, buildings etc. and intangible assets like patents, copyrights, computer software, etc.
  • For example: If a company purchases a vehicle costing Rs.500,000 and the expected usage of the vehicle is 10 years, the business might calculate depreciation on the asset at Rs.50,000 each year for a period of 10 years. 

Depreciation is an income tax deduction. By decreasing the value of the asset, your overall taxable income lowers, and hence, your tax liability decreases.

4. Cost of Goods Sold (COGS)

COGS or Cost of goods sold refers to the expenses that are directly related to the creation of the product or service of the business.

In simple language, the accounting term COGS refers to the direct costs of producing the goods sold by a company. 

COGS includes cost of the material & labour directly used to create the goods or services, and excludes indirect expenses such as distribution costs and sales force costs.

How COGS affects Business Income:

Accounting term Cost of goods sold is a business expense, just as cost of doing business. As COGS increases, the company’s profit decreases, resulting in reduction in the tax liability. 

But a business owner should keep in mind that increasing COGS means that the business doesn’t make much money overall, hence COGS should be managed efficiently to increase profits.

5. Gross Profit Vs Net Profit

Profit is the amount of money your business makes. The difference between gross and net profit is that expenses when subtracted form gross profit gives us the net profit earned. 

  • Gross profit is what remains after deducting cost of goods sold from your business’s revenue. Gross profit is your business’s profit before subtracting business expenses.
  • Net profit is what remains after subtracting all operating, interest, and tax expenses, in addition to deducting your COGS from revenue. 

To calculate net profit, you must know gross profit of your business. Small business owners should always try to increase their gross profit by reducing their cost of goods sold.

Accounting terms, Gross & net profit are both key indicators for measuring performance of a business as an industry benchmark or its competitors.

If you understand these 5 key accounting terms for small businesses, it can help you manage your accounting in a more efficient manner helping you build your enterprise.

Taking the time out to understand these accounting terms for small businesses is well worth your while and can set you up for future success.

Categories
Marketing

8 Ways CRM For Small Business Can Help Reduce Costs

CRM: An Essential Tool to Reduce Costs

  • What do businesses want today?
  • Increased Efficiency
  • Seamless management
  • Growth & Profitability

This is where CRM for business software comes in

The CRM system can help you build an organisation that can focus on increasing sales, improving employee productivity and making your long-term customers more loyal to you. Here are 8 ways that can help you reduce costs for your business

1. Cost Reduction
 

Very often, CRM systems are customized solutions created based on the specific requirements of a particular business. But there are also ready-made CRM for business software in the market that contain built-in features that are also beneficial for a business.

  • Creating a customised individual CRM system allows you to work with your personal pain points, thereby reducing those costs which are either not very essential or are present due to inefficiencies in the operations process.
  • For example: Let’s say the load has significantly increased on your customer support staff and they don’t have the bandwidth to manage the influx of new customer queries. In such a case, the implementation of the CRM for business system will help in managing the load and eliminating the need to hire additional staff, thereby reducing the costs.

2. Keeping Production Costs in Control

One of the benefits of CRM system is that it has powerful built-in analytics and accounting tools. These features enable you to manage the goods that are in the manufacturing phase or already in stock.

  • You can take into account each unit of goods with the help of CRM.
  • You can also run an analysis on which goods are sold better than the others.

This allows your business to optimize your production and reinvest the profits to produce those goods that see increased customer demand 

3. Reducing Cost of Customer Acquisition

’Retaining an existing customer is cheaper than attracting a new one’

This is a long-known law of marketing & economics. We know the business needs to grow and one parameter for growth is acquiring new customers & clients.

CRM for business system can indirectly help you generate new leads without digging a huge hole in your pocket.

Recommendations, word of mouth can lead to exponential growth in the business, and a CRM software can help in turning around these referrals into satisfied customer queries. This might lead to a conversion for your business. 

4. Streamlining & Reorganising Sales
 

Business is based on long-term relationships with your customers. This means that the sales team that represents your company needs to meet your customer personally from time to time and provide answers to all their queries till the customer is fully satisfied.

With the CRM system:

  • It is possible to plan these meetings with competence and localize these meetings at a minimum distance from each other.
  • For business, this means saving tons of time and lower transportation costs.

5. Reduction in Customer Support Service Maintenance Cost

Generally, a CRM system has a self-service portal for a customer that allows them to resolve their issues on their own, thus, reducing the load of your support desk.

Let’s take an example of the financial industry

  • The client wants to take a small loan from your company. Instead of calling you or visiting your company’s office, he fills out an online application on your site, which is automatically redirected to your CRM system and a specific manager is assigned to this task

Thus, the business immediately gets the opportunity to initiate working with the leads bypassing transit points in-between, like calling the support service.

6. Reduces cost of Mistakes

How many times have you been in a situation where your manager mixed up a customer’s contact details, forgot to call back, mixed up goods in package or simply sent them to the wrong customers?

All these situations affects your brand images and hurts the trust built but the customer  

With a CRM for small business system, the chance of a human error or forgetfulness tends to be zero. 

Every manager remains up-to-date on what he needs to do right now according to the company’s strategy.

7. Improves Tracking Methodology

Tracking & Evaluation can help in a big way to track the growth of your company. With CRM for business, every team can track and make changes in their functions

Sales Team can track the lead conversions, Service team can track customer satisfaction index, and marketing team can track what strategies generated how much business. Hence it gives a clear direction to managers on future steps

8. Reduction in Paper Waste

Businesses should also focus is on being green these days; hence unnecessary usage of paper can be eliminated with the help of CRM since everything is just a click away

CRM for small business software keeps everything ’ customer’s contact details, sales records & numbers, documents ’ all in one, easy to access application.

There are many ways in which CRM software can be proven beneficial for your business, but how it can impact the bottom line of your business is one of the most important. 

These 8 ways can help you reduce your costs substantially leading to increased efficiencies, giving a boost to profitability & growth. 

Categories
Strategy

3 Important Tips To Improve Your Logistics Strategy

Improve your Logistics Strategy & gain Customer Loyalty

’The sustainability of your business isn’t just based upon acquiring new customers, but also on your ability to maintain a loyal customer base who buy from you time-to-time’

Every business owner knows that the cost incurred to acquire a new customer is always way more than to keep an existing one 

To create a loyal customer base it’s essential to build a reliable & best logistics strategy. Here are 3 tips to build a consistent logistics framework

1. Preparation is the Key:

Managing your inventory and choosing right logistics partner are the most important steps to create the best logistic strategy for your business.

It seems obvious but if you don’t have the products that you’re selling to your customers in the warehouse, sooner or later you are going to disappoint them. Hence, whether you procure and manage your supply in-house or outsource it, you need to have this element under complete control.

The best way to manage an accurate inventory?

  • Tracking your goods: For small business owners, it is essential to master the art of supply and demand, which is not any easy thing.
  • Regularly reviewing your stock forecasts and committing enough time to calculate safety stocks.

An effective way to create the best logistics strategy is to always connect with all parts of the supply chain- such as suppliers, partners, and companies.

2. Choose Reliable Logistics Partners and Tools

The second step to creating the best logistics strategy is to choose consistent logistics partners & tools. Many startups or smaller businesses prefer to keep logistics as an in-house function because involving a third party agency or a vendor means additional cost for the business.

According to our Bada Business Professor, Mr. Harpreet Singh Malhotra – Managing Director, Tiger Logistics (India) Private Ltd, budding entrepreneurs or business owners should focus on their strengths which is the product and should outsource the logistics service at the initial stage of business.

Outsourcing the logistics service helps in the following ways:

  • Focus can be directed towards the core business and product
  • Taking advantage of the expertise of the logistics partner
  • Bringing economies of scale in the business
  • Cost-effective and timely solutions

How to choose the right logistics partner?

To choose the right logistics partner for your business, you should consider the following points:

  • Product Knowledge:
    Your logistics partner must have the essential knowledge about your product. 

For example: If you’re in the food grain business, then your logistics partner should be the one who has sufficient knowledge about this domain and can make sure that grains are delivered in time without any loss to the product.

  • Reliability of the partner company:
    Your logistics partner needs to be someone, you can completely rely upon. This can be evaluated on the basis of the following:

The capability of the company to handle your products

– Credibility in the market

– Ability to give the benefits of its vendors to you

– Timely delivery of the product

– Reasonable costing of delivery

– Experience in a similar product line or product mix

3. Offer a wide range of options to your customers

Last but not the least, to create the best logistics strategy you need to offer a wide variety of options to your customers.

Flexibility is an absolute must nowadays. Today the customers are me-centric and expect the business to provide the options that fit in with their lifestyle and needs. And when it comes to logistics & order fulfillment, this is very relevant and crucial.

Many customers discontinue and leave their shopping cart when choosing the delivery option. Why?

Because customer haven’t found the delivery option they wanted. Keep in mind, as a business you have to consider and offer both delivery/pickup options and the speed at which these functions take place

  • Many customers want a door to door shipping option while others feel that a pickup delivery option is better and works for them well.
  • To maintain an edge over speed, you can offer regular, express and even same day or next day delivery services.

This helps you to become the preferred brand for your customers and builds a good reputation in the market.

We hope these tips help you create the best logistics strategy that will not only be good for your business but for your customers as well, leading to a long-lasting relationship with them. An efficient logistics strategy creates loyal customers for your business and loyal customers can help your business grow.