Category: Startup

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Startup

STPI Selects 42 Startups in ‘CHUNAUTI’ Challenge Hunt; Here’s How Startups Would Benefit Under the Next Generation Incubation Scheme

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New Delhi, April 14: A total of 42 startups from different domains will now be eligible for benefits under the Next Generation Incubation Scheme. The 42 startups that belong to multiple domains including ed-tech, agri-tech, and fintech have been selected in the ‘CHUNAUTI’ screening contest. Omkar Rai, Software Technology Parks of India (STPI) Director-General told PTI that these startups were selected through a rigorous process and screened through multiple rounds that included the presentation of business plans, innovative ideas, feasibility of the concept before a panel of eminent experts, including key industry representatives.

Reports inform that over 6,700 applications had been received, about 1,820 applications qualified and 111 applicants were selected for the presentation round. In the final selection round, a total of 42 startups were chosen in domains such as ed-tech, agri-tech and fin-tech solutions for masses (18 startups), infrastructure and remote monitoring (8), jobs and skilling, linguistic tools and technologies (4), medical healthcare, diagnostic, preventive and psychological care (5), and supply chain, logistics and transportation management (7).

The STPI, an organisation under the Ministry of Electronics and IT, executes the Next Generation Incubation Scheme (NGIS). The main aim of the NGIS is  to identify, in all, around 300 startups (over 3 years) working in identified areas and provide them with a seed fund of up to Rs 25 lakh and other facilities. The government has earmarked an amount of about Rs 95 crore over 3 years for the programme. More startups will be onboarded through the duration of the scheme.

  1. The STPI has picked up 42 startups finally for onboarding under `CHUNAUTI’, which is a screening process for selecting young entrepreneurs. The scheme is Next Generation Incubation Scheme, and CHUNAUTI was the shortlisting process.
  2. CHUNAUTI programme aims to identify around 300 startups working in selected areas and provide them with a seed fund of up to Rs 25 lakh and other facilities. The government has earmarked an amount worth Rs 95.03 crore over three years for the programme.
  3. The scheme “enthused” young entrepreneurs in smaller towns, and is expected to foster an enabling environment of entrepreneurship in Tier 2 and 3 locations.
  4. “The response was overwhelming, despite the backdrop of the pandemic. Given the response this time, we expect the next phase to be even more exciting,” Rai pointed out.
  5. The selected startups will be incubated by STPI and provided with stipends/seed funding and other facilities to set up their venture.
  6. The scheme has more than 125 mentors and 46 knowledge partners. “These 42 startups are just the beginning, and on average we will host 100 startups every year…,” Rai said.
  7. The services offered by NGIS to its beneficiaries include physical infrastructure (including state-of-the-art incubation and dedicated Software Product Security Testing facility), mentoring, access to VCs for funding support, advisory services (such as HR, Legal, Accounting, IPR/Patenting) along with financial incentives like the seed funding of up to Rs 25 lakh.

Startups pan-India could apply and become NGIS beneficiary. Each NGIS location has a dedicated chief mentor along with a ‘mentor pool’ and knowledge partners. The NextGen Startup Challenge was launched by Minister of Electronics and IT, Ravi Shankar Prasad, in August 2020. The objective of the initiative is to identify and support solutions for sectors and domains that have emerged as a priority in the post-pandemic world. NGIS is focused on 12 Tier-II locations in the country — Agartala, Bhilai, Bhopal, Bhubaneshwar, Dehradun, Guwahati, Jaipur, Lucknow, Prayagraj, Mohali, Patna and Vijayawada.

 

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E-Commerce Process & Business Expansion Startup

Online E-commerce Store: 4 Incredibly Powerful Ways to optimize your E-commerce business!

Without a doubt, the pandemic has changed the world operation. Society has changed the way in distinct ways due to Covid-19, and companies and businesses too joined in. And as the pandemic continues, be it a small or a large organization, all the companies have pivoted to online sales to not only survive and break through the challenges but also to keep their employees and customers safe.

According to a report by India Brand Equity Foundation, ‘the Indian E-commerce market is expected to grow to US$ 200 billion by 2026 which was US$ 38.5 billion in 2017.’

Entrepreneurs who are willing to embrace this change and prepping up to align with the dynamic market trends need to understand that it takes more than a digital storefront to create a successful E-commerce business. Unless every single visitor that comes to your website makes a purchase, there is always a scope for your improvement, and E-commerce optimization could be the key.

With the increase in internet and smartphone penetration, the number of internet users in India significantly risen to 760 million. These statistics have opened wonderful opportunities for those who know how to optimize their E-commerce business.

So how can you optimize your e-commerce business to boost sales?

Here are 3 effective ways that will give guaranteed increase your E-commerce conversion rate:

1. Make Remarkable Product Pages

Your product is what you are trying to sell, right? So, your primary step should be to create product pages that are clutter-free and showcase conviction for the visitors to purchase. Always try to keep it simple and easy to navigate for users, as the users tend to lose interest in sites that do not have an attractive and easy-to-navigate interface.

Don`t believe us, but the statistics, according to which 38% of people find websites with uninteresting content and layouts unattractive and will stop engaging. Result? Drop-in sales.

a). Product Placements– Try to make your business website as simple as you can. Place your products on both the hierarchy and history (where people have visited the site). You can also give your products catchy and SEO-friendly titles. This will help your website pages to rank in Google search and will bring more visitors to your website.

b). Product Images– Work on your product images too. The images of your products can encourage customers to purchase them. Include pictures of your product taken from different angles to give customers a good view of the product they are interested in.

c). Product Descriptions- A well-written product description gives all the necessary details that will help shoppers to see how the respective product will add value to their lives. At least, the best ones do!

2. Bring your Product Pricing on Point

It is essential to get your pricing right, or else no shopper will buy. There are few brilliant ways to do it. Here are the best three:

a). Place Two Products together- Did you know that placing two products side-by-side can increase the sales for lower-priced products? If you have a product that is not in demand and have fewer sales then you can put a premium version side-by-side. This will divert customer`s attention towards the lower-priced item and will double up your sales.

b). Have a clear CTA- Want more shoppers to buy your products? Then you have got to direct them to do so. This is why it is essential to have a clear ‘call-to-action that uses action, words and creates urgency amidst the customers to take immediate action.

c). Reduce Analysis Paralysis- ‘Analysis Paralysis’ is a term that describes the pattern of overthinking and overanalyzing that causes decision-making to become paralyzed. This happens on an e-commerce platform very frequently. With overwhelming choices to choose from, a visitor can get confused. Hence, it is best to keep the copy short and highlight the preferred option to reduce on the pricing page.

3. Win your Customers with Personalization

In this busy world, where people are always up to something, they hate seeing irrelevant content.

A report by Gartner says good personalization can increase profits by 15%. Hence, personalization can help shoppers to go directly to what they are looking for. Display relevant results, personalized offers, and content to your consumers in which they are truly interested. For instance, if a person is looking for a psychology book, showing him fictional books or mythological characters will not help him or her in any way.

This will result in losing a potential customer, who might decide never to visit your website again. Hence, use the data that you already have from the web and social analytics that shows who they are, what they like, and what they were looking for on your website.

Even if a visitor leaves your site without purchasing anything, you can send a personalized e-mail to them for your next promotional offers.

4. Optimize for Mobile

According to a survey by Sweor smartphones held a 63% share of all retail website visits. Hence, this is one E-commerce optimization that no online business store can afford to skip. Today, people use mobile devices than desktops. It is also one of the most vital channels for researching products and services.

Optimize your page titles and descriptions for mobile search. You can also integrate the voice search feature as well. You need to have a marketing strategy to build campaigns that will attract more visitors to your website and can increase boost conversion by 150%.

Today, users are keen to do online shopping and get products delivered to their doorstep. Hence, the E-commerce business has a brilliant future in India, and this trend is going to stay now!

If you want to start your E-commerce store or already have one, you can learn from premium quality of business courses provided by one of the best business consultants in India– Bada Bubsiness.

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

 

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Business motivation Startup

Startup Nurturing Platform India Accelerator Plans To Select 100 Startups for Seed Funding in 2021

Startups (Photo Credits: Pexels)

New Delhi, April 5: In a bid to nurture and encourage the startup ecosystem in India, start-up nurturing platform India Accelerator has planned to expand its start-up portfolio by over three-folds in 2021 with investment in around 100 such ventures. Reports inform that the company invests Rs 25 lakh in select startups every year, provides guidance and connects them with other investors as they mature, India Accelerator founder Ashish Bhatia told PTI.

According to a PTI report, Bhatia said the company is close to launching SEBI-approved alternate investment funds both for category 1 angel fund and category 2 venture capital fund, which will be providing more funding opportunities for startups. The founder of the firm said that during the COVID-19 pandemic the company has expanded footprint to select startups from across India and is now planning to launch its programme overseas as well in Dubai, Africa, Singapore, London and USA.

Here’s how India Accelerator (IA) has helped startups in India

  1. India Accelerator (IA) had invested in around 30 startups in 2020.
  2. According to TiE report, there are around 38,000 active startups in the country, out of which 26 are unicorns.
  3. Bhatia said that IA has partially exited from five startups with up to six-fold return on investments.
  4. Reports inform that the startup ecosystem in India had attracted USD 14.5 billion of funding in 2019.
  5. Since August 2017, IA has selected around 70 companies for acceleration. In 2020, IA has closed 27 funding transactions and around two-third of portfolio companies have raised their follow-on round of funding.
  6. During the COVID-19 pandemic the company has expanded footprint to select startups from across India and is now planning to launch its programme overseas as well in Dubai, Africa, Singapore, London

“While Accelerator programme is the core foundation for the success of our startups, there are other critical pieces needed to help grow a startup, these (new funds) help us in expand even further — to new geographies and in other domains, thus helping us to move forward with our target of picking up 100 high-pot startups every year,” Bhatia said.

“Covid was of course unplanned disaster, a lot of startups sank. Nevertheless, it helped us move to remote areas. Earlier you heard about startups from NCR, Jaipur, Rajasthan, Gujrat, they only could come and apply. Now we are mentoring startups from Kerala, Chennai, West Bengal, we have become a pan India entity,” Bhatia said.

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Startup

Yes Bank Targets Startup Sector, Ties Up With GVFL To Support the Growth of Indian Startup Ecosystem

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Mumbai, April 4: With an aim to help startups, lender Yes Bank has tied up with GVFL Limited to broaden its services for the start-up sector. The two companies have entered into a Memorandum of Understanding (MoU) to strengthen Fintech-led innovation and support the growth of the Indian startup ecosystem.

Under the pact, the MoU will enable the bank to offer various products, digital banking solutions, and many other facilities that will benefit the startups associated with GVFL Limited, Yes Bank said in a statement. The bank will offer its curated digital transaction banking product suite, including its flagship API-based offerings to startups and FinTech companies.

Furthermore, the MoU would promote innovation and investments across India by leveraging the capabilities of GVFL and the Yes bank, the statement added.

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Startup

Amazon Launches ‘AWS Space Accelerator’, A Business Support Programme, To Help Space Startups Grow

Startups (Photo Credits: Pexels)

San Francisco, April 3: To give a major fillip to startups across the world, Amazon Web Services (AWS) has rolled out the ‘Space Accelerator’ to help and encourage the startups. The Space Accelerator is a four-week business support programme to help space startups grow. The programme is open to space startups seeking to use AWS to help solve the biggest challenges in the space industry, the company said. c

About the ‘Space Accelerator’ programme:

  1. The programme will provide technical, business, and mentoring resources to space startups around the globe.
  2. AWS is offering this opportunity in collaboration with Seraphim, a London-based investment group focused exclusively on the space industry, who will provide business development and investment guidance.
  3. AWS and Seraphim will select a cohort of space startups to participate in an intensive, four-week programme with AWS Cloud and technical training to help them accelerate research, development, and growth using AWS.
  4. The AWS said that the applications are already open and proposals are due by April 21.
  5. AWS and Seraphim are accepting applications from innovative startups at all stages of maturity working with space technology or space-derived data who have a clearly defined and unique mission.

Clint Crosier, Director of Aerospace and Satellite at AWS, said in a statement said that Startups provide a catalyst for bold new experimentation in the space industry.  “We are proud to announce the AWS Space Accelerator as part of our ongoing commitment to help startups succeed, and to shape the future of aerospace. We look forward to helping the first cohort of companies launch and grow through this new programme”, Crosier said.

The AWS said that qualifying missions can include, but are not limited to, earth observation, electronics and robotics, spacecraft launch and delivery, spacecraft hardware and software, launch manufacturing and launch operations, and more.

 

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Startup

SMBs in India To Get Major Boost As Microsoft and Intel Help Empower SMBs With New Range of Modern Devices

Businesses in India (Photo Credits: Pexels)

New Delhi, April 3: With an aim to empower small and medium businesses (SMBs) in India with modern devices, Microsoft and Intel has announced the availability of a range of Windows 10 Pro devices powered by the Intel vPro platform. The new range of modern devices aims to provide SMBs the agility for adapting to a constantly changing world. Microsoft and Intel understood the significant challenges that SMBs face with computer systems, which are more than four years old, in terms of performance, productivity, security and manageability, and inked a pact to help them.

Farhana Haque, Group Director – Devices, Microsoft India, said that the new modern Windows 10 Pro devices powered by the Intel vPro platform will give employees the tools to work confidently. “The new line of modern Windows 10 Pro devices powered by the Intel vPro platform will give employees the tools to work confidently and securely and help them rise to any challenge. Improving workforce productivity, enhancing security and reducing overall costs are top of mind for SMBs and refreshing older devices periodically can truly help them do more,” Haque said.

Here’s how the collaboration aims to help Indian SMBs:

  1. Windows 10 Pro devices powered by the Intel vPro platform would help seamless multitasking across apps by up to 35 percent faster.
  2. It would help in using applications remotely without issues and also increases overall performance by up to 40 percent.
  3. New Windows 10 PCs are a highly strategic investment for SMBs to succeed in the modern workplace.
  4. “Intel’s vPro platform brings unmatched performance, comprehensive hardware-based security, connectivity, and remote manageability, solving for critical IT pain points and to meet the evolving needs of employees,” Roshni Das, Director – Marketing, Intel India, added.
  5. Some of the latest features in the new devices include hardware-to-OS security reporting for enhanced security of devices, identities and long-lasting battery life that can help power through the day.

In a bid to protect the safety and health of every person and honouring its commitment to environmental sustainability, Microsoft partners with recycling organisations, joins forces with collection schemes, and works with supply chain partners to facilitate the return and end-of-life management process of devices, batteries, and packaging.

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Business Startup Ideas Marketing Sales Startup

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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Startup

CHUNAUTI Startup Challenge: STPI Receives Over 6,500 Applications For The Challenge Hunt

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With an aim to encourage innovation and entrepreneurship in the key sectors across India, the Software Technology Parks of India (STPI) announced that it has received 6,708 applications for the Challenge Hunt under Next Generation Incubation Scheme (NGIS) by Advancing Uninhibited Technological Intervention (CHUNAUTI). In August 2020, CHUNAUTI was launched by Electronics and IT Minister Ravi Shankar Prasad. The program aims to identify around 300 startups working in selected areas and provide them with a seed fund of up to Rs 25 lakh and other facilities.

According to a report by PTI, the government has earmarked an amount worth Rs 95.03 crore over three years for the programme. About 1,820 applications qualified and 111 applicants were selected for the presentation round, a statement said. The consolidation of scores and the finalisation of results is underway. The final list of selected startups will be announced soon that will be incubated by STPI and be provided with stipends/seed funding and other facilities to set up their venture, it said.

The report said that maximum applications were received for edtech, agri-tech and fintech sectors (767), followed by jobs and skilling, linguistic tools and technologies and healthcare sectors at (312) and (308) applications, respectively. In terms of regions, Maharashtra leads the tally with 215 applicants followed by Uttar Pradesh (199), Odisha (138) and Madhya Pradesh (129).

“The initiative aligns with our vision to foster an innovative ecosystem for the development of indigenous software products. The selected startups will receive end-to-end support through financial assistance and mentorship that will encourage innovation and entrepreneurship in the key sectors,” Omkar Rai, Director General of STPI, said.

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Business motivation Startup

5 Surprising Myths about Entrepreneurs that need to be busted!

Do you have what it takes to be an entrepreneur?

If you will ask any entrepreneur who has built a startup, he or she will tell you that starting a company is just like having a baby. The slight line between the two is very sleek. And just like parenthood, entrepreneurship is not for the faint-hearted. It is emotionally draining, physically, and spiritually tough.

Starting a business requires courage to take risks, patience to face the worse, and confidence to manage everything with panache. That being said there are plenty of ideas, notions, assumptions, beliefs, and most common myths that surround entrepreneurs.

Some of them might inspire a lot of you; while some of them might prove to discourage you to start your own business. However, these myths are far from true and superficial too.

Here is a list of all 5 common misconceptions about entrepreneurship that we will go through and debunk to present the truth behind them. If you are on the fence about building a startup, take a look at these myths getting debunked:

MYTH 1- Entrepreneurs Lack Personal Life

Lots of people believe that entrepreneurs work 24 hours a day, 365 days a year. Though entrepreneurship can take grueling working hours and commitment, it is not true that entrepreneurs do not have a personal life.

Part of being your boss means you can schedule your working hours and can take time off whenever you want. Certainly, this does not mean that you can take off whenever you don`t feel like coming to work, it simply means that you can attain a cordial work-life balance.

Also, one of the key skills to become a successful entrepreneur is to acquire brilliant time management skills. So, if you can establish a proper work routine, you won`t have trouble finding free time.

MYTH 2- Wait for the Right Time

A common misbelief where people believe that they should wait for the right time to launch a business can prove costly. Perhaps, this could be one of the reasons, why most of the excellent projects never see the light of the day. The truth is that there never really is a “right” time. Most people never feel fully ready.

The secret behind the success of few entrepreneurs is that prepare themselves for the future by taking small steps. You can take all the time in the world to plan, build and then put it off for years, but if you don`t execute it, you are not going to go anywhere.

If you wait for the right moment, you will keep waiting forever. There is not a set date or an alarm that will go off announcing, “Today is the day!” The sooner you begin, the sooner you will get closer to a sustainable and profitable business.

MYTH 3- You need to Know Everything Before Taking the Leap

In the bestselling book, Rookie Smarts, author Liz Wiseman asks the million-dollar question- Is it possible that we can be at our best despite being under-qualified or trying something for the first time? The answer is yes- with the right, focused, and a positive mindset.

Being new, curious, and somewhat naïve is an asset in today`s dynamic world. Sounds strange, right? However, there is a logical reason behind it. To be successful at anything new requires energy, innovation, creativity, and the ability to step outside your comfort zone.  It`s often not what you know, but how fast you can learn is that counts.

MYTH 4- Entrepreneurs take a lot of Risks

Entrepreneurs do take risks! However, this doesn’t necessarily mean that they put themselves in a high-risk situation. Entrepreneurship is generally considered a risky proposition and many risks are associated with your business. However, contrary to popular belief, entrepreneurs smartly plan their every step to reduce risk.

They follow a calculated learning and experimentation process, actively taking steps to mitigate risk early and continuously.

MYTH 5- Entrepreneurs are only Driven by Money

Would entrepreneurs start a business in which they can`t make huge profits? Never! However, there is more to it. Generating revenue is not the only motivation for small business owners. It is not even first on their list. Following their lifelong dream and achieving their passion is the main motivation for entrepreneurs.

Then, comes financial stability. It does not mean that you are buying Ferraris. Being financially stable simply means that you are living a comfortable life and able to make ends meet. Money is a motivator, but not as important to entrepreneurs as people assume.

Dreams and ideas are two fundamentals, but also you will have to believe that it`s possible to achieve them. More and more men and women are starting a business. Everyone can get the skillset and mind of an entrepreneur. But to be a successful entrepreneur passion, confidence and the willingness to never give up are the most essential.

Want to be a successful entrepreneur? Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

 

 

 

 

 

 

Categories
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