Month: September 2019

Categories
Process & Business Expansion

How to Expand Your Business

?Introduction

  • Do you want to expand your business?
  • Do you know how to expand your business at a low investment?

In the last century, the business was done in the traditional way wherein a businessman needed to develop the whole business. However, with the advancement in technology, the way to do business has changed.

Now, you need not develop the whole business. You can convert a small idea into a big conglomerate.

In this article, 6 case studies of renowned companies will articulate you how to expand your business. They didn’t do everything by themselves. Instead, they made one thing their competitive strength and spread their business all over the world.

Case Study -1: Apple iPhone

No one knows better than Apple, the world’s most premium mobile manufacturing company, how to expand business across the world without increasing expenditure. 

Apple manufactures zero mobile of their own. Each and every part of Apple’s mobile is manufactured by a different company. For instance,

  • Batteries of Apple phones are manufactured by Samsung in South Korea
  • The display is outsourced to Japan Display & Sharp Electricals in Japan and LG Display in South Korea
  • Flash memory is made by Toshiba in Japan and Samsung in South Korea, etc.

The main reason behind the success of Apple is that they focused on the asset-light model by outsourcing the manufacturing part to different companies all over the world.

Had it been manufacturing all parts on its own, it needed to spend a lot of capital, manpower to establish and manage its manufacturing plants, which would have made it difficult for the company to spread all over the world.

Therefore, instead of manufacturing different parts, they have focused on innovation and building their strength to get a competitive advantage.

Case Study -2: WhatsApp

WhatsApp, the world’s largest internet-based messaging services provider, has no server of its own. It uses the fly light model, which is one of the ways to how to expand your business. 

Before creating WhatsApp in 2010, Brian Acton and Jan Koum went to get a job in Facebook but they were rejected.

As Facebook felt the warmth of mind-blowing success of WhatsApp, it acquired WhatsApp for $19

billion in 2014.

Case Study -3: AIRBNB

It is another case study which shows how to expand your business.

AIRBNB, the world’s largest accommodation provider, possess zero property in their own name.

They are the first one to directly connect consumers with consumers (C2C).

They earn 10% commission from property owners (i.e. hotels) and 3% on each successful transaction from customers.

Flying on the asset-light model, now, more than 2 lakh people are daily booking hotel rooms through AIRBNB globally, making it 30 billion-dollar company.

Case Study -4: Facebook

Despite having zero content of their own Facebook has emerged as the world’s largest content management company.

Today, Facebook has more than 2.27 billion active users around the globe.

However, Facebook didn’t become what it is today in one day.

Initially, it was created by Mark Zuckerberg as a site, ’Hot or Not’, during his college days, which was a failure.  

From past debacles, Zukerberg learned better how to expand business as he dropped out of college to start Facebook in 2004. 

Learning from his previous failures and understanding the market need, Zuckerberg brought many massive changes in it.

Case Study -5: Uber

It is a case study of how to expand your business.

With no taxi of their own, Uber, has become the largest taxi service provider in the world.

By connecting the taxi owners with travelers, not only they made traveling hassle-free, but they generated hundreds of thousands of jobs around the world. Currently, it has 2 million drivers globally with 50,000 drivers joining it per month.

Case Study -6: Alibaba

Alibaba is the largest network of sellers and buyers. It is the world’s most valuable retailer with zero inventory in its own name.

To scale up the business, Alibaba created its own payment portal. Now, they don’t need a third party for payment gateway.

  • It focused on its strength and innovation.
  • Currently, it has 600 million consumers across the world.

In the above case studies, you have observed that the success of a company depends on how easily it can expand in the different parts of the world. To do so, your business should be based on the asset-light model.

 

If you want to expand your business all across the world, then make it scalable, make it light enough to fly high in the sky.

If you are an entrepreneur or planning to start a business these case studies will undoubtedly help you know how to expand your business with the help of asset-light model. 

Categories
Motivation & Mind Control

How to deal with negative emotions

Introduction

  • Are you suffering from negative emotions?
  • Are you deal with emotions effectively?

Emotions of a person have a significant effect on his personal and professional life.

If you know how to deal with negative emotions, you will grow very fast.

Let’s understand the best techniques to deal with emotions effectively in life.

Tip #1: Every Negative Incident contains Positive Intent!

To know how to deal with negative emotions, you need to understand the new philosophy.

According to the new philosophy, the complaint is a gift and negative emotion is also a gift. Every gift does not come in beautiful wrappers on your way.

Every negative emotion, negative incident, complaint, and even tragedy comes into your life as a gift. You need to find that hidden gift in these situations.

Once you instruct your mind that this is a gift for you, your mind starts identifying how it is good for you.

When you change the way to look at things, the things you look at they change!

Your performance depends on your emotions. You can either be a performer or a parasite in a company depending on the emotional level you are operating at.

When you are operating at negative emotions, you perform far below your potential. But, once you shift your level of negative emotions to positive emotions, you will have much more potential to explore and deal with emotions.

What message a negative incident or negative emotion is giving to you?

Try to identify it.

If your mindset is good, then your skillset will also be good.

Let us take the example of a tree to understand how to deal with negative emotions by empowering your mindset.

For Example:

The part of the tree below the ground is like the belief or mindset of a person while the part of the tree above the ground is like the behavior or the skill set of the person.

If the roots of a tree are deep and strong, then the upper part of the tree including stems and leaves will also grow well.

Similarly, if the belief or mindset of a person is strong, his skill set will be corrected automatically. So, it is important to influence the mindset of the person.

Therefore, you need to Re-develop | Re-orient | Re-think | Re-birth | Re-invent | Reform | Refresh | Re-wire your mindset.

Tip #2: Identify Three Positive Messages in Negative Emotions

To deal with emotions, you should identify three positive messages in negative emotions.

It is the second tip on how to deal with negative emotions.

Write down three positive messages that the negative incident is giving to you.

Imagine how powerful you will become once you find the greatness in your negative incident.

Once you start writing the three positive messages in the negative incident, you will start realizing the changes in your energy.

The main problem faced by people is that some of them are able to identify the positive message while others are not able to identify the message.

As fast as you identify the message, the faster you come out of the situation.

Tip #3: Motions in Physiology Impacts the Emotions of Psychology

It is one of the tips on how to deal with negative emotions.

This point means that your emotions will be corrected when you start working on your motion.

Once your physiology is correct, it will have an impact on your psychology.

It is important to rectify and improve both physiology (motion) and psychology (emotion) to get success.

Correct your emotion and perception first and then take action. This will help you to get success.

Physiology, motion, and action are the parts of physical transformation while psychology, emotion, and perception are the parts of mental transformation.

When physical and mental transformation comes together, they lead to success.

You cannot handle negative emotions while sitting in a room. You have to take opposite actions to handle these emotions.

Negative Emotion   +   Opposite Actions   =   Success

In our holy books, it is written:

हि सुप्तस्य सिंहस्य प्रविशन्ति मुखे मृगा:

It means that a deer will not enter the mouth of a sleeping lion on its own. The lion has to wake up and hunt the deer to catch it.

Every emotion has a message. You need to identify what message it is giving to you. Also, you need to determine how you will shift yourself during that time and how to deal with negative emotions.

Categories
Marketing

How to Create a Hook to Attract Customers

Introduction

  • Do you want to increase your sales?
  • Do you know how to create a hook to attract more customers?

As a hook is required to catch a fish, similarly you require a hook in your product to catch the customer’s attention. You require a hook in your advertising brand campaign.

Your customer is busy. If you provide him a complex and long message, he will forget it quickly. You need to grab his attention in the minimum time.

You need to create that attention grabber through which the customer is able to connect with you.

This attention grabber is the hook.

Before you get to know how to create a hook, you must know what it is.

What actually a Hook is?

A hook is any benefit or information about your product that the customer can recall.

It can be a small title or a tagline explaining what you are doing differently in your business.

It also includes a promise or commitment that your customer requires.

Your hook should be surprising, touches the extreme emotions, and exclamatory.

Use a hook in your all the communication material including your website, brochure, business

card, hoarding, lanyard, landing page, social media, email, or your corporate dress.

How to Create a Hook?

You can create a hook through six types of hooks.

Fear of Missing Out (FOMO)

Your customers should have a fear that they can miss out on your product.

Good hook sentence example:
 

’Sirf ek tapakti boond, apki kismat badal sakti hai.
’ The advertisement of m-seal created a hook by using this catchy sentence. 

Customer Convenience or Comfort

You can create a hook that promises customer convenience or comfort.

With given example let’s understand how to create a hook by using the sentences that comfort consumers. 

Good hook sentence example
: Surf excel created a hook by saying, ’Daag ache hain.’

It promises the mothers that they need not worry about the stains as it can be easily washed with the help of their product.

The feeling of Belongingness and Relation between the Company and Customer

Good hook sentence example:

The tagline of Tata Salt is, ’Desh ka namak, Tata namak.’

This creates a feeling in the hearts of the customers that this is our country’s salt.

Help your audience to achieve their goals: Your tagline should be like -you can help the customer in solving their problem or achieving their goals.

Good hook sentence example:

Big Bazar says, ’Is se sasta aur accha kahin nahi.’

This is an assurance to customers that we will help you in achieving your goal of purchasing the cheapest and best products.

How to Create a Hook by Power of Thrill and Excitement

Good hook sentence example:

Mountain dew says, ’Darr ke aage jeet hai.’

All the advertisements of mountain dew include adventure and thrill like people climbing in the mountains. This gives a feeling of thrill among the customers.

Convert Hurt, Mystery, or Disappointment into Hope

Good hook sentence example:

CP Plus is a CCTV camera brand which became famous from its hook: ’Upar wala sab dekh raha hai.’

In the advertisement, someone is stealing something but is being watched by top-fitted CCTV cameras. In the background voice says, ’Upar wala sab dekh raha hai’ referring to the CCTV cameras.

Essentials for Creating Hook

For creating a hook, you need to be:

  • Creative and think out of the box.
  • Conduct research about your competitors and the taglines they are using to attract customers.
  • Study the buying behavior of your existing customers.

Your hook should be the problem-solving USP of your product. It should be able to take out or touch the hidden emotions of your customers.

So, your hook should be like that it can enable your customers to recall your product immediately. For this, you can use the six types of hooks discussed above. 

Categories
Motivation & Mind Control

How to Control Your Mind

स्टार्टअप
स्टार्टअप

Introduction

  • Do you want to learn ways to how to control your mind?
  • Do you want to improve your performance?

The mind can take you anywhere you want. You can do great things by controlling your mind. So, how to control mind?

Don’t Control your Mind, Just Engage It!

If you have a clearly defined goal statement, and you engage your mind, your mind starts absorbing the knowledge, data, and information.

Because; Mind always needs an engagement, Mind does not stay in a vacuum.

Doctors are using the Placebo Effect to control your mind and help you grow.

Let’s take forward the discussion on how to control your mind with patterns of thinking.

Two Patterns of Thinking

To know how to control your mind, you need to understand the patterns of thinking.

We unconsciously learn a lot of habits. These habits form our thinking patterns.

There are two types of thinking patterns – Structured Pattern of Thinking and Accidental Pattern of Thinking.

Structured Pattern of Thinking

It helps you to get whatever you want in your life. It takes you where you want to be. In this pattern of thinking, people look for learning and edutainment.

Accidental Pattern of Thinking

It gets you what you don’t want in your life. It leads you where you don’t want to be. In this pattern of thinking, people always search for leisure and entertainment.

You are not leading your life; your patterns are leading your life.

Your unfulfilled desires and your past experiences have settled inside as patterns in your life.

How to Control Your Mind by changing Patterns of Thinking?

To know how to control mind, you need to change your thinking patterns.

Always remember, you continue with your same patterns until you create a new pattern to actually develop a pattern.

To put it another way,

You are programmed until you program a new program for yourself.

So, your psychological-neurological system is actually working with the programming that you have created.

This is called “Neurological programming” that you have developed for yourself. And, this programming is leading your life.

So, what you are looking for? Are you looking for leisure or learning?

This you need to decide to understand how to control mind.

Replace Entertainment with Edutainment

To know how to control mind, you need to replace entertainment with edutainment.

A man with a structured pattern of thinking will replace edutainment with entertainment. He will look for great learning.

Remember: “If you want to double the rate of your growth, just triple the rate of your learning.”

Iconic leadership is not about entertainment, it is about edutainment.

For making structured patterns, you just need to replace, reinforce, and reinstate your old patterns.

Meaning ABCDE model: A – Analyze | B- Brainstorm | C- Create | D- Deliver | E- Evaluate your old patterns.

According to Chapter 6, Verse 26 of Bhagavad Gita:

yato yato niscalati, manas cancalam asthiram,

tatas tato niyamyaitad atmany eva vasam nayet

It means, in an accidental pattern of thinking, your mind will go wherever it wants because it is unsettled and restless. But, you have to bring this unsettled mind under your control if you want to grow.

If you want a revolution, then you first require the evolution of your mindset. You need constant learning if you want iconic growth in your life.

Categories
Marketing

How to Build Customer Loyalty

Introduction

  • Is your customer loyal to you or feel connected with you?
  • Do you want to know formulas to calculate customer’s loyalty?
  • Do you want to know how to build customer loyalty? 

Getting a customer is easy, but getting their loyalty is the difficult part. To make your customer loyal, you first need to do his purchase analysis.

Whenever a customer comes to your store, you need to observe which kind of products he is purchasing and in which kind of products he is interested.

If you incentivize the products in which he is interested, he will buy your products and become your loyal customer.

To know how to build customer loyalty, you need to understand the customer loyalty formula. 

Following are the 5 important loyalty formulas on how to gain customer loyalty.

Formula #1: Repurchase Rate

The repurchase rate is one of the formulas to know how to gain customer loyalty.

Repurchase rate = (Number of repurchases/ Number of unique purchases) x 100

For Example:

10,000 people purchase your product. Among them, 1000 people came again to purchase something from you. In this case, your repurchase rate is 10%.

Once you got the repurchase rate, it becomes easy for you to increase it.

Formula #2: Net Promoter Score (NPS)

NPS is also one of the ways to know how to gain customer loyalty.

NPS is the rate to which your customers are satisfied with your products and services. NPS is calculated as follows:

NPS = Promoters (Highly satisfied customers) ’ Detractors (Dissatisfied customers)

You can determine your number of promoters and detractors by taking customer feedback on a scale of 1-10. Different ratings on the scale have different meanings like:

Rating 1-6
’ means customers are not satisfied with your products or services

Rating between 7-8
’ means customers are neutral about your products or services

Rating between 9-10 
’ means customers are highly satisfied with your products or services

Let’s talk about customer loyalty example:

If 100 people visit your restaurant in a month and 70 people gave you either 9 or 10 rating, 10 people gave you 7-8 rating and the 20 people gave you a rating between 1- 6, then your NPS is:

Net Promoter Score (NPS) = 70 ’ 20 = 50

Formula #3: Up-Selling and Cross-Selling Ratio

To know how to build customer loyalty, you need to first determine the up-selling and cross-selling ratio.

Suppose, you have a fast food outlet and a customer buys a burger from you.

Can you sell something else with the burger like a cold drink or ice cream?

If yes, then you can create a meal for him like McDonald’s does.

If a person comes to buy a particular product but he buys some other product as well, this is called cross-selling and up-selling.

Up-selling and cross-selling ratio:

= (Number of customers buying more than one product/Number of customers who bought a single product) x 100

For Example

If 5000 people are buying 1 product from you and among them and 1000 people bought more than 1 product, then your upselling and cross-selling ratio will be:

Upselling and cross-selling ratio = (1000/5000) x 100 = 20%.

Now, you just have to increase this upselling and cross-selling ratio and your turnover will increase drastically.

Formula #4: Frequency and Recency

Frequency means how frequent a customer buys your product, whereas recency means how recently the customer bought your product.

Calculate the frequency and recency of a loyal customer.

You need to know whether the customer is coming to your shop because he loves to shop there or he is coming just because the other shop is closed.

Formula #5: Redemption Rate

Give free coupons to your customers and ask them to redeem it on their next visit. This will encourage the customer for repeat purchases.

Soon, he will become your loyal customer as he is getting extra benefits from you.

Redemption rate = (Total loyalty points issued by you/Redeemed points) x 100

For Example

If 10,000 loyalty points were issued in a month by you and about 5000 points were redeemed, the rate comes out to be 50%.

All the above formulas will help you in understanding how to build customer loyalty efficiently and effectively.

An increase in customer loyalty will not only increase your customer base but will also grow your sales and profit.

Categories
Marketing

How to Build Brand Loyalty

?Introduction

  • Are your customers not buying your product?
  • Do you know how to build brand loyalty among customers? 

’Brand Loyalty’ and ’Customer Loyalty’ are two strong points in any business. So, companies are focusing on how to retain customers and build brand loyalty.

Today, every big brand and small company is continuously creating brand loyalty to retain their customers. 

You need to have a customer loyalty department whether you are running a small business or big to retain your customers.

Now, the question arises ’what is loyalty?’ and how to build brand loyalty? 

Understanding Loyalty

To know how to build brand loyalty, you need to first understand what loyalty is.

Loyalty is a bond between you and your customers. It is different from customer satisfaction.

Customer satisfaction is more like a rating system, wherein your customer says, ’I’m 10 out of 10 satisfied’. But this doesn’t mean that he is loyal to your brand. 

This is because a satisfied customer can move to the next product or services on any day at any time.

For Example

It is not necessary Apple’s customer is satisfied with Apple mobile, but he is brand loyal and will never leave this brand.

Harley-Davidson – Customer won’t like to switch from this brand to Hero Moto Corp.

Thus, loyalty is an emotion tool which can be built step by step. Every businessman can create brand loyalty and their customers will never switch from their brand on any condition.

Loyal Customers is Your Promoter!

A loyal customer starts spreading about your brand through ’Word of Mouth’ marketing.

In effect, he is not just your customer, but he becomes a Promoter to your company and generally works like an unpaid salesman.

If you can retain 5% of the existing customers then your profit will increase from 25% to 95%.

– Harvard Business School

’Foundation of Loyalty is TRUST’, where trust is more Likelihood, Likeliness of business increases many folds. 

Thus, loyal customers:

?  Increases your brand equity.

?  Brings down your cost almost by 7X.

?  Increases Repeat and Repurchase.

Now, let’s see how to retain customers and build brand loyalty.

How to Build Brand Loyalty?

#1: Point-Based Loyalty

It is one of the ways to how to build brand loyalty.

By giving, points on each shopping one can generate online conversion and in-shop experience.

It will ’increase the engagement of your customers with your brand’ and they would like to redeem points on their next shopping. 

For Example

Amazon Prime has become ’King of Brand Loyalty’ through Impulsive shopping, Value for Money, Exclusive deals and Free Videos.

Nowadays, social media has emerged as a big platform to increase loyalty on Facebook, LinkedIn, YouTube, Twitter, and Instagram.

#2: Customer Referral Program

It is another way how to build brand loyalty.

If you have a platform where you can increase customer engagement then it will lead you to more customers. In this, the customer becomes your partner in the customer acquisition process.

You can give some benefits or perks to your existing customers for making new customers.

For Example

Ola and Uber give free rides to their customers on referring their App to new customers.

#3: Data Analysis

Try to analyze the data history of your customers through Electronic Virtual System (EVA). Based on this data, try to interact with your customers and make them loyal.

You can also increase involvement through Whatsapp for business, chat, messages, which could ’involve your customers emotionally’ or solve their problems.

#4: Omni Channel Strategy

It is the fourth way to how to build brand loyalty.

It is a very important and successful strategy. You just try to touch your customers emotionally by using one of the following tools-

  • Social Media
  • Mobile
  • Online Sites
  • Physical store
  • CRM and big data

You need to make them feel special by –

?  Wishing your customers on Birthday.

?  Offering coupon or discount voucher

Always follow 80:20 Rule
– It says if you send 8 messages related to awareness for customer’s benefits, then only send 2 messages to ask them to buy your product or services.

You can adopt these strategies of how to retain customers and build brand loyalty and achieve great success in business.

Categories
Marketing

10 Employee Retention Strategies

Introduction
  • Are your employees leaving your company frequently?
  • Are you unable to retain your manpower?
  • Do you implement employee retention strategies in your organization?
The two most important problems in any business are ’competition’ and ’attrition.’ Competition is outside, while attrition is inside.
Attrition means how many employees leave your company.
Usually, top companies worldwide don’t give high salaries, but ’dole-out ’Maggie’ in the form of various perks and benefits’ to retain employees.
Now, let us understand innovative employee retention strategies used by big companies to keep their attrition rate very low compared to others.
#1: Accommodation and Pick & Drop Facility
It is one of the most creative employee retention strategies to retain employees. It won’t cost much to the employer as part payment is deducted from the salary of employee itself but it ’gives a sense of pride and convenience to the employee’.
#2: Tea, Coffee and Snacks Counter
Apart from providing free tea, coffee or other snacks, some companies also provide food at a subsidized price. It also acts as innovative employee retention strategies.
#3: Timely Salary, Bonus, Appraisal and Promotion
It has been seen in various new companies and Startups that they don’t provide a salary to their employees on time.
The employer needs to understand employee’s expenses like- EMIs, Bill payments, Groceries, and Pre-planned monthly expenses.
It is also an innovative employee retention strategies.
#4: Insurance
In addition to salary, if the employer adds insurance into it then gross salary increases automatically.
Due to the sedentary lifestyle and unhealthy eating habits, every now and then new diseases come into existence.
It is advisable that employer provide health insurance of at least Rs. 1-2 lakh to its employees by selecting a good insurance company.
Again, it won’t cost much as the part premium would be deducted from an employee’s salary.
It is also one of the most creative employee retention strategies to retain your employees.

#5: Work from Home or Flexi-Schedule

Among the most important creative employee retention strategies is a flexible working environment.
There are some departments in the company where performance is easy to measure and they have less dependency on other departments.
If there is any such department in your company, you can give employees the flexibility to finish 9 hours of their shift, irrespective of check-in and check-out time.
For Example
You may allow your employees to work from home or can give flexibility in office-timings, which increases their productivity and performance.
It will decide whether your employees will live and grow, or they will leave and go.
#6: Kanyadaan or Scholarship Scheme
Another most innovative employee retention strategy is providing scholarships to children of employees. 
You may propose to your employees that if they stay for 5 years or 10 years in your company, you’ll add some specified money into Kanyadaan or scholarship fund every month, which will ’help in their child’s marriage or education in future.’
#7: Free Grocery to Blue Collared Employees
Apart from the regular salary, if you ’provide grocery bag worth Rs. 2000’, to your blue collared employees like driver, peon or office boy, it will act as a ’comfort factor’ for such employees. 
Hence, it is an easy and innovative employee retention strategies to retain blue-collared workers.
#8: Benefit against Contract
If your employee requires any expensive items like a car, bike, laptop, etc., you can give it to him/her against a contract.
Now, the item will be purchased on the employee’s name, and the company will pay the price, provided that employee shall remain in the company for next 3 or 5 or 10 years, depending upon the item purchased and policy of your company.

#9: Interest-Free Loan for Emergency and Adversity

A person remembers only two types of people, one who was with him in his good times and the other, who was with him in his bad times.
Your number 1 customer is your employee; if you support them in their adverse time then they will never leave you.
? You don’t have to earn interest on that loan.
? Don’t fear that he will run away with your money.
Giving a loan of amount 3 times his salary won’t affect much, provided he spent some time in your company.
#10: Additional Week-Off with Every Year Completed
Tell your employees that:
  • If they complete 1 year in the office, they will be given 1 Saturday off.
  • if they complete 4 years in the company, they will get 4 Saturday off.
  • After 4 years, they will be eligible for gratuity.
This motivates them to spend many years in your company.
By applying these ideas you may not need to give hefty hikes to your employees as they are complacent with the security and safety provided by you.
These are the 10 employee retention strategies which will help you retain your manpower. You may think it will cost you dearly but in reality, it won’t.