Tag: bada business

Categories
Strategy

How Animated Videos Can Be Used to Enhance Your Brand?

Animated Videos:  A Game-changing Strategy for Small Businesses

Do you want to establish a powerful connection with your audience?

In today’s market, there is no better way to do it than connecting through animated videos. 

Now you might be thinking, that you’re a serious business and there’s no way a cartoon is going to help your brand get audiences’ Just think of Red Bull’s TV commercial for a second ’ It’s all about interesting animated characters spelling out the brand message well. For a vast majority of businesses, creating animated videos is a perfect way to enhance their brand identity. 

Here are 5 ways to do that:

1. Powerful Communication Tool:

Animated videos for business utilises the power of storytelling. A brand can close the gap between itself and its audience with a powerful story they can empathise with.

  • A simple animated video, with a powerful script, and well-design characters, is sure to keep your audience hooked, even if the topic might be a bit complex for them.
  • Animation based videos reduce the time taken by a customer to read the description of a product or service to mere moments.

2. Higher Viewership & More Share:

Since there’s a wide variety of content available online & customers are being bombarded with this content, they will definitely want to pick something simple, informative and quick to consume.

When it comes to consuming simple and quick content, watching animated videos is typically more attractive than reading verbose textual messages.

  • Your conversion rate can increase by 80%, simply by having a video on your landing page. Higher conversion rate means more sales.
  • Chances of more views and shares increase with the use of animated videos, people are encouraged to share your videos, making them an advocate for your brand. 

3. Complex Topics can be easily simplified:
 

Animated videos for business can bring concepts to life in a way that text or even live videos can’t. 

Animation based videos are very effective for explaining complex topics in a step-by-step process in a fun and simple way. 

  • Animation allows unlimited flexibility i.e. you can simplify complex topics and showcase aspects of your product that might not be visible otherwise.
  • You can send a subtle but clear message to customers regarding what your company stands for through an animation style that matches with your brand.

For Example: 

A good example of this is the videos put out by Bada Business for their customers. Bada Business (Dr. Vivek Bindra) has over 12 million subscribers on Youtube, making it the World’s No.1 channel for entrepreneurship and business content in Hindi. 

Difficult topics are simplified for the entrepreneurs and small businessmen of India, using simple, informative and interesting animations.

4. Animations are Engaging & Easy to Remember:

Animations are engaging and fun and can tap into the emotions of audiences more effectively than any other medium. Just imagine a brand trying to explain its working through an animated video vis-’-vis a brochure. What would be more appealing to the customer? The answer is obviously the video format.

  • Numerous studies have shown the benefits of using animated videos in education. It is so because people find the concepts more engaging & easy to remember when shared using both audio & visual tools.
  • Animations can be used to reflect the uniqueness of your brand, as it can be personalised.

For example TV commercial of Red Bull: Just think how easy it is to recognise a Red Bull ad, by immediately identifying the style and characters.

Using animated videos for business can do the same for your brand.

5. Animations are Cost-Effective:

Animated videos are not just fascinating but also come with a low production budget when compared to other video formats.  

When you shoot any other type of video, like a live-action video, there can be an extensive list of associated expenses. 

  • Animated videos take off the burden to cast actors, scout for production, arranging for props and production time, scheduling for shoots & finalise sets and equipment.
  • A small businessman can simply get in touch with a design agency or a freelance animator to get rid of a lot of hassle and only worry about the creative input.
  • You have control and can manage small details until the last minute, which is certainly not possible with live videos.

In the case of live videos, one has to stick with decisions made prior to the shoot, and any changes mean additional cost to the business. However, in the case of animated videos, one can change the storyline or characters, without affecting the project or budget of the videos. 

Animated videos can be a useful tool for building your business & your brand. Animation based videos are cost-effective and at the same time a powerful communication tool for small businesses.

A well-done animation can help consumers remember your brand and compel them to do repeated business with you.

Categories
Strategy

Your Complete Guide to Business Assets

इनकम टैक्स रिटर्न भरने वाली 57% इकाइयों की आय इतनी
इनकम टैक्स रिटर्न भरने वाली 57% इकाइयों की आय इतनी

Understand Deeply the Assets that Affect Your Business

Asset means anything of monetary value owned by an individual or business. 

A business asset is a resource that has an economic value for a company and which can be used in the current or future time period to generate revenues.

Examples of business assets are:

  • Cash and cash equivalents
  • Property, plant and equipment
  • Inventory
  • Investments
  • Furniture and fixtures
  • Patents, copyrights and trademarks

Properties of an Assets:

There are 3 key essential properties of a business asset:

  • Ownership:
    Assets that carry ownership and can be eventually turned into cash and cash equivalents
  • Economic Value:
    Assets that carry economic value & can be exchanged or sold
  • Resource:
    These assets are basically those resources which can be used to generate future economic benefits

Classification of assets:

Business Assets can be classified into 3 categories:

  1. Convertibility:
    Classifying assets based on how quickly they can be converted into cash.
  2. Physical Existence:
    Classifying assets on the basis of their physical existence i.e. tangible or intangible.
  3. Usage:
    Classifying assets on the basis of their business usage or purpose.

1. Convertibility:

Classifying assets based on how quickly they can be converted into cash i.e. short-term assets and long-term assets.

  • Short-term Assets
    = Assets that you expect to sell or convert into cash, within 1 year.

– Cash

– Marketable securities ’ traded investments easily convertible to cash

– Trade accounts receivable (Debtors + Bills receivable)

– Prepaid insurance

– Inventory

  • Long-term Assets = assets that will not get converted into cash in 1 year, and provide long-term value to your business.

– Fixed Assets: machinery, equipment, furniture, buildings, land, etc.

– Investments: similar to fixed assets; long-term investments, not to be sold within 1 year

– Franchise rights, patents, copyrights, trademarks, goodwill, etc.

2. Physical Existence:

On the basis of physical existence, assets can be classified as: tangible and intangible assets.

  • Tangible Assets
    = assets which can be seen, touched i.e. having physical existence

– Land

– Building

– Machinery

– Cash

– Furniture & Fixtures

– Office equipment

  • Intangible Assets
    = assets which can’t be seen i.e. which don’t have physical existence

– Goodwill

– Patents

– Brand

– Copyrights

– Trademarks

– Corporate intellectual property

3. Usage: 

On the basis of their usage, assets can be classified as operating and non-operating assets.

  • Operating Assets
    = assets required in the daily operations of business i.e. assets which are used to generate revenue from company’s core business activities.

– Cash

– Stock

– Building

– Machinery & Equipment

– Patents & Copyrights

– Goodwill

  • Non-operating Assets
    = assets which are not required in daily operations of business but still generate revenue for business.

– Short-term investments

– Marketable securities

– Vacant land

– Interest income from a fixed deposit

Why are these assets so important for any business?

Assets are important for any type of business due to the following reasons:

  • Generating revenue
  • Increasing the value of your business
  • Facilitate the running of your business

You can transfer or sell assets, use them to lower your tax liability and in turn increase the efficiency of your business.

A good understanding of assets in business can help you achieve potential savings in your business.

For example:
In some cases leasing an asset in a business, such as a machinery, can be way more cost-effective than buying one.

Intangible assets such as patents, copyrights and trademarks help in protecting your business against infringement. 

Learning about assets in business is a must for every entrepreneur. The efficient management of assets in a business is absolutely critical, as errors can lead to inefficient decision-making, incorrect tax reporting and inaccurate valuation of your business.

Categories
Marketing

Effective Budget-Friendly Marketing Ideas

महिला उद्यमिता
महिला उद्यमिता

Cost effective marketing that can make you viral!

Small businesses usually work on a small budget and apart from budget, there are other concerns of resources and time. Hence, SMEs need cost-effective marketing ideas
that can help get the word out to their customers in the best possible budget. Depending on your target audience, digital media is a saviour when it comes to low-cost effective marketing ideas
. Here are 5 such strategies that can help small businesses build their brand

1. Use Social Media Extensively

  • Use Facebook and Instagram effectively, they are free of cost and organic marketing can help create awareness about your brand. You can also explore paid marketing with them to boost your reach to the target group. Nurture your consumers through Facebook groups and Instagram Stories
  • Create great content that can help build communities around your brand. Be creative, use innovative ways to connect and build a loyal customer base For e.g. From 1990-2009, Harley Davidson purely built their community by producing great content around the brand which made the bike an aspirational product and changed the fortunes for the company
  • Use more of videos, infographics & pictures to hook the customer when talking about your brand or any offer
  • Carry online contests- Spend some money on a good price because the number of participants and the potential leads you get is worth every penny spent

2. Turn your customers into your Brand Ambassadors

  • Make the customer feel special so that he becomes the ambassador of your brand and this can be done by providing certain memories to them that they would like to hold on to and carry with them
  • Give them T-shirts, laptop stickers, notebooks, basically things they use in daily life
  • Use can use social media to take an opinion poll on new deigns they would like to see and perhaps reward the winning design. This will help them engage with you as an effective marketing idea 

3. Focus on SEO Strategies

  • Investment into SEO is not much but is a cost-effective marketing idea to get target customers
  • In search engine optimization, you need to choose the targeted words that can increase your search possibilities and divert traffic to your website
  • For example, if you have a business named Gagan Dry Cleaners in Lajpat Nagar, Delhi, you will develop content across your platforms that focus on the keyword Lajpat Nagar + dry cleaners. It will help draw potential customers looking for dry cleaners in that area.

4. Build an easy to navigate Website

  • Another cost-effective marketing idea is to build a website. Having a website with an easy to navigate approach is a must for a small business as part of its marketing mix
  • Your website should contain all the important information about your products & services, how to reach you, contact details and a tracker of your location
  • Use your website smartly to put amazing content that makes it a must-visit for the customer

5. Sponsor Local Events

  • There are many events that happen locally and sponsoring such events is an effective marketing idea to get your business in front of local patrons
  • Sponsoring an event opens doors for networking with other businesses, which can lead to fruitful partnerships going ahead
  • Since local events are always looking for sponsors, it would be easy to negotiate on the pricing.

Always keep an eye out for cost-effective marketing ideas, because the only way to make an impact today is to think differently. Spend time, not money to devise a strategy that works best for your company.

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