Talk by Atul Dude on 21.01.2016

SUCCESS

MANTRAS

A dissertation by Atul DubeMumbai: January 21, 2017

सर्वाबवधव प्रशमनं त्रलैोक्यस्यवखिलेल्वर्रि Iएर्म्र् त्र्यव कवयामस्मद्दैरिवर्नवशनम II

Sarvaa baadhaa prashamanam TrailokyasyaakhileshwariEvameva tvayaa kaaryam asmad vairivinaashanam

O Goddess of All the Three Worlds, when You are Pleased, You Mitigate All our Distresses. Thus, in this manner

Your Grace Works to Destroy our Inner Enemies

Every problem has a solution. You just have to be creative enough to find it

SuccessMantras

It is not the strongest of the species that survive, nor the most intelligent,

but the one responsive to change

Have your own definition of success… so you can fulfill your dreams, not someone else’s expectation of your dreams.

SuccessMantras

Agenda for today

• Role of brands and branding

• Role of market research before starting your venture

• Is it important to invest in marketing tools/activities at early stage?

• How can an entrepreneur get good impact of marketing at low cost?

SuccessMantras

Some thoughts on brands & branding

SuccessMantras The world of brands

There are all types of brands:

1. Establishment brands, with a commanding presence

2. Brands that have created their own category

3. Brands that are ubiquitous

4. Brands that are built on Service

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SuccessMantras The world of brands (…contd.)

5. Brands that are the marketplace

6. Brands that are built on process innovation

7. Brands that thrive on an attitude or point of view

8. Brands that don’t change

9. Brands that have reinvented themselves

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Name == Brand

Brand is more than just a name

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The Brand Occupies The Customer Mind Space

The Brand As A

Promise

The Brand As A Reputation In

Customers’ Minds

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SuccessMantras Role of Brands

A brand is much more than the physical product or service

A brand is the essence of the emotional relationship with the customer or consumer

A brand has clear, defining characteristics that the consumer/customer readily identifies with

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SuccessMantras Brand Is Critical To The Business

A w

ell

def

ine

d b

ran

d Is fundamental to differentiation

Focuses the activities of the company, increasing

efficiencies and effectiveness

Provides a platform for current and future business

development

Significantly enhances the financial performance of the

business

Defines the Unique Value

Builds Market and Customer Equity

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The Brand Is A Promise Executed Throughout The Customer Experience.

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Fundamental Human Drives

When consistently executed,create an

overwhelming preference

Will drive consumers

towards the brand

Dictate & govern

behavior

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SuccessMantras The 10 Fundamental Human Drives

Sex:Conquesting

Pursuing

Health:Quest for youth

GroomingVigorous behavior

Parenting:

Genetic altruistic

Prestige:Honor, dignity,

integrity

Power

Status

Winning

Source: The Naked Ape, Desmond Morris

Protection:Territorial safety

Peace of mind

Tribalism

Curiosity:Cerebral novelty

Sensation seeking

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Role of market research

SuccessMantras Scope of Market Research

• Background

• Product

• Price

• Promotion

• Place

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SuccessMantras Research – Critical components

• Evaluation of the customer

• Does the product fit the customer’s needs, wants, desires

• Where are the target markets or customers located

• How to promote the product to the customers that need it

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SuccessMantras Scope of secondary research

• Background look into your market, the success of previous products or services as well as your target market’s previous purchasing habits

• Give entrepreneurs the contours of primary research – where to take it further

• Reveal holes in current data and areas for deeper investigation

• Source – internet, libraries, published data, reports, syndicated research etc.

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SuccessMantras Scope of primary research

• Markets and trends move fast these days with products and services go in and out of fashion quickly

• Entrepreneurs can gain insights about the consumer’s wants and needs, allowing them to adapt their product or service and gain a competitive advantage

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SuccessMantras Primary research – Defines customer

profile

• Who buys the product and service?

• What are the similarities and differences between my products and customers and my competitors' products and customers?

• When do customers buy? Are there seasonal factors?

• What do customers buy? Can complimentary products or services be offered?

• Where do customers buy? If not here, then where?

• How do customers buy? Cash, credit, etc.?

• Why do customers buy? Convenience, price, quality, reputation, location, selection, brands, impulse, etc.?

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SuccessMantras Market research processSuccessMantras

SuccessMantras Conjoint analysis

• It gets under the skin of how people make decisions and what they really value in products and services

• It involves presenting people with choices and then analysing what were the drivers for those choices

Optimising products with conjoint analysis

Conjoint analysis aims to find the optimum positioning between low-price-low-quality and high-price-high-quality in terms of price and features by quantifying the trade-offs and compromises customers take in decision making.

SuccessMantras Conjoint analysis – example

SuccessMantras Post-script

• There is never certainty of success when conducting a market research

• For startup-companies the uncertainty is often increased

– Lack of resources

– Startups often operate with disruptive innovations

• However, market research cannot be ignored…

– To understand the customer is the key to success

– To create new innovations has to first know the problems that should be resolved

Importance of investing in marketing tools/activities

Most startups don’t fail at building a

product, they fail at acquiring

customers

SuccessMantras Startup Marketing is different

• A startup is different from a small business because it’s trying an unproven product, service, or business model

• Startups are running bootstrapped – with no or very little outside investment. They don’t have the budget to go toe-to-toe with the big guys and win through advertising spend

• Startups are often run by solopreneurs or small teams of 2 or 3 and have limited time to spend on marketing

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SuccessMantras As a result…

• They have to be lean: build, measure, and learn

• They have to be smarter: with money and resources

• They have to be agile: with speed and capitalization of opportunities

SuccessMantras Importance of marketing

• Marketing is not a substitute of good product

• Successful Startups use all relevant channels of marketing whether – offline or online…

• Blogging, paid ads, digital media campaigns or using social media to create hype

• The success of your start-up depends on the foundation of your marketing plan

SuccessMantras SuccessMantras

Some important elements of

a marketing strategy

SuccessMantras Brand and branding

• Logo – Make your business known – and get it right!

• This will be present on all your marketing materials such as business cards, flyers, brochures, articles, and press releases.

• Perhaps the most important tool to create brand recognition of your business.

• Build a strong brand identity of your company and services.

• Logos should be neat and simple, but also stand out among the competition.

SuccessMantras Your ID, your identity

• Business Cards – Marketing on the go

• A key element for social marketing as they are the tool for networking your company

• It craetes the first impression of your company. And is an important marketing tool being portable, memorable, and have a low cost structure with their production

• Your business card should be modern and simple with your basic contact information.

SuccessMantras Promotional photography

• A picture is worth a thousand words

• Helps in creating a professional look of your marketing materials – website and social media platforms

• Adaptable to fit different marketing materials whether its a billboard or a brochure

SuccessMantras Website – one click says it all

• One of the most important marketing tools –veritably your business address – make it aesthetic

• Logo, colour, ease of navigation are important assets

• Link it other social media platforms, using keywords to increase SEO – and drive traffic home

• The website should be user friendly and mobile friendly

SuccessMantras Flyers – post them everywhere

• Flyers permit more information about your company than a business card does

• They are multi-functional as you can give them out like a business card, as an attachment in an email, or sent in the mail to reach a desired audience

• A well-designed flyer, highlighting offers if any, will go a long way in helping your brand to get noticed

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Modern marketing is not only about ads

Startup founders with a non-marketing background may believe that marketing is all about making advertisements and spending heavy chunks of their investment budget on

putting the words on the streets

Fortune not only favours the brave but also the wise

SuccessMantras Essential list of marketing resources

for Startups

Content MarketingBranding & Positioning

SEO PR

Advertising Email Marketing

Social Media

Getting a good impact of marketing at low cost

The aim of marketing is to know and

understand the customer so well the

product or service fits him and sells itself“

”

Understanding the ‘new’ consumer

SuccessMantras The changing customer

• The new age customer is busier, richer and harder to reach and difficult to segment

• He has grown up with new technologies

• He is always connected with his friends on social networks

• The mobile phone is his only contact to the world

• The mobile/computer has become the newspaper, radio, TV, DVD player

SuccessMantras The changing customer

• He may be fickle but once you have gained his confidence he is fiercely loyal

• Share of wallet and Share of voice have been replaced by Share of conversation

• BtoB, BtoC, CtoC is increasingly replaced by EtoC

• The communication paradigm has shifted from Brand communication to Consumer engagement

• The focus now is on dialogue rather than monologue

SuccessMantras Customer journey is evolving, too

• The purchase funnel is becoming non-linear. Consumers move to awareness and 'buy' in 5minutes!

• The post-purchase point is equally important.

• It's important to know

– Did consumers buy?

– How did they buy?

– What media made them buy?

– How can we optimise the relationship with the customer?

SuccessMantras Universal truths for marketing

• Who are you catering to? (Your targeted market segment).

• Why should people buy your product? (How they can benefit from purchasing it).

• What differentiates you from your competitors? (What is your USP).

SuccessMantras The concept of Guerrilla Marketing

• Basic aim: Maximum attention of the target group

– in spite of a low budget

– through inventive and fancy ideas

• Execution of Guerrilla-Marketing

– by surprise

– Efficiently

– in a rebellious and unorthodox manner

SuccessMantras Examples of Guerrilla Marketing

Strategies

• Word-of-mouth advertising

• Addressing consumers in their everyday work situation, for example via E-Mail

• Sticker and poster campaigns with electrostatic, self-adhesive materials

• Bluejacking: Sending personal messages via Bluetooth

• Advertisements on cars

• T-Shirts

SuccessMantras Concept of Ambush Marketing

• Also called Freeride-Marketing

• A company uses an event which is sponsored by another company to cause positive effects on their branding without the permission of the sponsoring company

• Both companies are competitors

• Ambush Marketing mostly takes place at big sport events like the World Cups etc.

SuccessMantras Concept of Viral Marketing

• Viral Marketing uses social networks like Facebook etc. to gain brand awareness.

• Information about the product passes virally from human to human

• A low-cost marketing method which is very efficient

SuccessMantras The growing importance Owned

and Earned Media vis-à-vis paid media

• Owned media – website, packaging, stores, etc.: enduring, credible, less expensive

• Earned media – blogs, write-ups, brand reviews from consumers, etc. : iterative, helps create relationships/communities with the brand

• Paid advertising – these are advertising campaigns which are episodic and are expensive.

• Need to move from brand perception to brand experience.

SuccessMantras Some tips for low cost marketing

• Focus – choose your target audience carefully

• Social media – direct interaction with your current and potential customers

• Quality content – interesting, helpful content is the foundation for SEO

• Strong brand & brand identity – it’s impossible to build a solid product/service offer without it

• Inbound marketing – to achieve low-cost organic leads

• Outsmart, but not outspend your competitor

It is all about marketing; that is where

the real craft comes in. The best

actors do not necessarily become the biggest stars. And vice versa.

“

”

Dhanyavaad“ ”