For any young entrepreneur itâ€™s very easy to get carried away by the success stories of Facebook and WhatsApp. We talk to industry experts for their take on succeeding in the start-up ecosystem.
Rajeev Sahi, CEO , Kwality Group suggested â€˜ Your model has to be your ownâ€™ approach. He warned the startups that WhatsApp and Facebook stories are bewitching where not much marketing was done and returns were great. According to Sahi, learning from other models is a good option but definitely one should not forget what field they are in and the context in which to plan their strategy. â€œIt is very important to choose between the relevant and irrelevant,â€ he said.
Shouvik Roy, Director, Elephant Design advised start-ups to redefine a problem with the userâ€™s point of view. But can all ideas be great? Roy suggested the start-ups to come up with fresh ideas not mere improvements. The key is to be optimistic and focus on fresher ideas. A very important aspect is that at times if an idea seems to be great but is not well accepted then a good option could be â€˜parkingâ€™ it for some time. Sharing the example of audio designing which Roy thought of many years before it entered Indian market and became a feasible idea.
A three year old start-up that has created a big brand name and status for itself, Hector beverages is definitely a learning model for any start-up. Neeraj Kakkar, CEO, Hector Beverages suggested that the start-ups have a big benefit that unlike the big companies , they donâ€™t have money, expectations of the consumer, retailers, distributors and careers of teams riding on their experiments . This gives the start-up the liberty to try and experiment more into what is interesting, niche and very different. The key aspect is knowledge of what the start-up is venturing into. Sharing his experience he explained how for Paper Boat in the traditional drink sector they have been experimenting with right taste the perseverance.
Be it a start-up or an established company, the most important element is the customer. Have a good customer base is important but also having loyal customers who can play the role of brand ambassadors is crucial.
Alok Bharadwaj, Executive Vice President, Canon India said â€œItâ€™s very important to have loyal customers who can play the role of brand ambassadors also because of the cost involved in getting new customers.â€
Visham Sikand , Founder & Chairman, IHO (Indian Health Organization Pvt. Ltd) suggested start-ups to have brand differentiation. â€œItâ€™s very important to stand out from the crowd. The product has to be different. Trying experiential marketing is secondary as experiential marketing is a rich manâ€™s toy not a very good proposition for a start-up. The word of mouth is definitely a great tool for any startup,â€ he remarked.