Atul Dude gave a talk on success mantras on 21 January 2016. He discussed the importance of brands and branding, conducting market research before starting a venture, and the importance of investing in low-cost marketing tools and activities even at an early stage. Some key points included defining the customer profile through primary research, using tools like websites, business cards and flyers for promotion, and leveraging social media, content marketing and word-of-mouth advertising through guerrilla and viral marketing strategies to promote the brand while keeping costs low.
3. सर्वाबवधव प्रशमनं त्रैलोक्यस्यवखिलेल्वर्रि I
एर्म्र् त्र्यव कवयामस्मद्दैरिवर्नवशनम II
Sarvaa baadhaa prashamanam Trailokyasyaakhileshwari
Evameva 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
5. Success
Mantras
It is not the strongest of the species that survive,
nor the most intelligent,
but the one responsive to change
6. Have your own
definition of
success… so you
can fulfill your
dreams, not
someone else’s
expectation of
your dreams.
Success
Mantras
7. 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?
Success
Mantras
9. Success
MantrasThe 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
Success
Mantras
10. Success
MantrasThe 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
Success
Mantras
12. The Brand Occupies The Customer
Mind Space
The Brand
As A
Promise
The Brand As A
Reputation In
Customers’ Minds
Success
Mantras
13. Success
MantrasRole 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
Success
Mantras
14. Success
MantrasBrand Is Critical To The Business
Awelldefinedbrand
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
Success
Mantras
The Brand Is A Promise Executed Throughout The Customer Experience.
20. Success
MantrasResearch – 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
Success
Mantras
21. Success
MantrasScope 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.
Success
Mantras
22. Success
MantrasScope 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
Success
Mantras
23. Success
MantrasPrimary 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.?
Success
Mantras
25. Success
MantrasConjoint 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
26. 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.
28. Success
MantrasPost-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
30. Most startups don’t fail at building a
product, they fail at acquiring
customers
31. Success
MantrasStartup 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
Success
Mantras
32. Success
MantrasAs 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
33. Success
MantrasImportance 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
35. Success
MantrasBrand 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.
36. Success
MantrasYour 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.
37. Success
MantrasPromotional 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
38. Success
MantrasWebsite – 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
39. Success
MantrasFlyers – 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
40. Success
Mantras
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
41. Success
MantrasEssential list of marketing resources
for Startups
Content MarketingBranding & Positioning
SEO PR
Advertising Email Marketing
Social Media
45. Success
MantrasThe 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
46. Success
MantrasThe 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
47. Success
MantrasCustomer 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?
48. Success
MantrasUniversal 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).
49. Success
MantrasThe 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
50. Success
MantrasExamples 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
51. Success
MantrasConcept 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.
52. Success
MantrasConcept 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
53. Success
MantrasThe 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.
54. Success
MantrasSome 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
55. 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.
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