Business Ideas

Business Ideas For Budding Entrepreneurs In 2019

Business is something where always there is a risk factor attached to it every now and then. However, the probability of success always acts as a catalyst for any blooming entrepreneur to move ahead in the direction of their innovative idea, their dream that will ultimately define their destination of ultimate success. Sometimes, there are people who possess the zeal, keep the desire to do something different and also have enough funds but are actually confused about what to start as a startup.

Which business will give them their desirable profit? And due to this commotion, these entrepreneurs spend their time and money as well on doing useless things. However, once you get in touch with the team of Evolvers, I’m damn sure of this fact that you won’t even get a chance to waste your time on such things.

Apart from this, startup business ideas mean a lot when it is the one which is going to be your own business startup. Also, it determines the growth and sustainability of your business as you will be investing almost everything, like your time, energy and money too. This is such a generation, where people, where people are following their dreams and are choosing their passion. They are actually seeking for the happiness over making more money. Such budding entrepreneurs are always greedy for those innovative business ideas that can feed their hunger of passion.

I think this article from Evolvers is surely going to be your one of the most favorites as it wholeheartedly offers some impeccable business ideas that can help them by proving numerous options to choose from as one of their business ideas. So, here we go…

1. Social Media Management

Social Media Management

This is considered to be one of the most desirable as well as the best startup idea among others. This is all because, these days, social media is used by numerous organizations to get their deals done in an efficient way. Apart from this fact, social media is the most reliable platform for best startup business ideas. However, there are many cases where companies don’t have enough time to pay attention towards social media management and thus you can now add value to your small business by using social media as a tool for marketing of your business. With the help of social media, you can reach out to your targeted customers in even broader aspects. This is all due to the transition of people from electronic or print to the digital platform, which is social media where they can get every information of their choice. Social networking has become a trend in recent times and is revolutionizing the modes and methods of marketing.

2. Vacation Rental System

Vacation Rental System

In the current scenario, under the hospitality industry, there is one such business which is popularizing with every passing day and it is none other than ‘vacation rental system’. In case you are a resident of any particular tourist destination you can definitely manage rooms for the needy ones on a rental basis who don’t have their own. You can go for many options regarding platforms where you can advertise homes. For instance, you can choose various rental-listing platforms in order to promote more traffic as well as interests of people towards your homes. The better you promote, the better you will grow your business and keep it sustained. On an average, you can expect up to 20 to 40 percent of gross rental rate if you manage such properties an extraordinary way. Henceforth, it can prove out to be one of the best startup ideas for you in 2019.

3. Flipping Websites

Selling Of Websites

Flipping websites are one such business where you can earn endless cash in a short span of time. What all it deals with is just the purchase and sale of the websites on existing platforms. As business is an art, flipping websites completely deal with the research, but once you are done with it, this startup becomes an easy source of making money.

You can also go ahead for the auction of the domains or you can sell whole websites. However, the selling of websites offers more cash to the business starters. You can use various platforms to sell your websites, like, Freemarket.com or Flippa.com.

As it makes more money in a very short time, flipping websites prove out to be the best ever startups from the business point of view.

4. Gadgets Repairing

Gadgets Repairing

In the environment of the tech-savvy world, the use of gadgets has revolutionized at an unimaginable pace with the changing time.  And as these are technical devices, they may fail sometimes to perform your desired task due to any damage or technical issue. All such issues make people more panic and despair for their loss. And in such a situation they need a helping hand of a professional who can solve their problems related to technology.

This has given rise to a new business opportunity for budding entrepreneurs. They can kick-start their business of repairing gadgets as it possesses large scope in today’s market industry of India. If the using gadgets have become a necessity of the people, then there should be someone who can even solve all the issue related to that may encounter in those devices.

What you can do here is that you can place an order for its parts and instruction kits from various manufacturing companies in order to repair any kind of electronic device. And once, when you achieve the mastery in this field, you automatically achieve success and ensure the sustainability of your business.

5. Tourism Guidance

Tourism Guidance

Especially, India is world famous for its culture and heritage and so the monuments and the tourist spots are. In case you are residing at such a place which is a tourist destination and you too love to interact with different people all around every morning, then you can kick-start your business of tourism guidance. As people who are actually unaware of your place, you can let them know and impart the knowledge of any monument including its history till date.

It can prove out to be one of the biggest opportunities for your business if you have the best communication skills. Furthermore, you can advertise your services on various social media platforms and put a minimal commercial cost to your services. Apart from this, you can also go for the live Facebook presentation in order to allure people from all around the world to use your services. It helps in much more engagement of the people thus, makes your business succeed and remain sustained.

6. Online Educational Course

Online Education System

In the era of globalization, people are more drifted towards the knowledge and information and are much more inclined towards technology. These people are absolutely tech-savvy and can go to ultimate depths of research for their greed of knowledge.  And in case you are a good educationist of you keep a desire to impart information to everyone, whether it be school or college students or anyone else, you can start your business of online educational courses’ services. If your modes and methods are loved by your target audiences, then your startup of online educational course can reach up to unimaginable success and it will also remain sustained for a longer duration. What matters the most in this business startup is that you provide quality education which is completely relatable to the target.

7. Online Advertisement Management

Online Advertisement Management

Since the moment, the transition has taken its place from paperwork to online media, people are seeking online platform as more than actually what it is. In the case of advertisements too, it has shifted from the electronic media to the web where you can get a chance of promoting services of numerous clients.

In the case of pay-per-click advertising, Facebook, Google, and YouTube advertisement have become dominant faces. In case you achieve the mastery in this online advertisement management, then you can grow your business in no time and in a much effective manner. Once you get an exact idea of how to track your offers of conversion, then you will be able to determine the enhancement of your startup in leaps and bounds. Henceforth, you need to give enough time to learn in a much better way about the whole functioning of the advertisements on Facebook and Google.

For furnishing your skills in this field, you can take classes or courses on the topics and discover the best modes and methods of reaching out to your targeted audiences at right time. Once you achieve your goal, there will be no delay and you can quickly bring about the saturation in the market industry of online advertisement industry. As a matter of fact, ad management on online platforms has proved itself to be the best startup business ideas.

8. Web Development And SEO

Web Development And SEO

The arrival of technologies has opened the doors to employment in a much wider sense. And seeking the current scenario, it can be clearly stated that in the near future of 2019, the web development and SEO services are going to take the internet by storm. The world of web development and SEO is often considered as a complicated part of the business and not only this; people also misunderstand this field and scare of it as there are many variables that are at stake. However, it is not surprising as it consists of more than 200 algorithmic classifications of factors and this makes them hesitated before entering in this industry and do it on their own.

However, once you reach the expertise in this field, you can make splendid money. Apart from this, you can also sell your services as an SEO or web developer or else, you can build your own websites along with appropriate links to have an immense amount of cash flow through online media. Henceforth, these are considered to be one of the topmost startup business ideas that can be a good source of income.

Now, these were some of the best ever selected business ideas for all the budding entrepreneurs. However, there is always a risk attached to every single business and it is none other than the risk of failure of business startups. Now, to avoid or minimize the chances of failure of a business, what can be done? Don’t panic, as there are a few rules and regulations that you will need to do that. In this article, the team of experts at Evolvers

has mentioned a few of the rules that can help them take them out of the vortex of all the chances of business failures.

So, here we go ahead with the rules of the business startup that you need to follow that can reduce your chances of failures.

1. Be Passionate

Be Passionate

In case, you are doing a particular business just to make money, then hang on and take a pause. Money can be a catalyzing factor of your business but it won’t get you to overcome the losses easily if you are unable to produce desirable results. For avoiding such a situation, you need to be passionate about your idea and a consistent worker towards your goal. As business requires a never-ending task for an entrepreneur, if you are not passionate about it, you won’t be able to make it what you want to. Apart from this, your business would probably sustain in the market industry. Make sure that you are enough to make others in your team passionate about your goal. So, ask yourself what will you be able to go along with your business even after 10 years and if yes, then you can surely go ahead over your ideas to achieve your success.

2. Take Things Simple

Take Things Simple

Always remember that bigger ideas are always raised and not born. It not about Brian Acton and Jan Koum who woke up one morning and planned to create WhatsApp and make it popularized in such a way that it is today.  Basically, every great business ideas are initiated with some simple idea that is further grown and expanded to horizons. You can begin your business with just solving one problem that relates to one product and then expand your feet toward one customer and then reach out to many customers.

3. One Revenue System

You just need to focus on start your business for a single revenue system. In case, if you are unable to identify one revenue system, that can support our business then, you’ll be in the loss in the nearby future. And adding more to it, it will prove out to be one of the bad business ideas.

4. Few Steps To Revenue

How many things are required before you start making money? Do an exercise in your mind and make it clear in your head of all the steps that are mandatory. You can also consider the number of stakeholders that might be involved in your business which is equally complex. You need not more than three steps for making money in a deal.

5. Know Your Customers

Generally, budding entrepreneurs make one of the huge mistakes that they fail to recognize their actual target customers. You need to be very careful regarding that. From the very beginning, you need to be very specific to your targeted customers who are desperately in need of your products and services. And for that, you should be clear from your mind that what you are actually. What your product contribution is and what are your plans to move ahead in your future, you have to make a complete calculation related to your business.

6. Analyze The Market

Analyze The Market

Understand the market where you want to enter along with your product. You need to keep a meaningful vision towards your goal. Apart from this, you need to analyze the future of your business in advance. This will help you maintain the sustainability of your product in the market for years. Get an expert consultancy to your plans from Evolvers as the team of experts will help you make it big even if your idea is small.

7. Sufficiently Large Market

Make sure that your business makes its big in a small market area. And once you make it big in it, you can go further ahead to address more than 10 million customers where your product will get a sufficiently large market. Henceforth, it is suggested to not to go in the graveyard at the very beginning of your business startup.

So, these were, some of the special tips provided by the team of Evolvers which are helpful enough for all the small and budding entrepreneurs who keep big dreams in their eyes and desire to make it even bigger in the market industry. However, in case you want to get further specialized information regarding your startup, then you can reach out to the team of Evolvers at anytime and anywhere.

challenges faced by fintech startups

Challenges Faced by Fintech Startups in India

Fintech is a well blend of Finance and Technology. All over the world, many fintech start-ups are evolving. It’s a big industry with a good scope of growth and profit, but it is tough to survive in this fast-growing sector. There are various challenges that a fintech industry faces and some of them are described below.

Challenges Faced by Fintech Startups in India

• Regularity bodies

Red-tapism and the immense number of laws slow down the market, but strict regulations are inevitable when it comes to a financial or technological company. A Fintech faces a lot of challenge in coping with all these regulations that it has to comply with.

Networking sites like Evolvers and Linkedin have a pool of subject matter experts, having strong knowledge backed with experience in several fields. As a new leadership, you can take their guidance and learn from their experiences to overcome roadblocks. You need not have to search for your solutions from various consultants.

• Cybersecurity

fintech start-ups

Fintech companies handle exceedingly sensitive information of the customers, and thus as the emerging leadership, you must be well prepared to fortify your organization against any challenge posed by the internet. The more the financial data of individuals and companies become available digitally, the higher is the risk of cyber security breaches.

• Accumulating capital

HEALTH TECH STARTUP

Fintech companies require huge capital, not only to pay off the salaries of the employees but also need funds for a secure infrastructure.

The first step of fund accumulation starts with a good sales pitch, and at times in spite of possessing excellent leadership skills, some falter here.

· Complex Industry

HEALTH TECH STARTUP

The complex working model of Fintech makes it a challenging task for them to maintain a healthy and smooth partnership with banks. Many fintech companies fear the loss of identity and autonomy amongst the vast landscape of large banking organizations.

On the other hand, banks find it risky to work with fintech innovators as they fear of losing reputation. These complex situations become the obstacles to the growth of fintech organizations.

· Lack of Consumer Trust

HEALTH TECH STARTUP

Providing financial services in the unbanked market is a challenge in itself due to the lack of trust of consumers, especially in India. People still relate these services with digital scams and are also not yet ready to accept the involvement of digital technology in financial services.

 • Finding clients is a tough challenge

HEALTH TECH STARTUP

A business cannot run without customers and clients. Getting a client requires the support of a good platform. However, professional networking sites with a global reach, can provide the new leadership with the much-deserved podium and help you to take your business to newer heights.

With the advent of technology, the challenges faced by fintech start-ups has increased, but if the same technology can be utilized properly, it is a true blessing for any leadership.

Technology can be used to reach out to more people, and we all know, networking has a vital role in every endeavour. Evolvers networking site can rescue you by providing this networking platform that you might lack and help you to reach beyond your known limits to accomplish targets that might otherwise seem impossible.

Booming Startups in Fintech Industry

Today, everywhere and in every field like health tech, Logitech, Edtech, Traveltech, Enterprise, and Fintech, people use latest technologies and work by implementing the technologies in their business to get the best results. In India, still, there is a need for more technological strategies in the banking sector. Over 19% of the population still remains unbanked.  Here Fintech startups come in.

Since 2015, the finance sector has undergone many changes like a change to move towards a cashless economy. The government is proactively using technologies to make India cashless – the launch of India stacking including UPI, digital wallets, e-KYC, Aadhaar, and BHIM are the Indian financial sector.

Demonetization is another factor that played an important role in the rise of the Fintech industry. According to the report of NASSCOM and KPMG, India has currently more than 500 startups in the Fintech industry, whose vision is to attain financial inclusion. In the ecosystem of startups, there are some wallets like FreeCharge, MobiKwik, and Paytym.

According to the co-founder and CEO of Microsoft-

“Digital technology provides a low-cost way for people in developing countries to send money to each other, buy and sell goods, borrow and save as long as the financial-regulation environment is supportive.” – Bill Gates, co-founder and former CEO of Microsoft.

So, digital technologies play an important role to change the traditional business model in the digital business model.

Startups are working in various sub-sectors of Fintech such as mobile POS (mobile-based point of sale), in loans and insurances, and alternative leading among others.

Increased access to the internet, have helped efficient and automated financial services solutions. Well, it seems that the Fintech industry is a fast-growing industry and there are so many leading startups that are working very well and provides many financial solutions to the industry. Let us look towards some really innovative ones.

Fintech Startups in India

Faircent

Startup Mentors

Faircent is a lending startup that connects lenders with borrowers. It is a P2P model which means person to person. The startup was launched in 2014 and offers a variety of advanced tools such as Auto Invest. This is a type of tool with a great feature that matches criteria of lender’s investment with the requirements of borrower’s and automatically sends proposals to the borrower based on the amount, risk profile, and loan tenure.

The initial aim of this startup is to help people avail easy and fast personal loans at an affordable cost. This is one of the top startups that was also selected for the first batch of NASSCOM and was also a part of the BizSpark program and Microsoft Accelerator Winter Cohort.

With the help of latest technologies this emerging player from Fintech industry is working on to reach the larger group of professionals in this sector and looking for the businesses so they can tie up and can borrow online.

Simpl

Startup Mentors

This is an online payment instrument and was launched in 2015. The customers can purchase and settle their payments online. This is one of the fastest data-driven platforms that help to reduce the payment flow, improves client’s product experience, and gives a payment model to the user’s that is faster and more convenient than cards and wallets.

With the help of this, the customer can choose to pay one bill instead of making the payments individually. There are many merchants that currently work with Simpl including Nykaa, DocsApp, FreshMenu, BookMyShow, Faasos, Licious, Drivezy, Dunzo and others.  The spending limit for customers is between $11.7 (INR 750) and $78 (INR 5,000). The startup also has a partnership with a number of NBFCs and banks to make a robust product portfolio.

Kissht

small business ideas

The startup was launched in 2015 and is a Mumbai-based startup that allows users to make purchases both offline and online. They provide instant credit and through this app users can buy items like jewelry, electronics, mobiles, laptops by opting EMIs even without a credit card.

This is the platform where you can see in-app merchants or choose whatever the customer wants to buy from the Kissht store. Users can also upload the documents and make the payment easily online. You can also see the limit of your credit and amount of upcoming EMIs. This is one of the top startups who also provide cash loans for construction of your loans, renovation of your homes, holidays, purchase of consumer durables, for traveling, short-term loan for equipment purchase and for other purposes.

The company has a fixed rate of interest on the monthly basis. Users can also pay their return amount in installments and can avail flexible return tenures of up to 60 months.

FTCash

Find Right Partner

The FTCash startup is founded in June 2015 and provides many excellent solutions for micro-merchants to accept the payments through many payment mediums like credit cards, debit cards, and mobile wallets.

In 2016, the FTCash startup was selected as one of the 12 finalists of IBM Smartcamp for Fintech Challenges and also was one of the six winners of iSPIRT-organised Great Tech Rocket ships Initiative 2016 (GTRS) and UK Trade and Investment (UKTI) India.

The startup also provides short-term loans to the merchants and empowers SME’s and Merchants by offering easy access to credit usually range from $1000 to $20,000, with interest rates somewhere between 18 and 30%.

EarlySalary

Encourage Startups

This is a Pune-based startup and first mobile lending platform which is founded in 2015 by Ashish Goyal and AkshayMehrotra. It provides smart risk scoring system instant cash loans, and salary advances. The startup has their operations in various cities including Hyderabad, New Delhi, Jaipur, Pune, Chennai, Bengaluru, and Mumbai, among others. This is the startup that provides advance salary up to 50% of monthly salary to its users and 70% of the loans are given in 10 minutes. The startup has also made the partnership with SMEs and with other corporate for advance salary purposes.

The average size of the loan that the company provides is between $125-$1,500 (INR 8,000 to INR 1 Lakh) for a period of up to 30 days. The app has many subscribers for both Android and IOS mobile app platforms.

Today, with the help of experienced, professional team, and funding from investors like IDG Ventures India, IFMR Capital, the Fintech startup wants to expand the entire business and work across tier II and tier III cities in the country.

Rubique

Fintech Industry

Rubique is one of the leading Fintech startups that launched in 2014. The startup is an online marketplace for all type of financial products that offers loan products and end-to-end loan fulfillments to MSMEs and to individuals.

With the help of new online business marketing strategies and unique algorithm, this online platform facilitates up to 235+ products such as home loans, car loans, credit cards, business loans, loans against property, personal loans, healthcare loans, education loans, construction equipment financing, among others.

The startup is trying to fill the gap between lenders and borrowers with the help of various financing options and it has two verticals. First, the startup provides curated, well-aggregated, and digitized collection of products to the users. Second, the user can apply online after comparing and selecting the products.

The startup has also a credit score- Rubique’s Magic Store- that can be developed with the bank’s lending system.  This is the startup in Fintech industry who has clocked revenue of over $2.6 Mn (INR 17.5 Cr) in just three years.

MoneyTap

Best Sponsors

MoneyTap is a Bengaluru-based consumer lending startup and India’s first app-based credit line. It also provides flexible loans for personal use. By targeting the country’s fast-growing middle-income group, the team of MoneyTap solves the problems of insufficient consumer credit line and of the people who need money for rent, weddings, paying school fees, shopping, sending money to family and so on.

This is the only platform where users can borrow anywhere between $50-$7,500 (INR 3,000 to INR 5 Lakh) and offers the repayment time of two months up to three years.  The app has more than 300k registered users across 14 cities in India. Recently, the startup is working with seven NBFC/Banking partners including RBL Bank at different stages of integration.

MoneyTap app charged over a 1.5% interest rate. In recent times, the consumer has become more demanding with the demanding consumer internet companies. So, this is one of the booming Fintech startups.

Innoviti

Programmes

This startup is started by IIT Bombay alumnus Rajeev Aggarwal, as the manufacturers of wireless hardware systems manufacturers in 2002. The advanced solutions of this startup help businesses to reduce the cost of processing digital payments. It supplies hassle-free working strategies that help in the growth of other small businesses.

The payment platform of Innoviti includes Indigo, Walmart, Titan, Reliance, Reliance Retail, and several others.  Banks like ICICI, Axis, and HDFC also uses this platform to access customers for loan distribution.

The company’s aim is to focus on building and implementing new technologies that give reliability, speed, and flexibility.

So, these all are the booming startups of Fintech Industry and achieved their goal by a lot of hard work and dedication.

Now, in the next article, we will take a look at the booming startups of the Education industry.

Right Mentor In Growth Path

How To Choose The Right Mentor In The Growth Path

Who is a mentor?

A mentor is like an experienced friend who will teach us and guide us along. A mentor will build the trust and will model the positive behaviors. The best mentor will understand that the role will be knowledgeable, effective, dependable and engaging.

Anyone can be a mentor but they have to be successful in whichever field and will have to use their strength to their advantage. So yes it is true that if you have the right mentor then your career will surely go up.

How would you meet the right mentor? The answer is, through Evolvers. Read out to know how you can choose the best mentor for yourself.

Gather up all that you need while choosing the right mentor in the growth path.

Write down the questions you need to ask:

  • Do I require help with my present part or with how to push forward to another part?
  • Do I require bolster from my guide for a specific test or for my whole vocation?
  • Improve abilities from my tutor or should my guide disclose to me what aptitudes I have to create?

The relationship of your mentor with you is also important.

right mentor in the growth path

  • What is your mentor’s way to deal with helping you?
  • What is the idea of your association with your mentor is it formal or casual?
  • Is your mentor helping you with nothing or would you say you will pay him/her?
  • How regularly might you want to communicate with your mentor?

Now you will have to find the mentor keeping all these questions in mind. You might have someone in mind, if not, and then this might help you.

  • Join Evolvers and you’ll quickly be acquainted with more individuals with differed encounters.
  • Contact senior administrators who have exceeded expectations at their employment.
  • Are there renowned industry pioneers who motivate you?

There is no point to lie on the lower side and not ask for any help from your mentor. There should be a need to build a strong relationship with your mentor and it is important that you and your mentor should share the same values and leadership style.

This is important because if you don’t match with your mentor quality-wise then you and your mentor will have conflicts. It takes time to build a relationship with your mentor, so it is advisable that one should not give up so easily.

right mentor in the growth path

Now that you have got a mentor, you should be clear about your expectations and the relationship you will have with them. Just like you give an interview, your initial interactions should be done in the same way.

They should be able to give you enough time and sufficient contribution and should expect the same from you. The mentor should know about the strengths and weaknesses of yours. Remember that you should not hold anything back as this relationship will make your career.

The mentor you chose would be the best and will guide you well but there might be a chance that you might need more than one mentor. All you have to do is try.

small business ideas

BHARAT MATRIMONY MARKETING STRATEGY (part 3)

In the previous blog, we discussed the SEO point of view which Muruga followed to rank his website. How Muruga took the ascended content marketing and why was the need to create the HappyMarriage.com. While creating HappyMarriage.com, Muruga faced some challenges and the thought behind the strategy was important too. Muruga executed the plan based on the communications, referrals and that was how the outcome was shown. They created offline marketing channels in which the hosted events like Mega Swayamvaram, speed dating, special meetings, retailing and finally the results were shown.

MULTI-BRAND STRATEGY – DIVERSE MARKETPLACES

Muruga saw the accompanying focal points of utilizing a multi-mark procedure –

  • It was anything but difficult to duplicate these commercial centers utilizing the same back-end innovation
  • Scalability wasn’t an issue
  • Also, marital clients aren’t deep rooted clients. The lifetime estimation of a client is typically 3 a year. They just remained on the stage until they got hitched. Once the pursuit is finished, there is no purpose behind them to return to the site. This made it basic to differentiate.

Keeping the structure of innovation set up, Muruga took an official choice and chose to dispatch the accompanying commercial centers successively from 2006 to 2008 i.e. 8 benefits in a traverse of two years. The enhancement helped pick up the piece of the overall industry and these stages were beginning to see development –

  • com: The No.1 Property Portal.
  • com: Help individuals with individual, property and vehicle credits.
  • com: The Online Automobile Supermarket.
  • Mobile 5050: Latest news on telephones, contraptions
  • com: The Online Classifieds.
  • Clickjobs: An occupations entrance
  • Indiapages: The Online Yellow Pages
  • BharatBloodBank – a non-benefit, non-business interface

The focus shifted completely towards the matrimony space in 2008. This was the time when the credit crisis led to a global recession. The entities like Bharatbloodbank.com, clickjobs.com, indiapages.com, indiaautomobile.com, indiaproperty.com and loanwala.com were shut down due to the recession.

Distinctive pricing strategies – Geographies and Net Worth

marketplace-development

It was in 2001 when Muruga offered the paid version along with the free version of the BharatMatrimony to keep the revenue alive; this was done after the dot-com crash.

Rs 200 per year, was the cost of the paid version and when Muruga felt that this has picked up so he decided to scale the revised version that took the geographies and the net worth of the users into account.

BharatMatrimony was gratifying to the Indian audience, globally with different spending powers. This was considered the best move by Muruga as distinctive pricing based on geographies is not that common when it gets down to a subscription business.

This type of strategy is used by some companies today also. For example, Byju’s is a learning app and it charges differently on the basis of class. Also, for the age group of 18+, the charges would be different which will depend upon the courses. They provide a trial or free sample initially but to get access to the full course, the student has to purchase the course.

Experimenting

Generally what happens is that people are afraid to experiment, especially when they are starting new, but Muruga had some different stuff in mind. The only reason which made BharatMatrimony standing solidly for almost 20 years was the experimental ability like launching new products, hosting events, and launching new properties.

  • Muruga focused on matrimony on the basis of audience preferences but the initial idea was launched with 15 regional domains under BharatMatrimony.
  • Not just matrimony but he also launched properties which were not related to matrimony services like com, Indiaautomobile.com etc.
  • The main focus was Matrimony and this was the reason that it was launched over more than 300 websites which were related to matrimony and the niche categories and also which organized different event either they were 100 meets in 30 days or huge offline events.

It’s not easy to start a new business and run it in a simple way. Muruga solidified his feet with the changes he made on a regular basis. While some of the features fell flat on the face but some won and Muruga learned something from each of them.

HIGHLY DATA DRIVEN

It was only the data that helped Muruga to make right decisions during the time of the expansion of the site. For the Day 1, the information was collected but the company was not able to draw any insights. Then in 2006, Muruga decided to process the information and use it accordingly. He made a data collection team which would ensure that the data was collected and it was being used efficiently and it was searched relevant. The analytical tools were set up and data scientists were hired, these would make sure that the reports were made on regular basis.

ACTUAL PRODUCT UPDATES

all in one

New communities – BharatMatrimony expansion was assumed on the basis that the matrimony requirement for the different communities will be same as that of the Tamil and Telegu communities as the common part is the language part of all the communities. On this basis, Muruga created the matrimonial services to Kannada, Gujrati, Kerala, Hindi, Sindhi, Marathi, and Bengali. Later, he expanded it to the communities like Parsi, Marwadi, Assamese, Marathi, Oriya and local languages of India. If we look at the success stories, we can clearly see that the idea worked.

New devices – Initially, BharatMatrimony was available on the desktop only; later Muruga saw that the people living in the remote areas were not having a way to access the site as they did not have any desktop. But they did have a phone and this is why Muruga created a mobile-friendly version of the site for those people so that they would get alerts on their phone as well.

This is to be noted that it is important to keep an eye on the demographics of your target audience, the limit of the device usage, and the online payments habits determine which platform a business should go for to ease up the navigation and the use of online user interface.

Always look for the soft qualitative data i.e. reviews, customer feedback, conversation over the calls, and their expressive views about their product. Look for the hard quantitative data too i.e. the number of customers, ratings, time spent on the site, mostly the things which are measured as a quantity. It is important to look at these types of data to make better decisions.

Keen eye on the optimization process

The optimization was done after the processes and tools were placed well in the company, well mainly around the product and marketing related development. The question raised was that how we can get more customers by spending less on keeping the existed ones. The traffic was calculated based on the ads, channels, keywords, creativity, and how that translated into revenue. The whole array of communications from the principal touch point to a held client was nearly inspected in all cases. Properties and campaigns that weren’t contributing as much were discarded and the concentration was moved to ones that were flourishing. There was a need to enhance which prompted the company’s size being definitely decreased, making it a great deal more slender and focused.

FROM THE FOUNDER

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Freedom to ideas

Ideas are a way to innovation and openness. We came across so many ideas from the customer representatives and the tech teams that led to the creation of new products for the BharatMatrimony. If someone came up with an interesting idea then we gave the liberty to them to design the strategy and to build up the team to execute the plan.

Work towards progress

At BharatMatrimony, we follow a genuinely vigorous deft process. The daily meetings were held for 15 minutes where we would discuss about the things that were done yesterday and if there were any encumbrances then those were considered and the things that were to happen on the next day was planned according to that. Key metrics were mostly the part of these discussions.

Motivating people

Our employees are with BharatMatrimony for more than 10 years and our first three employees are still with us. We boost the morale of our employees and motivate them by keeping them enclosed with the company’s growth and the direction in which the company was heading.

Understanding the value system

The value of the company and a marriage go hand in hand with an organization and this makes our mission bigger than all of us. We inculcate these values from the beginning among the people of BharatMatrimony.

In 2017 BharatMatrimony decided to go public and the IPO was launched in September 2017 and was oversubscribed 4.41 times. The company raised Rs 500 crore through the issue that contained new issue of up to Rs 130 crore and an offer available to be purchased of up to 37.67 lakh value shares.

We have seen that how Muruga stood tall above despite all odds, he took chances and risks, some of them played well but some of them backfired, but he never gave up. Still, this question arises that why most of the startups fail and do not recover from their failures? Is it because of the lack of disruption or the inability to access the product or they are not able to fit into the competitive market. This time they would switch the idea while seeing that the previous one will not be working anymore now.

If we take the above points into consideration, then Evolvers show the entrepreneurs the right direction. Be it a mentor or an investor, Evolvers will facilitate all your business needs and all of this you will get on the Evolvers Platform.

Matrimony Business Model in 2019

BHARAT MATRIMONY MARKETING STRATEGY (part 2)

In the previous blog, we discussed the challenges that were faced by Murugavel Janakiraman when he started BharatMatrimony. We explained the idea and how it was launched, what hardships came in the way. We discussed the way on how he got his first customers and what techniques he used. They took one step at a time and how did they develop their business.

In this blog, we will discuss that what steps he took after the initial steps. We will start with the SEO part.

SEO

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From an SEO point of view, it is invaluable to have one parent area – matrimony.com with committed pages for every community that comes under the parent site. For e.g.: www.bharatmatrimony.com/tamilmatrimony gave greater expert to the site and furthermore demonstrated ideal in the internet searcher rankings.

Ascended Content Marketing

“Desi Match” magazine was launched for South Asian residents living in the US. It was the first and only matrimony magazine.

“Matrimony Express” – India’s first relationship blog.

Happymarriages.com website gave advice and tips on how people can stay happy in a married life, whereas, BharatMatrimony had made its presence viral in the matrimony sector. With diverse religions and languages, and economic segments, BharatMatrimony was helping people to stay happy after getting married.

What was the need for creating HappyMarriages.com?

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The mission of Matrimony.com states that

“The future of a country depends on its citizens. Good citizens emerge out of good parenting; good parenting can happen only in a good marriage and we are the gateway to happy marriages.”

To lead a happy and enrich married life Happymarriage.com is the initiative of BharatMatrimony.com.

What was the challenge?

It was seen by the Matrimony.com team that people were having problems in the relationship after marriage. Some of them were having problems on the first day of the marriage which were lasting for almost 4 years. There were misunderstandings like relationship problems with the In-laws, personal fights, time management, not giving each other the required space and problems with the choice of work. It was because of many reasons that even the guidance from elders and the time was leaving the couples confused. It was obvious that there was no way that these problems were mentioned anywhere.

Thought behind the strategy

Happymarriage.com is a simplified matrimony site which comes with a monthly newsletter with related content and this helps the newlywed couples. The content was quality wise on a higher side which was very helpful for the readers.

“Happy families are the building blocks of the nation. As a leader in the online matchmaking space, we have the responsibility to guide married couples to lead a happy life post marriage. HappyMarriages.com is an initiative to enrich marital relationships and make them meaningful. It’s BharatMatrimony’s guide to a happy marriage.”

Murugavel Janakiraman

Founder & CEO, Matrimony.com

The execution

It took almost three months for the marketing team to complete the research on the various challenges faced by the newlywed couples. After extensive research, and with the data given by the couples and also from the inputs from the social circle, the team was able to frame the content and publish it.

The outcome

The goal was to offer valuable content around the early conjugal difficulties and help manage youthful couples to an important relationship and a cheerful marriage. This was accomplished with the site and a month to month pamphlet which has more than 24,000 endorsers and more than 1 lakh wedded individuals get the bulletin each month.

Communication and referrals

Spoken communications and referrals were the main reason for the traffic received. The parents created the profile on the reviews of other parents. BharatMatrimony had the first mover advantage and this was the reason for a strong brand recall.

BharatMatrimony.tv

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This online channel features TVCs made by BharatMatrimony.tv crosswise over classes that incorporate International TVCs, Assisted Matrimony, Elite Matrimony, and Tambulya in numerous dialects that take into account assorted clients on the web.

Website traffic

The order in which the traffic was directed towards the website was

  • Direct->Referrals->Organic Search->Display Ads->Mail->Social

A strong brand recall is achieved by maximum direct traffic and this was actually seen. People would open their browser and directly came to BharatMatrimony website rather than coming from a referral or ads.

  • The traffic was not coming on the website through emails or organic search or social recall, rather than the traffic came from branding and engagement channels.

WHAT WERE THE OFFLINE MARKETING CHANNELS

  1. Mega Swayamvaram

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Over 10,000 participants from 9 major communities came to the world’s largest Matrimony Meet, which was conducted in Chennai in the year 2007.

Why was such an event organized?

This event was conducted so that the match-making would become quick and a platform was given to the people with similar thoughts who were seeking a better half.

Were they able to pull it off? Yes? Then, How?

  • The characteristics of the brides partaking in the Swayamvaram were given in a position astute ordered booklet containing the subtle elements of the lucky men and the other way around.
  • This booklet included points of interest like rank, stature, weight, and horoscope and so on and sent to the members well ahead of time.
  • Rundown of probable was shortlisted for a gathering to be started.
  • Contact subtle elements of all members from particular ranks would be given at the setting for them to make contacts autonomously after the occasion.

Result:

The outcome was huge. People were strolling around with similar thoughts in their minds and they were actually networking and were interacting with each other for the betterment of their future. This gave a big kick to BharatMatrimony brand wise.

  1. Families opting for speed dating

  • Creating strong offline communities was an integral part for BharatMatrimony to build the trust.
  • The first ever Matrimony Meet was organized in 2002 with a thought of meeting the bride and groom face to face where they can discuss all the perspectives.
  • This gave an opportunity for one-on-one discussion.
  1. Special Meet Up

Muruga knows that it is important to know someone whom we want to marry and everyone deserves to choose the best life partner. Keeping this in mind, BharatMatrimony hosted it’s first-ever Matrimony Meet for the physically challenged.

  1. Retailing

The thought was to grow under the lead mark BharatMatrimony.com, giving guardians and the more seasoned age that isn’t excessively educated a disconnected channel, making it impossible to convey face to face.

BharatMatrimony’s methodology for online development has dependably been to help it with disconnected retail outlets that clients can visit, converse with delegates. This refines a brand.

  • Approximately 100 retail outlets of BharatMatrimony were opened in the metro cities and the surrounding cities of Delhi in the year 2007-2008. Some of the outlets were company-owned and some of them were under the franchise of BharatMatrimony. The main reason was branding, although some of them were not able to do well, but, they were becoming a known brand. Some of the Tamilians picked up TamilMatrimony instead of BharatMatrimony, so it was like one of them was getting known. The plan didn’t work as the brand strategy was not coming in line with the local brand strategy. Expanding quickly without customization and losing money to the retail outlets led to the shutdown. The Recession also played a part in the shutdown.
  • Muruga did not give up on the shutdown but he decided to re-launch it in a different manner. This time he started the outlets locally and later on planned to expand it nationally. 20 company-owned retail outlets were launched by the name of tamilmatrimony.com in Tamil Nadu. This is the way Muruga customized the branding.

The Benefits

  • People took an interest while speaking to the representative in their local language.
  • People took printouts of the selected and shortlisted grooms and brides.
  • It likewise encouraged perceivability locally and accumulation of payments.

The Results

Within a half year, it was clear that the outlets were a colossal achievement and over a time of year and a half, BharatMatrimony propelled more than 100 organization claimed outlets skillet India with a comparable restricted procedure. As of now, it has 140 retail outlets.

  1. Partnering with the government

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The only purpose of the partnership with the government was to reach the people living in the surrounding area of the cities. Through this, they could reach too many more brides and groom irrespective of the place.

  • Worked together with the Department of Post, Government of India, to offer BharatMatrimony Membership Cards through post workplaces the nation over.
  • Banded together with the Andhra Pradesh government to give marital administrations through e-Seva, an administration started by the legislature to guarantee innovation achieves everyone – urban and rustic, rich and poor, proficient and unskilled.
  • Tied up with the Government of Kerala to give Matrimony benefits through the Akshaya activity. This is an inventive task went for connecting the computerized partition between the urban and the country to make monstrous financial development.
  1. Offline Brand Campaigns

April 14th, Matrimony Day

  • People celebrated the happiness of the wedding bliss on Matrimony Day, 14th April. BharatMatrimony gave away discounts and offers from many leading brands keeping the spirit of Matrimony Day alive. Even The Hindu published a 4-page supplement titled “Perfect Match” on Matrimony Day and with everyone celebrating it; the day is officially celebrated as Matrimony Day.
  • BharatMatrimony is the reason behind the celebration of marriage.

Guinness Book of World records

To praise their fifteenth commemoration, BharatMatrimony made the world’s biggest photograph collection on Matrimony Day. What was remarkable about this collection was that BharatMatrimony highlighted each couple (who met on their entryway) with their unique wedding photographs.

Outcome: Their message, ‘Marriage is fundamental to anchor a cheerful and sound society’ was generally welcomed.

Let’s take a look at the summary of Marketing

HOW IS BHARATMATRIMONY DOING THINGS DIFFERENTLY?

  1. Forceful expansion

With cash in and a solid a dependable balance inside the marriage space, BharatMatrimony had two choices through which they could extend –

A solitary brand system where they could take off more administrations around marriage and a multi-mark technique wherein they could make different commercial centers utilizing a similar innovation and move on a level plane. They settled on both. This is the manner by which they did it–

SINGLE-BRAND STRATEGY

online marketing

To build the BharatMatrimony brand and speed up the growth, the company introduced services related to Matrimony for a $56 Billion market in India.

  1. Photography (launched in 2015)

Offering professional services in photo shoots and videography

  1. MatrimonyBazaar (launched in 2016)

Wedding services for those who wanted to save time and money while getting married

  1. MatrimonyMandap (launched in 2017)

Helped by checking the availability of the wedding venue and were allowed to book at best prices.

To keep the correspondence and commitment unblemished even post the wedding, BharatMatrimony built up the attached gateways which shared updates and data for and by couples post marriage.

  • Success Stories

It’s a page where the newly wedded couples used to share their experience of a successful marriage. It has a section called Tinies and in this section, couples used to share pictures and stories with their relatives and families.

  • com

On this platform, people used to share all the ideas and experiences post-marriage and this would help the users with the things which they could use.

MULTI-BRAND STRATEGY – DIVERSE MARKETPLACES

Muruga saw the accompanying focal points of utilizing a multi-mark procedure –

  • It was anything but difficult to duplicate these commercial centers utilizing the same back-end innovation
  • Scalability wasn’t an issue
  • Also, marital clients aren’t deep rooted clients. The lifetime estimation of a client is typically 3 a year. They just remained on the stage until they got hitched. Once the pursuit is finished, there is no purpose behind them to return to the site. This made it basic to differentiate.

Keeping the structure of innovation set up, Muruga took an official choice and chose to dispatch the accompanying commercial centers successively from 2006 to 2008 i.e. 8 benefits in a traverse of two years. The enhancement helped pick up the piece of the overall industry and these stages were beginning to see development –

  • com: The No.1 Property Portal.
  • com: Help individuals with individual, property and vehicle credits.
  • com: The Online Automobile Supermarket.
  • Mobile 5050: Latest news on telephones, contraptions
  • com: The Online Classifieds.
  • Clickjobs: An occupations entrance
  • Indiapages: The Online Yellow Pages
  • BharatBloodBank – a non-benefit, non-business interface

To be continued…..

In the next blog, we will tell you that how the pricing was decided and what experiments did Muruga conducted along with the data-driven strategy and product updates.

References

https://www.bharatmatrimony.com/aboutus.php

https://en.wikipedia.org/wiki/BharatMatrimony

https://economictimes.indiatimes.com/small-biz/entrepreneurship/i-am-married-to-and-through-bharat-matrimony-murugavel-janakiraman/articleshow/60525006.cms

https://en.wikipedia.org/wiki/Murugavel_Janakiraman