Nobody ever imagined that a pandemic would threaten the extinction of mankind. If you see the conditions today no one knows what the future holds, when the pandemic will get removed and other such things. You can see the effects of coronavirus on humans as well as on the economy.
The Impact of Coronavirus: –
On humans: –
The Virus has caused 3,00,441 deaths globally and the number of confirmed cases
are 43,96,392. The virus is called SARS-CoV-2 and disease caused due to it is
called COVID-19. The virus is classified as deadly and can spread easily from
one person to another. Some common symptoms of the disease are fever, dry
cough, sour throat and breathing difficulty. To avoid the spread of virus
people have to maintain distance from others and avoid going out.
On Economy: – The lockdown has hit the economy to its worst. An estimation by IMF says that the global economy would grow at -3 percent in 2020, which is worse than the great depression and even the financial crisis. The GDP growth rate for all major economies has decreased and is expected to grow at a very low rate. Developing countries are facing huge problems and their economies are expected to contract by -1 %.
The
lockdown cause due to coronavirus has affected several sectors such as
transportation, oil and natural gas, industrial metals and food and beverages.
All the sectors have seen decline in prices affecting the economy heavily.
With
most things changing around us in order to help us continue to live our lives
and also control the economic situation. It has been long since the digital
information but it was still work in progress but due to the coronavirus we
were able to see a complete shift towards the digital world as it is the only
option available. This is slowly becoming the new normal.
We all are now wondering how our lives will be after coronavirus?
I have listed down a few points to answer that
question of yours. Scroll below: –
Long term effect: – It is obvious that the coronavirus will have a long term effect even
after the disease is eradicated. Our economy will heal with time. The coronavirus
disease has and still is affecting people emotionally, mentally, physically and
financially. It will take time for the world to function normally and with few
new changes. Even after the virus is over people will still take precautions
and avoid certain things like travelling, tourism, dinning out, etc.
Digital Transformation: – Work from home is becoming the new normal. Virtual
meetings, working from the comfort of our houses all this seems to be becoming more
common after coronavirus. Working virtually from remote locations will be
become common. People have already started accepting the digital transformation
and benefits gained from it.
Concern towards environment: – Though having a negative impact on humans and
economy, the coronavirus has actually benefitted our environment. As seen in
the news, the pollution level has reduces drastically, the concentration of
harmful gases has also decreased, clear river water and also the hole in the
ozone layer is now covered. All this changes might influence people to work
consciously so that the environment is not harmed.
Domestic Manufacturing: – During times of need in this lockdown several
countries realized how much they depended on other countries for even small
items. Also various restrictions due to lockdown delayed or cancelled the
delivery of certain items. Thus countries might start manufacturing more
importing less.
Improved Health Care: – As seen in news, countries were not able to
immediately respond effectively due to shortage of equipments and medical
facilities. Health care will become the major focus so that in future the
countries are prepared in advance to face such difficult situations and also
get out from it soon.
Are
you planning to launch a new brand in the market? Well, it’s not that easy to
start everything from scratch and make it run in the market.
There
must be some popular brands that people have already invested in, and you have
to make sure that you stand out different from them to run it successfully.
As
people are interested in knowing what the brand has to offer, what’s so special
about them and most importantly, what distinguishes them from other competitor
brands?
The simple answer to this question is LAUNCH! Yes, you have to ensure that there’s an awesome launch of your new brand. And, for that, you definitely need to spend some time in planning o how to make it an exciting launch! Planning and strategizing for launch is essential for the grand opening of your new brand to go off without any snag.
Hence,
listed below are Seven great Tips
For A New Startup that you need to know
if you are into launching a new brand in the market.
Tip
1 – Define your Target Market
Before you proceed with the new brand launch, you have to understand what is the target market or target audience of your brand. Without identification of ‘target audience,’ you just cannot pitch the right audience who are already invested in your competitors’ brand.
Make
a segment, which is very clear in demographics and interests, and then target
that audience with the launch of your new brand. Initially, you have to
understand you cannot target everyone. Because then, you will end up under the
category of ‘not so relevant.’
Therefore,
you have to start with the two key demographics at first, and after that, you
can expand your target market from there onwards. Just think critically while
selecting the demographics; ask questions like, who are they? What do they
expect? What will they like? Is your brand fulfilling such requirements? And,
so on!
Tip
2 – Take enough time to Launch
Launching a new brand in the market is a tough nut to crack. And undeniably, people take a lot of time in planning and setting approach on how to launch it exceptionally. Let’s just assume wedding and branding, both are same. The way we require almost a year to plan and execute a wedding, in the same manner, launching a new brand equally takes a lot of time, at least not less than 8 to 12 months.
In
the meanwhile, your entire team should be involved in creating hype for the new
launch to ensure that things are moving in order. To take an example, Ted Baker
launched the brand of men’s and women’s clothing using COUNTDOWN TIMER! Yes,
the countdown was set on the website for 30 days. Isn’t it a great idea to
create a hype among the audience of your brand?
Therefore,
take some time before you go ahead and launch your brand because that will be
the only period when you can let your creative ideas out!
Tip
3 – Brand is Everything!
Once you are done with the brand name of your business, logo creation and website designing, then you need to focus on the branding too. As you will be taking enough time to launch your new brand in the market, therefore, you need to focus on the branding part within that time frame only. Branding as in, how you will begin the communication? How will you showcase your brand on different platforms? What will be the strategy for branding the new launch? How you will make people recognize your brand? These are some of the significant questions that you need to introspect on!
Branding
is nowadays majorly done on social media platforms. And through, business cards
and email marketing as well. You have to make sure that your brand is
consistent on all platforms, and you are connected with the audience that is directly
related to your business or brand that you are willing to launch anytime soon.
For
instance – Airbnb, did a rebranding where they changed the signature logo
colour from blue to red and orange gradient. Basically, they are playing on the
basis of colour combination. It is a brand ‘reputation and recognition’ factor,
most importantly!
Hence,
you have to build your brand first because that’s the only thing through which
your brand will get recognition. For that, there’s a lot of significance about
Logo colour! Yeah, colour matters to the audience, and according to a survey
conducted by Color Matters, almost 80% of audience recognize the brand through
its colour and boost the brand recognition extensively! So, put colours every
platform possible.
Tip
4 – Try to Build Anticipation
To make your brand launch exciting one, you just cannot miss out on your audience, right? An ideal brand launch is done exceptionally when you build anticipation among the audience or people relevant to your brand. Make it a little mystery, build positive anticipation and give minor details about the product or service you are planning to launch in the market.
Adding
to it, you can give some hints, yeah, some subtle hints that you can share it
on social media to invoke their excitement. Otherwise, you can go with the
short videos that include countdown times up to the date of the launch of your
brand. It is absolutely one of the most engaging ways to let your customer
think for at least once what’s the fuss is all about.
For
instance, Apple uses video to interact with the audience and giving them subtle
hints about its new product launch, which also includes, revealing enough
information that pique the interest of the fans and followers!
So,
building anticipation among the audience is very much essential for the brand
to launch their new products or services in the market. Let’s stick to that
only!
Tip
5 – Get in touch with Influencers
Social media platforms are undeniably great from the marketing perspective, especially when it comes to launching new products or services. Rather than following the age-old social media tactics, if you have a budget to invest, then it is highly recommended to go for Influencer Marketing!
Why
is it so? Well, to generate the sales and results you desire, influencers, or
trusted brand advocates from the specific industry can help you to do that. So,
to begin with, you can either DM them on their social media accounts or simply
email them regarding the product or service promotion. Of course, they won’t
accept the offer in the first go, but you have to give them the product to
share their review or tell something unique about your services to them to
review it on their page. Secondly, if they liked the product or service you are
offering to the audience, then they will put a review that you can share it on
your different platforms.
To
create the buzz about your new brand, Influencer marketing is definitely a
great idea to implement as it will help you to generate profits afterwards.
Therefore, plan your strategies for branding as well!
Tip
6 – Make Sure your Team is Excited
Even if you are into launching a new brand in the market, it is essential that your team should be excited about it. You have to ensure that your team members are aware of the product and its key features, try to excite them with its USP. And for that, you have to sit with the team members and have a positive discussion about it. To answer the queries of your customers, your team members should be proficient enough to deal with them and their queries in a positive manner.
Therefore,
before the launch of your new brand in the market, go for team discussions and
planning, which will further excite them to give their best shot!
Tip
7 – Stick to your Schedule
The final tip for all those who are into launching a new brand in the market, i.e. stick to your plan! If you will lose sight or focus from your plans and schedules, then it will definitely hamper the brand launch.
Create
small schedules and ensure that the tasks are completed on time, and every team
member is accountable for their specific role. Review the tasks and figure out things
on that basis.
CONCLUSION
To
conclude, Launching A New Brand
in the market is definitely not easy peasy but not that hard or scary! With a
strategic brand launch in the market, you can make an impactful impression on
the people or audience. For the Best
Entrepreneur Ideas,
to make your brand launch a successful one, get in touch with the professional
and experienced experts at Evolvers.
Ever
thought, why some businesses run and perform well, while others do not? Or,
every pondered, why some businesses beat the existing industry experts in the
market?
Well, it is quite simple, with successful business strategies! Nowadays, startup companies are growing speedily in the market. Some are Successful Startups In India, while some are not! The major reason behind unsuccessful businesses is because there is no strategic planning and even if it is there, they are flawed or risky.
The
reason being Amazon like companies are running at a successive rate because
their strategies are strong. From seamless experience to providing great
products and services to the customers, Amazon is one of the most trusted and
renowned platforms for online shopping. Further, as I am into planning business
strategies, thus what matters is your strategy and it should be aligned with
the company’s objectives and goals. Therefore, every strategy you plan should
be in alignment with the organization’s objectives.
You
cannot deny the fact, a good strategy is what helps to make great investment
decisions, which includes when and where to spend. Effective business
strategies are equally helpful in project prioritization along with the
planning of other business activities i.e. optimizing resources, how to make
profits and how to make above-average returns.
Now,
let us look at the major steps or points that you need to consider before you
start developing an effective business strategy for your organization.
1.
Objectives for Long-Term
Hand writing Objectives with red marker on transparent wipe board, business concept
Strategic planning is what you need to run your business effectively! First of all, you have to analyse what products or services you are willing to sell to your customers? Or, what kind of markets would you like to deal or serve? To be in the long run in the market, it is essential to plan objectives for the long term. Adding on to it, the vision of the organization must include objectives that are customer focused to occupy a position in the market. So, it is the right time to Think Big! And, for that, you have to question yourself, where your business will stand in ten years from now? Hence, the business strategy must include long-term planning!
2.
Innovation
Innovation is the core of any successful business strategy. Whatever products or services you plan to sell to your customers in the market must be unique and innovative in its way that appeals to the audience. Moreover, you cannot forget that whatever innovation you plan to do with your products or services should be aligned with your business.
For
instance, Apple is already a known brand and a completely innovative brand. They
launched iPod, which is doubtlessly an innovative product. Of course, Apple is
an expensive brand, but their products always come up with some great
innovation and creativity.
3.
Competitive
A well-planned strategy is when you plan to execute what your company can accomplish better than your competitors. Obviously, understanding the competitive advantage is crucial for the business to plan and execute strategies. It is what you do best that draws customers to buy your product or service instead of your competitor’s. You may decide to incorporate your competitive advantage into your mission or vision statements. For your business to sustain long-term growth, you must understand what sets it apart from the competition.
4.
Assess your Strengths and Weaknesses
It is significant to take an assessment of the strengths and weaknesses of your organization along with the opportunities and threats. It is beneficial in assessing your strengths and weaknesses, which means you can evaluate what your organization can do the best and what cannot be attempted.
First
of all, list down your company all resources, assets, property and people. Secondly,
list down all the important questions to evaluate what are your company’s
strengths and weaknesses. For instance, who are the potential competitors of
your brand? What are the strengths of your competitors? What are the weaknesses
of your competitors? What are the major sales-driving force? What are the
trends that substantially affect your business?
So,
these are some of the major questions that you need to list down and answer to
assess what are your company’s strengths and weaknesses.
5.
Assess your Resources
As you have already evaluated your goals and objectives along with the strengths and weaknesses. It is the right time to do the assessment of resources. To build effective business strategies, resource assessment is absolutely vital to save time as well as money.
As
every business has to deal with the cash crunch or financial crisis, therefore
the allocation of resources is essential. And, it is possible through
determining the key goals and. To accomplish your plans and goals, you have to
make sure that you have evaluated or assessed your human resources accordingly.
6.
Strategy a Habit
For running a successful business, planning for effective strategies is absolutely vital. Also, if the leader is busy in implementing the planned strategies, then it is the right key to success. Once you prepare strategies, you have to communicate with every team member in your organization. Not to mention it, you cannot forget to take the necessary actions as and when required according to the business trend. Therefore, strategic planning shouldn’t come once in a while but it should be a habit to develop to run business efficiently.
7.
Customers Profile
Creating customers’ profile is another significant point to consider when planning strategies. Of course, it is because of the customers a business runs successfully, but to make it a profitable one, you have to create customers’ profile. To be one step ahead, you always need to consider your customers first, which includes their expectations and needs.
Hence,
always create a customer profile that must include their motivations, needs and
characteristics. It will ease the process of creating better and effective
strategies according to the customer’s requirements.
8.
Invest in Right Employee
As employees are in direct contact with your customers, thus it is important to invest in them. Beneficial resources!! Your organization has to ensure that you invest in the right employee or employees. Whether you provide them with great holiday trips or not, whether the furniture is great or cheap, it totally doesn’t matter. Because what matters is their pay.
Hire
a few employees, but make sure you pay them the desired amount, which they
actually deserve. And, they will always stick around! So, always invest in
talent as they will improvise the strategies of your business.
9.
Find the Opportunities
You have to analyses what opportunities are there in the future for your business. First, examine them, gather more facts, data and information related to them before you take any decision. Second, find the opportunities that it will bring in that will lead to the growth and success of your business too. Afterwards, plan and strategize it accordingly to mitigate the risks as well. It is with the help of innovation and progressive mind; you can plan strategies for your business along with finding the right opportunities.
10.
Frequent Reviews
Another major step that needs to be taken into account is reviews and updates on strategies and its planning. If your organization isn’t taking frequent reviews and updates on strategies, then it would be really hard to implement them successfully. You can test it out in small phases to ensure that the loopholes can be identified, rectified and shall not be repeated.
11.
Identify Revenue Streams
For your organization, it is important to identify what are the current revenue streams? Or, what are the revenue streams that make business more profitable? Once you identify the revenue streams, then what matters is to understand whether they are sustainable in the long run or not. Understand the difference for the revenue streams, start with its implementation and review it.
12.
Plan according to Risks and Failures
While planning for strategies for your business, you have to make sure that all the factors are taken into consideration i.e. even the risks and failures. Past experiences should be used to improve the future of your business, whether it is risks, failures or success. You can take good insights from the successful strategies, which will benefit you in planning better strategies.
13.
Keep a track of your Goals
If the goals and objectives of any business are defied and clear, then it is one major advantage in taking the right approach for strategic planning. However, it also matters that your company should keep track of your goals for continuous progress and growth. Keep a record of all the measurements and target on a sheet which will guide your organization and team members in accomplishing the goals in a better and comprehensive way.
14.
Use your Brand story as Strategy
To have a story to live by is definitely one of the greatest things to do! And, a brand can such great things simply by connecting with the audience. How they can connect? Tell stories, actually authentic stories because that is probably one of the best ways to communicate truth, ideas and beliefs of a brand. Moreover, stories are a powerful way to connect with the audience and if you are keeping it strongly in your business strategies, then it will definitely work!
15.
Market Knowledge
Taking proper market knowledge before planning effective business strategies are truly important. Besides competition, it is must to possess market knowledge and its every segment in-depth to plan your business strategies in accordance with it. Complete market knowledge is required to understand which segment of the market will most likely get benefits from your products or services.
So,
strategies are important these days. Yes, tactics are vital too, but for a
successful business, the ability to think critically is the foremost priority,
especially in this digital world era to sustain in the market for the long
term.
CONCLUSION
To
sum it all up, successful business strategies are essential for every business
to develop and modify it according to the time and requirements. Nowadays, many
Latest Startups In Indiathat didn’t run successfully and the
major reason behind is, ineffective business plans and approach, be it related
to customer, market or employees. Every aspect has to be analysed in-depth for Sustainable Business Growth.
To run a successful startup, the first step is to make strategies as I suggest
to all the entrepreneurs and business owners. Because as I say, strategies help
us to Measure And Improve.
“Networking is a lot like nutrition and
fitness: we know what to do, the hard part is making it a top priority.”
In the current scenario, with most of the businesses being closed, one is in a dilemma as what to do next. Don’t worry! Things will get back to normal soon. Until then you have to make use of the situation in the best way possible.
I am here to discuss a very important topic, which most businessmen and employees tend to undermine. Business Networking! Networking is a socio-economic business activity where businessmen and entrepreneurs meet in order to form professional relationships. Through networking create, recognize, or grab business opportunities, share information and seek potential partners for future ventures. Networking helps you to come up with new innovative business ideas.
In my opinion, you can make
the best use of this quarantine by networking with people online. If you
haven’t started yet, start connecting with people of your interest on various
platforms. It is the best time to expand your reach and connect with people or
organizations which will help you in future. At Evolvers, the experts can guide you to
attain this goal.
During this lockdown you cannot go out and connect with people instead you can use social networking sites to start networking. I have listed down some of the best networking platforms which you can use now to explore and connect with people and build long term relationships.
LinkedIn: – LinkedIn is one of the most
popular and widely used social networking platforms today. It gives
professionals an opportunity to connect with other professionals in the same
industry to learn and grow together.
Twitter: – With more than 300 million monthly active users,
Twitter is a place to “see what’s happening.” The biggest obstacle with Twitter, however, is getting
noticed by the right set of individuals or companies. By using relevant
hashtags, you can overcome this issue and also increase your brand awareness.
The frequency of your tweet increases your chances of increasing your brand’s
visibility and awareness.
Facebook: – Since the time of its inception,
Facebook has developed and improved exceptionally, from adding new languages to
introducing new exciting and creative features. Facebook has made a lot of
progress in upgrading their user experience and providing opportunities for
marketers to promote their businesses.
Instagram: – Initially, Instagram was meant to be a
platform to share photos with friends and family. However, it has quickly
evolved beyond personal use and is being widely used by businesses today.
Other business networking platforms are:-
Local Business Groups- Most cities have small
business groups of different industry types.
Community Service Groups- Groups such as Rotary can be ideal for those who
enjoy mixing networking with service to their community.
Professional associations- These are associations where people from
similar industry or a similar interest come together and interact. Having a membership
in such groups can also boost your professional standing.
Chamber of Commerce- Founded in 1925, Indian
Chamber of Commerce (ICC) is the leading and only National Chamber of Commerce
having headquartered in Kolkata, and one of the most pro-active and
forward-looking Chambers in the country today. Its membership includes some of
the most prominent and major industrial groups in India.
“Networking is not about
just connecting people. It’s about connecting people with people, people with
an idea, and people with opportunities.” In essence, networking is all about
developing rapport, building connections, and interacting with people in order
to expand your circle of influence. It is important to have good networking for
the growth of your career. By developing lasting relationships for mutual gain
and creating lasting impressions with various individuals, you will benefit
from it both professionally and personally.
Active networking is vital for career growth. People sometimes confuse it with selling; networking is about forming relationships and a good reputation over time. It involves meeting people and knowing whom you can assist, and who can potentially help you in return.
Your
network includes everyone from family and friends, to colleagues, business
connections, your social network and members of the groups to which you belong.
To
help you understand the importance of business networking I have listed down
the benefits of it:-
Strengthens Business
Connections: – Trust is the basis to form any relationship. Networking
means building trust and helping one another. Regular interaction with your
contacts helps you to build a strong connection. It may assist you to find new
opportunities and help you achieve your goals.
New Contacts: – One of the most common
benefits of networking is that you can meet potential clients or generate
referrals. Networking also helps you identify opportunities
for joint ventures, partnerships or new areas of expansion for your business.
Staying aware: – Business environment keeps on changing, and
you need to be aware of the market conditions as well as the overall trends in
your industry. Attending seminars/conferences and networking
with your business associates and peers on a regular basis will help you to
stay current.
Getting fresh innovative ideas: – Interacting with new minds can give you new
ideas for your business. You should always look for new innovative ideas for
your business and your network can be an excellent source of fresh perspectives
and idea to help you in. Exchanging information and experiences may help you to
gain insights. While offering a helpful idea to contacts will help you to build
your reputation.
Job Opportunities: – Networking can help you
advance your career. Expanding your contact reach help you is personal growth, career
advancement or gain new knowledge. Active networking keeps you informed about
new job opportunities and also helps you get a good referral.
Career growth: – You need to communicate
and meet your contacts on a regular basis to maintain your business relationships.
Attending professional and social events makes you visible and raises your
personal profile. You can then build your
reputation as being reliable, supportive and knowledgeable by offering your
help to people who need it.
Sharing knowledge and gaining different perspective: – Networking is ideal for expanding your knowledge by taking
advantage of the viewpoints and prior experience of others. You can gain new
insights by talking to others in your fields or people with expertise in a
particular area. Asking for opinions from the contacts you trust or admire can
help you see the challenges in a new light and help you overcome it.
Get advice and support: – Your networks and
support you in challenging times by giving their expert advice. Mentoring is important and helps a
person gain proper knowledge from an experienced person. Your contact can serve
as a mentor can guide your career to a successful path.
Improved Credibility: – As you start meeting
more people, you will eventually attain a reputation as being someone who loves
interacting with and helping people. As your credibility and reputation grow,
you will get better opportunities and support. You will be able to help others
with valuable ideas, sources, and information. This will further enhance your
credibility.
Build Confidence: – Regular networking will
help you improve your confidence. Meeting
new people regularly can also boost
your confidence and may help you form new
friendships on a personal basis with like-minded people. The way you speak, deliver your
message and make connections, deeply impacts your business.
There are countless more
benefits of business networking. It is important that you stay in regular
contact with your connections in order to gain maximum advantages for your
business and yourself.
Networking doesn’t come naturally to many people. In fact, for some, the thought of starting a conversation with a stranger at some event or meeting makes them nervous. A good thumb rule is to be prepared ahead of time and have a few relevant points of discussion in your mind before meeting new people.
Nurturing relationships with
your contacts is mutually beneficial. You can broaden your access to
opportunities and improve your personal profile. One way or another, the purpose of
business networking is to ultimately increase business revenue.
“Networking
is an investment in your business. It will take but if done properly can
produce great results for years to come.” To gain more insights, you can get in
touch with the Evolvers Experts to understand how you can
network and also improve your networking skills.
Is
your business struggling hard due to this Coronavirus pandemic outbreak?
Are you figuring out ways to mitigate risks in your startup business? Also, struggling hard to retain your employees?
Well,
all your questions will be answered! Obviously, the situation is crippling,
especially for small businesses. Every minute there’s a new case flying and
make situations worse throughout the world.
In
my opinion, a holistic approach is required to deal with the situation.
Moreover, positivity is what you need to spread to protect your employees and
support your customers!
Come up with something new, interesting and innovative during this period of lockdown to lessen the impact of COVID-19 on your business.
Now,
here I am mentioning some of the quick steps that you definitely need to take
for your business to mitigate the risks and plan further strategies.
Let’s
go ahead!
Step
1 – Communicate with your Customers
During this period of ultimate crisis, it is essential that you communicate your problems or struggles with your customers clearly. Don’t keep them in any dilemma!
You
have to make them understand what your business is going through. Customers do
understand the circumstances and empathize with the businesses too!
What
if you cannot them their service or products? But you can at least keep them
engaged through social media platforms or run some Quarantine Gamesto
provide them with discounts and offers to shop when lockdown period gets over!
Step
2 – Protect your Employees
The situation is critical for everyone. Yes, including your employees too! It’s quite understood that you must have made a work from home policy for your employees, but don’t be too rigid about it. You will have to understand if any emergencies come up in their family then deal within a peaceful manner.
Adding
on to it, as you know the circumstances are extremely critical, thus make sure
that your employees are doing their bit to keep themselves and their loved ones
safe! I simply meant Social Distancing and all Quarantine preventive measures.
Step
3 – Create an Emergency Plan
All business owners are busy in creating plans to protect their business from the adverse effects of Coronavirus. If your business hasn’t’ had any emergency plan before, then plan and create it right away to minimize its effect!
Emergency
plans not only include company plans but it also layout some strict measures
that your organization need to take to protect your employees as well as a business
during such situations of crisis or emergencies.
CONCLUSION
To conclude, the above listed quick steps will help you and your business to maintain balance during the COVID-19 pandemic outbreak. To mitigate the risks and impact of COVID-19, it is essential to plan strategies well in advance, be it for the employees or customers. For more, you can get in touch with the evolvers experts to understand what all steps you can take other than the above to lessen the impact!
