How to do Business with Referral Marketing?

Posted on May 28, 2020May 28, 2020 by Evolvers

The New York Times states that 65% of new business comes from referrals. This means that on an average two thirds of consumers make purchases because someone recommended the particular product or service. Referral marketing has remarkable potential; it is observed that people are four times more likely to make a purchase when referred by a friend. Preparing a strategy for referral marketing and using it properly enables professionals to tap into the power of consumer recommendations to achieve exceptional results.

So, what is referral marketing?

Ever heard of word of mouth strategy?

Word of mouth is a marketing strategy that occurs when one person tells another person about a business and so on. It is basically a free advertising triggered by customer experiences. It is perhaps the oldest and most trusted marketing strategy. Referral marketing produces the same effect as word of mouth but unlike word of mouth it is initiated and directed by a business.

Referral marketing is a process where customers are encouraged and significantly increase referrals through word of mouth. It is a marketing tactic that makes use of recommendations and word of mouth to grow customer base through the networks of existing customers of a business. This can be accomplished by encouraging and rewarding existing customers and other contacts to recommend products and services to potential customers and B2B brands both online and offline.

Due to technologies now a days businesses can track customer behavior online and make marketing strategies based on it. Online Referral marketing can increase brand awareness, referrals and also revenue. It focuses on interactions between customers. The internet provides a various outlets such as company’s website or social media platforms like LinkedIn, Facebook, Google and Instagram to customers to share their experience, opinions and favourite products. It is beneficial if the marketing plan of a company integrates referral strategy in it. Companies can track user traffic to offer referrals to online customers. Referral marketing helps your unique business ideas in becoming successful.

Study shows that Customers who are referred by others are more profitable and remain loyal to the company than normal customers. Referred customers have greater contribution margin, greater retention rate and are more valuable both in short-run and long-run.

Referral programs generally provide two types of rewards:-

Current customers are given incentives such as cash, prizes, discounts, shopping vouchers or redeemable points.
Referrers can benefit from existing customers through increased visibility or recognition, or by special treatment.

Good referral marketing and business strategy can make a difference and lead your business towards success. You need to have a referral marketing strategy because: –

Sales through word of mouth strategy are five times more than through paid advertisement.
Customers acquired through referrals spend twice more and make twice as many referrals themselves.
The conversion rate through referrals are 30 better and have 16 percent higher retention rate than leads acquired through other channels.
People usually prefer word of mouth if they plan to purchase based on single information.
Referral marketing is cost-effective, powerful and trusted.

Customers who are happy and have a good experience with a brand, product or service frequently share it with others. Recommendations and referrals are useful if you want to stand out from the crowd. Satisfied customers through referrals can be easily turned into convincing cheerleaders. It is powerful selling point to others if your customers are happy with your product and are getting good return on investment on the money spent on the product.

A properly organized referral program helps businesses get new and loyal customers at a very low cost. Referral programs incentivize happy customers to share their feelings in exchange for a small gift. But the programs are not just about sharing feelings. The referral programs also generate substantial and tangible return on investment. The referral programs not only bring in new customers but they bring good loyal customers. A few advantages of referral marketing for business are: –

Customers obtained through referrals are better matched. They are more likely to interact with people similar to themselves.
The referrers are existing customers who understand the purpose of marketing and the need for potential clients. They can measure a good fit between the two. The well matched customers can help to produce more profits at a lower cost.
The value and contribution acquired through referred customers are more than those from non-referred customers.
Customer satisfaction can be defined through referral programs. If many customers are willing to act as referrers this means that the company’s customer satisfaction is high.
Referral programs also enable businesses to establish long term relations with customers. The company can know the expectations of customers and raise the effectiveness of marketing programs. Referral programs can also be used a tool for retaining customers.

Seeing the benefits you all must now be wondering how to create a good referral program for your unique business ideas?

We at Evolvers have listed down some of the best ways to create a successful referral program for your business: –

Keep it simple: – Your customers must be able to quickly understand what you want them refer and what are the incentives provided for referrals. The explanation should be concise but should contain all the necessary terms and conditions.
Display a clear and enticing call to action: – Effective call to actions easily catches the customer’s eyes, incites customers to refer and share the incentive. The CTA must be easy to find. It can be put on top of the referral page.
Offer valuable cost effective incentives that tie right back to your business: – Consider incentives for both referrer and the friend (double- sided incentive) and cumulative incentives like offering store credits, service credits, gift cards and discount. One can also consider offering free products or services but only after many successful referrals.

You can also convert the experience into a game by point system wherein a customer has to obtain certain number of point through referrals in order to receive a benefit or any other exclusive perk. Charitable donation can also work as a referral incentive. For example, with every referral the company will donate certain amount to a NGO.

Remember never to underestimate the intrinsic reward of friends helping friends.

Make social sharing efficient and easy for customers: – Your customers should able to share your referral program easily on social media. Integrating social sharing to the referral program increases the impact.
Seamless integration: – Even the most loyal customers would not want to participate if the sign up for the referral program and then find that there are five more steps that they have to complete before collecting their reward.
Promote your program: – Creating a referral program is not just enough. You need to spread the word out about the program for customers to know about it and participate in it. One way to do this is by triggered or time based email campaigns.
Use your business position to your advantage: – Your business also has a unique personality. Inject your personality into your referral program. Consider using feel good messages that focuses on helping friends and your business. The messages can include friendship or community focused images.

You can also emphasize on being a part of a community in your referral program messaging.

Thus Referral Marketing is important. It is a cost effective marketing strategy which has a greater reach and higher conversion rate. Its helps build strong customer relationship and loyal customers.

Referral programs are effective because people trust word of mouth more than any other source of information. A referral program simplifies the recommendation process and makes it more official. Your customers can share your business with friends and family at just the click of a button.

If you want to know more about referral marketing strategies and other marketing strategies then you can contact theEvolvers Experts. The evolvers team focuses on addressing the needs of business and helps them to grow. Click Here to learn more.

How to Handle Angry / Difficult Customer in A Positive Way?

Posted on April 1, 2020April 1, 2020 by Evolvers

Are you worried about the performance of your venture? Every reputed business owner desires the lion’s share in the market. Some feel that this task is rather challenging. I have a different theory. The success of your business depends on various aspects. Customers play a vital role in the growth of the venture. Owners of top startups in India also stress on this factor.

The business owners offer goods/services for target clients. Multiple organisations provide the same facilities. Why should a client pick you over the others? Customers demand high-quality goods/services at reasonable rates. A company that meets these demands can remain at the top of the charts.

I meet several young business enthusiasts. They assume than an extensive promotional campaign can rope in clients. It is a common myth. I urge such individuals to get the real picture. It is unwise to think that you can fool the customers. The business owner must take the necessary steps to keep the clients happy. At Evolvers, the experts can guide to attain this goal.

Clients and Business Success

My experience in the trade sector says that a business owner must deal with different clients. You can convince some without much hassle, while others do not give in with ease. I feel that each venture owner must hone client assessment skills. You need to communicate with the clients and understand their requirements.

The evaluation enables you to suggest a befitting good/service. You cannot use the same strategy for every client. Client assessment highlights the technique that can assist you to finalise the deal. The successful startups in India hire experienced client consultants for this. A small organisation may lack such resources. In that case, you must develop the necessary talents.

I feel that an entrepreneur must try to convince the probable clients. But he/she should never push too hard. It creates a negative impression in the mind of the client. It blocks out the chances of a successful deal. Apart from this, it mars the reputation of your company.

An aggressive approach can irritate the client. You must never take that path. Each business owner must know when it is time to back off. I suggest you let the client ponder on the facts and make his/her decision. My blogs on client retention can help young business owners.

Can You Make All Customers happy?

I have encountered amiable as well as angry customers. The patrons may become angry due to various reasons. Some are unjust, while others are justifiable. Every business owner must tackle angry and rude customers. You must listen to the issue and resolve the problems. Your behaviour and response can make or break your reputation in the market.

The owners of small companies feel that they face such issues. The truth is far from this. I converse with the owners of successful startups in India. They often face similar challenges. Established companies have a customer grievance settlement department. If a customer has an objection, he/she can approach this department.

The client assistance executives can listen to the issue. They can explain the matter to the customer. These executives can forward the complaint to the higher authorities if they feel the need. Most often, these executives can settle the grievance as per the company policies. Small startups must take a different approach.

Sometimes, the clients can make unjust claims. I advise entrepreneurs to keep calm. The business owner must search for a positive way to settle the matter. It makes the clients happy and safeguards the reputation of the company. I suggest you learn from such mistakes and take corrective measures. Adaptive and predictive project management strategies can come to your rescue.

Young entrepreneurs can make mistakes. These offer in-depth knowledge about business operations. A management degree can assist you to monitor the various aspects of the organisation. But these institutes cannot impart client handling skills. My experience says that business owners must develop and evolve these traits over time.

Tips to Appease Angry Clients

As an entrepreneur, my primary objective is to make the clients happy. I offer the same guidance to business enthusiasts. Contented clients can refer your goods/services to others. It can increase your customer base. Apart from this, positive word of mouth promotion can boost your market standing. You must never give the clients an opportunity to complain.

You may fail to stick to this code. The clients pay a certain sum for the goods/service. If they do not get the best services, it may anger them. Here are some constructive ways to handle such situations.

Stay Calm and Polite

An unhappy client can act out. But you must maintain a calm demeanour. An upset customer is one of the many challenges of business growth. You must develop effective strategies to counter these hindrances. If both parties lose temper, it can lead to chaos. The awkward verbal exchanges may not die down. Sometimes, the matter can get out of control.

I suggest that the venture owner must maintain his/her calm. It prevents the worsening of the situation. The client can lower his/her tone after some time. It creates an appropriate environment for civilised communication.

Listen and Connect

I talk to young businessmen whenever I get the opportunity. Some handle unpleasant situations like a pro. Others lack knowledge about how to handle angry customer. I believe that communication can pave the path for dispute settlement. Hot-headed entrepreneurs lack the patience to listen to their clients. These businessmen want to place their side of the story. It creates the ideal environment for an awkward verbal exchange.

I feel one can eliminate such chances with ease. I advise business enthusiasts to listen to the customers. It is unwise to shun them out. You must become a good listener. When the client rests his/her case, you can explain your side. Civilised verbal communication can resolve complex problems.

Understand the Client’s Grievance

Numerous new ventures enter the trade sector. Many organisations perish, while others flourish. My experience says that consultation with experts can provide tips on how to overcome marketing challenges. Proper promotion paves the path for sale and revenue generation. The owner of the organisation requires special techniques to appease an angry and dissatisfied client.

The disgruntle customer desires answers and proper solutions. A business owner must converse with the client. He/she must encourage the customer to state the issues. It helps the entrepreneur to understand the problem. Once you realise the issue, you can try and figure out a perfect solution.

Sympathise With Customers

Many young business enthusiasts ask me how to handle difficult customer. I have a different notion that says that no customer is difficult. The patrons cannot create any issues as long as you offer quality services. The clients do not hesitate to pay the fee you charge for the services. If you fail to deliver quality goods/services on time, it is a breach in contract.

It is a justified reason for the clients to develop negative emotions. I suggest you sympathise with the customer and understand his/her problems. Your submissive nature can reduce the anger lever. You need these clients to attain business success. Lack of understanding can send the client to your business rivals.

Apologies for the Mistakes

I stress the importance of business mentorship. I received the opportunity to learn the tricks of the trade from the best in the business. My mentors highlighted that business owners must prioritise their clients. I follow their guidelines to date. No rule book says that companies cannot make mistakes. These organisations serve numerous clients, and a mix-up may happen.

If the customer points out the mistake, the owner of the company must accept the error. It is fruitless to fight a battle that you cannot win. If you fail to keep your commitments, then you must apologise and right the wrong at once.

Offer Befitting Solutions

A heated argument can anger both parties. Rage mars your potential to come up with sound solutions. I advise entrepreneurs to provide a remedy that makes the client happy. The customer may face financial losses if Apologies for the Mistakes

he business owner fails to offer quality goods/services. The client cannot use substandard items.

If the business owner makes a mistake, he/she must accept it. The entrepreneur must use sound client handling techniques. You can offer compensation to appease angry clients. It can lessen the financial loss of the customer. Such solutions can create a favourable image for your organisation.

Alter Business Policies

Sometimes, the business owners lock horns with the clients. I feel you must avoid such situations. Business analysis can assess the different aspects of the case. The evaluation report may suggest that the client was right. It highlights that the business owner needs to review his/her policies. If you desire sustainable business growth, then detect the loopholes.

I feel that novice entrepreneurs may fail to pinpoint the issues. So, they must contact the business analysts. These professionals can evaluate various components. They can also help with the development of a sound venture operation policy. If you implement it, you need not worry about unpleasant situations.

Do you want to keep unpleasant exchanges with the clients at bay? You need a robust business plan for that. Apart from this, adequate mentoring can prepare you for any situation. Are you looking for such business mentors? If yes, then connect with the experts of Evolvers. We offer practical business solutions for entrepreneurs.

How Important Mentorship Is During the Journey of an Entrepreneur

Posted on December 24, 2019January 11, 2020 by Evolvers

Do you have bankable ideas to establish successful startups in India? Hit the iron while it is hot! My experience highlights that you may not get the same convenient time again. Many young business enthusiasts come to me for trade tips. I believe in the importance of mentoring in entrepreneurship.

Novice business owners lack in-depth information about the trading world. A wrong decision can pave the path for financial losses. However, proper guidance from the business experts can keep these issues at bay. The mentor can assist you to cement your place among the top entrepreneurs in India.

Do you need a mentor for venture establishment?

Not all possess a degree from business schools. A sound plan and policy implementation can ensure successful startups in India. But young aspirants cannot accomplish this task without assistance. Thus, every business needs a mentor for holistic development. The expert can go through business policies. His experience allows him to detect the loopholes in the plan.

I believe that a good business mentor can prepare you to tackle unforeseen circumstances. I suggest that you converse with the best in the business for adequate guidance. You can read my previous blogs to understand the role of a mentor in a startup.

The Prominence of Business Mentoring Sessions

Digital marketing makes it rather easy for young business owners to promote the venture. I believe you need more than an effective advancement strategy. Financial management is an essential aspect. Here, the importance of mentorship in business comes under the limelight. An experienced guide can assist you to follow the best business strategy. If you make any mistakes, he/she can offer corrective tips.

Here are other perks of business mentorship:

Practical Experience to Remain in the Game

I believe that books and online articles offer theoretical knowhow. You can learn about the ins and outs of the trade sector when you become a part of it. A mentor has a strong association with the business sector. He/she can provide the necessary tricks for success. Apart from this, your business guru can assess market risks. He/she can suggest significant policy alterations, which can boost business health.

Networking Opportunities

I guide young business owners to invest time and effort in networking. You cannot remain afloat in this sector without seeking support from others. It takes years to build a solid trade network. Mentors and support systems in entrepreneurship can make this task easy. The guide can introduce you to investors and business think tanks.

You can nurture these contacts for the betterment of your company. Novice business enthusiasts lack networking skills. The mentor can assist you to polish these skills. The status of your mentor can help you gain better, lucrative contacts.

Reassurance for Your Venture

Most young business owners lose hope when they make a mistake. I encourage them to make another attempt. You can learn from your previous mistakes. The benefits of the mentoring program can reduce the chances of errors. The mentor can warn you or reassure about the potential of the policies.

Prevent Chances of Failure

Business mentoring statistics highlight that many new ventures fail to operate in the market for long. Poor business policies and implementation strategies are behind this failure. I believe that a mentor can help you to remain in this competitive sector for a significant span.

importance of mentoring in entrepreneurship

Do you want to sign up for mentoring sessions? Are you looking for competent business advisors? If so, then you need to consult with the experts of Evolvers. They can assign proficient mentors to ensure the success of your venture.

Author :- Sandeep Sagar

Stepping Stone- Success Story Part-1

Posted on November 30, 2019January 23, 2020 by Evolvers

Beauty Pageants are the ultimate dream for any girl who has ever dreamt of being a princess because that’s what you feel like when you win a beauty pageant. One such dream was dreamt by Anjana Mascarenhas. However, in the hustle-bustle of her daily life duties as a corporate employee, he never could be part of a beauty pageant. But as they say “The Busy Bee has no time for sorrow”, Anjana started her own Boutique in Pune by the name of DIVA and soon Anjana Mascarenhas was a renowned name amongst the affluent & social elites of Pune who were active in 90’s fashion scene.

Running a business is a task in itself and on top of that handling responsibilities of being a wife & a mother is a task even the best multitaskers tend to fail at. But Anjana was no quitter and managed to not only successfully run the business but to take it to newer heights no other Fashion designer had achieved, at least not in India where working women were still being frowned at and people hesitated from letting their daughters work.

Karl Mascarenhas, the better half of Anjana Mascarenhaswas just the pillar of support that she needed. Karl Mascarenhashas handled senior-level positions in Marketing, Business Development & Public Relations with some of India’s top Organizations such as Oberoi Group of Hotels, GTL Limited, Frankfinn Institute of Air Hostess Training, INDUS International School and Image Consulting Business Institute (ICBI) wanted his wife to participate in the Gladrags Mrs. India. This proposition led her to a new problem, she needed someone to train her for the Pageant. After a lot of soul searching, she realized who could better coach her than herself. Following this, she did a 2-week professional course in the field of pageant coaching.

In the year 2014, DIVA Pageants was set up by Managing Director, Anjana Mascarenhas and Marketing Director, Karl Mascarenhas. The purpose of establishing DIVA was promoting, supporting and giving care to the positive self-image by enhancing the natural beauty within.

The 1^st pageant was titled “DIVA Mrs. Pune 2016” and was held at the Residency Club garnering an attendance of over 500!

Realizing Pageantry changes lives, Anjana was motivated towards making DIVA Pageants as a global brand and transforming the lives of women across India.. and the World.

Come 2019, she has flawlessly groomed several pageants and brought many glorious Crowns to our country, She is currently running 3 pageants in the country –

Mrs. Maharashtra-Empress of Maharashtra,

Mrs. West India-Empress of West India,
Mrs. India-Empress of Nation.

Anjana not only has developed a positive aura around herself but also for her Pageants.
Diva’s pageantry program is designed for today’s Women – celebrating their diversity and individuality. Ladies are encouraged to grow exponentially and expand their ideas about what they want to achieve. It is a once in a lifetime opportunity to learn, to grow, to challenge yourself, engage with your community, and fight for an important cause.

Through DIVA, she wants every contestant to realize that she truly can take hold of her dreams and turn them into reality. DIVA is renowned for hosting some of the biggest pageants in Maharashtra, spreading all over India.

DIVA pageants give women the fathomable experience,

driving them to *Dare *Dream and *Dazzle, which is commendable in itself.

All in all, if you have the will and determination to achieve something you can do it and there is nothing that can stop you!

Do you want to learn how to turn every adversity into a stepping stone to live the life of your dreams?

How much money should you invest in your startup?

Posted on September 25, 2019April 2, 2020 by Evolvers

A is a dream. Dreams are the unconscious illustrations of our conscious thoughts and beliefs. Such dreams create a pathway towards the future we had though for our self. The immediate reaction is filled with excitement, and we are immensely joyous within. The joy of realization of dreams, the dream is sign towards fulfillment of the same. Dreams are referred to as the unspoken voice of God.

The next step, after calming ourselves, we start looking for successful start-ups in India and begin googling for times, famous entrepreneurs in India. This step is called motivational step which involves reading their blogs, articles about their struggle (related with investment or sources of investment, business platform (whether online or offline), doing a thorough market research, finding the right partners for the best support and finding the best mentor for guidance at any given time), success stories, statements given by the CEO or management director defining their strategies and exploring about their future clients, which brief us about the demand of the market.

Th second point holds grave importance because it is regarding investing money. This step is related with investment for beginners. These investors then begin searching for investment for a startup in India and the procedure involved for accessing government funding for startups. The market research in the first step helps them locate where to invest the money to get good returns in future. In hunt for a good future of the start-up, they must ignore the present which help them in getting funding for the start-up. The present is route to a good fortune, which is main goal behind the start-up. The third step for start-up requires foresight, team of consistent members who are persistent and are proficient because of their never giving up attitude with eagerness, hunger to learn and achieve more. These individuals or team of individuals are normal looking people like us, but there for ideas, application and perception make them stand out many. They are the CEO or founder many successful business and food startups in India. They are successful because of their unwavering hunger and demand towards capturing their dreams. They do not believe in giving up and settling for nothing less than their goals.

Another very important quality they own is their efficiency and discipline which is a necessity towards chasing dreams. Their belief is strong and the efforts towards fulfilling the dream is even stronger, this was because they believed in their dreams and at the same time are willing to sacrifice anything to procure it, which is commendable. They believe in their dreams, have confidence in themselves, efforts and the source of funding. They did not allow their vulnerability to hang and disrupt their aspirations. This clearly indicates that their dreams are/were more powerful, the effort was great, stronger in comparison to the fear of failing, failing towards procuring funds They do not believe in procrastination. They are diligent and understand the importance of the value of the term, conditions and responsibilities which are associated with finding investment, location and employees.

Best startups with SaaS (software as a service); companies in India (list of startups in India

Primarily, SaaS or Software as a service is a model in which customers get access to applications hosted by a third-party provider over the internet. It has been made possible by the advances in cloud computing.Customers can also integrate SaaS applications with other software using APIs. In fact, many businesses write their own software tools and then integrate it with the SaaS solution. This allows them to have more customizations. The applications cover a wide range of departments and business processes ranging from email, customer relationship management (CRM), financial management, human resource management (HRM), billing, sales management, team collaboration, and productivity.

1. Freshdesk: it is one of the most popular B2B (Business to Business) SaaS startups to come out of India. In 8 years, they have managed to garner quite a reputation across the globe, especially in the United States.Freshdesk enables companies to provide improved customer support by bringing various support channels on one software. These include email, phone, social media, websites, and mobile apps. Founded by Girish Mathrubootham and Shan Krishnasamy in 2010, Freshdesk has come quite a long way. Today, Freshdesk has more than 50,000 customers all over the globe.

These include well-renowned brands like Honda, 3M, Hugo Boss, The Atlantic, University of Pennsylvania and Petronas. It has a team of 500+ employees based in Chennai and San Francisco and is backed by high-profile venture capital firms including Tiger Global, Accel Partners, and Google Capital.

2. InMobi: This is one of the rarity in the Indian startup scene. It’s a profitable unicorn. This B2B SaaS startup focusses on providing cloud-based intelligent mobile platforms for enterprise marketers. It was founded by Naveen Tewari, Abhay Singhal, Amit Gupta, and Mohit Saxena back in 2007 and was known as Mkhoj in its initial avatar. Initially, it was an SMS-based search and monetization business. It was only in 2009 that it pivoted to InMobi with a vision to change how advertisements are seen on mobile devices, in India.

3. Hotelogix: This was founded back in 2008 by Aditya Sanghi and Prabhash Bhatnagar. It’s a cloud-based SaaS software that works as a property management system for hotels. It enables hotels to efficiently manage a variety of functions including housekeeping, restaurant operations, and front-desk operations. Hotelogix targets budget and mid-market hotels as well as larger hotel chains, boutique hotels, B&Bs, and serviced apartments.The company has clients in over 100 countries including in the UK, the US, Australia, Thailand, Philippines, and Singapore.

4. Capillary Technologies: Capillary Technologies is a B2B SaaS startup that enables retailers to engage with customers using a number of channels including in-store, mobile, and social. It was founded back in 2008 by Aneesh Reddy, Krishna Mehra, and Ajay Modani.Capillary Technologies provides an entire suite of products for retailers to engage with their customers. The idea is to integrate online(social and mobile) experiences into any point of sale device.It has operations in several developed nations including the United States, the UK, South Africa, and Singapore and has several well-renowned brands among its customers which include Pizza Hut, Peter England, Puma, Nike, and Marks & Spencer.

Conclusion:

On money to be invested in a start-up depends on the strength of the start-up. This also varies on how the face behind the start-up plans to run it. It further depends on the promotions, advertisements and campaigns to influence its growth. The greater the growth, the greater the investment and all accumulated gives higher revenue. Higher revenue is directly related with more investment.