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  • How to Start a Marketing Agency and Get Your First Client Fast

    Starting a marketing agency from scratch and taking it to the heights of success can seem like a big dream from where you are standing right now. We do not say it’s a piece of cake, but we do say that with the right guidance, knowledge, and resources, it is possible to turn your dream into reality.

    Don’t panic; with resources here, we do not mean spending a large amount of capital, but the right skills that you will have to work hard for.

    In this article, we will discuss everything about starting, running, and scaling a marketing agency. So, if you are struggling with questions like, Should I get into the marketing business? How do I get started? Where will I find my first client? Etc., then you have landed on the right page.

    So keep reading…

    The Marketing Business
    How to Start a Marketing Agency

    How Do You Get Your First Client as a Marketing Agency?

    The Marketing Business

    Digital Advertising Spending Worldwide Forecast
    Digital Advertising Spending Worldwide Forecast

    If you would have thought of entering this business around a decade ago, the road was too difficult to travel. The primitive landscape was scary, and you only had limited options like physical and traditional media.

    However, with the advancement of technology, the world has shrunk and is still shrinking. Anything you wish to know is just a click away. This has obviously made our lives easy, but the competition is tough.

    The marketing business is huge, as marketing and advertising are required by every brand. This helps shape the public’s sentiments towards their product. This is why it is also one of the fastest-growing businesses.

    The Indian advertising market reached a value of INR 743 billion in 2022. Looking ahead, IMARC Group projects that the market will increase at a compound annual growth rate (CAGR) of 11.2% from 2023 to 2028, reaching INR 1,412.5 billion.

    How to Start a Marketing Agency

    The advertising and marketing industry has attracted several big and small companies that have entered or are still trying to enter and make their mark in the field.

    If you are also trying to do the same, we have provided you with insights into this business. Through this article, we will guide you on how to start your own marketing agency in five simple steps. Let’s get started.

    Gain Some Experience

    If you are a newbie it is strongly recommended to gain some relevant experience along with the required skills before you actually begin. You might be creative and intelligent and would have watched a number of YouTube videos and read many blogs on how to run a marketing agency, but this is not enough.

    To run a marketing agency you have to have practical experience and knowledge of the field. If you are thinking of learning while earning, we are sorry, but you are planning to fail miserably.

    And not just that, the mistakes that you will make during this initial phase of your career may ruin your reputation forever ultimately forcing you to give up on your dream. Therefore, you better consider this as a life-saving tip. Get some experience and develop the right skills before you get started.

    But the question here is how do you do that? There are a few ways in which you can gain some experience as well as brush up on your skills to prepare yourself for the marketing niche. They are:

    Take a job: You can work with a marketing agency to understand how things work. This will help you understand more about the ground-level realities, how to deal with the clients and provide them with insightful details.

    Partnership: If you want to get started really early but lack the relevant experience you can partner up with some existing marketing experts. However, remember that only complementary partnerships last in business. So, make sure you have something to offer in return for their experience.

    Hire an expert: You can also hire a veteran from the field if you have enough capital to invest. This can be the first step in developing the right team that can help you establish yourself in the business.

    Collaborate with vendors or investors: They can help you during the early stages of your business. However, this option is recommended only if you have some knowledge and experience in the field. This will help you learn some business tactics and strategies.

    Although learning is a lifelong process, having appropriate experience in the field before entering it can benefit you in more than one way. Lacking the skills to manage accounts and client relationships can cost you years of failure.

    There are multitudes of expectations as well as politics that you will learn through your experience. This will help you develop a better understanding of the field and make you an all-around professional.

    However, skills must accompany your experience as the latter can only help you gain and manage clients but the first will help you generate customer satisfaction that will work as a magnet for the success of your business.

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    Decide Your Niche

    You might be looking at the marketing business and thinking of conquering the entire landscape but before you do that, we have some advice. Looking at the long goal, it is obvious you would want to try every single field however, beginning with a simple goal is a better idea.

    We understand how eager you are at the initial stages of business, wanting to take up any offer that comes your way, and turning down an opportunity at this point can be heart-wrenching. But trust us, this is how it works.

    You cannot be the master of all fields right from the beginning. Therefore, it is advised to choose one niche at a time and move forward to the next as soon as you gain expertise. Meanwhile, if you can expand your business you can also delegate or reallocate your responsibilities to your juniors.

    This also helps you find your ideal customer and streamline your business which will help you keep things organized for the long run. Also, it is easy to gain information and skills related to one field at one time, this will help you grow faster.

    Further, it will also save you time as you clearly understand your target market, customers, and their requirements. You will be able to provide a pleasant experience to your client who can then turn into your loyal long-term customer and may even recommend you to other allies in the field.

    In addition, it also gives you a competitive advantage. It has been found that clients are more likely to trust agencies that serve similar businesses. They are able to trust you better and you are able to relate to their requirements. This helps you build a bond with your client which is very important in this field of business.

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    Develop a Business Model

    So now you have the desired skills and also know the niche you would like to pursue. The next question is, How do you plan to get paid?

    Although the price you can ask for depends on the quality of services you can provide and how efficiently you are able to manage your clients, you will have to let your client know in advance how you expect your payment to arrive.

    There are multiple models of payment in the marketing industry. They are:

    Hourly Basis

    This payment model is usually adopted by counselors who have to spend a major part of their time in one-on-one meetings with their clients, either on-call or in person.

    However, there are a number of issues related to this model. Normally, it is difficult to convince the client of the number of hours you have given for their work. This becomes more difficult when the association is short-term or the client does not appear satisfied with your work.

    It is complicated to convey that you spend “X” number of hours per week on a particular task. This usually creates confusion. That is why this model is least preferred unless one-on-one consultation is a part of your service.

    Monthly Basis

    It is one of the simplest payment models. A contract can be signed with the client indicating a fixed amount of money to be paid in lieu of your services.

    This helps you avoid any complications that may arise at the time of invoice generation. The client already knows his dues and you are also aware of what to expect at the end.

    However, this model is only useful for long-term clients as the payment has to be made at the end of each month.

    Moreover, you might face difficulty if you sign a contract with a fast-growing business that makes much profit through your work in comparison to the amount offered to you in return for your services.

    In such a situation, it is advised to sign a quarterly contract so you have the opportunity to renegotiate your prices at the end of the contract.

    Percentage of Spend

    This is the pricing model most popular among the big marketing agencies. As they are dealing with big companies as clients, it is often a good idea to set aside a profit margin for your services.

    However, during the initial stages when you are building your network, this might not be the best option to go for. This is also true as, in the beginning, you are mostly dealing with smaller companies that have a relatively small budget for marketing.

    In this scenario, earning some percentage of that small budget might not be the best idea, especially when you have to devote ample time and effort to the work. Therefore, it is advised to keep the monthly payment model during the initial stages and switch to the percentage-based payment model as your company grows.

    Commission-Based

    This is the competitive model of payment. This means you are only getting paid in return for the business your client is getting through your services. This is an extremely powerful way to develop a trustworthy relationship with your client, as you can assure them that you are trying your best to help them attain success.

    As soon as you propose this model, the client gets patently inclined toward your deal. However, unless you are an expert in the field, we would not suggest you opt for this model, as in the case of unsatisfactory results, you might have to bear huge losses. Another thing that you should incorporate into your business model is the liabilities and taxes that your company has to pay to the government.

    Instead of taking the entire burden on your shoulders, we would recommend outsourcing an expert for this purpose. This will not only help you save a lot of money but will also allow you to focus on your business while leaving the worries in competent hands, just like your clients.

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    Decide on How You Want to Scale

    When you think of starting to build your marketing agency, you are obviously inspired by the companies that have big offices in commercial areas with a number of employees working for them. This can be your future provided that you start your business on a profitable side and keep enhancing the profit margin.

    However, opting for a big office and other facilities since the beginning of your business may only increase your bills and you will take longer than usual to attain the profit stage. Also, this can severely impact the scalability of your business.

    Our suggestion will be to begin alone and aim for personal survival in the business. This will not only help you enhance your skills but also give you the confidence to lead a team in the future.

    Later, when you decide to expand your business, you will be able to hire talented and skilled employees who can actually be an asset to your business. Moreover, within this time you will be able to estimate the routine cycle of business like how long it takes to find new clients or how much you can earn within a month, etc.

    Further, dealing with things at a personal level initially would help you provide job security to your employees as your business is in the growth phase. However, if you are unable to handle everything on your own you can find contractors. These are skilled people who help the agencies on a contract basis. This will give you a priceless business experience while running a profitable experience.

    White Labeling

    As a beginner, even if you do not have an in-house facility for many services, you can use white labeling. These white-labeling companies will brand the services under your name so you can easily sell them to your client.

    This way you will have a large number of services to offer to your clients who would not mind paying a handsome amount in return as they don’t have to run from place to place for every small or big thing.

    You can keep the price slightly above what you are paying to your partner company. This way the client can avail of the services at a reasonable price and you will also have a good profit margin.

    You must remember that your initial clients are not just clients they are also your human advertisements. If you serve them well they will spread the word faster than you expect and you may soon have a list of clients to serve.

    So do whatever you can to make your first clients happy offer them discounts, give extra benefits, and work until they are actually satisfied. This will earn the referrals that you and your agency deserve.

    How Do You Get Your First Client as a Marketing Agency?

    This is the most important question, as without an actual client, all the strategies, knowledge, and every single point discussed above will be useless. So, how do you get your first client?

    With the high level of competition, finding your first client and establishing yourself in the market can be really tough. Fortunately, there are ways that will help you stand out from the crowd and make your mark on the field.

    Use Social Media

    Top Social Media Channels Leveraged by Marketers
    Top Social Media Channels Leveraged by Marketers

    Yes, Facebook, Instagram, or Twitter are not just here to advertise for your clients. You can use them to your own advantage as well.

    Connect with your friends and tell them you have started a marketing agency and are looking for clients. As a marketer, there is no room for shyness, so be clear and confident. You are not asking for a favor, even if someone refers a client to you, they will only stay if you can provide them with quality service.

    Tell everyone around you about your area of expertise and how you can help brands advertise themselves.

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    Join Professional Groups Online

    These groups are available on Facebook, LinkedIn, and most other social media channels. Just log in to your account and search for marketing agency groups and join each one of them.

    These groups will help you generate leads so you can connect with your ideal target customers and also with other people from the same industry. Remember, your agency is as good as the number of leads you can get. You can also join your niche-specific groups. For example, if you think realtors are your ideal clients, go start joining some realtors groups on LinkedIn and Facebook.

    Once you have joined try posting something relevant and impressive to get noticed every once in a while. Don’t spam the group with very frequent posts, nobody likes that and you may even be thrown out.

    Create the content yourself, do not just copy and paste, everyone these days has access to the internet and can easily find the source of the stuff that you posted. Be unique and provide valuable content.

    You can also post content like past client success stories or similar things. The idea is to stay in the eyes. So anytime, any of these people think of hiring a marketing agency your name pops up first in their mind.

    This way you will be able to earn the trust of your target customer and establish yourself as an authority as you are providing information that is not available easily. This makes getting clients way easier. There is A high chance that the customers start to approach you instead of you having to pitch them.

    You can also add people from the group as friends but do not do it in one go as this may lead to Facebook blocking you. Add 15 to 20 people every day. This might take around half an hour of your day but it is the easiest way to earn clients without spending money.

    Also, make sure you connect with everyone who comments or likes your post. Answer any questions in the comment section as early as possible. Check your inbox frequently even the spam folder as many messages land there.

    Make Yourself Visible

    The entire purpose of the marketing industry is to make a brand highlight itself amongst its competitors. As a marketing agency, you must first be able to do that for yourself.

    In terms of digital presence, you must follow good SEO practices because if you do not appear in the initial few searches of the client how they can trust you can help them do that?

    Frequently appearing in searches will help you make a great first impression that will last with your client as your actions are already speaking loudly about your work.

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    Use Google

    If you are thinking of setting up your business locally, use Google to search for relevant clients. For example, if you are planning to serve realtors, you can search real estate agencies near me.

    Most of the agencies that will appear in your search are already using some kind of advertisement services to appear in the list. This means they already understand the power of marketing for the growth of their business.

    This will make it easier for you to convince them to use your services. Also, as they are already an established business they have the money to spend on advertising.

    You can get contact details by visiting their pages or websites. There you can also find some details regarding their services and the company history which will help you prepare a better pitch.

    Still, even when you are able to generate leads and get clients to remember only your services can make these contacts last. No company is stupid to keep investing its money in services that offer no returns.

    So give your best shot while working for your clients. In the initial stages of business, we even recommend working for free for a few clients to gain some experience as well as a reputation in the market.

    If you are not comfortable working for free you can make offers that may be irresistible to your clients and also make them trust you. For example, a very powerful idea is telling your client that you will only charge for your services when you are able to bring results for them.

    This will make them believe in you and also will make you work harder to earn your money.

    Conclusion

    Running and managing a marketing agency can be tough, especially today when the market is loaded with competition. The key to success is confidence. Most people out there are offering similar services. The only difference is the ability to convince the client.

    Marketing and advertising are all about understanding and relating to human psychology, both for yourself and for the benefit of your clients. In the end, remember that failures are inevitable. Everyone experiences failure at one point or another in their career. So don’t let them take over your confidence. Learn from each of your mistakes and keep moving to become invincible.

    We can assure you that if you are committed to your goal and ready to keep learning, you will soon be able to run a successful marketing agency.

    FAQs

    What is the value of the Indian advertising market?

    The Indian advertising market reached a value of INR 743 billion in 2022. IMARC Group projects that the market will increase at a CAGR of 11.2% from 2023 to 2028, reaching INR 1,412.5 billion.

    How do you start a marketing agency?

    To start your own marketing agency, follow the following five simple steps:

    • Gain Some Experience
    • Decide Your Niche
    • Develop a Business Model
    • Decide on How You Want to Scale
    • White Labeling

    How do you get your first client as a marketing agency?

    You can get your first client as a marketing agency by using social media, Google, joining professional groups online, and making yourself visible.

  • Tommy Hilfiger’s Marketing Strategies: Preppy and Iconic

    Tommy Hilfiger is a well-known fashion brand that has been a leader in the industry since its start in 1985. The brand is famous for its classic American style and takes great pride in making high-quality products while also pushing the boundaries with new and innovative designs. One of the most recognizable aspects of Tommy Hilfiger is its red, white, and blue logo which represents its preppy look. The brand’s attention to detail and timeless designs have earned it a huge following around the world, and it’s a favorite among both fashion enthusiasts and celebrities. The clothes have an effortless style that captures the spirit of contemporary American fashion.

    Tommy Hilfiger, founded by renowned designer Thomas Hilfiger, has become a global sensation. Tommy Hilfiger offers a wide range of products, from apparel, eyewear, accessories, bags, fragrances, furniture, and more for men, women, and kids. With over 1400 outlets in 90 countries, it’s no wonder the brand has become a household name!

    Tommy Hilfiger has a significant presence across the globe, with over 1,400 retail stores in 90 countries, as well as a strong online presence. The brand has a wide distribution network and is available in department stores, specialty stores, and its own standalone stores. It also has a strong presence in the e-commerce market, with its products being sold on its own website as well as other online retailers. It has also made its mark in the fashion industry by sponsoring events and collaborating with prominent celebrities, further enhancing its global reach and influence.

    Tommy Hilfiger’s Target Audience
    Tommy Hilfiger’s Marketing Mix
    Tommy Hilfiger’s Marketing Strategies

    Tommy Hilfiger’s Target Audience

    Tommy Hilfiger is a global fashion brand that primarily targets young adults, specifically those in the age range of 18 to 34. The brand caters to both men and women who are interested in preppy, classic American style with a modern twist.

    The Tommy Hilfiger brand is known for its high-quality, fashionable clothing, accessories, and footwear that appeal to customers who want to look stylish and confident. The brand’s target audience is also characterized by their active lifestyle, and they are often interested in sports, music, and entertainment.

    Tommy Hilfiger has also made an effort to be more inclusive and diverse in their marketing campaigns, expanding their target audience to include people of different ethnicities, body types, and gender identities. The brand’s core values of inclusivity, sustainability, and innovation have resonated with younger generations, making Tommy Hilfiger a popular choice among millennials and GenZ.

    Tommy Hilfiger’s Marketing Mix

    One of the reasons for the success of Tommy Hilfiger is its strong marketing mix. The marketing mix is a set of tools that a company uses to promote its brand and products. It includes product, price, promotion, and place. Let’s analyze the marketing mix of Tommy Hilfiger and how it has helped the company to become one of the leading fashion brands in the world.

    Product Mix

    The product mix of Tommy Hilfiger includes a wide range of clothing and accessories for men, women, and children. The brand is known for its preppy, classic American style and has built a strong reputation around its signature red, white, and blue logo. Some of the products that Tommy Hilfiger offers include:

    Clothing

    Tommy Hilfiger offers a range of clothing items, including shirts, pants, dresses, skirts, blazers, outerwear, and more. The brand’s clothing is known for its classic, timeless designs that appeal to a broad range of consumers.

    Tommy Hilfiger Clothing Items
    Tommy Hilfiger Clothing Items

    Accessories

    Tommy Hilfiger’s accessory line includes items such as watches, sunglasses, handbags, belts, hats, and scarves. These items often feature the brand’s signature colors and logo and are designed to complement the clothing line.

    Tommy Hilfiger Accessories
    Tommy Hilfiger Accessories

    Footwear

    The brand’s footwear line includes sneakers, loafers, boots, and sandals for both men and women. Like the clothing and accessories, Tommy Hilfiger’s footwear is designed with a classic, timeless aesthetic.

    Tommy Hilfiger Shoes
    Tommy Hilfiger Shoes

    Fragrances

    Tommy Hilfiger has a range of fragrances for men and women that are sold under the Tommy Hilfiger brand name. The fragrances often feature fresh, clean scents that are consistent with the brand’s classic American style.

    The product mix of Tommy Hilfiger is designed to appeal to a broad range of consumers who are looking for classic, timeless fashion pieces that are both stylish and functional.

    Price Mix

    Tommy Hilfiger’s price mix is designed to position the brand as a premium fashion label while still remaining accessible to a wide range of consumers. The brand’s pricing strategy is based on the value it offers to its customers, which includes quality, design, and brand recognition.

    Tommy Hilfiger’s clothing, accessories, and footwear are priced at a premium level when compared to other mid-range fashion brands. However, the brand offers regular sales and promotions that make its products more affordable for price-sensitive consumers.

    Additionally, Tommy Hilfiger has introduced a diffusion line called “Tommy Jeans” which offers a more affordable and casual option for younger consumers. This line includes denim, t-shirts, and other items that are priced lower than the main Tommy Hilfiger line.

    Tommy Hilfiger’s pricing strategy is aimed at creating a perception of exclusivity and quality while still catering to a broad range of consumers through sales and promotions. The brand’s premium positioning and value proposition are key to its success in the fashion industry.

    Place Mix

    Tommy Hilfiger’s place mix includes physical stores, e-commerce, wholesale, pop-up stores, and social media. With over 1,600 physical stores worldwide, the brand has a significant presence in major cities and shopping centers. The online store provides easy access to the entire range of products, while wholesale channels allow the brand to reach a broader customer base. Pop-up stores are opened in trendy locations to create excitement around new products or collections. Social media platforms like Instagram, Facebook, and Twitter are also used to promote the brand, engage with customers, and showcase its products.

    Promotion Mix

    Tommy Hilfiger’s promotion mix consists of advertising through print ads, television commercials, and online ads; sales promotions such as discounts and seasonal sales; personal selling through retail stores and dealers; and public relations efforts through sponsorships, collaborations with celebrities and influencers, and supporting causes. The brand’s goal is to create a strong brand image and drive sales through a combination of traditional and digital marketing strategies.

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    Tommy Hilfiger’s Marketing Strategies

    Tommy Hilfiger is one of the most recognizable fashion brands in the world, known for its classic American style and bold designs. Tommy Hilfiger has consistently stayed ahead of the curve in terms of marketing strategies, leveraging innovative techniques to engage with its target audience and drive sales.

    Let’s take a closer look at some of the marketing strategies that have helped Tommy Hilfiger become a household name, from its use of influencer marketing to its pioneering approach to experiential marketing. Whether you’re a marketer looking to learn from a leading brand or simply a fan of Tommy Hilfiger, this blog will provide valuable insights into the company’s marketing success.

    Brand Image

    Tommy Hilfiger has built a strong brand image through its distinctive logo, iconic colors, and classic American style. The brand is associated with quality, style, and sophistication.

    Sponsorships and Collaborations

    Tommy Hilfiger has collaborated with a number of celebrities and artists over the years, including Beyoncé, Gigi Hadid, and Lewis Hamilton. These partnerships have helped to increase the brand’s visibility and appeal to a wider audience.

    Gigi Hadid in “The Girl” by Tommy Hilfiger

    Digital Marketing

    Tommy Hilfiger has a strong online presence and has leveraged digital marketing channels such as social media, email marketing, and influencer marketing to reach customers. The company also invests in search engine optimization (SEO) to ensure that its website ranks highly in search results.

    Retail Experience

    Tommy Hilfiger stores are designed to provide a premium shopping experience, with attention to detail in-store design and visual merchandising. The brand also hosts exclusive events and offers personalized styling services to enhance the customer experience.

    Sustainability

    Tommy Hilfiger has made a commitment to sustainability and has launched several initiatives to reduce its environmental impact. This includes using eco-friendly materials, reducing waste, and promoting circular fashion.

    Tommy Hilfiger’s marketing strategies have helped the brand to establish a strong identity and build a loyal customer base. By staying true to its core values and evolving with the times, the brand continues to be a major player in the fashion industry.

    Tommy Hilfiger’s marketing strategies offer some game-changing insights that every brand should aspire to. The first key lesson is the undeniable power of building an iconic brand image and identity that exudes quality and sophistication. Secondly, their strategic collaborations and sponsorships with celebrities and artists have helped to expand their reach and appeal to a broader audience. Thirdly, Tommy Hilfiger’s digital marketing tactics, including social media, email marketing, and influencer partnerships, have played an indispensable role in propelling its success. Lastly, by prioritizing sustainability and ethical business practices, Tommy Hilfiger showcases how marketing can be leveraged to advance social and environmental causes while remaining profitable and relevant. These powerful strategies exemplify how to elevate your brand to the top of its game.

    Take action now, study their tactics, and start implementing them in your own business to achieve your goals and take your brand to the next level!

    FAQs

    What is the target audience of Tommy Hilfiger?

    Tommy Hilfiger is a global fashion brand that primarily targets young adults, specifically those in the age range of 18 to 34. The brand caters to both men and women who are interested in classic American style with a modern twist.

    What are the marketing strategies followed by Tommy Hilfiger that made it one of the most recognizable fashion brands in the world?

    Below are a few marketing strategies followed by Tommy Hilfiger-

    • Brand Image
    • Sponsorships and Collaborations
    • Digital Marketing
    • Retail Experience
    • Sustainability

  • Why Venmo Struggles to Make Profit?

    In recent decades, humanity has made remarkable advancements in technology and innovation. Though the hard work and effort behind these innovations may often go unnoticed, they have led to a wide range of highly efficient products that are readily accessible to us. It’s remarkable to consider that just a few decades ago, the idea of carrying a computer in our pocket was only a figment of the imagination, and now the digital world has made nearly everything accessible from the palm of our hand.

    One of the most remarkable advancements in technology is the ability to send money digitally without the need for physical proximity to the recipient. This revolution in finance is second only to the invention of money itself and has made transactions more convenient and efficient. It’s truly astonishing to think about the advancements in technology and finance.

    The availability of numerous applications that offer digital money transfer services has created a thriving and competitive market. The innovative nature of this industry is intriguing to observe. This article focuses on a particular player in the digital finance industry, Venmo. Although Venmo may not be well-known in India, it has gained immense popularity outside of the country. In this article, we will examine Venmo’s operations and the obstacles it faces in achieving profitability.

    Venmo – About
    Venmo – From Valuation to Growth
    Challenges for Instant Money Transfer Businesses
    Why Venmo Struggles With Profitability

    How Venmo Makes Money

    Venmo – About

    Venmo is a mix of two words: vendere (Latin), which means to sell, and mobile, which tells about the mobile nature of transactions and can be carried out by a smartphone. Founded in 2009, Venmo is an American mobile payment service that has been owned by PayPal since 2013.

    Venmo allows users to send and receive money in a hassle-free manner. All they have to do is connect the app to their bank account, and they can send or receive money via their mobile numbers. Venmo has come a long way from being just a startup that had under 10 people to this mammoth app of transactions. This app has earned a lot of daily active users, and the reasons are many. Here are some of the reasons behind the popularity of the app:

    Convenient To Use

    Apps like Venmo provide a high level of convenience and eliminate the need to be physically present for payments. With a simple tap on your phone, you can effortlessly send money to anyone with a Venmo account, freeing you from the hassle of traditional payment methods. This convenience makes the app super famous and makes people use these two words often, ‘Venmo Me!’

    Safe and Fast

    Venmo’s fast and easy payment process is a major reason for its popularity. You just need to type the number, select the amount, and whoosh! Money is transferred. The reliability and convenience of the platform have made it a favorite among a wide range of users. The speed of payment and ease of transfer are hallmarks of the Venmo experience.

    Free With No Hidden Charges

    Venmo is free. What? Yes, this app lets you transfer money to anyone instantly and saves you from the hassle of paying with cash. The added benefit of being completely free is another major reason for its widespread use. People prefer not to pay for payment services, so the fact that Venmo is free is a major advantage and has helped it gain a large user base.

    How Many People Use Venmo in the US?
    How Many People Use Venmo in the US?

    Venmo – From Valuation to Growth

    Venmo was created in 2009 and the operations began shortly afterward. The idea behind sending money instantly was so cool that many people jumped right into the app. They were the first users of Venmo and they created a chain of people who love to send money instantly. This is how the user base of this company grew. The popularity and potential of Venmo attracted the attention of investors, and in 2012, it was acquired by Braintree for a sum of $26 million. Braintree assumed control of Venmo’s operations but soon realized that the price they paid was a fraction of Venmo’s true worth. Venmo’s capabilities exceeded their initial expectations.

    As Venmo’s user base continued to grow in 2013, so did its valuation. This caught the attention of PayPal, which expressed interest in acquiring Venmo. However, as Venmo was part of Braintree, PayPal had to seek permission from Braintree. In an unexpected move, PayPal decided to purchase the entire Braintree, including Venmo, for a staggering $800 million.

    As Venmo’s market share grew, the company continued to improve its operations with the use of more advanced technologies. In 2018, the platform reported a total transaction value of $62 billion, a 79% increase from the previous year. With all these big numbers, the app has no profitability at all. It runs in deficit and the parent company, PayPal, is not generating any revenue from Venmo.

    Despite its widespread popularity and large number of daily active users, Venmo has struggled to become profitable. All these years, from its launch to its user boom, the app, and the company has constantly seen failure in revenue generation. Let us see why it is hard for these businesses to earn money.

    Challenges for Instant Money Transfer Businesses

    Managing a company that deals in transferring highly liquid assets demands robust technology. Venmo must have a strong foundation in data security to ensure the safe storage of its users’ information. Additionally, maintaining such a large business also requires substantial financial resources. All these issues are inherent to this business and must be addressed with the right methods. Here are some of the most inherent challenges with instant money transfer businesses like Venmo:

    Huge Amount of Data

    Apps like Venmo have to handle large amounts of data, including information from customers, merchants, banks, and related user accounts. The company must not only manage the data related to all these accounts but also store it securely. The data needs to be processed and retrieved quickly, requiring a robust data security infrastructure and top-notch management.

    Laws and Regulations

    In nearly all instances, apps such as Venmo are not subject to legal regulation. Unlike traditional banking institutions, these types of apps function independently and build their own user base. They rely solely on the trust of their users and are not monitored or governed by any government entity. They operate on their own accord.

    Profitability

    Another significant challenge faced by these businesses is profitability. Most money transfer services are free and people use them on a daily basis. The underlying issue is that consumers are unwilling to pay for the convenience of faster and easier payment methods. Indeed, these apps offer a multitude of conveniences, however, users are generally resistant to paying for these services, even when the fee is minimal. This reluctance to pay for the use of these apps is a major obstacle for these businesses in achieving profitability.

    Venmo Marketing Distribution
    Venmo Marketing Distribution

    Why Venmo Struggles With Profitability

    Venmo-like apps are all over the world but profitability still remains a big question. Venmo has everything a business could earn, a healthy amount of daily active users, a great number of transactions, and technological efficiency. Despite these advantages, Profitability in this industry remains elusive. Let us see why they struggle with profitability.

    Distribution Building

    The primary reason that companies and startups in this field do not generate profit is a focus on building a user base or distribution. The reason behind that is, they want to build a distribution system before prioritizing revenue generation. Building a robust user base takes priority for these companies and startups because a strong distribution network provides a solid foundation for future revenue generation. By prioritizing distribution, they aim to ensure a more effective and efficient method of revenue generation in the long run.

    This trend is also observed in India, where apps that deal with instant money transfers such as Paytm and Google Pay, are competing to build a strong user base. Once they have established a large user base, they can leverage this to generate revenue by charging a small fee for transactions per customer. The objective is to first build a healthy and robust distribution network, which will then serve as a foundation for future revenue generation.

    Free of Cost

    These apps certainly provide an easy and convenient way to transfer money, but their widespread popularity is largely due to the fact that they are offered for free. Venmo and similar apps can be downloaded for free from the Google Play Store and iOS store, and this contributes to their widespread appeal. At present, the lack of a revenue model is a major obstacle to their profitability. While these companies may explore alternative methods in the future, as of now they rely solely on the popularity of their free services to attract users. This free-of-cost model is a significant factor in the widespread appeal of these apps to the masses.

    Merchants and Distributors

    When we say that Venmo is not making profits and only increasing expenses, it is a true reflection of their current financial situation. However, there may be some operations where this is not the case. Venmo does generate revenue, but it is relatively small. This revenue is generated from merchants who list their businesses on the app. PayPal operates similarly, also earning small amounts of revenue through the same method, which is then reinvested back into the business.

    Banks

    The process of transferring money through Venmo appears straightforward on the surface: select a contact and send money. However, there is a significant amount of work taking place behind the scenes. When money is transferred between users, the transaction is reflected in real-time on both accounts. However, the actual transfer of funds is completed at a later time through partnerships with banks. Venmo earns a small amount of revenue from these partnerships, but it is typically reinvested back into the business and has minimal impact on future operations.

    Businesses like Venmo face various challenges and obstacles to profitability. The company has long focused on building a strong user base through distribution in order to increase its revenue prospects. Without a substantial number of users, the ability to generate revenue through fees or other means would be significantly impacted. So it is prudent to build daily users first and then ask for a small fee for convenience.

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    Conclusion

    Venmo, owned by PayPal, is a widely used platform for money transactions. Its features entail peer-to-peer payment transfers that an individual can use to send or receive money. The app has experienced consistent growth since its launch and has become a well-recognized name in the industry. The phrase “Venmo me” has become a common expression in the cities where the app is used.

    On the other hand, companies like Venmo face challenges in terms of profitability. To maintain a strong user base and efficient distribution, they prioritize building a robust distribution network over generating immediate revenue. While users appreciate the speed and convenience of the app, they may be resistant to paying fees for its use. As a result, these startups take their time establishing a strong infrastructure with the aim of generating future revenue streams.

    FAQs

    How is Venmo making money?

    Venmo makes money by charging businesses a 2.9% transaction fee. It also charges a 1% fee for users who want to withdraw money instantly to their linked card.

    Which is the parent company of Venmo?

    PayPal is the parent company of Venmo.

    What are the challenges faced by instant money transfer businesses like Venmo?

    Some of the most inherent challenges with instant money transfer businesses like Venmo are:

    • Huge Amount of Data
    • Laws and Regulations
    • Profitability

  • Airtable: A Low-Code Platform to Build Collaborative Apps

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Airtable.

    Are you looking for a database tool? There are tons of software available in the market, but it’s difficult to get one that is simple to use, like a spreadsheet but compared to a database. Although you can also make comparisons in spreadsheets, databases are much more efficient.

    With spreadsheets, you need to learn SQL scripting. Airtable is a perfect fusion of spreadsheets and databases that allows you to curate information into different data formats. Moreover, the UX/UI is engaging and doesn’t require SQL scripting.

    This article covers about Airtable’s startup story, founders, funding, products, growth, partners, competitors, and more.

    Company Highlights

    Company Name Airtable
    Headquarters San Francisco, California, United States
    Sector Software Development
    Founders Howie Liu, Andrew Ofstad, Emmett Nicholas
    Founded In 2012
    Revenue $11.7B (2021)
    Website Airtable.com

    Airtable – About
    Airtable – Founders and Team
    Airtable – Startup Story
    Airtable – Mission and vision
    Airtable – Business Model
    Airtable – Revenue Model
    Airtable – Products and Services
    Airtable – Funding and Investors
    Airtable – Mergers and Acquisitions
    Airtable – Patents and Trademarks
    Airtable – Growth
    Airtable – Partners
    Airtable – Awards and Achievements
    Airtable – Competitors

    Airtable – About

    Airtable is a cloud-based platform that makes it easier to build robust, custom applications and, thus, connect data, workflows, and teams. Moreover, it allows companies to build applications without any code. The user-friendly and simple interface allows organizations to spin up a database in minutes.

    Founded in 2012, the company has many offices in the United States in Austin, London, Mountain View, Los Angeles, and New York. Over 300,000 innovative companies use Airtable daily to connect data and people.

    Airtable – Founders and Team

    Howie Liu, Andrew OfStad, and Emmett Nicholas are the founders of Airtable.

    Howie Liu

    Howie Liu graduated in Mechanical Engineering and Computational Airfoil Design from Duke University. Presently, he is the co-founder and CEO of Airtable. He also co-founded Etacts in San Francisco.

    Howie Liu - Co-founder & CEO, Airtable
    Howie Liu – Co-founder & CEO, Airtable

    Andrew OfStad

    Completed BSE in Electrical and Computer Engineering, Economics from Duke University; Andrew Ofstad co-founded Airtable. He worked as Engineering Research Onetrn, Technology Labs Development Group, and Product Manager in top firms.

    Andrew OfStad - Co-founder, Airtable
    Andrew OfStad – Co-founder, Airtable

    Emmett Nicholas

    Obtained a degree in CS and ECE from Duke University, Emmett Nicholas is the co-founder and CTO at Airtable. Moreover, he worked as Software Engineer at Stack Overflow and Microsoft.

    Emmett Nicholas - Co-founder & CTO, Airtable
    Emmett Nicholas – Co-founder & CTO, Airtable

    Currently, the employee strength of Airtable is more than 1000.

    Airtable – Startup Story

    When Liu was working as a Product manager at Salesforce, he realized that many people were using spreadsheets as an organizational tool. And most spreadsheets were cluttered and contained data haphazardly. Rather than making spreadsheet better, Liu developed an entirely new product enabling users to create simple applications in a familiar and intuitive way.

    Liu and his co-founder Andrew Ofstad developed an MVP, and Kutcher was the first individual to invest in the product. Although Airtable was officially established in 2012, its development was underway for two years prior to its public launch, during which time it was being developed in a closed-door setting. After two years in development, the software was officially launched in 2014 as a part of an invite-only open beta. Moreover, Airtable makes another smart move by launching its iOS app.

    In 2015, the company unveiled API Builder along with its embedded database features. And Airtable integrations came into the picture in August 2015. Over the years, many features and functionalities were added to the platform, and Airtable succeeded.

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    Airtable – Mission and vision

    The company’s main aim is to democratize software creation by making it possible for anyone to build tools to meet their needs. People worldwide prefer using Airtable to do everything from cattle tracking to filmmaking.

    Airtable – Business Model

    Airtable is a spreadsheet-database hybrid, having features of a database but can be applied to a spreadsheet. The fields in the Airtable table are just like cells in a spreadsheet but feature multiple types, like ‘checkbox,’ drop-down list,’ and ‘phone number.’ Moreover, the platform can reference file attachments similar to images.

    It enables users to create a database, set up column types, link tables, add records, sort records, collaborate, and publish views to external sites.

    Airtable – Revenue Model

    Airtable offers different plans for the team’s needs, Free, Plus, and Pro. The ‘Plus’ plan charges $10 per seat/month, and the ‘Pro’ plan is available for $20 per seat/month, and these plans are billed annually.

    How to Use Airtable & Getting Started Tutorial

    Airtable – Products and Services

    Its main product, Airtable, offers multiple features, including interface design, templates, views, automation, sync, and reporting. In addition, Airtable provides several solutions, such as marketing, operations, product, human resources, sales, and finance.

    Airtable – Funding and Investors

    Airtable has undertaken over 10 funding rounds in which it has raised $1.4 billion. Its latest funding round – The secondary Market Round, was conducted on July 1, 2022, and raised $300 million. Around 50 investors fund the company, and the main ones are Salesforce Ventures, Silver Lake, XN, Greenoaks, Thrive Capital, and Benchmark.

    Date Round Number of Investors Money Raised Lead Investor
    July 1, 2022 Secondary Market – – –
    December 13, 2021 Series F 15 $735 million XN
    March 15, 2021 Series E 6 $270 million Greenoaks
    September 14, 2020 Series D 8 $185 million Thrive Capital
    November 15, 2018 Series C 11 $100 million Benchmark Coatue, CRV, Thrive Capital
    March 15, 2018 Series B 4 $52 million Caffeinated Capital, CRV
    July 17, 2017 Series B 1 – –
    June 29, 2015 Series A 14 $7.6 million CRV
    February 25, 2015 Seed Round 16 $3 million –
    March 18, 2013 Seed Round 2 – –

    Airtable – Mergers and Acquisitions

    The company acquired 2 enterprises. Its recent acquisition was Walrus.ai on December 21, 2021, and Bayes was acquired on August 11, 2021.

    Airtable – Patents and Trademarks

    The platform has 5 registered trademarks, and the most popular class is ‘Scientific and technological services.’

    Airtable – Growth

    The estimated annual revenue of the company in 2021 is $220.8 million ($209,507 per employee). The post-money valuation of Airtable is $11.7 billion as of 2021. With monthly visits at the website over 21,785,500, the monthly site visit growth is 7.74%. Moreover, the employee count increased by 14% last year.

    Airtable – Partners

    It has 260 partners, of which 228 are technology partners, and 32 are channel partners. Some of the main partners are:

    Airtable – Awards and Achievements

    Airtable has won a few awards during its journey. Some of these are:

    • Ranked 6 on the Forbes Cloud 100
    • CNBC Disruptor 50 list
    • Products that Count award

    Airtable – Competitors

    Its main competitors are:

    • Notion
    • Smartsheet
    • Asana
    • Excel
    • ClickUp
    • Trello
    • CODA
    • FileMaker
    • Workboard

    FAQs

    Who are the founders of Airtable?

    Howie Liu, Andrew OfStad, and Emmett Nicholas are the founders of Airtable.

    What is Airtable and what does it do?

    Airtable is a cloud-based platform that makes it easier to build robust, custom applications and, thus, connect data, workflows, and teams. Moreover, it allows companies to build applications without any code. The user-friendly and simple interface allows organizations to spin up a database in minutes.

    What pricing plans does Airtable offer?

    Airtable offers different plans for the team’s needs, Free, Plus, and Pro. The ‘Plus’ plan charges $10 per seat/month, and the ‘Pro’ plan is available for $20 per seat/month, and these plans are billed annually.

  • Calvin Klein’s Bold and Minimalist Marketing Strategies

    Calvin Klein is a renowned American fashion designer who is famous for his minimalist and modern approach to clothing design. He founded his eponymous brand in 1968 and quickly gained recognition for his innovative designs that challenged traditional fashion conventions. The brand’s signature style is characterized by sleek, understated designs that combine elegance with practicality. Over the years, Calvin Klein has expanded into various areas of fashion and lifestyle, including fragrances, accessories, and home decor, and has become one of the most recognizable and influential names in the industry.

    Calvin Klein was born in the Bronx, New York, in 1942. After studying at the Fashion Institute of Technology in New York City, he began his career in the fashion industry in the late 1960s, working as a freelance designer for various New York City shops. In 1968, he founded his own fashion house, Calvin Klein Ltd., with his childhood friend, Barry Schwartz.

    The brand’s first major success came with the launch of its men’s and women’s coats in 1969, which quickly gained popularity for their minimalist, modern design. In 1973, Calvin Klein expanded into the denim market, introducing a line of designer jeans that became a cultural phenomenon. The brand’s jeans were famously modeled by a young Brooke Shields in an iconic ad campaign that declared, “You know what comes between me and my Calvins? Nothing.”

    Calvin Klein brand's revenue worldwide from 2017 to 2021
    Calvin Klein brand’s revenue worldwide from 2017 to 2021

    Throughout the 1980s and 1990s, Calvin Klein continued to expand its offerings, including underwear, fragrances, and accessories. The brand became known for its provocative ad campaigns and controversial designs, which helped cement its reputation as a trailblazer in the fashion industry.

    Today, Calvin Klein is a global lifestyle brand with a presence in over 100 countries, known for its sleek, modern aesthetic and timeless designs. Despite changes in ownership and creative leadership over the years, the brand has remained true to its founder’s vision, continuing to push boundaries and challenge conventions in the fashion world.

    Calvin Klein’s Target Audience
    Calvin Klein’s Marketing Mix
    Calvin Klein’s Marketing Campaigns
    Calvin Klein’s Marketing Strategies

    Calvin Klein’s Target Audience

    Calvin Klein has long been recognized as a trailblazer in the fashion industry, and his designs have a dedicated following of fashion-forward individuals who appreciate his minimalist and modern aesthetic. The brand’s target audience is diverse but united by a shared appreciation for high-quality, stylish clothing that can be worn in various settings.

    Calvin Klein’s clothing lines appeal to both men and women, focusing on classic, understated pieces that can be mixed and matched to create a variety of looks. The brand’s signature denim is a perennial favorite among younger generations, while its high-end fashion collections attract fashion-conscious adults of all ages.

    Calvin Klein’s fragrances and accessories are also popular with a wide range of consumers, offering a luxurious yet accessible way to experience the brand’s distinctive style. From the bold, provocative scents of CK One to the sleek, sophisticated designs of the brand’s watches and jewelry, Calvin Klein’s target audience is as varied and diverse as the brand’s offerings.

    Calvin Klein’s Marketing Mix

    Calvin Klein is known for its innovative marketing strategies, which have helped the brand to become a household name. The brand’s marketing mix includes a combination of product, price, promotion, and place, all of which work together to create an effective marketing strategy.

    1. Product: Calvin Klein’s product offerings span a wide range of categories, including clothing, fragrances, accessories, and home goods. The brand is known for its minimalist, modern designs that combine simplicity with sophistication.
    2. Price: Calvin Klein’s pricing strategy is designed to appeal to a broad range of consumers, with products available at various price points. The brand’s high-end fashion collections command premium prices, while its fragrances and accessories are more accessible to the average consumer.
    3. Promotion: Calvin Klein’s marketing campaigns are designed to be provocative and memorable, often featuring bold, provocative imagery that challenges traditional notions of beauty and gender. The brand is also known for its celebrity endorsements, with famous faces like Kate Moss and Justin Bieber serving as brand ambassadors over the years.
    4. Place: Calvin Klein’s products are sold in a variety of locations, including standalone retail stores, department stores, and online retailers. The brand’s flagship stores in major cities like New York and London are designed to showcase the brand’s distinctive aesthetic and create an immersive shopping experience for consumers.

    Calvin Klein’s marketing mix is designed to appeal to a broad range of consumers while remaining true to the brand’s minimalist, modern aesthetic. The brand’s innovative marketing strategies have helped it to maintain its status as one of the most recognizable and influential names in the fashion industry.

    Calvin Klein’s Marketing Campaigns

    Calvin Klein is no stranger to bold and innovative marketing campaigns that push the boundaries of what is expected in the fashion industry. From the controversial “Obsession” fragrance ads featuring Kate Moss to the provocative “I _____ in my Calvins” campaign, which encouraged consumers to share their own interpretations of the brand’s slogan, Calvin Klein has always been unafraid to take risks. The brand’s marketing campaigns are known for their provocative imagery, edgy fashion collaborations, and star-studded celebrity endorsements. With a focus on creating memorable, buzz-worthy campaigns that capture the trend of the moment, Calvin Klein has cemented its status as a fashion brand that is always ahead of the curve.

    Calvin Klein Obsessed

    Calvin Klein’s Marketing Strategies

    Calvin Klein is a fashion brand known for its iconic marketing campaigns and innovative marketing strategies. Here are the top six marketing strategies that have helped the brand to stay relevant and influential in the fashion industry:

    Bold and Provocative Imagery

    Bold and provocative imagery has been a central marketing strategy of Calvin Klein since the brand’s inception. From the iconic black-and-white ads featuring a teenage Brooke Shields proclaiming that “nothing comes between me and my Calvins” to the controversial “cK One” fragrance ads featuring androgynous models, the brand has always pushed the boundaries of what is considered acceptable in the fashion industry.

    CALVIN KLEIN JEANS – “Brooke Shields – Nothing” (80’s Commercial)

    By using bold and provocative imagery, Calvin Klein has been able to create a sense of excitement and controversy around its products, generating buzz and media attention. The brand’s ads have often been considered provocative and edgy, sometimes even shocking, but they have also been successful in capturing the attention of consumers and creating a sense of exclusivity around the brand.

    Calvin Klein has continued to use bold and provocative imagery in its marketing campaigns, with ads featuring models in various stages of undress or in suggestive poses. While some critics have accused the brand of exploiting sexuality in its ads, others argue that the brand’s imagery is simply a reflection of modern culture and changing attitudes toward sex and sexuality.

    Bold and provocative imagery has been a successful marketing strategy for Calvin Klein, helping the brand to stay relevant and influential in the fashion industry for decades. While it may not be to everyone’s taste, the brand’s edgy and controversial ads have helped to cement its status as a cultural icon and a symbol of rebellion and independence.

    Celebrity Endorsements

    Calvin Klein has a long history of partnering with celebrities to promote its products. From Brooke Shields in the 80s to Justin Bieber in recent years, the brand has always been able to tap into the cultural zeitgeist and collaborate with stars who embody the brand’s values. By partnering with celebrities, Calvin Klein has been able to reach younger audiences and create a sense of exclusivity around its products.

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    Collaborations With Other Brands

    Calvin Klein has also been successful in collaborating with other brands in the fashion industry. For example, the brand has partnered with designer Raf Simons to create high-end fashion collections that have received critical acclaim. By collaborating with other brands, Calvin Klein has been able to expand its reach and appeal to new audiences.

    Immersive Shopping Experiences

    Calvin Klein’s flagship stores in major cities like New York and London are designed to create an immersive shopping experience for consumers. The stores feature sleek, modern interiors and a carefully curated selection of products that showcase the brand’s distinctive aesthetic. By creating immersive shopping experiences, Calvin Klein has been able to differentiate itself from other fashion brands and create a sense of excitement around its products.

    Digital Marketing

    Calvin Klein has also been quick to embrace digital marketing strategies. The brand has a strong presence on social media platforms like Instagram, where it regularly shares images and videos that showcase its latest designs and collaborations. Calvin Klein has also been successful in using influencer marketing to promote its products to younger audiences.

    Limited Edition Products

    Finally, Calvin Klein has been successful in creating limited edition products that create a sense of exclusivity and urgency around its products. For example, the brand has released limited edition versions of its classic underwear designs, featuring new colors and materials. By creating limited edition products, Calvin Klein has been able to generate excitement around its products and drive sales.

    These marketing strategies have helped Calvin Klein to stay relevant and influential in the fashion industry, cementing its status as a cultural icon for generations to come.

    Calvin Klein’s marketing strategies offer valuable lessons for businesses looking to improve their own marketing efforts. To succeed like Calvin Klein, brands should be bold and provocative, partner with celebrities to create exclusivity and glamor, utilize digital marketing channels effectively, create immersive shopping experiences, be authentic and true to themselves, and constantly experiment and innovate to find new and more effective ways to reach their target audiences. By following these tips, businesses can differentiate themselves from competitors and create a memorable and engaging brand experience for consumers.

    Ready to take your marketing game to the next level? Explore the powerful strategies that made Calvin Klein a household name and revolutionized the fashion industry. Unleash your creativity and master the art of brand building today –  dive into the world of Calvin Klein’s marketing magic!

    FAQs

    What is the target audience of Calvin Klein?

    Calvin Klein’s clothing lines appeal to both men and women. The brand’s signature denim is a perennial favorite among younger generations, while its high-end fashion collections attract fashion-conscious adults of all ages.

    What are the marketing strategies followed by Calvin Klein that made it a household name?

    Here are the top six marketing strategies that have helped the brand to stay relevant and influential in the fashion industry:

    • Bold and Provocative Imagery
    • Celebrity Endorsements
    • Collaboration With Other Brands
    • Immersive Shopping Experiences
    • Digital Marketing
    • Limited Edition Products

  • Spur Corporation: Consistent Restaurant Franchising at Its Best

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.

    The restaurant industry is highly competitive, with numerous companies competing for customers’ attention and loyalty. One company that has made a name for itself in this crowded space is the Spur Corporation. The Spur Corporation is a South African company that operates several restaurant chains, including Spur Steak Ranches, Panarottis Pizza Pasta, John Dory’s Fish Grill Sushi, and RocoMamas.

    Spur Steak Ranches, which is one of their most well-known chains, offers a range of meals that include combinations of meat meals, fresh salads, and a variety of desserts. Additionally, it is known for its pleasant atmosphere, which is ideal for families, and for its excellent customer service.

    The foundation of Spur Corporation’s strategy is consistency, which gives the business its dependable track record in the cuisine it delivers, the atmosphere of its restaurants, and its outstanding financial success.

    However, as the sector’s rivalry heats up, sustaining its pace will be challenging. The company knows that finding the correct sites and handling transportation is important, but creating the ideal flavor profile to appeal to new clients is also crucial to the success of the company’s overall development.

    In this article, we will explore the story of Spur Corporation, including how it started, its business and revenue model, and more.

    Spur Corporation – Company Highlights

    Company Name Spur Corporation
    Headquarters Cape Town, Western Cape, South Africa
    Industry Restaurants
    Founder Allen Ambor
    Founded 1967
    Website spurcorporation.com

    Spur Corporation – About
    Spur Corporation – Industry
    Spur Corporation – Founder and Team
    Spur Corporation – Startup Story
    Spur Corporation – Name, Logo, and Tagline
    Spur Corporation – Mission and Vision Statement
    Spur Corporation – Products or Services
    Spur Corporation – Business Model
    Spur Corporation – Revenue Model
    Spur Corporation – Funding
    Spur Corporation – Acquisitions
    Spur Corporation – Competitors
    Spur Corporation – Future Plans

    Spur Corporation – About

    A major multi-brand restaurant franchisor, Spur Corporation is the owner of several of South Africa’s most recognizable restaurants with its corporate headquarters in Cape Town. It is traded on the Johannesburg Stock Exchange’s travel and leisure market. It operates through the following subsidiaries:

    • Spur Group (Pty) Ltd
    • Spur Group Properties (Pty) Ltd
    • Share Buy-Back (Pty) Ltd

    The eight brands (Spur Steak Ranches, Spur Grill & Go, Panarottis Pizza Pasta, John Dory’s Fish Grill Sushi, RocoMamas, The Hussar Grill, Casa Bella, and Nikos Coalgrill Greek) of Spur Corporation have a unique environment and positioning strategy, deliver high-quality meals at reasonable prices, and give consumers a warm, family-friendly dining experience.

    Over 600 outlets operated by franchisees of Spur Group can be found throughout South Africa, Mauritius, Australia, and the Middle East. Additionally, the group directly owns and operates 5 “retail” restaurants in South Africa. Additionally, Spur Corporation controls central purchasing for South African franchise stores and runs a sauce production facility.

    A Walk Through Spur Steak Ranches

    Spur Corporation – Industry

    The restaurant industry of the economy involves preparing food and drinks that are served to customers directly or through curbside pick-up services, catering, or banquets. It refers to a sector of the economy that concentrates on providing food services in establishments like bars, restaurants, and cafés. If a company permits consumers to walk in, place an order, and dine there, it belongs to the restaurant sector.

    According to Square, 58% of restaurant owners are currently worried about the future of their business, down from a startling 92% the year before. According to the National Restaurant Association, 40% of owners think it will take the industry more than a year to recover. Another 17% of restaurant owners claim that following the COVID outbreak, business conditions at their restaurants may never return to normal. The good news is that restaurants are utilizing new technology and pandemic insights to satisfy consumer demands.

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    Spur Corporation – Founder and Team

    Spur Corporation was founded by Allen Ambor in 1967.

    Allen Ambor

    Allen Ambor - Founder, Spur Corporation
    Allen Ambor – Founder, Spur Corporation

    Allen Ambor is a renowned entrepreneur from South Africa. He is the founder of Spur Corporation, which has grown to become one of the country’s most successful and well-known restaurant brands. Ambor is known for his innovative approach to restaurant management and his commitment to providing high-quality cuisine and excellent customer service.

    The board of directors comprises of:

    • Val Nichas – Chief Executive Officer
    • Cristina Teixeira – Chief Financial Officer
    • Kevin Robertson – Chief Operations Officer
    • Mike Bosman – Independent Non-Executive Chairman
    • Dr Shirley Zinn – Non-Executive Director
    • Cora Fernandez – Lead Independent Director
    • Andre Parker – Non-Executive Director
    • Jesmane Boggenpoel – Non-Executive Director
    • Lerato Molebatsi – Non-Executive Director

    Spur Corporation – Startup Story

    Allen Ambor, the Golden Spur’s founder and executive chairman, launched the establishment on Dean Street in Newlands, Cape Town, South Africa, in 1967. With R2,000 of his own money, R4,000 from his father, and R5,000 from a partner who was subsequently bought out, Ambor invested a total of R11,000 in the first restaurant. The eatery first opened its doors on October 24, 1967. In the 2000s, the original restaurant relocated to a new spot near the intersection of Dean and Main Road before closing in 2020.

    Soon after the 1967 debut, a second Spur—the Seven Spur—opened in Sea Point, Cape Town. Following the second Spur’s success, Ambor planned to use a franchising system to help the restaurants proliferate across the nation. Spur International, Spur Steak Ranches, Panarottis Pizza Pasta, Captain Dorego’s, The Hussar Grill, RocoMamas, Spur Grill & Go, Nikos Coalgrill Greek, and Casa Bella are all part of the Spur Group. There are presently 569 locations for it across the world, including restaurants in different regions of Africa, Mauritius, the Middle East, and Australia. Spur Corporation sold Captain Dorego’s in March 2018.

    Spur Corporation – Name, Logo, and Tagline

    Spur Corporation Logo
    Spur Corporation Logo

    Spur Corporation’s tagline says, “Leading For The Greater Good.”

    Spur Corporation – Mission and Vision Statement

    Spur’s mission statement says, “Bringing people together over great food.”

    Vision statement, “Passionate people growing great brands.”

    Spur Corporation – Products or Services

    • Franchisees are given the tools by Spur Corporation to continuously produce high-quality goods in accordance with each brand promise. Group marketing, a professional customer support center, and training are some of these offerings.
    • Facilities management, executive, personnel resources, export, information technology, finance, and legal are some of its centralized corporate services that help the company achieve its goals.

    Spur Corporation – Business Model

    The business model used by Spur Corporation is one built on franchises, with individual restaurants owned and operated by independent, business-minded franchisees.

    The company develops strong relationships with its franchise restaurants via the exchange of knowledge, expertise, support services, and infrastructure.

    As a condition of their franchise agreements, franchisees must pay for the development costs of new restaurants as well as relocation and renovation expenses within predetermined timeframes.

    Spur Corporation – Revenue Model

    The revenue model of Spur Corporation can be understood under the following aspects:

    Franchise and Retail Outlets

    The majority of the group’s franchised restaurants, which are spread throughout its brand portfolio and are all based in South Africa, are managed by independent, business-minded franchisees who are in charge of the daily operations management of the restaurants. The firm provides franchisees with continuous assistance through skilled brand-and region-specific operations teams. Through routine visits, Spur provides operational support to franchised restaurants by evaluating food safety, product, and service standards, and group and regulatory requirements.

    Additionally, the company provides restaurant development through the committed administration of new franchises, moves, and renovations. Site selection, project management, and shop openings fall under this category. Spur Corporation is intimately involved in the day-to-day operations of one RocoMamas and four The Hussar Grill locations in South Africa.

    Purchasing, Producing, and Distributing

    With the company’s contracted logistics provider, suppliers, and franchisees, Spur Corporation upholds sustainable supply chain connections. In exchange for a procurement fee depending on the number of commodities moved via its outsourced distribution network, our procurement function guarantees food safety, quality, and a consistent supply of things acquired centrally. Additionally, the company runs a facility that makes sauces, which it uses to distribute some of its proprietary sauces to franchisees. Major South African merchants sell various goods directly to customers, including sauces, ribs, and hamburgers, which are made elsewhere under license.

    Spur Corporation – Funding

    Date Round Amount Lead Investor
    Mar 24, 2015 Post-IPO-Equity – –

    Spur Corporation – Acquisitions

    Acquiree Name About Acquiree Date Amount
    RocoMamas RocoMamas owns and operates a fast-food restaurant. RocoMamas is based in Johannesburg, South Africa. Mar 31, 2015 –
    Hussar Grill With over forty-nine years of history and experience, the multiple award-winning Hussar Grills embody the very finest of Grillroom Dec 13, 2013 –
    John Dory’s Franchise (Pty) Ltd. John Dory’s Franchise (Pty) Ltd. operates restaurants on a franchisee basis. Jan 1, 2004 –

    Spur Corporation – Competitors

    Grill’d, Wimpy, FGF Brands, Mugg & Bean, HyLife, and Papa Murphy’s are some of the rivals of Spur Group.

    Spur Corporation – Future Plans

    “Even with this success, we are never complacent because the company faces formidable competitors in the eating-out space,” said the ex CEO, Pierre Van Tonder in an interview.

    Numerous quick-service eateries that provide pizza, chicken, burgers, and sandwiches are indirectly staking the company’s claims. The company’s success has mostly been attributed to its excellent capabilities, the power of its franchised brands, a booming market, and a desire for further expansion.

    It also helps that it is situated nicely. Most developers now see it as an anchor tenant. As a result, the company is more likely to expand into cities and towns that fit its demographic profile. In order to ensure that it receives an even larger share of consumer spending, it has also tried many new categories. The company runs frequent marketing campaigns and discounts to keep customers coming back.

    FAQs

    Who founded Spur Corporation?

    Allen Ambor is the founder of Spur Corporation.

    When was Spur Corporation founded?

    Spur Corporation was founded in 1967.

    Who is the CEO of Spur Corporation?

    Val Nichas is the CEO of Spur.

    Which brands are under the Spur Corporation?

    Spur Corporation’s eight brands include Spur Steak Ranches, Spur Grill & Go, Panarottis Pizza Pasta, John Dory’s Fish Grill Sushi, RocoMamas, The Hussar Grill, Casa Bella, and Nikos Coalgrill Greek.

  • 12 Best Customer Experience Management Software In 2023

    In today’s competitive business landscape, providing exceptional customer experiences has become a key differentiator for companies looking to stand out from the crowd. With the rise of digital channels, it’s becoming increasingly important for businesses to leverage technology to manage and improve customer experiences. That’s where Customer Experience Management (CEM) software comes in.

    Customer experience management refers to collecting, organizing, and tracking customer feedback (both negative and positive). It is necessary to ensure your customer gets a smooth and flawless experience while using your service. Customer experience management software does this job. Different approaches are adopted depending on the type of customer.

    The software that provides tools to handle CEM strategies. By leveraging the data extracted from other software (such as ERP and CRM), CEMS helps paint an overall picture of customers’ purchasing patterns, preferences, feedback, etc.

    In this blog, we’ll take a closer look at some of the best CEM software solutions on the market. We’ll explore their features, benefits, and pricing, to help you make an informed decision about which one is right for your business. So, lets dive in to discover the best CEM software to help you deliver exceptional customer experiences.

    Why Should You Use Customer Experience Management Tools?

    Before researching top customer experience management platforms, you should know about the use cases of CEM tools and when to use them.

    CRM Software Market Revenues Worldwide from 2015 to 2025
    CRM Software Market Revenues Worldwide from 2015 to 2025

    Assigning Teams or Divisions Focusing on Customer Retention

    Allocating resources to perform any task is both time and effort-consuming. So deriving conclusions from customers’ previous experiences helps in achieving the objective of customer retention. CEMS can fulfil this requirement and assist in forming the right team.

    Marketing

    It’s possible to expand influence on social media platforms using management software.

    Word of Mouth Publicity

    Seen as one of the oldest publicity mechanisms, satisfied customers can create a ripple effect by encouraging others to use your business’s product or service. One happy user refers you to the other, and the chain continues. CRMS can help you get that satisfied customer.

    If you are starting a new business here are some tips for How to Make Customers Loyal?

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    1. Freshdesk
    2. Khoros
    3. Totango
    4. Appcues
    5. Yotpo
    6. WalkMe
    7. Zoho CRM Plus
    8. Ask Nicely NPS Software
    9. Userfeel
    10. Bitrix24
    11. Zendesk
    12. Genesys PureCloud

    Freshdesk

    Website www.freshworks.com/freshdesk/
    Rating 4.5/5
    Free Trial NA
    Platforms Supported Web, Android, iPhone/iPad

    Freshdesk - Customer Experience Management Software
    Freshdesk – Customer Experience Management Software

    Freshdesk is a cloud-based help desk software that provides businesses with a range of tools and solutions to manage customer support inquiries and improve the overall customer experience.

    It helps in Customer Experience Management by providing businesses with a cloud-based help desk software that streamlines customer support operations and improves the overall customer experience. With features such as ticket management, collaboration tools, automation, and advanced reporting and analytics, Freshdesk enables businesses to efficiently manage customer inquiries, resolve issues in a timely manner, and track key metrics related to their customer support operations. This helps businesses to identify areas for improvement and make data-driven decisions to improve the overall customer experience, ultimately leading to increased customer satisfaction and loyalty.

    Pricing

    Plan Yearly Price
    Free ₹0
    Growth ₹999/agent/month
    Pro ₹3,599/agent/month
    Enterprise ₹5,699/agent/month


    Try Freshdesk for Free

    Khoros

    Website Khoros.com
    Rating 4.2/5
    Free Trial NA
    Platforms Supported Web, Android, iPhone/iPad

    Khoros - Customer Experience Management Software
    Khoros (previously Lithium) Homepage

    Khoros (previously Lithium) is a customer engagement platform that provides a range of tools and solutions to help businesses manage their online communities, social media accounts, and customer interactions. The platform is designed to help businesses create more meaningful and personalized customer experiences across a variety of channels, including social media, messaging, and online communities.

    It is a solution meant to manage customer interaction via social media while broadening one’s online presence at the same time. A prominent feature of the software is the option to create virtual communities. Apart from this, there are several response/listening solutions, and the users can easily promote their products and services with the help of brand influencers.

    Pricing

    Not provided by vendor. Please contact Khoros directly for pricing information.

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    Totango

    Website www.totango.com
    Rating 4.0/5
    Free Trial Available
    Platforms Supported Web, iPhone/iPad

    Totango - Customer Experience Management Tool
    Totango Homepage

    Totango is a customer success platform that helps businesses optimize their customer journeys and improve customer retention. The platform uses data and analytics to help businesses understand their customers’ behavior and preferences, and provides insights to help businesses deliver personalized and relevant customer experiences.

    The platform, now also available as enterprise-grade software, permits the generation of reports and views from customer data. Some of the parameters used by the software are account management information, product usage statistics, and business context. All of this helps in sending targeted messages to the customers. A notification system named ‘Intercom’ allows the user to get the client status through real-time data. The creation of custom segments can assist in coming up with marketing campaigns and monitoring their performance at the same time.

    Pricing

    Plan Yearly Price
    Community Free
    Starter Annual contract starting at $249/month
    Growth Annual contract starting at $1,099/month
    Enterprise Custom Price

    Appcues

    Website www.appcues.com
    Rating 4.8/5
    Free Trial Available
    Platforms Supported Web, iPhone/iPad

    Appcues - Customer Experience Management Software
    Appcues Homepage

    Appcues is a user engagement platform that helps businesses create and deliver personalized in-app experiences. The platform is designed to help businesses improve user retention, increase customer engagement, and drive conversions by delivering relevant and personalized experiences to their users.

    A point-and-click editor makes the software popular in the CEM segment. Any user not familiar with the process of ‘onboarding’ can formulate product introductions and welcome messages with minimal effort. The software provides the ability to make ‘product tours’ that bridge the interaction between businesses and prospective buyers using language and name as parameters. The software user has complete control over the product tour. If onboarding is not your cup of tea, use Appcues to break this notion!

    In addition, Appcues provides a range of integrations with popular CRM and marketing automation tools, such as Salesforce and HubSpot, to help businesses streamline their user engagement efforts and improve efficiency.

    Pricing

    Plan Yearly Price
    Essentials $249/month
    Growth $879/month
    Enterprise Custom Price

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    Yotpo

    Website www.yotpo.com
    Rating 4.6/5
    Free Trial Available
    Platforms Supported Web

    Yotpo - Customer Experience Management Platform
    Yotpo Homepage

    A content marketing platform developed as a plug-and-play social review app, Yotpo is meant for customer retention and generating new market segments with ease. It helps businesses generate and leverage customer reviews and other user-generated content (UGC) to drive growth and improve customer experiences. The capability of keeping track of each customer who inquires about a good or service or accesses the database is of great use. It aids in usage pattern generation to develop marketing campaigns. Software users can also produce product reviews that assist in sales generation. The application of USP is the capability of capturing user-generated content on Instagram, which helps in user conversion.

    Pricing

    Plan Yearly Price
    Essential Free
    Growth Starting at $19/month
    Premium Custom Price

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    WalkMe

    Website www.walkme.com
    Rating 4.4/5
    Free Trial Not Available
    Platforms Supported Web, Android, iPhone/iPad

    WalkMe - Best Customer Experience Management Platform
    WalkMe Homepage

    A customer engagement platform that makes navigating across websites and new software simple, WalkMe is a cloud-based solution rich with features. It includes notification bars and pop-up balloons. First-time visitors to your website can know which actions to prioritize while navigating through this CEM solution. The ‘Shoutouts’ feature of WalkMe notifies visitors about important messages, which helps to promote services and changes.

    The platform is designed to help businesses create interactive and engaging experiences that guide users through complex workflows and processes, driving user satisfaction and business outcomes.

    Pricing

    They offer custom pricing plans. Please contact WalkMe for pricing details.

    Zoho CRM Plus

    Website www.zoho.com/crm/crmplus/
    Rating 4.4/5
    Free Trial Available
    Platforms Supported Web, Android, iPhone/iPad

    Zoho CRM Plus Homepage
    Zoho CRM Plus – best customer experience management software

    Zoho CRM Plus is a customer relationship management (CRM) software suite that provides businesses with a range of tools to manage their customer interactions and improve their overall customer experience. The platform is designed to help businesses streamline their sales, marketing, and customer service processes, and to provide a seamless, personalized experience for their customers across all touchpoints.

    It allows you to teach people on the phone, via live chat, email, social media, and even in person to help businesses provide personalized and responsive support to their customers. Also, there is visitor tracking and email – analytics, which you can use to see what your customer is watching. It can help you to close the deal with them.

    Pricing

    Plan Monthly Price
    Standard $50/user/month
    Professional $80/user/month
    Enterprise $120/user/month


    Try Zoho CRM Plus For Free

    Ask Nicely NPS Software

    Website www.asknicely.com/nps-software
    Rating 4.6/5
    Free Trial Available
    Platforms Supported Web, Android, iPhone/iPad

    AskNicely - top customer experience software
    AskNicely Homepage

    Ask Nicely is a Net Promoter Score (NPS) software platform designed to help businesses measure and improve their customer satisfaction levels. The platform provides businesses with a range of tools to gather customer feedback, analyze the results, and take action to improve their overall customer experience.

    It gives you real-time customer feedback based on their experience and purchase. It automatically mails a set of a questionnaire consisting of two questions that the customers can answer quickly. It will help you to understand customer feedback, unsatisfied customers and their problems, online reviews, etc.

    Pricing

    They offer custom pricing plans. Please contact Ask Nicely for pricing details.

    Userfeel

    Website www.userfeel.com
    Rating 4.6/5
    Free Trial Available
    Platforms Supported Web, Android, iPhone/iPad

    Userfeel Homepage
    Userfeel – customer experience management tool

    Userfeel is a user testing platform designed to help businesses improve their website and app user experience. The platform allows businesses to gather feedback from real users through video and audio recordings, as well as written feedback.

    Consisting of more than 150,000 qualified testers in 40 speaking languages, it is an easy app to test the usability of the websites and apps.

    The app gives a great feature which is videos of actual customers expressing their thoughts about your company, from which you can access a lot of feedback.

    Pricing

    Pay-As-You-Go Plan Pricing Per Session
    60 minute unmoderated with your tester $30
    60 minute moderated with your tester $60
    20 minute unmoderated with Userfeel panel $60
    40 minute unmoderated/moderated with Userfeel panel $120
    60 minute unmoderated/moderated with Userfeel panel $180

    Bitrix24

    Website www.bitrix24.in
    Rating 4.1/5
    Free Trial Available
    Platforms Supported Web, Android, iPhone/iPad

    Bitrix24 - cem software
    Bitrix24 Homepage

    Bitrix24 is a customer relationship management (CRM) and project management platform designed to help businesses manage their customer interactions, projects, and workflows. The platform includes a range of tools for communication, collaboration, and automation, making it a popular choice for small and medium-sized businesses.

    It is used by 10 million businesses worldwide, it is one of the best apps for free customer experience and customer relationship management platforms.

    It is another customer experience management platform that provides unlimited leads, deals, contacts, companies, quotes, invoices, and appointment scheduling. It also comes with email marketing and telephony. It is available in 18 different languages.

    Pricing

    Plan Yearly Price
    Free Rs.0
    Basic Rs. 3,490/month
    Standard Rs. 6,990/month
    Professional Rs. 13,990/month

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    Zendesk

    Website www.zendesk.com
    Rating 4.4/5
    Free Trial Available
    Platforms Supported Web, Android, iPhone/iPad

    Zendesk - Best Customer Experience Management Software
    Zendesk Homepage

    Zendesk is a cloud-based customer service software company that provides a variety of tools and solutions for businesses to manage and improve their customer support operations. Zendesk helps in Customer Experience Management by providing businesses with tools and solutions to improve their customer support operations. It offers multichannel support, efficient ticket management, automation, analytics, and CRM capabilities to ensure that businesses can provide a seamless and effective customer experience. This, in turn, helps businesses to increase customer satisfaction and loyalty, and ultimately drive business growth.

    It is used by small dorm rooms to established companies, Zendesk has a name. It builds a help desk, call centre, and live chat software for better customer relationships. It has customers in 160 countries and territories.

    Pricing

    Plan Yearly Price
    Team US$ 19/user/month
    Growth US$ 49/user/month
    Professional US$ 99/user/month

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    Genesys PureCloud

    Website www.genesys.com
    Rating 4.3/5
    Free Trial Available
    Platforms Supported Web, Android, iPhone/iPad

    Genesys - Best customer experience management platform
    Genesys Homepage

    Genesys PureCloud is a cloud-based contact center and customer experience solution. It is designed to help businesses of all sizes to manage customer interactions across multiple channels, including voice, email, chat, and social media.

    Progressive IT and contact base operations that prefer rapid delivery use Genesys PureCloud. It is an in-one cloud contact centre solution. It provides 24/7 online support. It helps to manage and understand a smooth customer journey through all communication, voice, chat, email and text messages, and more.

    The boom in CEM or CMX means more options to choose from. Even though the company’s motto is still “connecting people, process, and technology,” the variety of customer management tools suggests that there is something for every business needs!

    How to Setup Call Flows with Genesys PureCloud

    Pricing

    Plan Monthly Price
    Genesys Cloud CX 1 – Voice $75 monthly USD
    Genesys Cloud CX 2 – Digital $90 monthly USD
    Genesys Cloud CX 2 – Digital + Voice $110 monthly USD
    Genesys Cloud CX 3 – Digital + WEM $130 monthly USD
    Genesys Cloud CX 3 – Digital + WEM + Voice $150 monthly USD

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    Conclusion

    Statista predicts customer relationship management software will generate $69.13 billion in revenue in 2022. By 2027, the market volume will reach $120.30 billion, representing an annual growth rate of 11.72% (CAGR 2022-2027).

    There are many Customer Experience Management (CEM) software solutions available in the market today, each with its own set of features and capabilities. When selecting the best CEM software for your business, it’s important to consider your specific needs and requirements, as well as your budget. The suitable CEM software for your business will improve your and your customers’ relationship. It ensures your customer gets a smooth and flawless experience while using your service. Customer satisfaction and retention are crucial for business growth.

    FAQs

    What is Customer Experience Management?

    Customer experience management (CEM) is the collection of processes a company uses to track, oversee and organize every interaction between a customer and the organization throughout the customer lifecycle.

    What is the difference between CRM and CEM?

    While CEM is about creating the best customer experience, CRM is about managing relationships while focusing on maximizing revenues. CRM is a tool geared to manage and analyze customer information, while CEM is a tool geared to enable and enhance customer interactions.

    Why is CEM important?

    CEM is important because it blends customer satisfaction, loyalty, retention, relationship management, user experience, experiential marketing, and customer-centricity.

    Which is the best customer experience management software?

    Zoho CRM, Zendesk, WalkMe, Yotpo, and Totango are some of the best customer experience management software.

  • LG’s Marketing Strategies: Driving Innovation for Smart Living

    Looking for a brand that combines sleek design, cutting-edge technology, and exceptional customer service? Look no further than LG! As a leading global electronics company, LG has established itself as a household name with its innovative and stylish products that enhance every aspect of your life. From state-of-the-art TVs and appliances to advanced smartphones and home entertainment systems, LG offers an unparalleled level of quality and performance. With a commitment to sustainability and social responsibility, LG is not only a top choice for consumers but also a leader in the industry.

    LG, short for Lucky Goldstar, was founded in 1947 by Koo In-hwoi in South Korea. Originally, the company focused on producing plastics, such as toothbrushes and radio components. However, in the 1960s, LG shifted its focus to electronics, establishing itself as a major player in the industry. The company continued to expand its product line over the years, introducing home appliances, personal computers, mobile phones, and more. Today, LG is a globally recognized brand with a reputation for quality, innovation, and reliability. Despite its success, LG has remained committed to its roots of sustainability and social responsibility, ensuring that its products and practices are environmentally friendly and socially conscious. From its humble beginnings as a small plastics manufacturer to its position as a leader in the electronics industry, LG’s success story is a testament to the vision and hard work of its founder and the dedication of its employees.

    LG Target Audience
    LG Marketing Mix
    LG Marketing Campaigns
    LG Marketing Strategies

    LG Target Audience

    When it comes to consumer electronics, LG has a broad target audience that spans age, gender, and socioeconomic demographics. From tech-savvy millennials to busy families and seniors looking for easy-to-use appliances, LG products appeal to a wide range of consumers.

    LG’s smartphones, for instance, are designed to cater to a younger generation who demand fast processing speeds, sleek designs, and advanced camera features.

    LG’s home appliances are engineered to simplify household tasks for busy families, while still maintaining a stylish and modern aesthetic.

    In terms of market share, LG has been successful in targeting middle to high-income households who prioritize quality and reliability in their electronics purchases.

    The brand’s commitment to sustainability and social responsibility also resonates with environmentally conscious consumers who seek products that align with their values.

    Whether it’s for personal or professional use, LG’s diverse product line is tailored to meet the needs of a wide range of consumers, solidifying its position as a leading global electronics brand.

    LG Marketing Mix

    When it comes to marketing, LG is a master at the four Ps: product, price, promotion, and place. Here’s a breakdown of how LG uses these elements to deliver exceptional products and experiences to its customers:

    Product

    LG’s product line is diverse and extensive, covering a wide range of consumer electronics. From smartphones and TVs to home appliances and home entertainment systems, LG products are known for their sleek designs, cutting-edge technology, and exceptional quality. LG invests heavily in research and development, ensuring that its products are always at the forefront of innovation.

    Price

    Despite its reputation for quality and innovation, LG products are priced competitively. The brand offers a range of products at various price points, ensuring that there’s something for every budget. LG also provides financing options and promotions to make its products more accessible to consumers.

    Promotion

    LG’s marketing strategy is focused on creating emotional connections with its customers. The brand uses a mix of traditional and digital marketing channels to showcase its products, including TV commercials, social media campaigns, and influencer partnerships. LG also invests in experiential marketing, allowing consumers to interact with its products in innovative and immersive ways.

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    Place

    LG’s products are available in a wide range of retail locations, including online retailers, electronics stores, and LG-branded retail stores. The brand also has a strong distribution network, ensuring that its products are available to customers all over the world.

    LG’s marketing mix is a testament to the brand’s commitment to delivering exceptional products and experiences to its customers.

    LG Marketing Campaigns

    Over the years, LG has launched several successful marketing campaigns that have helped establish the brand as a leader in the consumer electronics industry. Here are a few notable campaigns:

    “Life’s Good” Campaign

    Perhaps LG’s most famous campaign, “Life’s Good” emphasizes the brand’s commitment to enhancing the lives of its customers through innovative products and exceptional customer service. The campaign features a range of LG products and showcases how they can make everyday life better and more enjoyable.

    Life’s Good

    “LG OLED TV: Perfect Black, Perfect Colors” Campaign

    This campaign highlights the advanced technology behind LG’s OLED TVs, which offer unparalleled picture quality with perfect black and perfect colors. The campaign features stunning visuals and emphasizes the immersive viewing experience that LG’s OLED TVs provide.

    The Panther – Perfect Black, Perfect Color – LG OLED 

    “LG Gram: Lighter Than Air” Campaign

    The LG Gram laptop is known for its incredibly lightweight design, and this campaign emphasizes that feature with a playful, lighthearted tone. The campaign features a range of celebrities and influencers showcasing how easy it is to carry the LG Gram wherever you go.

    LG gram | All This, Light As Ever – 2021 All New LG gram

    “LG Signature: Art Inspires Technology” Campaign

    LG’s Signature Line is a collection of premium home appliances that combine advanced technology with elegant design. This campaign emphasizes the idea that art and technology can work together to create something truly beautiful and innovative.

    LG SIGNATURE WASHING MACHINE – Art inspires technology. Technology completes art.

    LG’s marketing campaigns are known for their emotional appeal, stunning visuals, and emphasis on the brand’s commitment to innovation and quality. By showcasing the unique features of its products and highlighting how they can enhance everyday life, LG has been able to create a strong emotional connection with its customers and establish itself as a top player in the consumer electronics industry.

    LG Marketing Strategies

    LG is a brand that’s known for its innovative products, quality, and exceptional customer service. However, those qualities alone aren’t enough to make a brand stand out in today’s crowded market. That’s where LG’s marketing strategies come in.

    Let’s take a closer look at how LG uses marketing to build brand awareness, connect with customers, and drive sales.

    Emotional Marketing

    LG’s marketing campaigns are designed to evoke emotion and connect with customers on a deeper level. Whether it’s through heartwarming stories, beautiful visuals, or relatable experiences, LG’s marketing campaigns aim to establish an emotional connection with its customers. This emotional connection helps to build brand loyalty and creates a sense of community around the brand.

    Life is Good When We Care 

    Experiential Marketing

    LG’s marketing strategies include experiential marketing, which allows customers to interact with the brand and its products in innovative and immersive ways. LG often hosts events and pop-ups where customers can test out its latest products and experience the brand in person. These experiential marketing efforts help to create a memorable brand experience and establish a personal connection with customers.

    Influencer Partnerships

    LG has also partnered with influencers to help promote its products and create buzz around the brand. By partnering with influencers who align with the brand’s values and target audience, LG can reach a wider audience and establish credibility with potential customers.

    Social Media Marketing

    LG’s social media strategy is focused on creating engaging content that resonates with its followers. The brand uses a mix of product-focused content, lifestyle content, and behind-the-scenes content to showcase its products and connect with its audience. LG also uses social media to engage with customers and respond to questions and concerns in real time.

    Product Placement

    LG’s marketing strategies also include product placement in movies, TV shows, and other forms of media. By featuring its products in popular media, LG can reach a wider audience and create a sense of familiarity and trust with potential customers.

    LG’s marketing strategies are designed to build brand awareness, establish emotional connections with customers, and drive sales. LG can create a comprehensive marketing strategy that helps to establish the brand as a leader in the consumer electronics industry.

    If you’re looking to establish a strong brand identity and connect with customers, take inspiration from LG’s marketing strategies. LG has been able to create a comprehensive marketing strategy that resonates with its audience and drives sales. So why not try incorporating some of these strategies into your marketing efforts? Whether you’re a small business or a large corporation, LG’s marketing strategies can provide valuable insights and inspiration for creating a strong and effective marketing strategy.

    FAQs

    What is the target audience of LG?

    LG has a broad target audience that spans age, gender, and socioeconomic demographics. From tech-savvy millennials to busy families and seniors looking for easy-to-use appliances, LG products appeal to a wide range of consumers.

    What are some successful marketing campaigns launched by LG?

    LG has launched several successful marketing campaigns that have helped establish the brand as a leader in the consumer electronics industry. Here are a few notable campaigns:

    • Life’s Good Campaign
    • LG OLED TV: Perfect Black, Perfect Colors Campaign
    • LG Gram: Lighter Than Air Campaign
    • LG Signature: Art Inspires Technology Campaign

    What are the marketing strategies followed by LG, making it a strong consumer electronics brand?

    Marketing Strategies followed by LG are –

    • Emotional Marketing
    • Experiential Marketing
    • Influencer Partnerships
    • Social Media Marketing
    • Product Placement

  • Top 10 Must-Watch Movies for Entrepreneurs

    When it comes to entrepreneurship, inspiration plays a key role in a business’s creative process, significantly transforming cognition, effect, and behavior. Motivation and strong willpower play central roles in defining entrepreneurial success.

    Of the varied ways to find motivation and inspiration, films are one medium that has the dual capacity of offering relaxation while imparting wisdom and getting creative juices flowing through thought-provoking material. Irrespective of an individual’s current standing in their entrepreneurial journey, a few movies remain on the list of must-watch due to their central idea of featuring businesses and entrepreneurs. Sometimes fiction while at other times narrating a true story, entrepreneurship, as depicted on the movie screen, leaves the viewer bursting with inspiration and energy.

    Must-Watch Entrepreneurial Movies

    The Pursuit of Happyness
    The Social Network
    Wall Street
    The Big Short
    Becoming Warren Buffet
    Guru
    Steve Jobs
    Thank You For Smoking
    The Founder
    The Wolf of Wall Street

    The Pursuit of Happyness

    The movie traverses the life course of the successful stockbroker Chris Gardner and is based on a non-fiction book of the same name. Although a simple story of rags-to-riches, it showcases his hard struggle of being homeless with a young son for one year. During this time, he also went through a grueling six-month internship as an unpaid stockbroker. The movie highlights the unbelievable circumstances he overcame to achieve his dreams and found stupendous success through relentless perseverance.

    The Pursuit of Happyness
    The Pursuit of Happyness

    The Social Network

    Highlighting the humble beginnings of the global phenomenon, the story talks about Mark Zuckerberg’s creation of Facebook while he was still a student at Harvard. It also highlights his struggles as he was sued by two brothers claiming Zuckerberg stole their idea. Mark Zuckerberg’s best friend, who was an integral part of the company was also ousted.

    THE SOCIAL NETWORK – Official Trailer [2010]

    Wall Street

    The central theme of the movie is greed and morally reprehensible actions. Its brilliant portrayal of various characters highlights the ills of too much ambition and how it can, if unchecked, lead one down an unethical path. The famous speech of the movie ‘Greed is Good’ forms the heart of the story which showcases a young man getting carried away by the outward show of a glamorous lifestyle and ends up getting entangled in the vicious web of insider trading.

    Wall Street: Money Never Sleeps | Official Trailer

    The Big Short

    Adapted from the book of the same name, the movie highlights three parallel stories of individuals who were able to predict and profit from the American financial crises of 2007-2008. The story is a contradiction of being a cautionary tale for entrepreneurs while also highlighting the importance of risk-taking and conviction within the business. The narrative employs unconventional techniques to explain complex financial concepts like sub-prime mortgages and collateralized debt obligations. During that time, very few people had bet against the housing market in the US. However, the characters in this movie did just that and ended up making a large profit when the financial crisis hit.

    The Big Short
    The Big Short

    Becoming Warren Buffet

    If there is a role model for young and rising entrepreneurs in the world of business, it has to be Warren Buffet, who is widely known for his business and investing acumen. Also well-known for his humble and down-to-earth nature, Warren Buffet’s secrets to success are well-studied as well as well-documented. ‘Becoming Warren Buffet’ is a documentary film that centers around his life examining his investing expertise and personal relationships. This must-watch documentary is hugely inspiring for entrepreneurs and there are many learnings within it.

    Becoming Warren Buffet
    Becoming Warren Buffet

    Guru

    Loosely based on the portrayal of the founder of the Reliance Empire, Dhirubhai Ambani, played by Abhishek Bachchan, this Indian movie brilliantly tells the story of how business was conducted in the 1950s. It also highlights the ambition of a young man determined to succeed, whatever the cost. His perseverance, his continued learning, and his insistence on growing despite the many obstacles in his path make it one of the best Indian movies on business and entrepreneurship. Rising entrepreneurs can get inspired to give their absolute best by watching this movie.

    Guru Trailer

    Steve Jobs

    His name is known to practically everyone around the globe. He is the mastermind and genius behind ‘Apple’. An entrepreneur par excellence, it was his brilliance that ensured that Apple has reached the pinnacle and success that it enjoys today. ‘Steve Jobs’ is his biopic that depicts three pivotal points in his life. As an entrepreneur, this movie contributes to creativity, and a futuristic outlook and also highlights domain expertise.

    Steve Jobs, The Man in the Machine
    Steve Jobs, The Man in the Machine

    Thank You For Smoking

    This movie is a lesson in the art of selling any product through data and persuasiveness. The movie centers around the machinations of Big Tobacco’s chief spokesperson Nick Naylor, who stands up to defend the cigarette industry in challenging situations. Entrepreneurs can learn about the essential aspects of selling a product from this film.

    The Founder

    Ray Kroc was the man behind making McDonald’s a global fast-food chain. Taking over from the brothers who originally founded McDonald’s, Ray Kroc, a traveling milkshake mixer salesman, transformed it into a global franchise. Despite being a controversial figure, Ray Kroc rose to become one of America’s most influential businessmen through one of the most recognizable fast-food brands in the world. The movie is inspiring and aspiring at the same time.

    The Founder

    The Wolf of Wall Street

    Based on the true story of Jordan Belfort, the movie is a perfect example of what an entrepreneur should never be. Jordan’s firm Stratton Oakmont engaged in penny stock trading and securities scams. He was driven by greed and had no empathy for the people he was cheating. It was his business practices that drew the attention of the federal authorities that eventually led to his downfall. Personally, too, Belfort lived a life of extreme debauchery that added to his downfall.

    The Wolf of Wall Street 

    Benefits of Watching Entrepreneurial Movies

    Although largely considered unproductive, many movies can be advantageous to an entrepreneur in his entrepreneurial journey. Movies can prove to be a positive distraction in many ways.

    Learning New Ideas and Topics

    Many movies tell various true stories from a variety of topics ranging from finance, and world history to even the civil war. Such is the power of this entertaining tool that it can impart knowledge and also broaden knowledge and perspective through artistic vision, engaging content, and colorful sets.

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    An Art Form of Inspiration

    This imaginative art form can inspire genius and creativity in every individual. Movies that are made around true stories and incidents can prove to be greatly motivational. Journeys of exceptionally successful people can inspire the need to explore different avenues and possibilities through perseverance and hard work.

    Relaxation

    This goes without saying. As inspiring and motivational as movies are, they are also a great source of relaxation while learning. Movies sweep the audience away into a magical world giving them time to decompress and relax.

    Conclusion

    It is time to move away from the jaded perspective of viewing movie-watching as a waste of time. There is some exceptional content that can be seen through movies and great learnings to glean from the journeys and experiences of the main protagonists. Entrepreneurs can definitely get inspired by movies and begin on an aspirational journey of their own.

    FAQs

    List the top 10 entrepreneurial movies.

    Below is the list of the top 10 must-watch entrepreneurial movies:

    • The Pursuit of Happyness
    • The Social Network
    • Wall Street
    • The Big Short
    • Becoming Warren Buffet
    • Guru
    • Steve Jobs
    • Thank You For Smoking
    • The Founder
    • The Wolf of Wall Street

    What are the benefits of watching entrepreneurial movies?

    Movies can prove to be a positive distraction in many ways. Some of the benefits of watching entrepreneurial movies are:

    • Learning New Ideas and Topics
    • An Art Form of Inspiration
    • Relaxation

  • airSlate: Single Solution for Automating Document Workflows

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by airSlate.

    Are you finding it time-consuming to create a document? Document creation and inputting all the correct data and that too without errors and omitting anything can be a challenging task. It is when document automation comes into the picture.

    Document automation involves generating documents in a digital platform or automated workflow software. By digitalizing and automating document workflows, companies can eliminate the need for manual data entry, printed paperwork, email reminders, etc.

    airSlate is cloud-based legal document automation software. Read further to know more about airSlate- its startup story, mission, founders, funding, products, partners, and more.

    airSlate – Company Highlights

    Company Name airSlate
    Headquarters Brookline, Massachusetts, United States
    Sector Software Development
    Founders Borya Shakhnovich, Vadim Yasinovsky
    Founded In 2006
    Revenue $1B (2022)
    Website Airslate.com

    airSlate – About
    airSlate – Founders and Team
    airSlate – Startup Story
    airSlate – Mission and Vision
    airSlate – Business Model
    airSlate – Revenue Model
    airSlate – Products and Services
    airSlate – Challenges Faced
    airSlate – Funding and Investors
    airSlate – Mergers and Acquisitions
    airSlate – Patents and Trademarks
    airSlate – Growth
    airSlate – Partners
    airSlate – Awards and Achievements
    airSlate – Competitors
    airSlate – Future Plans

    airSlate – About

    airSlate is a no-code platform that empowers companies to create powerful documents and automate their document workflows. From simple tasks, such as editing PDFs, creating forms, and eSigning. It can create, integrate, and automate the document workflow via a single control point.

    With over 100 million users worldwide, the company offers 40+ integrations with popular apps and CRM systems. airSlate has a global reach with 5 offices in different locations.

    airSlate – Founders and Team

    Borya Shakhnovich and Vadim Yasinovsky are the co-founders of airSlate.

    Borya Shakhnovich

    Borya Shakhnovich graduated from the University of Illinois Urbana-Champaign with a BS (Computational BioPhysics) and a Ph.D. in Bioinformatics and Systems Biology from Boston University. He worked as an assistant professor and post-doc fellow at Boston and Harvard University, respectively.

    In addition, he held the role of CEO at Orwik and PDFfiller.com. Presently, he is working as a co-founder and CEO at airSlate.

    airSlate Co-founder and CEO - Borya Shakhnovich
    airSlate Co-founder and CEO – Borya Shakhnovich

    Vadim Yasinovsky

    Presently, Vadim Yasinovsky is the airSlate’s founder. Before working as a Chief Product Officer at airSlate, he was President and CEO at Clear Software, Inc. Moreover, he was the owner of clearweb.com and CEO of PDFfiller.com.

    airSlate Co-founder and Chief Product Officer - Vadim Yasinovsky
    airSlate Co-founder and Chief Product Officer – Vadim Yasinovsky

    airSlate currently employs over 1,000 employees, with Drew Zalkind as the COO.

    airSlate – Startup Story

    When Borya Shakhnovich was the founder of Orwik, he came up with marketing technology. He contacted Vadim Yasinovsky, his investor who was running PDFfiller, to apply this marketing technology to the company. And Yasinovsky suggested Borya build the marketing technology with him. It is how the idea of airSlate was born.

    At that time, PDFfiller was a small company, and using Shakhnovich’s technology, the company’s customer base grew. After several years, Borya became the CEO, and the company expanded its product offering only to establish as airSlate in 2018.

    The company developed the first version of the PDF editor, and it went live in 2008. In 2013, it launched the eSignature product, and in 2015, it expanded into software integrations for CRMs and apps. airSlate acquires US Legal Forms in 2019.

    airSlate – Mission and Vision

    The company aims to build digital solutions that innovators can use to unlock their potential and execute higher-priority organizational goals. It believes innovating document workflows can immediately impact the company’s bottom line by providing top-notch customer and employee experience.

    airSlate – Business Model

    airSlate Business Cloud allows businesses to digitize and automate processes at varied scales within a single holistic ecosystem. The platform is the end-to-end solution that grows with the organization’s business automation roadmap.

    Companies need to start by digitizing simple document workflows before they configure airSlate to automate their complex requirements. Clients can configure and automate at about 1/10th of the cost of other related systems.

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    airSlate – Revenue Model

    airSlate offers four packages to the clients- Starter for $19/month, Growth for $79/month, Enterprise for $399/month, and Automation Suite for $799/month.

    airSlate – Products and Services

    The company offers several products– contract management, document generation, contract negotiation, US legal forms, electronic signature, robotic process automation, web forms, workflow automation, PDF editing, analytics, drag-and-drop flow creator, payments, and world-class features.

    airSlate - Products
    airSlate – Products 

    The company also has airSlate Academy, which offers many courses- covering the basics of automation to expert certifications demonstrating ways to transform a business digitally.

    airSlate – Challenges Faced

    The platform is acquainted with multiple flows, including bot failure, downloading slates in bulk for a flow, and complicated mass export of flow data.

    airSlate – Funding and Investors

    airSlate has undertaken 4 funding rounds and has raised $181.5 million. Its latest funding round – Series B Round, was conducted on June 16, 2022, and raised $51.5 million. 6 investors fund the company, of which 3 are the lead ones. Some investors are G Squared, UiPath Ventures, Silicon Valley Bank, Horizon Capital, and Morgan Stanley Expansion Capital.

    Date Round Number of Investors Money Raised Lead Investor
    June 16, 2022 Series B 2 $51.5 million G Squared
    February 17, 2021 Debt Financing 1 $50 million Silicon Valley Bank
    January 12, 2021 Series B 3 $40 million Morgan Stanley Expansion Capital
    July 1, 2017 Series A – $40 million –

    airSlate – Mergers and Acquisitions

    airSlate acquired 1 company, i.e., DocHub, on July 28, 2022.

    airSlate – Patents and Trademarks

    The company has registered 17 trademarks, and the most popular class is ‘Scientific and technological services.’

    airSlate – Growth

    The estimated annual revenue of airSlate in 2022 is $120.1 million per year ($177,088 revenue per employee). Moreover, the company’s current valuation stands at $1 billion as of June 2022.

    The employee count grew by 4% last year. The monthly visits to the website increased to 418,246, with a site growth rate of 31.36%.

    Build Workflows Step by Step with airSlate

    airSlate – Partners

    The company has several partner collaborations and some of these are:

    • Amazon Web Services
    • Inc. (AWS)
    • Microsoft
    • Samsung
    • SoftwareONE
    • Xerox

    airSlate – Awards and Achievements

    Recently, the company collected many prestigious awards and achievements. These are:

    • Included in the FT ranking of America’s Fastest-Growing Companies 2022 list by the Financial Times
    • Ranked among the top firms in the Boston Business Journal’s exclusive 2022 Fast 50 list
    • Two-times winner of the 2022 American Business Awards
    • Collected a Gold Stevie for “Technical Innovation of the Year”
    • Collected a “Silver Stevie for Company of the Year”

    airSlate – Competitors

    Some of its main competitors are:

    • DocuSign
    • Nintex USA, Inc.
    • PandaDoc
    • Kissflow
    • Airtable
    • JN Projects, Inc.

    airSlate – Future Plans

    As for the future, the company plans to train a million people over the next five to ten years to elevate their efficiency and value to the business. Moreover, airSlate aims to help an employee who earns $40k to $50k and turn them into a professional who is critical to the company.

    FAQs

    What is airSlate and how does it work?

    airSlate is a no-code platform that empowers companies to create powerful documents and automate their document workflows. From simple tasks, such as editing PDFs, creating forms, and eSigning. It can create, integrate, and automate the document workflow via a single control point.

    What is the pricing structure for airSlate?

    airSlate offers four packages to the clients- Starter for $19/month, Growth for $79/month, Enterprise for $399/month, and Automation Suite for $799/month.

    What are the products and services offered by airSlate?

    The company offers several products such as contract management, document generation, contract negotiation, US legal forms, electronic signature, robotic process automation, web forms, workflow automation, PDF editing, analytics, drag-and-drop flow creator, payments, and world-class features.