Advertising is an important marketing strategy to earn profits by keeping customers informed about products and services and thus resulting in massive sales. Advertising brings new customers and also creates awareness about your band Despite the catchy headlines “10 brands that do not advertise” or “10 brands so popular that they don’t even need advertising!”, there is no such thing as zero advertising.
Some brands oppose the accepted procedures that most advertisers live by today, and it separates them and creates buzz due to its innate uniqueness. Thus, here are 6 brands that don’t do conventional marketing and what you can gain from every one of them.
Why big brands don’t advertise? | Marketing Without Advertising
Lamborghini
Lamborghini
Owning the fast, powerful and luxurious beast is a dream for many people. It costs around $0.5 to $6 Million. Lamborghini knows exactly who their potential buyers are, and they have learned how to convert them into owners. Lamborgini considers advertising via tv commercials as an expensive waste of time.
During a meeting, the CEO of Lamborgini was asked why the organization doesn’t publicize?
He said, “The motivation behind why we don’t see Lamborghini television commercials is that customers who can bear the cost of them don’t sit the entire day sitting in front of the TV.”
Lamborghini publicizes through a wide range of channels, yet overwhelmingly using web-based media, vehicle-based TV programs, engine shows, magazines, and vendor promotions.
Zara’s first retail design store opened in 1975 and, starting in 2016, it flaunted 2000 stores in 77 nations. Zara centers vigorously around its item, spot, and value instead of advancement.
To begin with, they target men, ladies, and kids in profoundly populated urban communities. Second, they produce modest, in vogue clothing, with a high scrupulousness.
Furthermore, they just produce a limited number of pieces to make a sense of urgency among their shoppers. The uniqueness of Zara lies in the fact it spends just 0.3% of its sales advertising. It is fascinating to note that Zara never puts their image or logo on its items.
Naturals Ice Cream
Naturals Ice cream
New organic product-based grants and severe quality control are behind the achievement of Natural Ice Cream.
What sticks the buyers to this brand has been its USP itself-made of ‘sugar, milk, foods grown from the ground else’. Their items are healthy and liberated from additives.
Personalization of the brand, as far as Indian flavors, has been an additional benefit. Naturals Ice cream has never been advertised and solely relies on mouth publicity even today. As of 2021, this company has a market share of just over 10%.
Rolls-Royce
Rolls-Royce
We are certain none of you would have seen this extravagant carmaker selling itself noisy to the crowd. It receives rewards from its standing among its well-off customer base. There is a quality of selectiveness that encompasses the brand name when just a modest bunch will claim it and obviously, a pride that it transmits.
Indeed, even without customary promotions, Rolls-Royce beat a 107-year-old deals record in 2012.
Earl Tupper started selling family plastics and drastically changed the entire kitchenware market with his clever plans. Investigating an undiscovered market and picking direct selling over some other promoting strategy, aided Tupperware register a big achievement.
Tupperware India, with a turnover surpassing Rs 100 crore, looks at its sales team as the leading force as opposed to publicizing or some other limited-time movement.
“Promoting through traditional media isn’t the system, however speculation on the business power is”, says Asha Gupta, General Manager, Tupperware India.
“We don’t publicize through the traditional media since we accept that it is more beneficial to contribute to our solid deals power and vendors. We like to channel our assets in the outreach group and back it with limited-time offers. We need our group to be our mouthpiece.”, Asha says.
Ferrero Rocher
Ferrero Rocher Advertisement
Ferrero Rocher has sold chocolates for than 11.4 Billion Euros and 61.4 Million Dollars in 2019. The company made its items accessible in 170 nations around the world. Ferrero offers its clients results of superior grade and heavenly taste.
A significant component is that the result of the organization is of a similar taste all through the world. Moreover, the wrapping of the chocolate balls makes them more alluring and attractive.
Ferrero Rocher centers around client connections to fulfill their needs as far as quality, taste, uniqueness, form, and development. This company rarely does any TV commercials and solely relies on digital promotion only.
Ferrero believes the most ideal approach to grow its buyers is to be straightforward to them and to consistently continue to convey the USP of every item to the buyers.
What makes these brands so unique?
These brands believe in themselves. They let their products and services speak for them and keep their focus on the pain points of their buyers. These brands have made the most out of the digital boom and the new advances in the growth of digital. By using first-class digital strategies, these brands have met their reasonable goals.
FAQs
Why do some brands do not advertise?
Successful companies use their products, reputations and stories to attract customers. Consumers buy from these brands because of the experiences and quality they offer.
Which brands don’t advertise their products?
Popular brands that don’t advertise their products are:
Rolls Royce
Tupperware
Ferrero Rocher
Zara
Lamborghini
Naturals Ice Cream
What are the Indian brands that don’t advertise?
Indian brands that are popular without advertising are:
It would be smooth sailing if you didn’t have to pay property taxes, income taxes, corporation taxes, sales tax, all direct and indirect taxes, and even water taxes, right? Whether you are wealthy or impoverished, you are obligated to pay the tax no matter what! Tax is a compulsory contribution towards the government.
India has two integrated tax systems- direct and indirect tax systems, whereby direct tax relies on individuals’ income and property and indirect tax levies on goods and services incurred by an individual.
As a taxpayer, you are required to contribute a specific percentage as tax from your income to pay for the things you have purchased as Good services Tax.
Even if you are affluent, you have to deal with paying a high rate of taxes, and the poor would have to contribute according to the tax slab. As we all know, the tax system was established to produce revenue for initiatives aimed at boosting the country’s economy and raising the standard of living of its residents. But, what if there isn’t a tax system in place? How does the government deal with residents of lower socioeconomic status? Here we have listed out tax-free countries and how they earn a decent lifestyle without contributing to the economy.
Implementing tariffs on imported goods is one of the simplest and most effective ways for the tax-free government to generate revenue. Import duties, often known as customs duties, are an indirect tax placed on commodities that are brought into the country.
This would assist the government in increasing revenue as well as regulation of commodities in the countries while also providing protection to the indigenous industry through the circulation of imported items.
The rates of customs/import duties differ by country; for example, Kuwait charges roughly 5% in customs duty.
There are five types of customs duties, that which a government levy on imported goods such as-
Basic Customs Duty
Countervailing Duty
Additional Customs Duty or Special
Protective Duty
Anti-dumping Duty
Corporate registration and renewal fees
In most cases, our country imposes a corporate tax on high-profiled corporate entities; however, in tax-free countries, there is no need to spend a lot of money on preliminary expenses for incorporation; instead, they ask you to meet corporate registration requirements for newly incorporated businesses under their jurisdiction.
Aside from that, businesses should pay annual renewal costs in order to maintain their status as operational entities, which varies depending on the type of company they do. Banking, insurance, and other mutual financing corporations, for example, should pay additional annual renewal fees in order to function in such a finance industry.
Countries such as Kuwait, Brunei, the United Arab Emirates, and others require foreign companies that have formed and are operating in their jurisdictions to pay registration and renewal fees.
Tax Haven
Any country or jurisdiction that gives foreign individuals and corporations reduced tax liability is known as a tax haven or offshore financial hub. To gain tax benefits, tax havens do not require enterprises or individuals to operate outside of their country.
Tax Haven countries benefit from attracting cash to their banks and financial institutions, which may then be utilized to develop a vibrant financial industry. Individuals and businesses benefit from tax savings, which can vary from zero to low single digits in tax haven countries compared to high taxes in their own country.
Apple, Nike, Goldman Sachs, and other major U.S. corporations such as Microsoft, IBM, General Electric, Pfizer, Exxon Mobil, Chevron, and Walmart are among the top tax haven beneficiaries. Ireland was exploited by Apple as a tax hideaway.
If Apple had not taken advantage of tax havens, it would have repaid the US government $65.4 billion in taxes. Bermuda is used by Nike as a tax shelter. If tax haven benefits were not utilized, it would have paid $3.6 billion in taxes. Goldman Sachs holds $28.6 billion in Bermuda as a tax shelter.
Luxembourg is often regarded as the best tax haven on the planet. The Cayman Islands currently have banking assets worth one-fifth of the world’s total banking assets of $30 trillion. The Cayman Islands have no direct taxes on residents, including property, income, and payroll taxes, in addition to no corporate tax.
Hedge fund managers like the Cayman Islands because there is no corporate or income tax, including on interest and dividends generated on investments. Fortune 500 firms such as Pepsi, Marriott, and Wells Fargo have subsidiaries in the Cayman Islands.
Top Tax Havens in the World:
Netherlands
Luxembourg
Singapore
Bermuda
The Channel Islands
Cayman Islands
Isle of Man
Mauritius
Switzerland
Ireland
Departure taxes
A departure tax is a price charged by a country when a person leaves the country, or a tax that airline passengers must pay in order to use an airport. A departure tax is levied by some countries only when a person departs by plane. The tax can be paid at the airport or by some other prepayment mechanism, or it can be charged to the airlines and included in the price of the plane ticket.
Below is a list of nations that collect departure taxes:
Here is a list of some countries with no income tax:
United Arab Emirates
Individuals in the United Arab Emirates pay no income taxes, allowing them to earn tax-free wages. This Arab country is abundant in natural resources such as oil, and its free trade zones, which are open to foreign ownership and have no taxes, making it a popular investment location.
Only international banks and oil businesses are subject to corporate tax, while all other industries are exempt. Excise duty is imposed on a small number of goods and services, however beginning in 2018, Value Added Tax will be imposed on the vast majority of goods. As is the case, Emirates Airline is one of the renowned brands in the airline industry, which literally contributed 3.044% GDP as of 2022.
Qatar
Individuals can generate money without paying taxes in this Arab country. Commercial activity is subject to an annual ten percent company tax on total state income. Rental income is taxed at a fixed rate of 10 percent.
The country attracts a large number of ex-pats due to its tax-free atmosphere and sophisticated infrastructure. Some countries, such as the United States, the United Kingdom, Australia, Canada, Ireland, and South Africa, tax their citizens according to their governments’ tax laws.
Bahamas
This Caribbean country boasts tax-friendly legislation, making it a desirable location for foreign financial institutions and commercial interests. Personal and corporate income is not taxed in this tax haven.
International businesses operating in the Bahamas are only subject to corporate taxes if their revenue is generated in the country. Wealth, inheritance, and capital gains are other categories that are tax-free. Residents of the country, regardless of citizenship status, can benefit from tax-free income.
Monaco
Monaco is well-known as a tax haven due to its personal and business tax rules. It does not levy taxes on citizens’ personal incomes. A person who has lived in Monaco for six months or longer is considered a resident and is free from paying income tax. In addition, there are no taxes on capital gains or net worth in this city-state.
Monaco residents enjoy tax-free property ownership, however, rental homes are subject to a 1% annual tax. Monaco does not levy a business tax. Only specific sorts of businesses that make 25% or more of their profits from operations outside of the country are taxed.
These tax rules, together with a strong commitment to financial confidentiality and data privacy, make this a very attractive place for ex-pats and foreign investors.
Oman
The tax regulations in this Gulf country are permissive and pro-business. It does not tax residents’ or non-residents’ personal incomes. These tax-free regulations include everything from wealth to capital gains to property. On their taxable income, businesses and enterprises must pay a 15% tax. Petroleum-related businesses, on the other hand, must pay a tax of 55%. Expats may be subject to a tax on their income.
Bahrain
Bahrain, which is located on the Persian Gulf, is a tax-free country that derives much of its income and government earnings from the finding of oil. Citizenship in Bahrain is tough to get, but permanent residency requires you to be retired, spend $135,000 in real estate, or invest $270,000 in a Bahraini enterprise.
Maldives
The Maldives has a thriving tourism economy, so there’s little justification for the island nation to collect an income tax on its citizens. Because the country does not offer a scheme for foreigners to become permanent residents, establishing citizenship or permanent residency is virtually impossible. If it did, it would necessitate the conversion of a Sunni Muslim. Moreover, Maldives is a go-to place for many travellers, in this way the government make tons of money from its tourism sector.
Brunei
Brunei is a small Asian country with large oil and natural gas deposits, which account for roughly half (60%) of its GDP. With its GDP rate, Brunei bestows free education and medical care to its citizens, although obtaining a permanent residency costs a lot more money than renting there. As a result, Brunei does not levy a social security tax on its residents, and individuals contribute 5% of their salaries to the state provident fund.
Kuwait
As we know Kuwait is one such country that has a high foreign currency rate is also one of the tax-free countries. This country’s government emphasises oil production, as it counts as a positive approach towards the Gross domestic product. individuals are not subject to any personal taxes, wealth taxes, or sales taxes in Kuwait, however international companies must pay specific fees to set up any corporation in the country.
Cayman Islands
The Cayman Islands, like Bermuda Island, are part of the British Overseas Territories. The government of the Cayman Islands makes money through tourism, which accounts for more than 70% of the country’s GDP. People in Cayman Island enjoy a standard lifestyle since there are no direct taxes, property taxes, or payroll taxes, among other things.
Nauru
Nauru is one of the richest countries in the world, because of its abundant natural resource of phosphate. Aside from that, the government runs an Economic Citizenship Program in which citizens are required to pay a nominal fee, by this, the government could raise revenue from its citizens also.
Saint Kitts and Nevis
One of the regions in the West Indies, Saint Kitts and Nevis relives more on tourism and sugar production. Despite the loss of sugar production and shut down of many sugar factories, the country still withstand to have a standard of living and became one of the world’s countries with the highest debt-to-GDP ratios.
Somalia
Somalia is well-known for being a dangerous country due to the burden of civil conflict and territory, owing to its splintered government and political instability. Somalia earns money through livestock and telecommunications, as well as a 10% sales tax.
Vanuatu
Vanuatu, like India, derives its GDP from its agricultural industry, which employs roughly two-thirds of the people. Aside from fielding, Vanuatu’s economy is supported by offshore financial services, tourism, fishing, and other farming-related activities.
People’s taxes are still one of the most essential resources that contribute to the proper operation of the government in many countries. Among such countries, these are the only ones that are tax-free.
These countries earn money not only through customs charges, tax havens, and registration fees, but also from livestock, agriculture, fishing, investments, natural resource production, and a variety of other activities. Despite the fact that they are tax-free countries, the government allows their citizens to live a normal life.
FAQs
How do countries with no tax make money?
Customs & Import Duties, Departure tax, and Corporate registration and renewal fees are some of the ways countries with no income tax make money.
Which countries are tax-free?
United Arab Emirates, Vanuatu, Kuwait, Maldives, Bahrain, Monaco, and Qatar are countries that have no income tax.
Dr Ritesh Malik is an Indian doctor, entrepreneur, and investor born on 14 June 1989. He is currently investing and mentoring 11 startups in varying industries. Malik’s decision to support investors instead of remaining in a medical profession shaped his life interestingly. The main reason behind his decision was that while he could reach 100 patients a day as a doctor, leveraging technology can help him reach at least 100 million in a day.
The key areas of interest for Dr Malik are entrepreneurship development in India, co-working, angel investment, healthcare, education, and inspiration. The well-known co-working space Innov8 was founded by Dr Malik himself. Currently, Dr Ritesh Malik is the Founder & Trustee at Plaksha, a mission aimed to teach not just technology but life skills, self-awareness, curiosity, and the ability to think creatively and carefully. Over the years, he has invested in several startups, here are some of the top startups funded by Ritesh Malik.
Invact Metaversity is a startup founded by Manish Maheshwari. The aim behind the startup is to create a virtual university town with multiple colleges. Dr Ritesh Malik invested $5 million in Invact Metaversity on 7 February 2022.
Hypd
Hypd Logo
Hypd is a creator-driven marketplace that classifies itself as a Shopify for creators, allows creators to set up online stores that coincide with their content. Dr Malik invested ₹110 million in Hypd Marketing Technologies Private Limited on 24 January 2022.
Praan
Praan Logo
Praan is a deep-tech startup aimed at renewable energy semiconductor manufacturing. The startup uses breakthrough patent-pending technology for filter-less capture of carbon dioxide and particulates from ambient air. Being an environmentally – conscious person, Malik took great interest in the venture, thereby investing $2 million in the Pre Seed Round held on 12 January 2022.
Shyft
Shyft Logo
Shyft is a startup venture that serves as a one-stop mobile employee optimization solution for hourly workers. With features in prestigious magazines like the Wall Street Journal, The Seattle Times, The Boston Globe, and Fox Business News, Shyft has attracted investors from several backgrounds. One such investor is Ritesh Malik who invested in the startup in its seed round on 19 November 2021. He invested a sum of ₹450 million.
CatalyzeX
CataylzeX Logo
CataylzeX is an Internet publishing startup firm situated in California, USA. Ritesh Malik invested $1.6 million in the startup on 16 November 2021. CatalyzeX offers the largest collection of machine learning models and codes for engineers, developers, and technical leaders to power their projects and receives expert advice when needed. The specialities of the startup include machine learning, natural language processing, data engineering, speech recognition, and business intelligence.
Bimaplan
Bimaplan Logo
With his interest in the insurance industry, Ritesh Malik invested in Bimaplan on 16 March 2021. The startup was founded in 2020 and has its headquarters in Bangalore. The startup aims at providing an affordable insurance platform for Indians. The vision of Bimaplan is to provide financial security through contextual life and health insurance products to 150 million vulnerable households.
Supersourcing
Supersourcing Logo
Ritesh Malik invested in Supersourcing and has a minority holding. An IT outsorucing platform that seeks to help companies find the best companies in tech to work with, Supersorcing has 3 investors, Nikhil Sharma, Ritesh Malik, and Vijay Sharma. Out of the three, Malik has invested $1 million in Supersourcing on 8 February 2021.
Bitespeed is a software development company based in Gurgaon, Haryana that assists e-commerce brands on Shopify to create them more appealing to the customers. Among the 21 investors of Bitespeed, Ritesh Malik became an investor-only in December 2020 by investing $275K.
Trulymadly
Truly Madly Logo
Truly Madly is an Internet publishing industry that aims to provide an online dating and matchmaking platform. The website is accessible via Android and iOS apps as well as a progressive web app. Currently, Truly Madly enjoys a large user base approximated at 6 million. Owing to its tremendous success, Ritesh Malik became an investor of the startup on 31 August 2020 by investing ₹81 million.
inFeedo
inFeedo Logo
inFeedo is a Human Resource Service to help employees engage, predict attrition, and address FAQs with conversational artificial intelligence that people love. Founded in 2013, the startup has been able to make more than 100 million employees valued and heard.
As Ritesh Malik has an interest in Human Resource Management, he has invested $700K in the company. inFeedo specializes in artificial intelligence, predictive people analytics, enterprise software, employee engagement, and human resources.
Fin Robotics
Fin Robotics Logo
Fin Robotics is an Indian hardware product company that has a mission to make India the next big entrepreneurial hub of the world. Malik was the first investor and mentor in Fin Robotics. The company specializes in gesture science, human-computer interaction, and natural user interface.
Adstuck Consulting
Adstuck Logo
Malik is a prominent investor in Adstuck Consulting, augmented reality and digital media agency. The prominent function served by the enterprise is to help firms to market their products engagingly and creatively. Over the years, Adstuck Consulting has worked with well-known companies, including Flipkart, Snapdeal, and ClearTrip.
Project Guerrilla
Project Guerilla Logo
Project Guerilla is an accelerator firm founded by Ritesh Malik. While the main goal behind this venture was to foster entrepreneurship in India, the project also aims at bringing a premiere India-based accelerator and incubation center to India. The project, moreover, was launched back in the year 2013 and has funded 41 startups since then.
When you begin an entrepreneurial journey or get a job in a startup, it feels like you have got a great opportunity to showcase your skill-sets and the methodology of work also shifts. This shift is due to the different cultures prevailing in different startups. Every organization whether it is big or small have a unique culture to provide diversification. The question that arises here is, what is startup culture and how does it affect the workmanship of employees.
Numerous scholars and researchers have a different take on corporate culture or startup culture, as the term has a deeper meaning and have a very strong impact on the business. A bad startup culture might ruin the whole business and the foundation also gets degraded. To understand startup culture in brief, we can say that culture is a set of values, morals and beliefs on which an organisation works. The culture of an organisation is based on the leadership of an organisation which is designed by the leader.
The startup culture depends upon the nature of the startup owner. A CEO has the full responsibility of the culture and he can mould it easily as per their desire. As a leader of an organization is a human and it’s pretty much possible that they might construct the wrong culture in an organization, which instead of boosting the business, lead to the path of destruction for it. So, it’s very vital to develop a perfect professional culture in an organization. Well if you are an emerging entrepreneur and want to avoid bad startup culture, then you’re at the right place, as today we will discuss some signs of bad startup culture and remedies to overcome them.
Before finding the cure for the bad startup culture, we need to find out its symptoms. So let’s begin:
The leader is the sailor in an organization, so he needs to set a great example for his superiors. If a leader doesn’t work properly and doesn’t delegate his duties to others, then this is the indication, that an organization is going to sink very soon.
The optimum example of bad startup culture is when you can’t work, as you desire and you have no creative freedom to explore more. This bondage of culture will affect the performance of the worker and the startup may fail, even before it began its jour.
‘We are good’, ‘future is bright for us’, ‘We Will get profit soon, when you hear that kind of words from your boss, then it means you should start looking for a new job.
The fake media publicity and having numerous fake subscribers will never improve your business because it will give you a false picture of your business.
When there is any kind of dispute and rivalry seen in the coworkers of an organization, then that is a definition of bad startup culture and this will make the environment of the firm tense.
When higher authority keeps secrets from the employees and won’t disclose the true picture of an organization to them, which demotivates the employees and doesn’t see the business as their own.
The leader should motivate employees to work hard, but they should never be forced to work hard. Their feelings should be also taken into consideration and fair remuneration should be paid in lieu of extra work.
The business houses which forgets to cater to the needs of their customers have no chance to survive in the market. To make a good startup culture you need to satisfy your customers first.
Sometimes too much positive attitude can ruin your business. Be realistic and believe only in the facts.
If the values of the owner and employees don’t match, then this will create havoc in the office.
Fake news or gossip is the reason for bad startup culture and it should be avoided at any cost, as it negatively affects the image of startups and reputation is the only valuable asset of new startups.
When the owner is scared to take hard decisions, this is the beginning of bad startup culture.
The policies of an organization should not be rigid and the CEO must be capable to twist them, as per the requirement of time.
The imbalanced distribution of remuneration to the employees will cause partiality in the organization.
Drinking or smoking during work is highly unethical behaviour that is a symptom of bad culture.
As, we are now familiar with the few indications of bad startup culture, that destroys the startup from the core. Now is the time to share a few remedies to cure this issue of depth.
Characteristics of Good Culture
Strong leadership – The culture of an organization is the extension of its leader’s values. So the leader of a company needs to adopt good values so that they can be seen in the culture of an organization.
Creative freedom – The workers should be given the freedom to showcase their ideas freely and leaders must give them some freedom to work as they wish.
Mission – People have a shared sense of company mission. They “feel” it and it’s often tied to a problem they care about even if they’re not a primary user. They feel good about what they are doing as a company and are proud of the impact they’re creating.
Fast pace – This is the twenty-first century, so an organization should be running according to it and the work should be completed at a fast pace.
So, after analyzing the symptoms of bad startup culture and evaluating the characteristics of a good culture, we come to the conclusion that leadership is the sole reason behind the culture. So leaders need to gather themselves and run their startup in good working culture.
How to Build a Great Company Culture
Good company culture is a practice every company aspires to have. Before we discuss how to make a good company culture let’s define what is company culture? Company culture is the working environment, policies and work ethics a company possess. It is very important to provide a healthy company culture to maintain and create a thriving business. If an employee likes the culture of his workplace, he is more likely to be in a better mood and work more efficiently.
Below we have listed a few steps that you can follow to improve or make an amazing culture at your company.
Decide Your Culture Type
The first and foremost step is sitting down and deciding what your companies’ culture should be like. If you are a new company and are just starting out with a hand full of people, all of you can sit down and decide it according to your preferences. If you are a very big company with numerous employees, you can assign the job to one person who can ask for the popular opinion in your office and then you can decide upon it. No matter what culture you want for your company, make sure it is healthy and is making your employees happy.
Transparency
There should be transparency amongst all the people working at the company. Every person in the company should be treated with equal respect and should have access to each and every piece of information. The gap between the boss and the employee should be removed and you should start working as a team. Interaction between employee and the employer is very important, so holding sessions that provide a healthy interaction amongst the whole team is important
Leisure
As the old saying goes ‘all work and no play, makes Jack a dull boy’. The same is the case with your employees. Even though we are adults but working for long hours without rest can hinder our productivity. Studies show that people were more productive when they have enough breaks between their work. Having entertainment rooms in your office or having a gaming room or outdoor activities in your office area can help your employees relax and also keep them healthy.
Giving Space
Giving each employee space for themselves and giving them a sense of responsibility helps in boosting the employee’s confidence and also since the work is completely their responsibility, they do it better. It is very important to create a healthy learning environment. An employee should be encouraged to learn if he makes any mistakes.
Go Tripping
Taking your employees on a tour of someplace occasionally can be a great way to relax them. If you do not want to take them, providing holiday incentives to the employees can also be done.
Recognize Milestones
In every meeting set milestones and goals for the company and reward the person that has worked extra hard in achieving it. Such an incentive from the company not only makes the employees happy but also inspires them to work harder. The reward can be small as well as big depending on the work.
Hire employees that are suitable for your companies’ culture. If a person does not like social interactions and starts working in a work environment that promotes interactions amongst all employees, he will be more stressed than happy. Similarly, if a person who is outgoing and fun-loving is put in a very serious office environment he will get stressed. So it is important to know the employee’s point of view about your office culture before hiring them.
Be Patient
A company’s culture change is a very big step and will not be achieved in one or two days. It will sometimes require months and years to change. There might come some issues at first, but with time everything will fall into place as expected. All you need is to deal with the situation with patience and make corrections whenever anything goes wrong.
Conclusion
Almost all the young entrepreneurs like to create a cool company culture in their startups these days. However, most of them only get successful in making the infrastructure cool and not the environment. One needs to be aware of the ways to develop a cool culture, not just the infrastructure.
FAQs
What are the four types of corporate culture?
The four types of corporate culture are clan culture, hierarchical culture, market culture and adhocracy culture.
What is the ideal company culture?
An ideal company culture keeps its focus on its employees and clients.
Chinese companies have acquired a huge part of the Indian market. The recent ban of some of the major Chinese companies has pushed them out of the limelight. These companies dealt in the field of fashion, gaming, and entertainment. It includes big names such as Shein, Club Factory, PUBG, WeChat, Halo, etc. But still, some companies bag huge profits from India and dominate the Indian market.
Xiaomi is one of the top Chinese mobile brands in India. It is popular for many reasons. MI makes mobiles and electronic accessories suitable for almost all kinds of customers. The price ranges from affordable to high with varying features. Xiaomi first entered the Indian market on July 13, 2014, in partnership with Flipkart to sell its MI 3 for 13,999 INR. Today, it has become the most sold mobile brand in India and is leading the electronic market among other chief brands.
Oppo
Oppo – Chinese company in India
Oppo is a popular Chinese company that entered India in 2014 to woo Indian customers with its fancy camera phone. It launched a huge marketing campaign that covered Indian ‘bazaars’ is Oppo banners. With Deepika Padukone as the brand ambassador, Oppo got into the minds of young Indians.
All its marketing strategy revolved around the camera and it still does. Oppo also partnered with PUBG gaming to draw in customers to play the cult favorite game in high graphics. It has its fingers on the pulse of youth and continues to make great sales in the market.
Vivo
Vivo – Chinese company in India
Vivo entered India with Oppo only with the similar concept of selling its camera phone. It applied the same marketing strategy and captured a huge portion of the Indian market. Banners and hoardings of Vivo were seen alongside Oppo and they painted the market green. Vivo also sponsored many gaming events to promote its performance and dominated the Indian mobile sales.
One Plus
Oneplus – Chinese company in India
One plus was also launched in 2014 and it was more on the costly side. Unlike Oppo and Vivo, One Plus mobiles are not available at cheaper rates. It begins with 27,999 INR which is expensive for an average mobile user in India. It was marketed as a high-performance mobile with an astonishing camera.
Huawei is also a competitor among many Chinese mobile companies in India. Huawei sell mobiles, tablets, watches, and speakers. Their most popular mobile was ‘honor’ that did extremely well in the Indian market. Later, it faced issues due to technical problems and India’s relationship with China but now it’s back on track.
Motorola
Motorola – Chinese company in India
Motorola is another Chinese company that makes smartphones, accessories, and smart home devices. They also sell baby monitors and smart nurseries. Motorola is not as popular as other Chinese mobile brands but it has significance in earlier times. But, Motorola has also increased its shipment and is planning to make a comeback in the market with its new gadgets.
Coolpad is another smartphone company of China. It is headquartered at Shenzhen, China. It is not much popular as compared to other Chinese brands but recently Chinese investors put in $500 million into Coolpad and have set eyes on 5G shares. It has head offices in Karnataka, Haryana and Tamilnadu.
Lenovo
Lenovo – Chinese company in India
Lenovo is a Chinese electronics manufacturing company whose laptops are especially popular in India. It also makes other gadgets like smartphones, wearables, and television. Lenovo laptops are trusted by Indian buyers for their durability and reasonable price. It is the choice for students other than HP or Dell.
Haier
Haier – Chinese company in India
Haier is another electronics brand that has been in India for nearly 12 years. It manufactures refrigerators, microwaves, AC, TVs, and water heaters. Haier is popular among the masses for the well-built products that last long. It also makes appliances that are required in factories such as commercial freezers and air conditioners. Indian, is the highest contributing market to Haier’s net worth. It aimed to become a billion-dollar company by 2020 but Covid got in the way.
TCL
TCL – Chinese company in India
TCL is another electronics company that majorly deals in TV and home theatre. They also make home audio and air treatment devices. The company also focused on making AI-induced appliances and launching them in the domestic market. It aims to join the list of the top three smart TV brands in India. TCL’s revenue in India has reached 4 million dollars in recent years.
Realme
Realme – Chinese company in India
Realme is also a mobile brand from China that has formed quite a grip in the Indian market. Its new models sell fast and the company has registered immense profit in the past few years. As the young customers reach for the newest model, the demand for such mobile brands increases. With a wide price range, it has managed to double its shipment in the year 2020.
WISCO
WISCO – Chinese company in India
WISCO stands for Wuhan Iron and Steel Corporation. WISCO entered India on 8 Aug 2008 and registered itself at Registrar of Companies, Mumbai. It deals in manufacturing materials of different kinds and produces bronze for all construction purposes.
Conclusion
This was the list of top Chinese companies operating in the Indian Market. A large percentage of the Indian population buys Chinese smartphones as other alternatives are costly. These companies have acquired the market through a smart strategy of a wide price range and it’s apparent that they’re not going anywhere anytime soon.
FAQs
How many Chinese companies are in India?
There are a total of 105 Chinese companies registered in India.
How many Chinese apps are banned in India?
The Indian government has banned around 224 Chinese apps.
Which are the Chinese mobile companies in India?
Some of the top Chinese mobile companies in India are:
Xiaomi
Oppo
Realme
Oneplus
Vivo
iQOO
Which Indian companies are in China?
Top 5 Indian companies which have a good market in China are:
Are there any prerequisites for launching a product with a lot of booms? A lot of money and a big team during the launch will not give a kick-start to your start-up, it’s an illusion. You might have witnessed that sometimes celebrities/politicians accompany the writers on launch day and are unable to sell more than thousand copies. But at the same time, many young writers use inexpensive ways of marketing and advertise their piece of work and at times win awards. The the creative methods of popularizing along with the quality of the product makes it successful.
Here we have listed down few inexpensive ways to launch a product or service.
Social Media platforms like Facebook, Instagram, LinkedIn has evolved over the years. There is no limit of success because the target audience of a businesses is already there. Even some of the platforms like Instagram, Facebook has allowed businesses to sell their products directly to the audience by using some features. For E.g. you can use the shoppable post feature of Instagram to tag your product links which will help the user to buy products directly from your online store.
While Social Media platforms play a major role in grabbing customers, blogs articles are the ‘unsung heroes’ for success. Write in detail about your firm and products, become a guest writer in popular blogs, collaborate, get featured in top-notch online publications, attend trade shows and seminars, make videos, use different channels, basically, connect with bloggers to get you featured on different blogs.
Giving value for free
It might seem like a pain to do things for free, but this can add incredible value to your product in the long run. the publicity and critics you get is invaluable.
When people pay for something, it gives those people a sense of accomplishment, pride, and ownership, meaning they’ll value the goods or services more and complain less.
Want to build a community? So, approach businesses who have an established community and ask how can you help them. This can be by offering something valuable which exposes you and what you have to offer to their big audience. This is a great way to build relationships. If you’ve got no budget, you need relationships.
Why should you do something for free? With the help of this strategy, you can gather email address and other data about the user. Later, this data can be used for marketing or building your brand.
Online Giveaways
Giveaways can be an easy marketing strategy to promote your product launch, and in a relatively short amount of time. Everyone loves gifts; giveaways tend to generate quite a large amount of responses. While giveaways have their drawback of attracting people with little interest in the company, the strategy itself is one with immense potential.
For example, you can create your sweepstakes with clear objectives and requirements, where you choose a winner randomly without any fee.
Using Crowdfunding
Crowdfunding is an innovative way to provide a modest amount of funding to young entrepreneurs and technology professionals needing an early stage or seed capital for start-up companies. Which may spur entrepreneurship and ultimately assist in boosting the growth of the real economy.
A company raising funds through online crowdfunding platforms or websites and offers equity or debt interests in its business to investors who make small contributions, through a crowdfunding platform or social media. Usually, funding is sought online based on future projections rather than a viable business model in operation which increases the risk of failures and therefore a loss to the investors.
You can use a social media platform like Facebook for your crowdfunding campaign. But you can’t raise funding using your existing network. You have to build a community of people who can raise fund and also interested in new ideas. You can create a Facebook Page for your crowdfunding campaign, it will help you to reach more and more new people.
Some of the other Crowdfunding platforms you can look at are:
Milaap
Crowdera
BitGiving
Catapooolt
Promotion through Influencers
If you are a new brand and launching product for the first time then you might not have reach to a large audience. Influencers have a big audience, fans and followers who trust them. This is like a trust-based campaign. You need to build and maintain relationships with influencers offering them special discounts, holiday trips, cash prizes etc. The best thing about it is, influencers can give quick reviews to products as they get an immediate response on any endorsement and recommendations from their audience.
Viral Marketing
Anything that spreads like a virus, person to person easily is called Viral Marketing. This is used in social media where sharing is possible on social media.
In many cases, a user uploads content that receives a huge response and shares and it goes viral within a short period. This can be planned to run a successful viral marketing campaign.
Making videos on trending topics or on an unrelated niche, waiting for the right time to post and drive some traffic through paid ads. are few ways you can make the maximum impact for the campaign. But make sure that the content won’t backfire at you, in viral marketing, users are the pilots and they have the power to do anything with that content.
Nowadays people prefer video content more than text content. Video marketing simply means that you are branding your product through videos. You don’t need a high budget for making videos. Start from your mobile camera and try to make interactive videos that can explain about your product appropriately. You can also make “How-To” videos of your products and upload them on YouTube so that you will be able to generate a lot of traffic to your product.
YouTube is the second largest search engine after Google and the best thing is it’s is free for everyone. You can take advantage of this new era and keep updating yourself and the way you operate a business with time.
Conclusion
All these ways of launching a product will save your money but make sure you are ready to invest your time. These are few tips from a never-ending list.
Checkout our website StartupTalky for more information related to marketing, start-ups, interviews and much more.
Mr. Amit Ratanpal is an alumnus of Harvard Business School with over 20 years of experience across private equity, capital markets, asset management, and investment banking with large organizations like Birla Sun Life and ICICI Group. He has also set up various domestic and global funds, through which he invested and managed ~INR 300 Cr with multiple successful exits. Leveraging his experience and strengths, he co-founded BLinC with his partner RK Rangan, to support entrepreneurs and invest in EdTech and FinTech sectors in India.
Here is an excerpt of the interview withMr. Amit Ratanpal, Founder & MD, BLinC Invest on Indian Startup Ecosystem.
How was the year 2021 for you as an investor/VC?
It was definitely a high-momentum period as private investments touched new peaks and multiple unicorns emerged throughout the year from all sectors. 2021 was a milestone year for BLinC – we had successful exits, launched our INR 100 Cr BLinC Fund II, and also made our first investment from the Fund in an InsurTech company named Vital.
How often do you bet on the entrepreneurs and not on the ideas? And when/if you do that, what quality of the entrepreneur usually makes you do that?
As an investor, I always strive to find the perfect balance between the quality of the promoter and the scalability of the business idea. We at BLinC work very closely with the promoters of our portfolio company, and hence, alignment with the promoters plays a key role in our investment decisions. It is always great to work with experienced and honest entrepreneurs who are good at business execution, organization development, and fundraising.
What is a warning sign for you when investing in a startup?
I prefer investing in startups whose key management team is execution-focused and takes a hands-on approach to the business. Another red flag is when promoters do not have a clear understanding of what problem they are trying to solve for their customers and how significant it is.
What are some common biases you find in the Indian Startup ecosystem?
One of the most common biases in the Indian startup ecosystem is “growth over profitability”. Businesses today adopt a high-burn-high-growth strategy without focusing on profitability. However, high growth does not necessarily lead to profitable unit economics. On the other hand, there is a general bias towards funding entrepreneurs coming from top-tier educational institutions.
What are your views on the SharkTankIndia Episodes until now?
I believe the show will surely motivate all the aspiring entrepreneurs, which will further amplify the existing entrepreneurship wave in the country.
We are seeing many startups exiting with IPO, what’s your opinion on that? How is it going to change the ecosystem?
Exits, especially through IPOs, are a great sign of success for both entrepreneurs and investors. IPO exits also generate a good amount of liquidity for the investors, who can further invest in other startups in the ecosystem, thereby, improving the liquidity in the market. I believe this phenomenon is only going more prominent over the coming years. On the other hand, the increasing number of IPOs also serves to indicate the maturity of the investors in the market, especially with regards to the acceptance of new-age business models that are yet to turn profitable.
More than 42 unicorns in 2021. What do you think caused this wave? Is the valuation justified according to you?
It is the changing consumer mindset that has enabled these Unicorns to grow. Today’s consumer prefers convenience, is very open to try new products, and is less risk-averse than the consumer of the previous decade. Most of the unicorns have tapped into this changing consumer mindset to identify and solve unique problems for their customers. For example, Licious has completely changed the way consumers order meat. I believe the valuations are steep, and there is a bubble. However, like everything, good businesses always come at a higher price.
How can we support/enable entrepreneurs in tier2 and tier 3 cities?
Entrepreneurs in Tier 2 and Tier 3 cities suffer from lack of access to quality resources. One of the most effective ways to fill this gap is to set up incubation centers in these regions in partnership with colleges, to provide access to top quality mentorship and industry experts.
What do you look forward to as an investor in the year 2022?
Budget 2022 has focused significantly on leveraging technology to penetrate deeper into the Tier-2 and lower cities in India. I expect technology-led businesses to gain significant market traction and attention from the investor community, giving rise to new unicorns in 2022. At BLinC, we are looking forward to deploying our Fund across various whitespaces identified through our internal research.
What are a few sectors you think would be hot in the upcoming year?
Education and Financial Services sectors have been very resilient through the pandemic. Companies in these sectors have a large potential to leverage technology to drive deeper penetration, and I expect these sectors to continue growing at an accelerated rate in the upcoming year.
One learning that you would like to share with founders who are looking to raise funds?
It is all about execution, prioritization, and defining the short-term and the long-term focus. Early-stage startups should have a detailed understanding of their target market, competitive landscape, and the target customers. It is critical to think from the customer’s perspective and solve at least one real pain point of the customers. It is important to consistently prioritize and make efforts to achieve the product development milestones and the targets of the business plan. While pitching to the investors, it is important to give comfort to the investors around your market understanding and your execution capabilities.
At a time we are living in, if we have our own business and it is not present online, then, unfortunately, you’re losing countless opportunities. So, smart entrepreneurs must keep their business online, if they want more visibility and other opportunities to come their way. Now, nothing is better than having a website for your business. It not only helps your business get visibility but you can also make your audience aware of your products and services.
Now, to have your business online, the first thing you have to do is create a website. If you want to build a website but you are a non-techie person or don’t have a budget to hire expensive web developers, then you can try Unbounce. It is a simple drag & drop landing page builder tool. The best part is you do not require any technical knowledge to do that.
More than 15000 brands all over the world, are using Unbounce to design their landing pages. If you have a website with some services and need a landing page, then this is the tool to go for. Let’s check out the complete review of Unbounce.
Unbounce is a Canadian software company. It was launched in 2009 by Rick Perreault and is widely known for its landing page service. Unbounce is providing the landing page to websites for over a decade now. It is believed that the landing page is a crucial part of any website. A good landing page can increase the conversion rate and improve the user experience.
With Unbounce, you don’t need any coding language to design landing pages. Unlike coding, you can see what you are designing. It becomes easier and more efficient with Unbounce as they have a variety of tools that you can easily use. The main purpose of Unbounce is to free people from unnecessary coding. With Unbounce, all you need is a creative mind. Besides the landing pages, Unbounce also lets you create pop-ups, sticky bars, and others for your website.
Benefits of Unbounce
NoCodingNeeded: The best part of Unbounce is that it can be used by beginners and people who don’t know how to code. So, to use it, you don’t need coding knowledge to create a landing page for your website.
SimpleUI: The user interface is easy to understand. You don’t have to google about every other tool to know about it. All the tools are named in a very easy manner.
So ManyFeatures: There are so many features and tools available to use. You can find all the tools related to landing page development on Unbounce only.
MultipleTemplates: You don’t have to worry about the templates. There are hundreds of templates for you to use for your page.
Easyanalysis: Unbounce gives you a tool to analyze the performance of your landing page. The analyzer also lets you know what you can improve on your landing page.
Integrate With WordPress: There is a WordPress Plugin for Unbounce. Thus, you can integrate Unbounce with WordPress easily.
How to Create Landing Page Using Unbounce
Limitations of Unbounce
Multi-UserExperience: The experience of some companies who use Unbounce’s service for multiple users, was not so great. You have to think again if you are buying the plan for your team. Users say that the user interface of their web application was not satisfying while multiple users work in it.
Price: Although Unbounce is a great service, it is too expensive for an individual to spend $90 a month. If you are not too serious about your website, you should consider backing out. However, you can take 14 days trial before buying the service, just in case you think, it is a great tool for you.
TooManyFeatures: As already said in the advantages, Unbounce has too many features and tools. However, it can be its disadvantage too. Having too many features can confuse the user and will take a lot of time to try them all out and decide which one is better to use. Moreover, according to some users, tools are poorly organized.
DesignChanges: The design of the landing page gets changed when we switch from desktop to mobile. Although it is obvious, it sucks when you work a lot on the design and you see something changed on your phone.
Pricing of Unbounce
LaunchPlan: $90/month with up to 500 conversions, up to 20000 visitors, unlimited Landing pages, and Unlimited Sticky Bars
OptimizePlan: $135/month with up to 1000 conversions, up to 30000 visitors, unlimited Landing pages, and Unlimited Sticky Bars
Accelerate Plan: $225/month with up to 2500 conversions, up to 50000 visitors, unlimited Landing pages, and Unlimited Sticky Bars
Devices Supported
Android
Windows
MAC
iPhone/iPad
Web-based
Best Alternatives
Now, when you know about the limitations of Unbounce, you might want to move to another tool. Some good alternatives of Unbounce are:
InstaPage: A service that lets to build landing pages for online marketing and campaign. It offers various features like A/B testing, multiple campaigns management, easy page building and many more.
Leadpages: It is an online tool to collect email subscribers. It provides templates . It can be used for hosting webinars, to create landing pages and a lot other.
Click Funnels: It is an online sales funnel builder that helps business market, sell and deliver the products online. It simplifies, online marketing, selling and delivery of the product and services.
Mail Chimp: It is a marketing automation platform and an email marketing service. It is an all-in-one marketing platform and it insists on marketing focuses on health content management practices, beautifully designed campaigns and powerful data analysis.
Conclusion
If you are thinking to go for Unbounce or not and is in a dilemma, you can check it out the service through the trial version. Although the trial version will not let you use all the features so you can ask any of your friends if they have ever used Unbounce. Take their reviews, research more reviews online, and contact the Unbounce team to know about all the features of Unbounce. Although, it is recommended to take a look at the features and prices of its alternatives too.
FAQs
Is Unbounce free to use?
Unbounce has a trial period where it is free for 14 days.
Where Unbounce is situated?
The headquarters of Unbounce is situated in Vancouver, Canada.
Each business requires several services for its easy working. Some of the services are achieved by the traditional method, whereas some services get fulfilled by outsourcing facilities.
Apart from these, there can be few leniencies provided by modern technology to accomplish a work. The best example of this is to achieve business banking solutions by the medium of the internet.
Online business banking solutions are a great way of using banking solutions with additional advantages such as convenience, ease to use, better-maintained record, etc. Multiple platforms are providing different services in the online business banking industry. Some of the most famous and well-known platforms are:
BlueVine is a California-based Fintech company popularly known to provide online banking solutions to small and medium-sized businesses. BlueVine works with the mission of empowering small businesses with innovative banking specially designed for them.
They work towards easing the pain point of every small business owner by providing them with solutions that can help them with acknowledging their cash flow, capital access, etc. There are several services provided by them,
Popular services provided by BlueVine:
Account basics.
Vender services and transactions.
Paycheck protection loan programs.
A business line of credit, etc.
Why should you consider BlueVine:
Best for small business owners or newly opened businesses.
Allows unlimited transactions.
Provides a better competitive interest rate.
2. Axos Bank
Axos Bank Website
Axos Bank is an American-based chartered Bank with the mission of building a secure financial future for those who look out for convenient online banking solutions. Axos Bank is a well-known bank for providing complete online-based business solutions to its customers.
Popular services provided by Axon Bank:
Small business banking solutions.
Commercial business banking solutions.
Commercial lending solutions.
Personal banking solutions, etc.
Why should you consider Axon Bank:
Axos Bank does only limit its services to online business banking solutions, it also provides complete services to personal banking services.
Axos Bank provides both mobile applications as well as desktop versions for the easy use of customers.
It is also given the tag of one of the best banks in America by Forbes.
WIDGET: leadform | CAMPAIGN: Link Building
3. Novo
Novo Website
Novo bank is a United States-based online banking solution provider. Novo bank works with the ethics of empowering their customers with financial data along with the most compelling banking experience. Novo bank works with the simple aim of keeping no hidden fees for small businesses.
Popular services provided by Novo:
Helps in creating and managing an unlimited number of invoices.
Refunds at all ATMs.
Allows domestic and foreign wire exchange.
Why should you consider Novo Bank:
Novo bank works with a negligible amount of fees as compared to other places.
Novo bank is the simplest online banking solution provider platform. It’s easy to use and maintain.
Novo bank is perfect for new users as well as new startups to manage their business activities.
Lending Club is a California-based-to-peer platform enabling its users to keep a track of their financial expenses. Lending Club works on different facilities with the mission of transforming the banking industry to make credit more affordable and investing more rewarding.
Popular services provided by Lending Club:
Easy lending loans for business.
Easy lending loans for personnel.
Facility to check and keep a check on a business account.
Why should you consider Lending Club:
A business account can be opened within a few minutes.
Provides the service of mobile applications as well as web platforms.
5. Mercury
Mercury Website
Mercury is a United States-based banking solution provider platform especially popular for its support to newly born startups. Mercury can be considered as the first platform for providing easy access to early building startups and fintech companies. The aim of mercury is to power the next generation of companies that can build the shape of American industry.
Popular services provided by Mercury:
Allows the creation of virtual debit cards.
Keep a track of cash flow.
Allows the customers to sign in from anywhere in the world.
Why should you consider Mercury:
The whole process right from the start of creating the account till managing it with different facilities is available through the online method. Mercury completely eliminates the possibility of stepping into the bank.
Avails the customers with the facility of issuing virtual as well as physical banking cards by reposting each transaction to the head.
It is the perfect stop for startups to indulge in online business banking solutions.
6. NorthOne
NorthOne Website
NorthOne is a United States-based online banking solution. It combines online banking solutions with in-built tools for easy and safe business banking solutions. NorthOne works with the mission of eliminating the financial administration for business owners so that they can eventually focus on developing their business.
Some of the popular services of NorthOne are:
Allows smart and digital banking tools.
Allows the facility of depositing checks at a simple pace.
Provides business banking cards.
Why should you consider NorthOne:
NorthOne is the perfect platform for new users.
It is a mobile-based application, hence more accepted and favoured by typical mobile users.
Technology is grasping the world in its hand with each passing day. The businesses earlier needed visiting banks for taking up their needed services. However, now one can easily select needed online business banking solutions for their firm and can work with them without the need of actually stepping into the bank. There are several online platforms providing business banking solutions to customers.
FAQs
What is the best business banking app?
Some of the best banking apps one can consider using are Revolut, Monzo, Barclays, etc.
Which bank has the most secure online banking?
Citibank and Bank of America are the most secure banks for online banking
Which is the best online bank for business?
Santander is considered the best bank for online businesses.
What are the advantages of using an online business banking platform?
There are several advantages associated with the use of online business banking platforms. Online business banking platforms are low-cost to maintain, allow instant money transfer, is convenient to use, etc.
When you start a business, apart from ideas, funds and a proper plan, you need people to work on that plan and execute it in a perfect way and those people are your employees, they are the driving force of an organization. Your employees are your assets, they are the ones who can make or break your company because a company is as good as its employees.
An employee’s efficiency can be found in the productivity of your business, they serve the customers along with you. Therefore, if you want to keep your business alive, you also need to take care of your employees, not only through monetary terms but from all around. Your internal public is as valuable as your external public.
Recently, Better.Com has fired 3000 employees, without any prior notice. In this article, we will talk about the reason for firing so many employees and what did the company do wrong. So without any further ado, let’s get right into the business.
“Employees are the key to your success with customers. Treat them well!” — Ron Kaufman
Better.com is an American company that provides mortgage lending and financing-related services through its online platform. The company was founded in the year 2014 by Vishal Garg and started its first business, Better Mortgage in 2016.
Vishal Garg, Founder and CEO of Better.com
The company is the direct lender of conventional loans, jumbo loans, fixed-rate mortgages, adjustable-rate mortgages and refinancing loans. The online mortgage company is backed by Softbank.
One of the attractive features of the company is that it does not take loan origination fees while providing loans. The headquarters of the company is situated in New York, United States of America.
Fired 900 Employees Over Zoom Call
Things took a wrong turn when, the digital mortgage company in 2021, on the month of December fired 900 employees over a Zoom Call. In a simple Zoom call, CEO Vishal Garg of the company announced that 900 of the employees, who were part of the Zoom call, are fired from their job.
The sudden terminations of those employees were met with a negative response around the world. The reasons for the termination were the lack of productivity and efficiency of the employees.
The Backlash From the Public
The sudden move by the company and its CEO received severe backlash from the world, as no prior notice was provided to them before their termination and created a negative impression of the company in the business industry.
The move was done after the company received a $750 million cash infusion. Following this incident, the CEO of the company, Vishal Garg stepped down from his position and took a break after being criticized by the public for this step.
After Garg’s break, he returned to his prior position. The situation grabbed the headlines and the action was criticised by general people for being extremely insensitive.
As mentioned above, before firing the 900 employees, Better.com has done a similar deed last year as well. After just a couple of months later, on March 8, Better.com again has sacked 3000 of its employees from their position in the United States of America and India.
The employees received their cheques in the payroll app and the way they got sacked was not at all in a good way as most of their computers got shut down in the middle of their work.
Amanda Bullard, Better.com
Reasons for the Lay Off
The first reason for the termination of the employees is the rise of interest value which has led to a drop in the origination value. The company let 35% of its workforce go. The company again said that efficiency is quite a big concern, so they are also laying employees off for that reason.
Where did Better.com Go Wrong?
The first fault is the lack of communication. Any kind of business need communication, lack of it will lead to problems only. Better.com has done the same thing twice, without having proper communication with their employees, the company is firing them. The employees were not given notice of their termination. This has created a negative impression of the company around the world.
Employees shared their experiences on different social media platforms, which has again created a stir. Bad word of mouth has been spread regarding the company, which somehow is affecting the company’s reputation.
As mentioned before the company is as good as its employees and the employer has every right to fire those who are not efficient enough and are not able to provide productivity. However, firing the employees must be done in such a way that it will not crush them entirely, proper communication is necessary while doing that.
FAQs
Why is Better.com laying off employees?
Better.com laid off employees citing the reason efficiency is a big concern for the company.
Who founded Better.com?
Better.com was founded by Vishal Garg in 2014.
When was Better.com founded?
Better.com was founded in the year 2014 by Vishal Garg.
Pratyusha Srivastava
