The major cities of India have been under lockdown from the month of April and most of them have increased the lockdown to 31 May 2021 as of now. Even after the economic shutdown the Indian business magnate Rakesh Jhunjhunwala has conveyed positive sentiments towards the Indian economy and stock market, whereas certain institutions have conveyed that they expect around 10% growth in the GDP of the country. Let’s look at what they have spoken about the growth of the GDP in India.
In an interview with a senior journalist, the Indian business magnate, Rakesh Jhunjhunwala has disapproved of the sentiments of the media and showed a positive approach to the Indian economy. The interviewer had spoken to Rakesh Jhunjhunwala about various issues faced by the country such as growth rate, investment and GDP and added that the country is facing an economic crisis.
Rakesh Jhunjhunwala had conveyed down all the worries and said that he expects that the country would have a 10% growth for this fiscal year.
He added that considering the unexpected situation faced by the country, he expects the market to revive by the month of July which is with the reduction in cases due to the second wave of the pandemic.
Rakesh Jhunjhunwala on Future of Indian Economy
While the journalist had expressed about the rise in economic problems in the country such asrise in unemployment, the decline in the purchasing power of the individuals and added a question asking when the citizens of the country are losing their lives, no money in their pocket and while the bodies are floating on the river how the stock market was doing well.
To the question, Jhunjhunwala answered that the market works on reality and not on the basis of sentiments. He said that the GST collection in the country during the month of April was 1.41 lakh crores and there has been a rise in the income of all the major companies from the past 3-4 quarters.
The journalist had asked another question asking if the market is being manipulated and how can there be a positive sentiment by the investors when the unemployment is increasing. To this, he answered by saying that investments are made based on the future projections and it looks promising.
Rakesh Jhunjhunwala on Centre’s Economic Management
After ensuring that the country’s economy is far from sinking, Jhunjhunwala had conveyed that he would give a score of 9 out of 10 for the economic management of the Centre. He also added that the effect of introducing major reforms in the sector such as agricultural, mining, labor and power sectors will be seen later.
He also pointed out the digitalization made by the government which has helped people to transfer money easily within minutes whereas a few years back people had to pay transactional fees and wait for a while to transfer the money.
He said that the GDP growth is in the right direction and added that the only way to get rid of poverty is to increase in growth which will, in turn, increase the wealth of the people.
Whereas multiple analysts and financial agencies have downgraded the GDP for the country for the present fiscal year. Barclays had predicted the GDP growth of India to be more than 10% in the beginning but now they have lowered it to 10%. The latest forecast was done by JP Morgan who has lowered it to 9%.
The Chief Economist of the SBI group has said that there is a possibility for the economy of India to grow to the sub of 10% during the FY 2022. He added that the month of April was somewhat a washout, while May has been a complete washout and June is also expected to have a little bit of washout.
FAQ
Is India doing good in GDP?
India’s economy had expanded by 3.1 per cent in the March quarter and FY20 GDP growth was around 4.2 per cent.
What is the growth rate of Indian economy in 2020?
GDP at Current Prices or Nominal GDP in the year 2020-21 is estimated to attain a level of Rs 195.86 trillion, as against Rs 203.51 trillion in 2019-20
Which sector is backbone of Indian economy?
MSME is considered as a backbone of Indian Economy.
Conclusion
He said that when all these factors are being taken into consideration the situation of the country is not looking so good. SBI economists have also cut the forecasts of the Indian economy from 11% to 10% and he added that they are focusing on that number until 31 May 2021.
Quite often you would come across motivational and awe-inspiring posts about how Jack Ma dealt with his struggles. Jack Ma Yun, the well-known Chinese business magnate, investor, and philanthropist, is popular not only with entrepreneurs, industrialists, billionaires, and business professionals but with many other individuals as well, students or otherwise.
Jack Ma’s net worth is $26 billion. Ma was once hailed as the richest man in China and currently features in the top 10 list of China’s richest men, with the richest man currently in China being Zhong Shanshan. Besides, Jack Ma was also listed second in the “Word’s 50 Greatest Leaders” by Fortune in 2017.
Starting his career as an English teacher, he co-founded one of the largest e-commerce websites that are in existence today, Alibaba, and is also counted amongst entrepreneurs with mind-boggling rags-to-riches backstories.
Did you know that Jack Ma, the owner of this multi-billion dollar online retail portal was rejected by Harvard university 10 times?
“I applied for Harvard, for 10 times, rejected,” Jack said. Therefore, he was not unknown to rejections and disappointments that plagued his journey to stardom. Nevertheless, the man wasn’t one to cave in so easily. While Jack wasn’t a hardcore techie himself, he did an amazing job in taking Alibaba to where it stands today.
Here’s the Jack Ma success story for you, if you are curious to learn about Jack Ma, how he founded Alibaba, and his journey!
Jack Ma wasn’t born into old money, he is a self-made billionaire. He had a modest childhood and grew up while communist China was transitioning into a superpower. Jack’s parents weren’t earning enough to consider themselves middle-class. It was Richard Nixon’s visit to China in 1972 that changed Jack’s childhood. President Richard Milhous Nixon’s trip to Jack’s hometown saw tremendous growth in tourism, converting Hangzhou into a tourist mecca. As a kid, Jack wanted to learn English and he used to provide tour guide services to foreigners for free. He used this as a medium to improve his English. Subsequently, Jack became an English teacher.
After graduating with a bachelor’s degree in English, he worked as a teacher at Hangzhou Dianzi University on a salary of 12 USD per month.
Jack Ma Story
Rejections and Jack Ma went hand in hand. After failing in his primary school exams multiple times, and failing his middle school exams thrice, those around him labelled him a failure. He was rejected every time he applied to Harvard University. He had ten rejections by Harvard University!
Disastrous results continued even after graduation. Multiple job rejections graced his journey; during the recruitment by KFC, he was the only one among 24 applicants not to be selected.
His initial ventures saw similar results, they plummeted. But, the stumbling didn’t deter him; he was adman to make a mark in the e-commerce segment.
Startup Ideation
Jack Ma visited the United States for a project on building of highways. His stay in the United States was an exposure to the world of computers. The people in China weren’t that exposed to the technology sector and hence, the usage of computers amongst Chinese was almost negligible. Services like e-mail and the internet weren’t a common occurrence.
When Jack used the search engine Mosaic, the first word he searched was beer. The search results quickly flashed on the screen. But when he searched for China, there were no search results. This infuriated Jack Ma, and he took the onus of bringing China on the internet radar.
Jack Ma’s Alibaba Conceived
Jack Ma’s Alibaba
After approaching his friends, seventeen agreed to join him for an e-commerce startup, and named it “Alibaba”. The company was created in his apartment. Alibaba was struggling to survive initially as it did not receive a single penny in investment. The investments of 20 Million USD form SoftBank and 5 million USD from Goldman Sachs in 1999 saved Alibaba from falling apart.
The biggest challenge for Alibaba was to gain the trust of the Chinese which it succeeded at in the end. Jack Ma motivated his team In times of difficulty by telling them they were a young team still learning. A leader was about to change the face of e-commerce.
Once Alibaba was in the picture, it faced stiff competition from eBay in China. To defeat eBay, Yahoo came to assistance. The company invested 1 billion USD in Alibaba. In exchange for the investment, Yahoo gained a 40% stake in the company. This was fruitful for both the companies as Alibaba became a household name in China and Yahoo gained 10 billion USD through Alibaba’s IPO.
Jack Ma stepped down as the CEO of Alibaba in 2013. However, he continued as the executive chairman. The company created history as its 150 billion IPO was the largest offering of a US-listed company in the New York stock exchange’s history. By virtue of this IPO, Jack became the richest man in China.
Apart from serving people and bringing revolution through Alibaba, Jack supports environmentalism. He is a member of the global board of The Nature Conservancy. Jack has also funded a 27,000-acre nature reserve in China.
The Alibaba group conducts various annual talent shows in order to engage with their customers. Jack is known to be a natural entertainer. During one such event, he performed wearing a punk costume in front the audience.
A Lesson to Learn from Jack Ma
Coming across challenges, stumbling forward and then rising up sums up Jack Ma’s journey. To many, he is the ideal entrepreneur. Alibaba has given a face to many small and medium sized businesses across the globe. The world shall remember Jack Ma as a visionary who gave it the behemoth, Alibaba.
Rankings In Various Lists
Jack Ma is ranked 1 in the China Rich List, 2019.
He is ranked 21 in the Billionaires List, 2019.
He is ranked 7 in the Richest In Tech, 2017.
He stands in the 21st position in the Most Powerful People List, 2018.
Jack Ma Yun is a Chinese business magnate, investor and philanthropist. He is the founder of the E-commerce giant Alibaba and is a stakeholder at Alipay, its sister company, which is an e-payment portal.
Robert T Kiyosaki is the author of the well-known personal finance book Rich Dad Poor Dad. The book was published in 1977 and has become the New York bestseller having a sale of around 40 million copies worldwide. He had previously praised the properties of bitcoin. Let’s look at what Robert T Kiyosaki has to say about cryptocurrency.
Estimation of Robert Kiyosaki about Cryptocurrency
Robert Kiyosaki has estimated that the cryptocurrency would climb to over USD 1 million in the period of next 5 years. He conveyed that he had bought bitcoin when it was USD 9,000 and thought that he had been cheated but he said that the reason he had bought crypto at such a price was due to the shut down of the economy because of Covid.
He added that now he looks like a genius as the digital coin had even crossed the mark of USD 50,000 and he estimates it to cross a million mark. He conveyed that bitcoin is still untested and even if the value crashes he said that he has other sources which would allow him to sustain and hence he could bear the risk.
Viewpoint of Robert Kiyosaki on Cryptocurrency
Kiyosaki has conveyed that he feels that for the older generation it is very important to understand the cryptocurrency market as the real estate and the gold guys are being phased out and the world is moving towards crypto.
Robert T Kiyosaki pointing towards Warren Buffet said that there is this battle against the old guys and the younger generation against the cryptocurrency where people like Warren Buffet are Anti-Crypto. He added that the cryptocurrencies are now challenging the dominancy of the US Dollar and other fiat currencies.
Price of Bitcoin
What Robert Kiyosaki said about Bitcoin?
When Robert T Kiyosaki was asked in an interview if it is too late to buy a bitcoin, he answered that there is always an entry point and that he had bought the coins when it was at USD 9000. He said that he thought that he had been cheated in the beginning but later the coin has increased to around USD 50,000.
He added that he wished that he had bought the coins at 10 cents like most of the people. He pointed out that cryptocurrencies and Gold stand out due to the devaluation of the US Dollars, money printing by the government and the external stimulus.
Future of Bitcoin According to Robert Kiyosaki
Robert Kiyosaki was further asked about whether would interfere in one form or the other or if they would lay in some restrictions on the digital coin such as even making it illegal which is believed by some of the well-known investors and hedge fund managers.
He replied saying that he feels that the government would try but he feels that the problem is too big and said that the pension amounts have been depleted and the baby boomers have no money in hand.
He added that they had shut the economy and are planning to print another USD 19 trillion and added that it has never worked and said that bad money would drive out the good money. He said that so people like him would never spend the bitcoin and would never keep his hand on it.
Robert T Kiyosaki said that he would buy bitcoin again today or the day after as he is bullish on it. He added that he is not bullish over bitcoin but he is bearish about the Biden government and has claimed that they are a group of communist people. He added that they would just print money and that they are Central Bankers.
FAQ
What is the Net worth of Robert Kiyosaki?
As of 2021, Robert Kiyosaki’s net worth is roughly $100 million.
Who is Robert Kiyosaki?
Who is Robert Kiyosaki is a Writer, Author, Businessperson, Investor, Entrepreneur, Motivational speaker.
What does Kiyosaki say about Bitcoin?
Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” has predicted that the price of bitcoin will increase to $1.2 million within five years.
Conclusion
However, Kiyosaki has mentioned that he still prefers Gold and Silver. He added that he favors gold and silver as it is considered to be God’s money and added that God put it there.
Landomous Group which is a lesser-known US firm has announced that it would like to invest an amount in India. The firm has said that it would want to invest USD 500 billion by making an appeal to PM Narendra Modi. Let’s look at whether the company really wants to invest the amount.
Landomous Realty Ventures has announced that they would want to invest an amount of USD 500 billion in the form of equity into India’s National Infrastructure Pipeline (NIP). The announcement was made in the form of an advertisement in a newspaper where the company made an appeal to the Prime Minister of the country, Narendra Modi.
Pradeep Kumar Satyaprakash who is the chairman of Landomous Group had conveyed through the advertisement that the company Landomous Realty Ventures inc., USA, would like to invest in the First Phase of the USD 2 trillion investment under build India with a USD 500 billion in equity into the National Infrastructure Pipeline (NIP) and also the Non-NIP projects that are listed under the India Investment Grid for Invest India initiative by the Government of India.
Which Sectors Landomus Group is planning to Invest?
Landomus has conveyed that they are aiming towards completing the NIP and non-Nip projects along with the investors and developers. They have announced that they would like to support projects in the sectors such as energy, manufacturing, social infrastructure, food processing, transportation, agriculture, sanitation and water.
Landomus Group has also made the announcement on their website.
Further Details about Landomus Group Investment in India
In the advertisement on the newspaper, it was mentioned that the company is aiming towards assisting the government in achieving the USD 5 trillion GDP target and would also like to assist the government in rebuilding India.
The Chairman of the company had communicated through the ad that the company is requesting the Prime Minister of India to provide them with an opportunity to contribute to the vision of New India.
At the end of the advertisement, they had mentioned that they would require a chance to present their plan and that they had a proper plan to make India pandemic free.
About the Landomus Group
There is not much information available about the company as their website is just one page. As per the received information the company has around 19 employees and a revenue of USD 5 million. It has been found that the website of the company was created in the year 2015 by United Land Bank which has its headquarters in Sivan Chetty Gardens Karnataka, India.
The website had provided the address of Landomus Realty Ventures Inc and their location as Secaucus, New Jersey, USA.
FAQ
Where is Landomus Group based?
Landomus group is a US based company.
Is Landomus Group a Govt Company
No. It is a Non-govt company and but a company with same name is registered at Registrar of Companies, Bangalore.
Who is the CEO of Company?
There is no information available about the CEO of Company.
Conclusion
NIP was announced in the year 2019 during the month of December by the Union Finance Minister Nirmala Sitharaman. A total infrastructure investment of around INR 111 lakh crore has been projected during the Financial Year – 2020 – 2025 by the centre under the NIP.
Most of us have grown up listening to stories where doors would open automatically on saying ‘Khulja sim sim’ or tales where lights would go on and off on uttering some magic verses or on just a clap of the hands. But all these unbelievable things have now become a reality, and there is not magic in it. IoT and AI has made many things possible and has simplified our lives in many ways. From ensuring that the geyser is on and you get hot water for a bath, to automatically switching on your favorite music when you reach home after a tiring day at office, IoT is making lives comfortable and saving a lots of time by helping you complete many mundane tasks. This is the reason why customers these days prefer IoT enabled appliances.
Delhi based startup IoTfy is helping consumer durable companies meet this growing demand for IoT enabled goods by offering them ready to use IoT designs for various consumer durables, thus making IoT integration simple and fast. We interviewed Arpit Chhabra, Co founder and CEO IoTfy, to get more details about the startup.
IoTfy is a #MakeinIndia IoT & AI cloud suite that is making it simple for consumer durable brands to add IoT capabilities to their device categories. Through its Chip to Cloud IoT ecosystem, IoTfy works with India’s top consumer durable and appliance brands and enables them to create smart appliances that are responsive to Apps and Voice Commands.
Guided by the mission of “RoI with IoT”, IoTfy’s product suites are helping brands establish scalable business cases for their respective categories. The brand is working with the vision is to enable Consumer Electronics Brands, Original Design Manufacturers (ODMs) and Original Equipment Manufacturers (OEMs), to introduce Smart Home Products in their respective categories. Apart from enabling brands to furnish Smart, WiFi enabled products, across 28 categories including air-conditioners, fans, switches, lights, Chimneys, Inverters, Washing Machines, plugs, and air-purifiers, among the others, IoTfy also integrates the products with Voice Assistants like Google Home and Alexa.
IoTfy offerings primarily comprise of:
iACE IoT Platform
iota Device OS
White labelled Mobile Apps
Voice integrations
Apart from the above core products, the company also has other product modules for:
Service Management suite
AI & ML suite
Business Analytics suite
Sales & Dealer suite
Marketing suite
IoTfy recently launched GoCo (inspired by the caption ‘ Go Corona’) UV disinfectant bags, which disinfect the items put inside it. In the current times this product is truly of great help and customers can buy them directly from the website gocobags.com
IoTfy’s GoCo bags
“We are working towards creating an ecosystem for IoT in India. One thing for which we take a lot of inspiration from China is the ecosystem that they have developed around IoT products. We have started taking baby steps towards empowering ODMs in India to be a part of the larger IoT ecosystem, so that we together can fulfil local and global demands. We are providing them access to our Chip-to-Cloud IoT ecosystem, so that they can make their appliance categories smart .” IoTfy founder Arpit Chhabra says
IoTfy – USPs
Some of the USPs that makes IoTfy stand apart from its competitors are–
● Providing IoT Cloud cost as a one time SaaS fee based on the average lifespan of the product category.This stands out because brands/OEMs/ODMs traditionally work on a Bill of Material (BOM) cost for each product and with IoT coming into the picture, cloud becomes a variable cost. This is clearly out of their comfort zone, accounting for something variable to come up with their cost build-up.
IoTfy’s strategy of offering a fixed cloud cost makes decision making very simple for the brands and in turn results in quick decision making to adopt IoT in their categories.
● IoTfy decoupled WiFi Hardware from the IoT Cloud Platform, giving brand partners the option to source hardware from vendors of their choice. This also is a game changer because it gives an opportunity to the customers to source hardware as per their requirements and quality specifications.
● IoTfy’s iACE IoT Cloud Platform addresses all possible concerns w.r.t Data Security, Long term sustained usage and Data localization. This makes IoTfy a long term partner for brands/ODMs/OEMs customers alike
● IoTfy is focused on various India specific requirements such as adding vernacular support on Mobile Applications, adding WiFi Direct functionality (using this end consumers can control devices without having need of a WiFi router, which is a must for market like India)
● Focusing on “RoI from IoT” from day 1 by providing 360 degree coverage of business requirements w.r.t after sales service, sales, and marketing through its product suites.
● Engaging with OEMs and ODMs alongside brands has helped IoTfy build an ecosystem of manufacturers to scale IoT products adoption in India.
● Onboarding Electronic Component Distributors (ECDs) as channel partners to upsell IoTfy’s iota – Device Operating System.
“One of the key USPs of IoTfy is that we promise recurring business to our brand partners in the form of post-sale service. In addition to creating IoT capabilities for the brands’ various product categories, we offer them white-labelled Apps, that have been designed for the Indian end users. These Apps have a smart built-in feature, that gives the users prompters every time the service of a certain appliance is due and also allows them to book the service with the brand at the click of a button, leading to recurring business for them. Such intelligent features ensure guaranteed RoI and sustainable value to its brand partners.” Arpit quotes emphasizing IoTfy’s USPs
IoTfy founders Arpit Chhabra, Sushant Taneja, Shashank Saxena, Shivam Dikshit were Part of the Startup Leadership Program in New Delhi in 2012. Shashank was Shivam’s co-founder in an IoT consultancy that they previously co-founded. During 2012-14, Arpit assisted a few brands such as Godfrey Phillips India and Barista, develop IoT solutions to meet some of their business requirements and during the same time frame, Shashank and Shivam had also helped a few of their clients with IoT solutions.
It all started when Arpit and Shashank were sharing notes w.r.t the solutions they had developed in the past and realized both of them faced the same problems while developing custom cloud platform for their IoT solutions, and they realized there is a need of an IoT Cloud Platform that is easy to set up, use-case agnostic, and vertical agnostic. Moved by this common idea, all the four founder started to work on the concept of IoTfy, leading to the launch of the startup in 2017.
Presently, Arpit Chhabra (36) is the CEO of IoTfy. He has been a serial entrepreneur having built four start-ups & successfully exiting two of them. His last exit was an IoT product start-up, Ad-Box.
Arpit has worked with start-ups since the last 14 years with the last 7 years in IoT products. He has worn multiple hats both as the hacker and the hustler.
Arpit graduated from Delhi University (NSIT) with a Bachelor of Engineering degree in 2005
Arpit Chhabra, Co-founder & CEO IoTfy
Sushant Taneja (33) is Vice President, Technology at IoTfy. He heads the cloud and mobile apps technology development. He has an exhaustive hands-on experience of over a decade in IT technologies. He has the technical know-how of things working at scale and was working with Snapdeal before co-founding IoTfy. Previously, Sushant had co-founded Ekayan Software Labs and has been a founding member in StoreMonk.
Shashank Saxena(31) is the Vice President, Embedded Systems at IoTfy. He takes care of all things hardware. Shashank has 10 years of experience in designing and developing hardware products. Prior to IoTfy, Shashank has been running an IoT consulting firm where he catered more than 200 customers. He was awarded two monetary grants from MSME, Govt. of India for two innovative IoT products in 2010 and 2011.
Shivam Dikshit (30) is Vice President, Marketing at IoTfy. He has been previously heading business development and marketing for an IoT consulting firm and was able to establish a diverse customer base ranging from start-ups to Fortune 500 companies. He is a community builder and has been a founding member of PeerHack, Bootstrap Weekend & Hack4India.
Smriti Talwar (36) is the Vice President, Pre-Sales at IoTfy. She has an industry experience of 15 years. Smriti is ex-Maruti Suzuki R&D and founder of two start-ups. She completed her Mechanical Engineering from Indira Gandhi Delhi Technical University for Women in 2005. She was part of the Start-up Leadership Program and also was the PL for the SLP New Delhi chapter. Smriti joined IoTfy later in January 2019.
IoTfy Core Team
IoTfy has a team of engineers with various expertise ranging from software developers to hardware engineers. The team has Front end developers with expertise in Javascript, HTML; Native Android and iOS developers; Cloud application developers with Python and Java skills. Firmware developers with expertise in embedded C/C++ and RTOS. The startup is in its growing stage and is currently hiring. Speaking about the hiring funda of IoTfy, founder Arpit Chhabra said,
“We look for people who are passionate about solving problems with practical aptitude. We believe that skills can be acquired, passion and problem solving attitude is something that we look for while we are hiring. Because of our previous experience in the field of IoT, we have been able to get onboard good technical talent.”
Why and How IoTfy was Started
IoTfy was started as a weekend project back in Dec of 2014, where Arpit, Sushant, Shashank and Shivam used to meet and do development hackathons. The idea at that point was to build a WordPress-like platform for IoT that can be used across the sectors for various IoT use cases. The team realized the need for an IoT platform that is easy to set up, use-case agnostic and vertical agnostic while developing custom IoT solutions for various clients in their previous organisations.
Based on inputs from the market, the team realized that sticking to a vertical will bring focus and long term future. With that understanding, Appliance and Consumer Electronics (ACE) space was chosen owing to its huge volume and IoT use cases.
IoTfy started with Water Purifier as a first appliance and now has moved to supporting 28 appliance categories such as Air Conditioners, Air Coolers, Water Purifiers, Water Heaters, Smart lights, Chimneys, Inverters, Fans, Smart plugs, and washing machines with its offerings.
“Water Purifier has its own reasons to be our first offering for it being a very beautiful use case of IoT specially in the after sales market. Preventive maintenance, eliminating warranty frauds and maximizing after sales revenues we sought using IoT. We worked with the premium water purifier brand of India for this project. The response from the market was overwhelmingly positive.” says Arpit about the initial offering of the company
The IoT Industry
The Internet of Things (IoT) in India now is not a thing of the future, it is growing and thriving right in front of our eyes. From Smart appliances to Smart Energy metering, from Industry 4.0 to Smart vehicles, IoT powered products are touching our lives on a daily basis.
As reported, Internet of Things Market (IoT Market) Size was valued at USD 212.1 Billion in 2018 and is expected to witness a growth of 25.68% from 2019-2026 and reach USD 1,319.08 Billion by 2026.
Again another report published by MarketsandMarkets says that the global IoT in Smart Cities Market size is expected to grow from USD 113.1 billion in 2020 to USD 260.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period.
“Looking at this growing market alongside Prime Minister Modi’s call to make India “Self Reliant” or “AtmaNirbhar” unearths some very interesting aspects. Particularly because building blocks of any IoT product or solution require seamless amalgamation of hardware, cloud stacks, mobile applications, data analytics, and artificial intelligence (AI), it is a huge opportunity for the Industry to make India “AtmaNirbhar”. Arpit adds
IoTfy – Name & Logo
IoTfy means IoTfying the device categories to make them smart. IoTfy also means IoTfor you. Making IoT implementation simple and easy for consumer durable brands. The founder’s idea behind the name is to keep it relevant, short, catchy and easy to recall.
IoTfy Logo
IoTfy – Funding
IoTfy is looking forward to raise a Series A funding. The IoTfy team intends to use the funds raised for
Tech team expansion for building new product features and adding support for new categories.
Expanding the client base in India (focus on hiring augmenting Pre-sales, Sales and Marketing teams)
Expansion in geographies outside India
IoTfy – Revenue Model
IoTfy levies a one time SaaS feefor the IoT cloud based on the average lifespan of the product category. IoTfy’s clients i.e brands/OEMs/ODMs are comfortable to work on a fixed cost system and the startup’s revenue model is designed considering this very comfort level.
IoTfy – Marketing Strategies
Acquiring clients is always challenging, however, the good part for IoTfy was that they were dealing with big brands who mostly had IoT in their roadmap. It was more about educating, consulting the customers and prospects w.r.t business cases and features IoT can open up, and finally helping them with technology implementation. As Arpit says,
“Our problem is half solved if there is a positive intent for IoT adoption, the remaining half is to help them develop trust in the IoT products and solutions that we offer. We counter that through quick Proof Of Concepts (POCs) on their existing appliances. This also helps us reduce our sales lead time and establishes our customer’s trust in our capabilities.”
Besides, quality and support has been two main features on which IoTfy banks for attracting and retaining customers.
The other ways of customer acquisition includes holding Product Conclaves to educate the industry at large w.r.t IoT. Every 3-5 weeks, IoTfy team picked up a category such as Air Conditioners, Smart fans, water purifiers etc and invited industry colleagues from various departments such as Product Planning, Marketing, R&D, and Product management to talk about nuances of IoT implementation for these categories. This helped the startup in creating a stronger demand in general.
In 2020, IoTfy also conducted various Virtual Round Tables inviting industry experts to talk about IoT at large and what opportunities Covid has brought for Smart products. These conclaves and VRTs were accepted and appreciated across the industry and also brought inbound inquiries.
IoTfy also has a strong network of channel partners who upsell our Device Licences (iota) to various brands and OEMs/ODMs. These licenses include the lifetime cost for the cloud usage and the firmware for the WiFi module.
IoTfy founders believe that one of the biggest challenge for the startup was about being an early adopter in the segment, as the startup had to put in lots of efforts on educating the consumer durable brands on the benefits of adopting IoT.
“At that time, there was not enough acceptance of the IoT use cases because almost every brand felt IoT and these use cases are rather early for the market. Good part was they validated our hypothesis of the use cases and their potential impact on their businesses and end users.” says Arpit.
As they say “Seeing is Believing”, IoTfy developed its first IoT product for Water Purifier use case and started handing out product samples to major brands for evaluation. During the evaluation, brands were able to get a sense on how IoT water purifiers will work from the end user’s perspective. What will be visible to the end user on the mobile app, how the end user will control the water purifier, how alerts for AI-based service reminders and part replacement alerts will be notified to the end user and CRM systems used by the service team of these brands.
These exercises although were long and time consuming, but they helped the startup understand their potential customers better. The team was able to absorb a lot of information from them with respect to how various stakeholders such as R&D, Product Planning, New Product Development, Service, and Sales work at appliances and consumer durables companies. As the founders says, this experience has helped the IoTfy team a lot now both in terms of developing products and closing deals.
Long Sales Cycles is another challenge for the IoTfy team. Working with appliances and consumer durables on any product is a long cycle as they have to work with various stakeholders. During the initial days, the sales cycles were between 6-8 months typically. Now, as the startup has ready designs for over 28 categories, so they are able to demonstrate IoT capabilities on any appliance in a matter of hours and this has reduced our sales cycle to less than 3 weeks.
IoTfy – Growth & Future Plans
The list of IoTfy’s achievements is long indeed. The tech startup supports several multinational brands based in Japan, Korea and Germany, along with home grown Indian brands. It currently works with 2 of top 5 Air Conditioner brands, 3 of top 4 fan brands, 2 of top 5 LED light brands, and 3 of top 5 Water purifier brands in India. Working closely with top brands and OEMs, they been credited to quickly create innovative and meaningful use-cases and facilitate launch of IoT products in as less as two weeks.
IoTfy’s IoT platform currently powers over 450,000 devices and plans to onboard 1 million new devices on its platform within 2020 itself. The number of devices that it supports on its platform has grown by over 600% YoY in the last two Financial years. IoTfy started with a focus on large appliances such as Air Conditioners and currently, it is powering over 200,000 IoT Air Conditioners in the India market, virtually holding over 90% of the market share in the Smart Air Conditioning space in India.
In terms of revenue, the self-funded startup has grown by over 600% YoY in the last two Financial years and closed FY 2019-20 with revenues of around INR 4 crore and has projects over INR 12 crores of revenue for the upcoming FY 2020-21. With respect to the pipeline, IoTfy is currently also in the process of undertaking customer trials with 10 major brands, while products powered by the brand’s proprietary technologies will be launching in the Indian market all through the year. The brand’s strategy of working with ODMs/OEMs has provided rich dividends and 3 categories where it has already started to gain dominance include Lighting, Smart Plugs and Switches and Fans.
“We believe our biggest achievements are closing deals with leading Indian appliance manufacturers alongside marquee Japanese and Korean appliance manufacturers. Not only have we learnt a lot during the process, we also kept improving ourselves at every step. The kind of confidence we got by exceeding their benchmarks is something that we proudly wear as a feather in our hat. We also have managed to reduce the sales cycle from a typical of 6-8 months to 2-3 months.” Arpit says commenting on the startup’s achievements.
IoTfy – Special Offers
StartupTalky readers can avail discount of 10% on GoCo bags using the code “Talk IoTfy” on the IoTfy website.
IoTfy – FAQs
What is IoTfy?
IoTfy is a leading IoT solutions provider for smart home automation, smart home lighting.
Who are the founders of IoTfy?
Arpit Chhabra, Sushant Taneja, Shashank Saxena and Shivam Dikshit are the founders of IoTfy.
When recalling the old BlackBerry Era, the most magnificent and best premium smartphone around the world comes to our mind. Yes, we are all well aware of the popularity and craze of blackberry in the early 2000s. BlackBerry smartphones were considered as the possession for all those symbolizing high-status people, rich and popular professionals. Also, Blackberry promised the complete and strong security of its users’ privacy.
By the year 2009-2010, the BlackBerry smartphone gathered more than 85 million users who contributed highly to the success graph of this company. In fact, Blackberry owned over 50% of the US market share as well as 20% of the Global Market share at a single time.
However, by the year 2010, a sudden downfall occurred in the growth of BlackBerry. And soon by 2012, it came down to less than 5% of the market share. So, the question arises, How all of a sudden BlackBerry failed?
This came up to these points:
The Reddit forum/wallstreetbets holds the dependence of the growth to great profit as the technology company is suffering for a long time. Rather of the fact that BlackBerry shares rise from day traders.
Failed to strengthen the innovative features and resulted in being the example for the changes occurring in smartphones.
Other companies are evolving with great fascinating and advanced features, while BlackBerry suffered majorly in offering new features for the convenience of customers.
As the era of advanced technology evolved, Blackberry experienced some major drawbacks which could not be settled. In this article, we’ll get brief on how BlackBerry: Leader failed with no other choices. Let’s get started!
The company, Blackberry was established in 1984 with the production house for only modems and pagers. However, in 2000, BlackBerry launched its first-ever model of smartphone which was named BlackBerry 957. It’s the first model of smartphone that contains the features of surfing on the Internet and sending momentum emails.
In the 2000s, BlackBerry was known as the most standard and premium brand for great business executives and also, those who maintained their privacy and security.
However when the advanced tech company, Apple launched its first smartphone in 2007; BlackBerry experienced good competition in the market. Later, as the technology evolved and other companies like Google launched their phones, the substantial competition began.
With the exponential growth graph of BlackBerry, no one even wondered that this company would fail! But soon after the year 2010, its growth graph experienced a great downfall. And, that’s where the end of BlackBerry’s era begins.
When BlackBerry reached its peak, it took several non-strategic and unreasonable steps that resulted in some big losses. Likewise, it raised its highest stock with the value of $230 which is now worth $4. BlackBerry, a company with enormous goals and plans, failed due to its raging in no time.
These are some points that led to the failure of BlackBerry.
Hardware Innovation
With the evolving technology, BlackBerry was considered to be overpricing on its average hardware system. Soon as Apple and Samsung launched their smartphones with a complete touch screen body.
Also, after the typing is done, the keyword would disappear giving you a huge space for other purposes. However, BlackBerry with its QWERTY keyboard lacked such features and became a big reason for BlackBerry to fail.
Nonetheless, Blackberry did not invest in making a complete touch screen body, instead, it kept making phones with the outer keyboard such as Blackberry Key 2. That’s why its sales dropped by a major number.
BlackBerry majorly focused on the richer section such as Celebrities, Businessmen and other rich administrators. They tend to carry BlackBerry showing their superiority. They used Blackberry because:
Powerful end-to-end encryption security
Advanced PDA that majorly helped in their business
Email services
But, soon as iPhone sales increased, Blackberry lost its enormous target audience and importance in just a little period.
Furthermore, BlackBerry only focused on enterprise-level marketing and neglected the consumer portion. This also played a big role in its failure.
Research and Development
BlackBerry did not fail. It lacked innovation and advanced features because it has always been up with technology and supervisions. But the reason why BlackBerry failed is money.
BlackBerry’s innovation and features came from Research & Development (R&D). But this required money and due to the decreased sales and other failures, it could not invest its money in the R&D.
That’s why BlackBerry could not evolve from its basic potential. Later, BlackBerry’s brand was sold by RIM to TCD (a Chinese firm).
Operating System
BlackBerry’s operating system lacked some major features and technology. It does not allow the developers to build apps on an abundance scale. Other Operating systems give a free directory for developers to build apps accordingly.
However, Android and iOS allowed the customization of applications as they could be removed and added as per the convenience of users.
Therefore, developers were absolutely happy with Android and iOS. Still, BlackBerry kept on developing its own OS which was a disaster.
BlackBerry ultimately brought new smartphones with demanding features to regain its lost significance and customers. It launched Priv with the features like a dual-curved UHD display, pop-up widgets, 3GB RAM and snapdragon 808 CPU. But, this was too late. The phone was an absolute failure. Its product quality and features lacked some major technology.
BlackBerry did not imply adding new features or advanced OS and because of this, the potential consumers of BlackBerry shifted back to Android and iOS.
FAQ
What caused the downfall of BlackBerry?
The reasons BlackBerry failed is that it didn’t adapted new technology, lack of consumer insight and poor design which led to its demise.
When was Blackberry Founded?
Blackberry was founded in 1984.
When did BlackBerry go out of business?
Blackberry in 2016 decided to stop making its own phones, after years of failures.
Conclusion
Today, the production of BlackBerry smartphones has been completely shut down. It has turned back to software and mobile security solutions. BlackBerry succeeded in the market because of its advanced technology and left behind the less-evolved technology. Yet when it came to evolving BlackBerry’s technology, it failed because of its incapability to judge and compete with the competition level of the market.
BlackBerry left some major points and examples for other tech companies that to survive in the technology world, you need to keep evolving your features and technology.
Technology is changing rapidly. Fortunately, these innovations have made it a lot easier for businesses of any size to strive in the competitive industry. One good example of this development can be seen through an online fax service known as e-fax. This kind of service will allow people to send and receive a document at the same time without using traditional telephone systems and fax machines.
But as with other services, there are pros and cons associated with using an online fax service for your business. Keep on reading to find out whether this is a worthy investment for your company or not.
Pros of Using Online Fax Services For Your Business
When compared to traditional fax services, online fax services can offer more benefits such as:
Convenience
Online fax services can benefit your business thanks to the convenience they offer. With such fax services, you won’t need to send your documents through email. Thus, you can save time that you can use to perform other important business work.
Furthermore, they’ll transform communication since you can easily reply to phone calls and emails in the form of faxes. Internet fax may also benefit your business by simplifying compliance and improving the workflow of documents. This is possible since they remove the requirement to be on the spot at every location. Since these services can guarantee improved workflow, you can rest easy knowing no data will be lost in transit and misread by the receivers who aren’t aware of what they’re doing.
Plus, compliance will become more accessible since you don’t need to store physical documents.
Security
With fax services, you won’t need to worry about the data of your clients being stolen or compromised by outsiders. The security measures that come with an online fax service include high-grade encryption that can’t be decoded by strangers. Also, the fax is secured by a socket layer each time a customer or business is completing forms.
On the other hand, the security scheme is compliant with the IT standards, ensuring you won’t be faced with penalties. Also, you won’t need to worry about sending a fax from a remote location as the security schemes apply to the connection while protecting all information.
Keeping Documents Organized
Online fax services keep documents together, making them very organized. What’s more, the business owner and the staff can review fax records at any time. The cloud design of these services can give a business bigger capacity storage for its records.
As the business owner, you can also assess all the documents and make sure your workers have sent faxes to partners as well as customers. They can even set up the service to obtain confirmations for the faxes, removing the worry of documents not going through. In case the business partner doesn’t get the fax, the workers can check the record to find out what the problem is.
Adding Digital Signature To Your Fax
One important reason why faxing is still considered essential is because of signatures. A faxed signature is more powerful compared to the signature sent using other methods. An e-fax service knows this, that’s why many businesses choose to include a personalized digital service.
The good thing about your digital signature is you can apply it to any document with ease. Once you obtain a fax, you can use the app of your online fax service or online platform to make your signature and apply it to your faxes. Then, you can resend the faxed document with your digital signature without printing anything.
Cost-Effective
Compared to traditional faxing, online fax service is relatively cheaper. This makes an excellent alternative if your business needs to send documents on a regular basis because this can remove the need for postage that becomes costly in the long run.
An online fax service, on the other hand, will also save on paper waste since you’ll only print documents when needed. Another benefit is you can eliminate the expenses associated with conventional faxing like toner and ink.
Many businesses choose internet faxing since it helps them save a considerable amount of money rather than paying for dedicated fax lines as well as being charged for making international calls. With an online fax service, all you need is a stable internet connection.
Sending Faxes Using Any Device
Another benefit of online fax service is it’s widely available from any device. It means the business owner and employees can send and get faxes from their laptops, tablets, and smartphones.
All they need to do is sign in to their account and set up the faxing service. After that, they can evaluate the address book and even add contacts easily without spending a considerable amount of time preparing faxes. Also, the features of such services are simple to use.
Cons of Using Online Fax Services For Your Business
Though there aren’t lots of disadvantages associated with online fax services, it’s still important to be informed when making a decision for your business.
While you aren’t restricted by landlines, you’ll need a stable connection to access your documents without any problem. When you’re traveling somewhere with poor service or Wi-Fi, this can be challenging. To ensure this problem won’t happen, you’d need to have data packages on your phone.
Also, when planning to switch to online service fax, it isn’t unusual to be ahead of the curve. Remember, just because you can use an electronic signature or send and receive a fax doesn’t necessarily mean your contacts can. Even though things may be faster on your end, you’ll still need to wait depending on the systems and tools your vendors or clients are using.
Final Say
When it comes to e-fax services, their benefits far outweigh the disadvantages. In reality, there’s no perfect business process and there’s always the possibility for problems. But with these online services, you can use cloud storage, save money and time, and move in the path the world is going technologically. Consider the ideas mentioned here as you incorporate online fax services for your business.
Bangladesh which is officially known as the People’s Republic of Bangladesh is a country situated in the South Asia. It is the 8thmost populated country in the world. The country had partitioned from India as part of Pakistan during 1947 and later got its independence from Pakistan in the year 1971.
Recently the country has announced that it has achieved a per capita income higher than that of India. In this article let’s look at how the country surpassed India in regards to the per capita income.
The Per Capita Income of Bangladesh have seen an increase of up to USD 2,227 which is considered to be higher than India by USD 280 where India’s per capita income is USD 1,947. The planning minister of Bangladesh M.A Mannan had conveyed the cabinet of the country this week that the per capita income of Bangladesh had seen an increase from USD 2,064 to USD 2,227.
The Cabinet Secretary of Bangladesh, Khandker Awarul Islam had said that the country has seen a growth in their per capita income during the fiscal year 2020-21 which is a 9% growth from the previous year.
Reasons Why Bangladesh saw growth of the per capita income
The major reason for the growth of the per capita income of Bangladesh is due to the Awami League which took charge in the year 2009 according to Information and Technology minister of Bangladesh, Tarana Halim.
She conveyed that the leader of the country Hasina had focused on the economic and human development with a strong benefit for the poorest. She also added that the country has a strong civilian government which has benefitted from having a good relation with India.
Halim had also criticized certain Western Analysts who said that the growth of the country was due to the micro-credit NGOs in the country. She added that the micro-credit NGOs don’t invest in the education, infrastructure and connectivity which were the real reasons for the growth of the country.
Halim has conveyed that the country had invested heavily in these areas which had driven the growth and now the country is reaping the benefits of their investment. She also said that the foreign remittances have been another reason for the growth of the country.
They have grown into a strong pillar for Bangladesh with an inflow of around USD 3,500 million expected in the year 2021. She conveyed that it has become possible as the government had laid strict restrictions on the labour exports.
She also conveyed that the country has tightened the regulations on illegal migrations as those who go through an illegal mode wouldn’t send back remittances to the country.
FAQ
What is the per capita income of India at present?
India’s per capita net national income or NNI was around 126 thousand rupees in financial year 2021.
What is the per capita income of Bangladesh?
The per capita income of Bangladesh is $2,227.
What is Bangladesh’s main source of income?
Bangladesh is driven by its exports of ready made garments, remittances and the domestic agricultural sector.
Conclusion
Bangladesh is more pleased as they are way ahead compared to Pakistan, it considered as a sweet revenge for the cruelty by the Pakistanis towards the country which is the genocide of 1971 where around 3 million people where killed by the brutal army of Pakistan.
Snapchat is an American based social media company. It is a multimedia messaging app which is developed by Snap Inc. Snapchat has a lot of features and one of the prime features of the company is that the message and the images that are sent are usually for a short period of time and later the users will not be able to access it.
Snapchat has around 265 million daily active users, with the app available in more than 30 languages. In this article let’s look at why the CEO of Snapchat had said that the app wouldn’t exist without Apple.
Evan Spiegel who is the CEO of Snapchat had recently conveyed that the mobile application Snapchat wouldn’t exist without Apple’s iPhone. This was regarding the new policy of Apple where they had conveyed that they would charge 30% fees on any in-app transactions on various platforms.
The CEO of Snapchat had conveyed that they don’t have any problem in paying the amount charged by Apple and to the rules set by Apple. He added that the company doesn’t have a choice but to accept the 30% fees charged by Apple but the company was happy to pay them in exchange for the amazing technology which is provided by Apple in terms of software as well as the advancements provided in their hardware.
Regarding the new update for the iPhone users with regards to privacy, Evan Spiegel has said that Snapchat is on the same page as of Apple and conveyed that they are aligned with the company to helping in protecting the privacy policy.
The CEO of Snapchat had also stated that their investment in the privacy policy made 10 years earlier is really paying off right now. The ATT is expected to create an impact on the advertising business model of social media companies like Facebook and Snapchat which the CEO of Snapchat is very well aware of.
Steps taken by Snapchat towards Apple’s Privacy update
Snapchat’s CEO has said that he is very well aware of how the update of Apple would impact their business model and he also said that the company has been working with their advertisers to in order to shift to the new ad tracking network of Apple.
Apple uses the ad tracking network to measure the effectiveness of the advertisements on the mobile applications. Spiegel has conveyed that the transition has gone smoothly for their business.
Some experts believe that snapchat works better on iPhone because it has different OS than android.
What are Apple’s new privacy changes?
With Apple’s latest software update, iPhone and iPad users will now encounter pop-ups in the apps they use, asking whether the user wants to allow the app “to track your activity across other companies’ apps and websites.
Who is the CEO of Snapchat?
Evan Spiegel is the CEO of Snapchat.
Conclusion
The App Tracking business model of Apple had seen a lot of criticism including the social media giant Facebook claiming that this model was set to increase their profits and not keeping in mind the privacy of the users. However, the new feature is live for all iPhone users across the world.
Influencer marketing is the type of promotion that relies on using key pioneers and personalities to drive your message to the bigger market. As opposed to promoting to an enormous gathering of shoppers directly, you rather procure or pay influencers to get the word out for you. Influencer promoting regularly goes connected at the hip with two different types of showcasing: web-based life advertising and substance showcasing. Most Influencer battles have a type of internet-based life segment, whereby influencers are relied upon to get the message out through their social channels.
Numerous influencer battles require a substance component wherein you may make content for the influencers, or they make the substance themselves. Even though web-based life and substance advertising regularly fit inside influencer crusades, they are not synonymous with influencer promotion.
The impact on the economy has changed how we purchase things. About 67% of advertisers report that they are occupied with some type of influencer marketing, a number that is probably going to grow as web-based social networking influencers acquire standard presentation. The influencer economy is moving towards increasingly streamlined arrangements, grasping instruments like influencer systems, coordinating stages benefits, and automated processes to assist brands with tapping influencers more effectively.
Brands who aren’t a piece of this economy are losing control. Customers currently control the purchaser’s adventure, and they are becoming more enthusiastic with the advancement of computerized promoting. Here are some drawbacks of computerized
40% of advertisement income lost to promotion obstruct by destinations that target recent college grads – President of IAB.
$7.2 Billion evaluated worldwide misfortunes to bot extortion in 2019.
56% of paid, for advanced promotion impressions are never observed.
62% of customers trust marks less.
A colossal 66% of clients are overpowered by such a large number of web-based promotion of messages, and 20% of purchasers would blacklist a brand in light of inordinate advertisements. Advertisers should think about influencer content since it gives the ideal fix to “promotion weakness” and unlike conventional advertisement crusades, doesn’t convey genuineness.
Brilliant brands are battling this by utilizing influencer marketing in India to make a continuous discussion with shoppers, perceiving that they are impacted by various individuals at various times in different ways. Rather than unavoidable losses from advanced promoting, brand social and substance showcasing, the influencer marketing in India goes past reach and snaps to consistent commitment and discussions that drive trade. This gives you measurements that issue and line up with your business objectives, some of which are:
Pulling in new clients.
Expanding rehash buys.
Driving client dependability.
Augmenting client lifetime income.
The Influence of influencer
Shoppers need genuine voices, not anonymous deals administrators who utilize a similar old stunt. Advertisers can’t overlook influencer marketing in India anymore since content makers can drive business development and convey credibility that draws in with crowds. Envision a large number of voices having valid discussions about your image that hold influence in a manner your voice alone never could. That is the intensity of influencer marketing. The scope of influencer marketing in India is very high as consumers in the country are easy to mould and influence.
How Does Influencer Marketing Work?
If you’re a marketer and feeling the pressure of delivering more revenue while having less control over messaging, you’re not alone. The landscape of marketing has changed significantly and consumers determine the messaging they want to see. Brands no longer have center stage, consumers do. If you want to be a part of consumer conversations, you have to play by their rules. Social media is where consumers are having conversations today, and one of the most impactful products to emerge is that of influencer marketing in India. So how does influencer marketing work?
At a high level, it is a form of branded engagement where marketers connect with those who boast prominent social footprints. The goal is to plug into new communities and connect the brand/product to new audiences through the voice and trusted relationships of the said influencer.
How Does Influence Marketing Work?
Authentic content creates trust. People gravitate toward digital influencers because they value the content that they create. Developing strategic relationships with these influencers allows brands to incorporate their messaging into that content and share it with consumers through a trusted source. To make the most of this opportunity, brands must allow influencers the ability to stay true to themselves when working on sponsored content.
Insincere or irrelevant content will rapidly erode an influencer’s power by reducing their followers’ trust in them. If brands want to be relevant to consumers, they must think of media as a way to attract, engage, and convert prospects. That means meeting consumers with content they care about and trust. Working with influencers is an effective way to fuel a conversation about a brand using trustworthy content.
Influencer Marketing Growth
Since influencer marketing results in engagement, it also results in earned media. Influencers are experts at generating discussions online, and the content they create on behalf of a brand is talked about, shared, and reposted. That is earned media. Earned media is trusted more by consumers. When influencers write about their own experiences and share compelling content about a brand, it can have a dramatic effect on their audience.
Online activity is a core part of the decision making process. In today’s digital world, people can access information about products long before they reach a brand site. They turn to their peers online for recommendations about products, they look for information through search engines, and they read product reviews. Therefore, it makes sense for brands to partner with social media influencers. They can share product and brand information that shapes purchase decisions.
Social media has changed the way brands interact with consumers by fostering an environment where consumers have immediate access to information. Through social media, people gather input about brands and products and then make purchase decisions based on what they discover. Successful brands leverage social media to stay connected with consumers by actively participating in this online dialogue. However, advertising is not the same as being part of the conversation.
Growth of Influencers
How To Start An Influencer Business?
Like any advertising strategy, an influencer program requires focus and arrangement. You won’t discover vital achievement just by sending free things out to everybody who asks or to your current companions and associates. So, here are some steps to start an influencer business,
Discover Influencers And Decide What To Pay Them
Much like any system, exploring is the initial step. Pick the system you need to concentrate on first. You can generally extend to different systems later; in case you’re starting out, stay with one. In a perfect world, your image should as of now have a nearness on this system and knowledge of it. Socioeconomics fluctuates on each system.
The business you’re in matters when you want to actualize an influencer showcasing procedure. Magnificence and style brands sparkle on Instagram and YouTube. The computer game industry overwhelms on Twitch. During your examination stage, investigate the kind of influencers you’re keen on. Are you going for big names with monstrous followings? Or micro-influencers with under 2000 supporters? Maybe something in the middle of in the 5–10k range is more your inclination. Whatever you choose to concentrate on will decide your spending limit.
Pay shifts fiercely, so do see the regular rates for those influencer types. Micro-influencers will, in general, be centered around a couple of themes and acknowledge items. Some micro-influencers work freely while others might be spoken to by an organization or system. Bigger records and big names will require payment and may even experience an ability organization.
One approach may be to contrast your desires for influencers with different firms, and measure the spending limit for a video generation association’s work in making promotion for you versus an influencer making a video. It might appear at first as if passing judgment on the estimation of influencers is erratic; however, this sort of approach will give you a commonplace purpose of examination and complexity.
How To Do Influencer Marketing In India
In 2019, Influence.co distributed the results of its examination into Instagram influencer installment. It evaluated the normal expense per Instagram post and found:
The general normal cost was $271 per post.
The normal cost for miniaturized scale influencers with less than 1,000 supporters was $83 per post.
The normal cost for influencers with more than 100,000 supporters was $763 per post.
Research is critical and you’ll wind up coming back to this progression frequently all the while.
Management And Budget Allocation
You now have some idea on what to pay influencers and decide your spending limit. Factor in time for arranging, executing, and surveying your technique. Running a fruitful influencer advertising effort is anything but a set-it-and-go kind of technique. It’ll include cautious checking and development.
In contrast to an increasingly robotized advertisement procedure, influencers are human and some may fall behind in their duties to post on schedule or make blunders in your mentioned labels or invitations. You’ll have the opportunity to be more active with these connections and refine your methodology by gaining experience about what works and what doesn’t in your specialty.
On the off-chance that you have the opportunity and cash, consider setting up a conventional envoy program. Fujifilm uses its envoys in new item dispatches. With an assortment of picture takers and videographers available, the organization is ready to broaden its feed to feature what Fujifilm gear can do.
Consider setting up a proper diplomat program. For brands that need a more extensive pool of influencers, employing an influencer advertising office who will do the examination and coordination is a decent plan.
Settle On Objectives And Message
The two most regular purposes behind utilizing influencer advertising are to raise brand mindfulness and increment deals. Rather than setting this wide focus as your two objectives, it will be better to commence your technique by focusing on what your image’s needs are. Maybe you need to build your client base in a more youthful demographic. Or, you need to venture into another client bunch with another item. You may need to skip drifts and use influencers to discuss your image esteems.
Your message is similarly as significant as your objective. While you would prefer not to smother an influencer’s inventiveness and uniqueness, you don’t need them to present something random on your crusade. Decide how you need to structure your influencer advertising efforts and message so you can adhere to it later on.
Survey And Change Your Procedure
Regardless of whether your influencer showcasing effort is continuous, you should have pre-decided dates on which you’ll gauge the procedure. The link below will help you in understanding how to follow your outcomes. Not all battles are effective but rather ideally, you’ll learn something new with each one you become a part of.
The best influencer marketing platforms in India are:
1. Plixxo
Plixxo is one of the greatest influencer promoting stages in India with more than 26,000 influencers. Propelled by POPxo organizer Priyanka Gill, it takes into account both influencers and brands. Bloggers, YouTubers, big names, Instagram influencers, and grounds influencers can join this stage. Brands can likewise welcome a huge number of influencers through Plixxo for going along with them in their promotion efforts. To put it plainly, Plixxo helps in streamlining influencer battles for brands.
Plixxo Influencer Platform
For influencers, Plixxo is a stage that checks their profiles, reach, and details. It demonstrates whether they are bonafide influencers. Plixxo is a successful business age instrument that enables them to get paid brand battles. Likewise, it additionally empowers influencers to help their crowd through online networking posts. For brands, Plixxo makes looking for influencers simple. It enables them to dispatch battles involving a thousand influencers and makes running influencer crusades simple and bother free.
2. Influencer.in
Bragging a base of more than 25,000 online networking bloggers and influencers, Influencer.in allows you to locate the privilege influencer for your image. Through ‘Influencer Discovery,’ you can get an vantage view of an influencer and decode if he or she is the correct counterpart for your image. The customers who keep Influencer.in going incorporate Hike, Himalaya, Axis Bank, Nykaa, and SHAREit.
3. Mad Influence
With 10,000+ influencers crosswise over India, Mad Influence is one of the main and the best influencer marketing platform in India. Its key target is to bring gifts, content makers, influencers, and brands together and achieve astounding outcomes together. Its classifications are extremely huge and spread across domains—from Automobiles to Education, and Health to Religion. Mad Influence has served more than 50 brands till date. The stages that Mad Influence takes a shot at include Facebook, Twitter, Instagram, TikTok, and YouTube.
Mad Influence
Key administrations incorporate Brand Activation, Event Promotions and Integrations, Social Media Campaigns, Content Curation, and Product Reviews. Top brands served by it incorporate Dharma Productions, TikTok, T Series, Hotstar, ALTBalaji, Sony Music, HCL and others.
4. PulpKey
PulpKey is an Indian influencer showcasing stage where brands and makers work together to recount stories. You may either login as a brand/agency, or as a creator/talent manager. To sign in as a creator or a talent manager, you either need to have at any rate 2,000 supporters on Instagram, or at least 500 endorsers on YouTube.
PulpKey additionally needs to address and take care of issues relating to the advancements completed by influencers and the absence of trust among purchasers and brands. Their not-too-bad program of eminent customers incorporates Wego, HelloDhobi, Hypstar, Bombay Shaving Company, Happn, and some more.
5. Winkl
Bengaluru-based Winkl helps bloggers, influencers, and substance makers in making their very own media units for displaying their work to companions, get inputs, and interface with brands to chip away at joint efforts.
Winkl Influencer Platform
It expects to turn into the most sought-after influencer showcasing stage in India and become the favored advertising channel for brands, a medium to assist them with collaborating with influencers for accomplishing business results. Top customers incorporate Flipkart and YGL.
6. Eleve Media
Eleve Media helps in ideating brand battle methodologies and sponsorship them with compelling promotion arrangements to convey top-notch commitment for the brand. It plays out various capacities like distinguishing the perfect individuals as indicated by area, specialty, reach, and different measurements. It likewise empowers the brand in utilizing content crosswise over stages, scaling impact, powerful estimation and examination of battles, and giving counseling administrations too.
Brands who trust Eleve Media incorporate goliaths like Amazon, Coca Cola, Chevrolet, Lays, Honda, Bacardi, Airtel, Philips among 25+ other top brands.
7. StarNgage
StarNgage is a worldwide influencer showcasing stage with nearness in India. It also assists in examining, altering, overseeing, and estimating the informal advertising efforts on Instagram. Through StarNgage, brands can accomplice Instagram influencers for pulling in and drawing in clients by conveying important, accommodating, and customized visual encounters. StarNgage also tracks, dissects, and benchmarks a huge number of Instagram profiles which guarantees the accomplishment of Instagram crusades.
8. Blogmint
Blogmint is said to be Asia’s first item based influencer showcasing stage and one of the first influencer advertising stages (in quite a while) which associates brands with social influencers – Bloggers, YouTubers, Twitteratis and Instagramers. Outstandingly, this stage helps in recognizing and connecting with influencers to make amazing social and video content. With more than 29,000 influencers and 900 brands/organizations, Blogmint is amongst the favored commercial centers for influencer advertising.
By 2020, worldwide influencer advertising is estimated to be a $20 billion industry. Of this, India represents a juvenile piece, somewhere in the range of $75 and $150 million.
As it were, it is a current rendition of customary superstar underwriting. Brands team up with “influencers” who have a reliable background and could influence their devotees by connecting promotions to the brands’ offerings.
Most brands in India have distributed between Rs1 lakh and Rs10 lakh ($1,409-14,091) each as their influencer promoting spending plans this year as per an ongoing study. The sizeable binge spend is simply going up, with 72% of Indian firms intending to expand their spending via web-based networking media influencers, of all shapes and sizes, in 2020, the report said.
Brands have chosen influencers based on their fan following. In any case, this has changed as of late, especially since devotees can now be purchased. A study has discovered that Indian influencers on Instagram have 16 million counterfeit devotees.
Also, greater the superstar, more the expense. Priyanka Chopra and national cricket crew captain Virat Kohli, with 45 million and 42 million adherents on Instagram, individually charge well above Rs. 1 crore per post. In the interim, influencers with more than 500,000 supporters energize to Rs. 7 lakh per post, and nano and small scale influencers, who have under 5,000 and 30,000 devotees individually, charge Rs. 8,000 and Rs. 18,000 per post.
Obviously, with incredible power comes extraordinary duty. Since influencers with eager fan-bases can influence enormous crowds, the Advertising Standards Council of India (ASCI) is keeping a nearby watch. The advertisement controller is taking a shot at rules for web-based social networking influencers, individuals who advance items on the web to help clients settle on educated choices concerning their online buys.
Influencer Marketing – FAQs
What is the Importance Of Influencer Marketing In India?
The impact on the economy has changed how we purchase things. About 67% of advertisers report that they are occupied with some type of influencer marketing, a number that is probably going to grow as web-based social networking influencers acquire standard presentation.
How much do influencers charge per post in India?
Well, that depends upon the no. of followers influencers have. Like, Influencers having over 500,000 followers, the rate per post can vary between 1.5 Lac to 7 Lac.
What are influencer marketing platforms?
An Influencer Marketing Platform is a software solution designed to assist brands with their Influencer Marketing Campaigns. Influencer Marketing Platforms provide influencer discovery tools for brands and agencies, some also offer massive searchable databases of potential influencers, using clever algorithms.
What is Instagram influencer marketing?
Influencer marketing takes the idea of celebrity endorsement and places it into a modern-day content-driven marketing campaign.
Which platforms do influencers use?
Influencers use a variety of influencer marketing platforms to get discovered by brands and to track their progress too. They also use social media scheduling platforms to regularly publish their content on social media. Among social media platforms, Instagram is the most popular platform for influencer marketing.
How to build an influencer marketing platform?
Here’s how you can build an influencer marketing platform in 5 simple steps:
Plan the platform features
Develop the platform and select the target social networks
Start accepting influencer applications
Grow your influencer database
Collect valuable data on engagement, audience, etc
Alan Joseph
