Tag: business growth strategies

Management Strategies For Entrepreneurs For Health Flourishment Of Business

Management strategies and time is the essence of success. These are the key to success. Also, as we know, “time and tide wait for none so make sure you fully use all your time and the opportunities coming for you. Considering it as tangible or intangible is entirely one’s personal opinion, but when it comes to the significance of the 24 hours in a day, everyone has a single voice— money and time decide everything. Making the best out of whatever time a person gets requires planning and a series of right decisions; there’s no room for mistakes but then to err is the trait of being human. And when it comes to entrepreneurs for health flourishment who are striving to disrupt the established notion with revolutionary breakthroughs, time easily takes the top stop in the list of most expensive commodities. Child or adult, knowing a few time and management strategies will only do well so here are a few techniques allowing a person to maximize efficiency and minimize stress. These are being presented with a special focus on startup founders.

Understand Whether You’re A Lark Or A Night Owl

Some of us sleep early and like to work during the day while for others, the productivity index is at peaks during the late hours. Hence, in order to be extremely efficient, it’s worth knowing when you function at your best. But make sure you don’t procrastinate with you work this which means that if the job has to be submitted in the afternoon, you started working on it a few hours before the submission.

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The Workplace Should Be Conducive

It may a cubicle, a room, or simple table-chair setup in some corner—keeping the desk organized and clean definitely increases productivity. Save yourself some time by not bin rummaging over a cluttered table, desperately searching for that piece of paper! Create yourself an environment that interests you to work and the same with your workers. Make a chillax room in the office where people can take a break and enjoy themselves because recent reports say that people who work with few breaks, work more efficiently.

Workplace Should Be Conducive

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Document Everything ASAP

As the founder of the next big venture or endeavor, a person has a lot of tasks at hand. In this case, documenting processes and requirements make things easier for later stages. A lot of mobile apps are out there, serving multiple purposes such as a memo combined with an advanced planner. Make different documents for different projects and keep them in separate files, without mixing them. Also, do this once you complete the project. This will save you from a hectic day procedure of searching for everything and you will be saving some time also.

Document Everything ASAP

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Prioritize Accordingly

Working on the presentation which you have in the afternoon or the client meeting in the evening? Which will you choose among both? Here comes what we call “Prioritizing “. Not every undertaking has the same priority. It’s essential to categorize to-do actions into not so important, important, and extremely important. The temptation eve to complete menial tasks allures each one of us. But then, the resistance needs to be built up in order to avoid such situations in the first place. Make the plans beforehand and always have a mental plan for your works.

Also Read:-How to Find the Target Market for your Startup

Agility Both Physically And Mentally

It makes sense that in business everything doesn’t go according to your choice. Here, responsibilities can come out of nowhere, anytime or any place. Thus, the agility of the mind accompanied by the required physical flexibility budget is more than a competency—it is a necessity. As an entrepreneur, activities such as traveling for delivering pitch decks, meeting potential investors usually come up unexpectedly and hence the stressing on agility. So keep your agility high because you never know when that perfect agility of physical and mental will be your need to crack that big deal.

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Maintain The Calm State Of Mind

A peaceful mind always makes the perfect decision. Although, it’s not that easy as it can be said. There will desperate times where there will be calls for desperate measures. And in such cases, temperament remains volatile; there may be a sudden outburst of emotions. Is it going to escalate progress? That’s a strict no. So, practice techniques such as meditation and yoga to transition smoothly in this long and challenging entrepreneurial development path. Because of the calmer, you are, the more efficient decision you will be making for your business.

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Multitask Only Wherever It’s Feasible and Plausible

Multitasking is the coolest technique to handle things but not always it’s the best thing to do in the situation. Multitasking is often seen in a negative sense. But then, people do multitask and that too effectively. This skill varies greatly according to individual capacities. So, see how feasible study it’s for you before actually bringing it into practice. Master the skill first, then use it when it’s necessary. Also, don’t compromise position with the efficiency of the work you are multitasking because that hitch can cause you huge loss. Hence, multitasking has both pros and cons, so use it wisely.

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Involve Others

Delegation isn’t a synonym of slacking evolution off. But when doing something innovative and ingenious, leaders and founders should delegate secondary activities to fellow members and take care of the major responsibilities themselves. Good teamwork skills make work easier and also more ideas can be given to make the work more efficient. There may be less room for error as many people will be checking and analyzing the work. Hence, this allows multiple activities to be covered in the same amount of time. The end results which come are efficient and good also.

Involve Others

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Identify Sources Of Distractions

It can be anything—television, unwanted guests or even annoying colleagues relationship. These things can break your concentration level and it may take you long to get back to the focus point to start again.

So, try to stay away from them especially when doing important activities that call for focus, concentration and undivided attention.

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Incorporate The ‘Pareto Principle’

If you are able to get 80% of the results with just 20% of the efforts, then the future’s looking bright for you! Backed by scientific evidence principle, try to ensure that daily activities revolve around the 80-20 rule. It may seem difficult at first, but once you get the hang of it, reap the rewards!

Pareto Principle

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Don’t Wait

Staying idle isn’t a bad habit but don’t spend too much of your precious time waiting. Even two minutes are sufficient to complete a task, provided you have a knack for identifying and classifying activities according to the time they require.

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Take Breaks

This may seem to be in stark contrast with earlier point but both signify something different. Continuous grinding can reduce productivity. Hence, it is advised to take breaks in-between to ensure that the fuel keeps running, and to keep your mind fresh to cultivate more new and productive ideas.

Take Breaks

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Actions Speak Louder Than Words

Don’t waste time in preaching stand. Practice what you say and that too with utmost dedication and sincerity. Instead of wasting time suggesting those around you about what they should do, let others take inspiration from your way of handling things. After all, no one likes to be friends with a hypocrite.

April 12, 2020
Apply These Secret Techniques & Hacks To Improve Name For Startup

Any parent considers at least a hundred names before deciding one for their baby. Well, every startup is its founder’s baby. I say their names require the same amount of attention. The name will lead the startup throughout its career, and is the first thing people will come in contact with. This article will discuss some guidelines and methods to help you find the perfect name for your startup.

1. Brainstorm

Brainstorm the Name of the Start-up with Your Co-Founder or with Your Team.

Pick a corner. Grab a notepad. Write down what your business is about. A very short one-line description of your business. Pick the defining aspect of your business. Is it customer service? Or integrity ? Or customization? Play with words. Search for the word in different languages. It is necessary to have an idea of what your name should be like and what it should represent before you seek inspiration and after all the calculations give the name of Startup.

2. Inspiration

Name of the Startup on any Inspiration.

Now, for the inspiration. When you have an idea, it is necessary to seek inspiration. I know that the process is usually reversed but hear me out. It is important to be uninfluenced before you start deciding on a name of the Startup. Seeking inspiration at the start will lead to constant comparisons of whether your name will be better or equal to that of your competition. Inspiration can be from anything- that depends on your product.

Also Read: 16 Must Watch Bollywood Movies for Entrepreneurs.

3. Name Generator

Name Generator Websites Can Help you in Naming of the Start-up.

Remember when I discussed word play. There are online name generators available that ( you guessed right ) generate the names of the startup. Generators like the one shopify offers, or namelix give you a variety of choices. All you need to do is enter the keyword, the ones you wrote down while brainstorming. The options range from misspelled words to catchy phrases. Some generators even check for domain availability at the same time. I’ll discuss domains in a little while.

4. Simple

Name of the Start-up Should be Simple.

Keep your name simple. Don’t exceed more than twenty four letters. Something that captures the whole essence of your company with one word. And try to stick to a single word. It can even be a compound word and if it has to be two words, make it catchy, for example- Dunkin Donuts or Krispy Kreme. A tall order; taller than a Starbucks latte unfortunately. If it is more than a few words, make it your catchphrase, like McDonalds- ‘I’m loving’ it’ or Nike’s- ‘Just Do It’. Keep it simple and keep it memorable.

5. Original

Originality Should be Maintained in Naming the Start-up.

Originality is something important. Not only does that give you the creative bragging rights but also makes it easier for you to use the name without competition and escape unnecessary lawsuits involving copyrights. Your originality reflects a part of you. While you don’t have

to stress over name of the startup, it is definitely something you need to be original about, because the name and how you describe your product is important.

Also Read: How to Come UP With a Creative Business Name.

6. Spelling

Spelling Should be Correct While Naming the Start-up.

Spelling is one of the most important aspects of your name. Unless you deliberately misspelled your name like Flickr or Lyft, spell it as it sounds. Even misspelled names merely replace letters that do not change the pronunciation of the word. Don’t use silent letters. And most importantly, understand the language of your target audience and name accordingly. It makes no sense to use a french name for a product targeting a Spanish audience unless it is really relevant.

7. Say it aloud

Say the Name of the Startup Aloud.

The name of startup needs to sound as good as it is spelled. If your name is mispronounced one too many times , it’s a sign you need to change it. Also your name shouldn’t associate or rhyme with any negative connections. Simply put, your name is not something that should be made fun of easily.

Also Read: How to Get Media Attention Towards Your Startup.

8. Relevance

Name of the Start-up Should have a Relevance.

Unless you have the means to oversee a huge marketing campaign, stick to names with relevance. Google, Yahoo, and oracle make no sense by themselves but since they are popular, they needn’t be self explanatory. In fact those names have developed their own definitions.

If you are opening a coffee shop, your name should be something such as coffee bean, or coffee hour, or anything relevant.

9. Feedback

Feedback can Help you While Selecting the Name of the Start-up.

Feedback from your circle will you give you a new perspective. Your circle is the closest you can get to your target audience before launch. They will also offer valuable inputs from a customer point of view so be sure to take them into consideration.

10. Don’t be obsessed

There’s always this feeling of satisfactions when it comes to creativity. A better design, a better logo, a better color scheme, a better…stop. Don’t obsess. If it fits all your requirements stick with it. And don’t hold out hopes for changing names in the future. That will give you unnecessary hassle because there are legal aspects involved. A name is surely important and worth a few sleepless nights but don’t obsess over it.

11. Growth

The Name of the Start-up Should Add Growth to Your Start-up.

The name shouldn’t restrict your growth. Don’t tie your name to a place or a single product. Names of the startup such as ‘Jonah’s books’ or ‘Madras Apparel’ won’t do you any favours when your aim is to scale. Stick to non-confining names. Unless of course the place is ties to the brand. Kumbakonam filter coffee is one example. Kumbakonam is a place in Tamil Nadu renowned for its delicious coffee.

Also Read: How to Find The Perfect Co-Founder.

12. Trademark

Trademark Should be Registered While Naming your Start-up.

Once you have your name all set, it’s time to put a TM on it. Look up the procedure on how to register your brand for a trademark to prevent others from using your name. And if anyone does copy your name, they’ll be liable to pay you. Register your trademark as soon as possible.

13. Domain

Domain Name Should be Similar to the Name of the Start-up.

If you need an online presence, check for availability of domains. If your domain is available, great. If not, and if you definitely require an online presence, you have to change your name unfortunately. Or if your domain name is available for sale and if you don’t want to go through the process of choosing another name, buy that domain. And always, always go for a .com rather than a .net or .org because .com implies credibility to the user.

Also Read: Build Trust in Online Business

14. Register

Registration of the Name of the Start-up Should be Done Soon as Possible.

Once you choose a name of the startup, you have to register your business. The procedure varies from location to location but a lawyer can definitely help you with all the legal aspects of the business.

15. Social handles

Social Media can help you to Decide the Name of the Start-up.

Retain the same name across all social handles. Don’t change it from one medium to another. Familiarity helps with memorability. Different names of the startup will make your customers question credibility. If special characters are part of your name, include them as well at all handles.

Also Read: Top 10 Social Media Management Tools for Business.

16. Are you satisfied?

Satisfaction Should be there While Naming the Startup.

Don’t kill me for making you think twice but are you satisfied? Because it is important to be happy with the name you have chosen so that you can focus on other important aspects of your business. Seek validation from trusted ones and make sure you are happy with the name before you proceed to a point of non-reversal.

The process of finding a name is definitely nerve-racking. Don’t stop until the name feels right to you. If you have a team, consult them. Your business name is not just the business’ identity, but yours as well. The name will also influence the marketing campaigns and investors. Find your niche and choose (or create!) a name to represent it. Whatever name you choose, stick with it and do not second-guess it too much.

Happy name-hunting!

April 11, 2020
Disadvantages of SaaS Discounting
Discounts are one of the most powerful tools in a sales team’s arsenal. But way too many companies are using them wrong. To get people into their product, many SaaS companies turn to discounts to increase acquisition. They think that they can raise prices later, once these customers see the value in the product. But by discounting, you have already hurt that value.

SaaS Discounting

Pricing is a dedicated and patient process. After spending so much time perfecting your pricing, you shouldn’t use discounting as a “quick fix” to bring in more customers by underselling the value of your product. Excessive discounting causes a ton of damage to growing SaaS businesses. The most obvious impact is losing potential revenue. While that does hurt, there are much more destructive consequences that come later. So, let’s jump right in.

Discounts Increase Your Churn

Discounts increase your churn

One simple rule is key to sales: customers buy when the perceived value exceeds the price. The gap between price and value is the benefit a buyer receives. This is what makes discounting so effective at winning deals. You can get away with low value by offering an even lower price. That allows you to preserve this value gap. In this way, discounting hurts your business and increases customer churn.

Discounted Customers Are Less Willing to Pay

In SaaS, customers are constantly presented with so many promotions and discounts that if you offer a discount “for two days only,” they know there will be more coming down the pipeline. When just looking at the goal, it seems that the aggressive strategy may be the better choice. However, limiting our view to only this small window of time means we miss the significant repercussions of such an aggressive discount strategy further down the line.

Discounted customers are less willing to pay

We see that by using aggressive discounts, customers had:
- Lower willingness to pay. Their price threshold is already set so low so when the price is brought back up, they have a higher price sensitivity and are less likely to renew.
- High churn rate. Following the rise in price, rather than renewing, customers are more likely to churn out and look for a cheaper alternative.
- Lower lifetime value (LTV). With so many customers that don’t renew, you’re losing out on that investment you’ve made to acquire them without even experiencing any revenue.
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Discounted Customers Don’t Appreciate Your Value

That simple price and value model doesn’t reflect how people actually behave. That’s because there is a difference between actual value and perceived value. While actual value provided doesn’t change when you lower price, the perceived value does.
Why is that? Through experience, people have learned to associate high prices with high quality. A nice dinner is more expensive than a burger from a fast food restaurant. A Ferrari is much more expensive than a Ford. Price is a proxy for quality.

And this is why the perceived value is so important. When you lower the price of your software, perceived value will also decrease. A low price may help you land the deal today. But a low perceived value reduces the likelihood a customer be successful. At low price points, customers may not invest time & resources in your solution. It is easy to forget about a solution you paid little for. Without customer investment of time and resources, they won’t see results. And if they don’t see results, they will leave at the soonest available opportunity.

Discounting Undervalue Your Product

Companies often offer discounts thinking that it will help with cash flow by increasing acquisition of customers. However, in the long term, it ends up hurting you instead as you have to spend longer recovering CAC which is even higher with the increase in customers. Even if the discount brings in more business initially, you may never end up recovering CAC for these discount customers and ending up losing even more money in the end.

Discounting undervalue your product

While discounting directly affects your actual revenue, it also kills your momentum as a company by training both your customers and your team to devalue your product. By offering the same product at a discount, your potential customers may not think your product is worth your original price. Your sales teams just want to close. They may be using discounts as the path of least resistance to close a sale, diminishing the culture of profit you want to centre your company on.

Relevant read:
Customer Discounts Confuse Your Business Strategy

Another dangerous consequence of discounted customers with high churn is confusing your company strategy. Companies optimize growth by identifying an ideal customer profile. Once understood, they then focus marketing & sales on these target customers. But if your churn is too high, you don’t know who your best customers are. In SaaS, a good customer isn’t one who is easy to sell. It is a customer who sticks around for a long time. Retention is much more important than the first sales conversion.

So, excessive discounts used to land deals hide the most important insight: who will stick around. And if you don’t know whom to target, you will waste money on sales and marketing. This lack of focus also hurts your product team. They need to design features to make current customers stickier and attract new ones too. But if product managers don’t understand your users, they can’t improve the product to better meet user needs. So, the product gets bloated with unnecessary features that don’t tie to a clear use case. And guess what? Bloated products confuse and frustrate customers trying to use them. That reduces adoption and increases the likelihood of churn.

Conclusion

Businesses are evolving every day, and so are the tricks that can help you acquire customers. Discounts are one of the oldest, most effective selling tools; that being said, a discount isn’t just an easy-win tactic, but something you need to employ strategically based on the needs of today’s decision-makers. Bad discounting can do serious damage to your customer retention efforts.

It attracts low-value customers who don’t appreciate your service and are likely to churn. It creates a ton of work for your Customer Success team trying to rescue accounts that won’t stay. And it confuses the ideal customer profile your teams need for focus. If you know about any other disadvantages/advantages of discounting, please let us know in the comments section.

Also read: SaaS Discounting Strategy that Works
February 24, 2020
SaaS Discounting Strategy that Works
Software as a Service (SaaS) is the present and the future of the tech industry. According to Transparency Market Research (TMP), the SaaS market will reach $164.29 billion by 2022. The IDC says that SaaS delivery is growing five times faster than the traditional software market, with cloud software accounting for $1 of every $4.59 spent on software.

Discounting SaaS products can greatly impact your revenue and consumer perception. Survey reveals that discounts have a substantial influence on customer acquisition, brand loyalty and brand perception among consumers. But here’s the thing: Discounts work differently from the seller’s perspective. And if businesses aren’t careful with discounts—if they don’t strategize correctly—the whole thing can backfire in a big way.

Long-Term Effects of Discounting

Quality and price coexist. In the consumer’s mind, the higher the quality, the more the product costs. So, when buyers notice your discounted product, they are confused. And their first rational is: something is wrong. Frequent discounting serves to lower the value of the brand because of an almost subconscious reaction by the consumer who believes that quality also has been lowered.

Consequently, your pricing strategy will train customers to buy only when you offer discounts. That’s not helpful for your bottom line. Your team won’t be attracting ideal customers who want your products. Instead, price-sensitive buyers who don’t appreciate your product’s value could become the norm. Data also revealed that SaaS discounting lowers LTV by over 30%.

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Here are 7 key lessons that companies can use to implement pricing and discount strategies that work. So, without further ado, let’s get started.

Tips to Implement Correct Discount Strategies

Package Level Discounting

Package level discounting is discounting without actually discounting. In fact, this method encourages customers to pay more than they intended to in the first place.
For example, a customer signing up has the option of taking the $10 per month standard package plan, which will fulfill their needs. However, by signing up today, they can get the premium package with all of its extra features for $20 per month instead of the regular price of $30 per month. And they can have it at this price until they cancel or downgrade, after which they’d have to pay full price.

Or maybe they could enjoy the reduced price for the premium plan for the first 12 months — giving them a lengthy period to reap (and hopefully become attached to) the benefits and extra features. It’s a clever way to use discounts and a great method for sales reps to deploy with new customers.

Understand the Timing of Cash flows

Companies at any stage should consider offering discounts to their customers—but not without knowing their own profit margins. Discounts can kill a company’s cash flow if they are offered in silos, without taking into account sales commissions and data from the finance team. But how do you determine the ideal discount percentage? It’s a tricky question but thankfully one you can do a little math to answer.

In the graph below, there are three discount models:
- 25% off monthly payments
- 25% off upfront annual payment
- First three months free
Both the 25% off monthly and three months free options result in the company facing a cash challenge if the commission is paid within the first 3–6 months, with the 25% off monthly option putting the company at greatest risk. As you can see, the best approach for the business is to offer 25% off up front.

Principle of Reciprocity

If you give the customer a discount, the customer should you give you some other commitment in return. That commitment should be something other than closing the deal. One commitment to consider is increasing the length of the contract. This is a win for both parties. The customer gets an attractive price on your offering. Your company locks in a few years of revenue, eliminating any chance for near-term churn.

Another commitment to consider is changing the payment terms. Pair a discount with paying the entire annual contract right now. Or tie discounts to quarterly payments. Once again, this enables you to lock in more revenue early. Even better, you get money in hand right away.

Relevant read:
To be really effective, discounts require scarcity

Whether that scarcity is the amount of time the discount is available, the number of discount subscriptions available, etc. it needs to be there. If you don’t put some bookends on the offer, it looks like you’re just discounting your product for no reason (or, several reasons like your product sucks, you don’t value it, you’re desperate, you don’t know how to market your product, etc.).

Scarcity also gets people to take action; no scarcity, no sense of urgency to take the offer. It means you’ll have to actually figure out how to attract better customers, raise the value perception of your offering or, ideally both. If you really do have cash flow issues, then figure out how much you need and offer only that many annual subscriptions, then stop offering them.

Don’t broadcast discounts to the world

A lot of people are willing, and happy, to pay full price. A large banner across a website advertising discounts risks lost income from those people. The idea of a discount should be to make it easier to close a sale, but only as a last resort. Sales reps need to identify customers that require a discount to sign-up and offer them sparingly. Instant demos and online sales meetings are a great way to get to know prospects and understand their pain points and motivations in order to know when (and when not) to offer a discounted rate.

Ultimately, products should be priced to reflect true value and command sales without any deviation in price. However, when the moment is right and when prospects need a little nudge in the right direction, discounts used at the right time can be used effectively.

Percentages Are Hard for People to Understand

Let’s say you’re out getting your favorite coffee. There’s a special promotion, and you have a choice: You can either get 33% more coffee for the same price, or take 33% off the price. What would you do? A team of researchers at the University of Minnesota’s Carlson School of Management asked the same question to their students. The vast majority of them viewed both options as equal, even though the discount by far is the better proposition.

In other words, customers prefer getting something extra to getting something cheap. Retail businesses often see bonus deals valued more than discounts of the same value. For SaaS businesses, this is a great tactic to incorporate in sales proposals—offer the first or second month free instead of using percentages.

Also read:
Demographic-specific discounting

Enterprise and student discounting are the most commonly used demographic-specific discounting methods in SaaS and can be used without damaging the perceived value of a product.
Given the factors involved, such as volume and package requirements, enterprise discounts should be issued on a case-by-case basis without prices being plastered across a website. Non-disclosure agreements (NDAs) can also be put in place to ensure deals remain confidential.

Conclusion

Discounting your products is a major business decision. It can attract the wrong customer and even cheapen the perception of your brand. However, in certain circumstances, offering discounts to enterprise customers can produce greater long-term benefits. So, be strategic with your SaaS pricing and discounting strategy and let us know your views in the comment section below.
February 23, 2020
How Profitable Valentine’s Week are for the Companies?

Valentine’s week, the week to celebrate love and to be all loved-up and mushy-gushy, Valentine’s day is about gifts and celebration. It is a great time for couples to celebrate their love using materialize gifts. Valentine’s week is a great time for companies to selling and earning great profits. The companies come up with great ideas based on Valentine’s day and earn huge profits during the season.

The profitable businesses during Valentine’s day are cosmetics business, Clothing business, shoe business, chocolates, flowers, and soft-toys, grooming business, restaurants and cafe business.

The business market reaches into strategic heights as the market reaches to billion- dollars since people spend huge money on Valentine’s week on buying gifts.

The market of America during Valentine’s day billion dollars to exceed $20.7 billion in 2019 a 6% increase over last year’s $19.6 billion in 2018.

The largest industries who earns the major profit are jewelry at $3.9billion, Clothing/lingerie at $2.1 billion, flowers at $1.9 billion, candy at $1.8 billion, gift cards at 1.3 billion and greeting cards at $933 billion as these industries see a boost in their sales.

February 8, 2020