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Tag: business growth

  • How did Digital Platforms doubled their growth in 2020

    The PayU Insights report had stated that during 2020 because of the coronavirus pandemic and the mass restrictions laid down by the countries, the digital platforms and the digital apps had seen a huge surge in their user base which is over more than 100%. Let’s look at how the digital platforms have doubled their growth in 2020.

    UPI Sector
    OTT
    Gaming Sector
    e-commerce segments
    Ed Tech
    FAQ

    UPI Sector

    The PayU Insights report said that due to the Covid 19 pandemic and because of the various suggestions by experts to avoid paying physical cash as a precaution to not get in touch with the virus, the UPI payment has seen an increase in their demand.

    This is because of certain places like shopping malls, supermarkets and stores implementing digital payments as the primary source of payment based on the guidelines given by the governments and considering it to be safe for the customers.

    The UPI transactions have seen a growth of around 288 % in the year 2020 and the expenditures through UPI have grown up to 331 % between the years 2019 and 2020.

    OTT

    The OTT segment has also seen a huge rise in their demand. Due to the pandemic, people were restricted to stay in their homes and most of them would resort to a piece of entertainment. The coronavirus pandemic had led to the shutting down of offline theatres and other sources of offline entertainment avenues.

    Since the OTT platforms are available for a reasonable rate and additionally serving their purpose to keep them entertained. Moreover, all the new movies which were supposed to be released in the theatres were released on the OTT platforms.

    The OTT platforms have released a wide range of movies in the Indian Languages rather than concentrating on the western languages. This would be one of the major reasons for the increase in demand for the OTT platforms.

    In 2020, there were a lot of local OTT platforms which came into existence and a lot of OTT series and super hit movies. Some of the OTT platforms include Zee5, Sony Liv, Voot and many more.

    The OTT segment had witnessed an incredible growth in their transactions of around an increase of 144 % in the year 2020 and also an increase in their expenditure of up to 139 % in between the years 2019 and 2020.

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    Gaming Sector

    Even the gaming sector has seen an increase in their demand. Again, the gaming sector is also considered to be part of the entertainment industry and it plays a major role in entertaining the millennials and the children.

    The new and updated games, better laptops and computers with greater graphics and higher software upgrades would let the users try different games to keep them entertained. There are multiplayer games where the players can converse with each other and letting them play as a team.

    These games provide a feeling of playing the games together with their friends even though it is in a virtual model. The gaming sector is the secondary source of entertainment and is also considered to be the primary source by certain people.

    The gaming sector has witnessed a phenomenal increase in expenditure of up to 100 % in the year 2020 and also an increase in their average ticket size of up to 154 % in between the years 2019 and 2020.

    e- commerce segments

    The e-commerce segments have also seen an increase in their demand. The e-commerce sector was one of the booming industries in the country but still had to face a lot of challenges to gain the trust of Indians.

    But due to the restrictions laid down because of the coronavirus pandemic and the safety concerns in going to a retail outlet the e-commerce industry has seen an increase in their demand. Another factor would be the wide range of advertisements and promotions done by the e-commerce giants such as Flipkart and Amazon on the safety precautions they undertake for the safety of their customers.

    All these factors have led to a massive increase in the number of transactions for the e-commerce segments of up to 106 % in the year 2020 and an increase in expenditure of around 124 %, that is in between the first six months and the last six months of 2020.

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    Ed Tech

    Even the Ed-tech had seen a considerable rise in their demand. As the colleges and classes for students had been shifted to the online mode and certain colleges making it important to have an online course to be taken up by students have increased the demand for the Ed-tech platforms.

    A lot of colleges have also taken up subscriptions to certain Ed-tech platforms to provide a platform for the students who would want to upskill themselves. Even the professionals have used these platforms to upskill themselves and to work on their growth.

    Indian EdTech Sector Funding in last Five years
    Indian EdTech Sector Funding in last Five years

    In the year 2020, the number of transactions in the ed-tech sector had seen an increase of up to 78 % and expenditures of the Ed-tech industry have seen an increase of up to 44 %. The Ed-tech industry has seen a sharp rise in their demand as soon as the implementation of lockdown with an increase in their transactions of up to 69 %.

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    FAQ

    What is the future of gaming industry?

    The gaming industry is expected to have a statistical worth of about $300 billion by 2025.

    What is the future of OTT?

    According to KPMG Media and Entertainment Reports, the Indian OTT market is expected to grow 45 per cent to reach USD 5 billion by the end of fiscal 2023.

    How big is the EdTech market?

    The global education technology (EdTech) market size was valued at USD 76.4 billion in 2019 and is expected to reach USD 89.1 billion in 2020.

    Conclusion

    In India, the major growth in the digital platforms was seen in the North-Eastern part of the Country. The countries such as Nagaland with 93 % increase, Manipur with 74 % increase, Tripura with 63 % increase, Arunachal Pradesh with 66 % increase and Meghalaya with an increase of 82%. These countries have been on top of the list.

  • 6 Ways – What Makes A Successful Business Partnership

    We constantly see people and companies collaborating with each other to bring about successful outcomes. However, it is not as easy to work in collaboration with people and companies as one might think. When one starts working in collaboration lots of things come into play. Many compromises have to be made in order for the partnership to flourish.

    According to a report, 70% of business partnership fails. But fret not, here we are with amazing tips to help you establish a successful and healthy business partnership which will help you and your partner grow to great heights. Read on to find out how to have a successful business partnership?

    Have a common mission
    Respect your partner
    Have a team managing your partnership
    Keep assessing the profits
    Be compatible
    Define your roles

    Have a common mission

    Two people cannot work together if they have different mindsets. So it is very important for both the partners to think on the same lines for achieving the same goals of business. Sitting face to face and getting to know each other better is the key to a successful partnership. If your goals clash or your ways of thinking do not match, then there is a huge possibility of disputes which can bring losses for both the parties involved.

    Respect your partner

    One doesn’t partner with someone unless they can see a profit involved. If one has established a partnership with someone either the company is extremely successful or of some advantage to the collaborating party. Your partner has overcome numerous hurdles to reach high levels of success; hence, it is not a good idea to consider your partner less than you in any aspect. They might be having knowledge about strategies that you do not know about.

    Therefore, it is advisable to make this relationship a give and take one. Respect the capabilities and capacities of your partner. Also, any partnership, be it business or personal, is based on trust. In order to trust someone, you need to know them better. So, take time outside of work in knowing about each other’s goals and develop an understanding of each work ethics.

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    Have a team managing your partnership

    how to have a successful business partnership
    Team – Business partnership

    When two big and successful companies or organizations collaborate with each other it is mandatory to  form a team that will look after the terms and conditions of the partnership and manage the transactions that take place between the two partners. This team will serve as the bridge to facilitate relationship building and consistent communication. Maintaining healthy partnership takes both time and capacity, so, it is important to appoint capable staff that can ensure success of the partnership.

    Keep assessing the profits

    how to have a successful business partnership
    Profit Analysis

    Regular assessment of the achievement of goals and the profit that is coming from the collaboration should be done. Proper statistical data should be analyzed and any sort of issues should be resolved quickly and precisely. Constant analysis of the numbers can give a clear indication of whether the collaboration is profitable or not. A partnership that does not benefit anyone should not be continued any further.

    Be compatible

    Two partners with the same type of skill set are of no use to either company. One does not have to essentially have everything in common. Having a comparable relationship is what makes a business partnership successful. If you lack something and your business partner has that skill, they can provide you with assistance in that field and if you have a certain skill set that they could benefit from then you can assist them with it. It needs to be a healthy relationship where skills and knowledge can be equally shared. Each partner should realize the potential of the other and team up in a way that both can profit from it.

    Define your roles

    For any partnership to flourish every individual involved needs to know their roles with accuracy. If the roles are not clearly laid out work processes would become chaotic. It will be difficult to come to a conclusion if everyone starts acting like the head of the company. To avoid any commotion of this kind, clear roles need to be set for everyone and everyone should respect their tasks. Interfering in other work may cause disputes making the partnership suffer and often leading to its downfall.
    Apart from keeping these in mind, working meticulously to reach the goals as put down during the establishment of the partnership will help in making the collaboration bear fruits of success.

    Conclusion

    Building a Successful Business Partnership is a long-term process. It can’t happen overnight. As long as you progress, you will find different challenges and you need to overcome those to make your partnership successful. These are the important keys to successful business partnerships. I hope the above tips will help you to build a successful business partnerships. Share your thoughts on the comment section.

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    Successful Business Partnerships – FAQs

    What are the characteristics of a partnership?

    5 major characteristics of a partnership

    1. Existence of an agreement
    2. Existence of business
    3. Sharing of profits
    4. Fusion of ownership and control
    5. Non-transferability of interest

    What makes a partnership successful?

    • Have a common mission
    • Respect your partner
    • Have a team managing your partnership
    • Keep assessing the profits
    • Be compatible
    • Define your roles

    What are the objectives of a partnership?

    The main objective of any partnership is to bring together the resources and skills of multiple business owners so that they can operate with more efficiency and can even reduce competition in the market.

    How to have a successful business partnership?

    6 Tips for having a successful business partnership

    1. Have a common mission
    2. Respect your partner
    3. Have a team managing your partnership
    4. Keep assessing the profits
    5. Be compatible
    6. Define your roles

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  • All About Microfinance Models In India

    Microfinance – also called microcredit- is a way to provide small business owners and entrepreneurs access to capital. Small and individual businesses don’t have access to traditional financial resources from major institutions. It is harder to access loans, insurance, and investments that will grow their businesses. This sector has been instrumental in creating opportunities for low-income households by providing credit access to 64 million unique live borrowers who were previously beyond the reach of traditional financial services. Additionally, the microfinance sector has its own set of challenges, ranging from lack of formal credit history, absence of collateral, laborious customer acquisition process, and low digital and financial literacy. There are various microfinance models in India many of these models are indeed ‘formalized‘ versions of informal financial systems.

    Some of the significant features of microfinance are as follows:

    • The borrowers are generally from low-income backgrounds
    • Loans availed under microfinance are usually of a small amount, i.e., microloans
    • The loan tenure is short
    • Microfinance loans do not require any collateral
    • These loans are usually repaid at higher frequencies
    • The purpose of most microfinance loans is income generation
    Market share of financial institutions in outstanding portfolio
    Market share of financial institutions in outstanding portfolio

    Government initiatives play a significant role in channeling the credit flow to underserved sectors through priority sector lending, Micro Units Development, and Refinance Agency Ltd. (MUDRA) Yojana, loan co-origination, and private sector investments. In the last couple of years, the microfinance sector has seen promising growth on the back of the rapidly growing Indian economy.

    Microfinance in India

    Small and medium enterprises (MSMEs), thereby increasing the contribution of these segments to India’s overall GDP. In FY19, the microfinance sector displayed 40 % growth in terms of the loan portfolio. INR 10 billion funds have been released by the Small Industries Development Bank of India (SIDBI) to boost the microfinance sector. SIDBI has tied up with non-profit organizations and social ventures to channel funds at below-market rates to facilitate affordable borrowing.

    In recent years, the microfinance sector has faced new challenges such as:

    • Limited access to low-cost funding for Microfinance Institutions (MFIs)
    • Low financial and digital literacy among targeted Borrowers
    • Over-borrowing
    • The demand for more innovative
    • Customer-centric products

    Reserve Bank of India (RBI) has played a significant role in enabling the microfinance sector to reach out to new geographies. Recently, the Government of India has also increased the microlending limit of borrowers to INR 1.25 lakh to expand the reach of the microfinance sector.

    Needs of the microfinance ecosystem

    • Availability of alternative capital funding channels
    • Customer centricity
    • Mature risk and regulatory landscape
    • Streamlined operations of customer-facing personnel
    • Robust credit risk assessment mechanisms
    • Technology enablement for the ‘high-touch’ industry
    • Women empowerment and the emergence of an entrepreneurship-driven landscape

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    Different Models of Microfinance in India

    Associations Model

    The target community forms an ‘association’ through which various microfinance (and other) activities are initiated. Such activities may include savings. These associations or groups can form of a youth, women. It is also formed around political/religious/cultural issues. It can create support for microenterprises and other work-based issues.

    According to NABARD, SHG-BLP is the world’s largest microfinance program in the world.

    Bank Guarantees Model

    A Bank guarantee is used to obtain a loan from a commercial bank. This guarantee may be arranged externally ( through donor/donation, government agency, etc. ) or internally (using member savings). The loans obtained may be given to an individual or they may be given to the self-formed group. It is a form of capital guarantee scheme. Guaranteed funds may be used for various purposes, including loan recovery and insurance claims. The guaranteed funds can be used for various purposes such as loan recovery or insurance claims.

    Bellwether Microfinance Funds (India) is one such example.

    Community Banking Model

    In India, community banking looks very different. Self Help Groups (SHG) are often instituted in which members of the local community join together and pool capital resources for lending to members. They value transparency in their practices and utilizing their savings for their purposes of lending.

    A successful example is the Royal Bank of Scotland (RBS) Foundation India, which has various microfinancing programs to help the poorest communities across India.

    Challenges in accessing credit from the formal sector
    Challenges in accessing credit from the formal sector

    Cooperatives Model

    A co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-owned enterprise. The members are the shareholders and have their share in equity capital. They also share the profit.

    Co-operative Development Forum Hyderabad is a successful example of this model. It has built a network of women’s thrift groups and men’s thrift groups.

    Credit Unions Model

    This model is based on a member-driven credit union, a self-help financial institution. A union of members is formed. These members form the common community. They agree to save together and give loans to each other at a nominal rate of interest. A credit union’s membership is open to all who belong to the group, regardless of race, religion, color, or creed.

    The members are people of some common bond:

    • Working for the same employer
    • Belonging to the same church
    • Labor union
    • Social fraternity
    • Living/working in the same community

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    Grameen Banking Model

    It promotes credit as a human right and is based on the premise that the skills of the poor are underutilized. The Grameen Bank (GB) is based on the voluntary formation of slight groups of five people to provide mutual, morally necessary group guarantees instead of the collateral required by conventional banks.

    The whole center is jointly responsible for the repayment. Grameen model is being followed by Sarv Seva Abhiyan (ASSEFA), Activities for Social Alternatives.

    Intermediary Model

    This model positions a third party between the lending institutions and the borrowers. The intermediary plays a critical role in generating credit awareness and education among the borrowers. Intermediaries could be individual lenders, NGOs, microenterprise/microcredit programs, and commercial banks (for government-financed programs). The intermediaries are incentivized in monetary and non-monetary forms.

    Individual Banking Model

    This is a straight forward credit lending model where microloans are given directly to the borrower. The individual banking model is a shift from the group-based model. The MFI gives loans to an individual based on his or her creditworthiness. It also assists in skill development and outreach programs. Co-operative banks, Commercial banks, and Regional Rural Banks mostly adopt this model to give loans to the farming and non-farming unorganized sector.

    Self-employment women’s association in India s one such example to have adopted this model. The members own and govern the group.

    NGO Model

    NGOs are one of the key players in the field of micro-financing. They help the cause of micro-financing by playing the intermediary in multiple dimensions. Non-governmental Organizations (NGOs) played a vital role in rural reconstruction, agricultural development, and rural development even during a pre-independent era in our country. NGOs became a supplementary agency for the developmental activities of the government and in some cases, they become alternatives to the government.

    Non-governmental Organizations are committed to the upliftment of poor, marginalized, underprivileged, impoverished, and downtrodden and they are close and accessible to their target groups.

    Various NGOs are helping the cause of micro-financing. For example, MYRADA in Karnataka, SHARE in Andhra Pradesh, RDO (Rural Development Organization) in Manipur, RUDSOVAT (Rural Development Society for Vocational Training) in Rajasthan, and ADITHI in Bihar.

    ROSCA Model Or Chit Funds

    Rotating Savings and Credit Associations or ROSCAs, are essentially a group of individuals who come together and make regular cyclical contributions to a common fund, which is then given as a lump sum to one member in each cycle. At the end of a cycle, the total fund collected goes to any one member. Rotating Savings and Credit Associations are a means to save and borrow simultaneously. There are lakhs of ROSCA functioning in India today.

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    Village Based Model

    It is closely related to the community banking and the Group model, this is the community-based saving and credit model. A group of 25-50 people gets together to enhance their income through self-employment activities. They get their first loan from the implementing agency, which helps them form the community credit enterprise.

    Small Business Model

    This model places a big responsibility on small and medium enterprises. This has been changing, as more and more importance is placed on small and medium enterprises (SMEs) – for generating employment, for increasing income, and providing services that are lacking.

    Future of Microfinance in India

    • Affordable borrowing for one and all: Easy access to microcredit
    • Reaching the doorstep of every unbanked customer
    • The road ahead for a digital microfinance
    • Leveraging women empowerment and mobilizing the entrepreneurial landscape

    India aims to become a USD 5 trillion economy by 2025 and the microfinance industry will play a leading role in uplifting the lives of millions of low-income households and enabling them to contribute to the country’s economic growth.

  • How to Find the Perfect Co-Founder for Startup?

    Being an only person like a one-man army for your startup is very tough. It also possesses a huge risk if the person is starting a startup and thinking to do it alone. But finding the perfect co-founder for a startup is one of the most difficult tasks as it can make or break the future of your company. Still, the question is how to choose a co-founder ‌‌who is not only committed but also shares your vision and passion for the company. So, here are a few websites, ways, and tips on how to find a co-founder for your startup.

    The big entrepreneurs always suggest that for a startup founder, it is important to have a co-founder in order to bear the loss and share profits and other responsibilities of the company. A co-founder needs to be good at everything that you are not. So let’s get some insight on how you can find your co-founder for startup.

    ‌‌Some Websites to Find Perfect Co-Founder for Startups:

    1. CoFounderLab

    find startup co founder
    CoFounderLab

    CofoundersLab platform mainly emphasizes on a variety of resources for business partnerships starting with team building, certification courses designed to help grow businesses and funding. They have their meet up events in 45+ cities. They provide a community of 400,000 entrepreneurs to validate the ideas of the startup founder and make it move forward. It helps in finding the perfect partner for a business.‌

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    2. CollabFinder‌‌

    find startup co founder
    CollabFinder

    CollabFinder is one of the best co-founder websites. It is a platform to build projects and relationships with people like you. Post a project idea with the help of which, people can help you in preparing and building a quality product or service with just one click, or you can browse and ask other members which you like to suggest some ideas for your project. So far, people have used CollabFinder to build everything from funded startups to weekend side projects and everything in between.

    ‌‌3. Founder2be

    This company has partnered with leading incubators, accelerators, and universities which can help you to find the perfect co-founder for your startup. Founder2be connects designers, hackers, hustlers having shared interests and complementary skills matching with your profile. Co-founder discovers each other online, meet up in person and then start amazing startups together. The sign-up is easy and free. Then, one can find the perfect co-founder for their startup. It is a community of 95,000 + co-founders, to find and choose from.‌‌

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    ‌‌4. Hachi

    ‌‌It is a one-click referral hiring solution that help companies, hiring managers and recruiters. One can find the most talented candidates within their team’s professional and social networks. Hachi is built on top of a constantly growing huge network of 60 million professionals from over 200,000 organizations, with 52 billion relationships. Hachi searches not only your employees’ direct connections but also their friends on all major professional and social networks.

    ‌‌5. MEETUP.COM

    find co founder for startup
    Meetup- Community of Co-Founders.‌‌

    It is the world’s largest and well-known network of local groups. There are more than 9,000 groups get together in local communities each day. Each one with the goal of improving themselves or their communities. Its mission is to revitalize local community and help people around the world self-organize. Meetup believes that people can change their personal world, or the whole world, by organizing themselves into groups that are powerful enough to make a difference.‌‌

    ‌‌6. Younoodle

    how to hire a co founder
    Younoodle- Co-Founder engagement website.

    ‌‌It is a  technology engine that powers the global startup revolution. They make it happen by connecting corporations with disruptive startups through the Corporate Startup Innovation program on the platform. They have managed to run about 550+ innovation programs on their platforms, over the last 5 years.

    They work with corporations, universities, accelerators, governments as well as on the other platform. Some use the judging platform to accept, screen and evaluate applicants for competitions or accelerators. And some others, they tap into the global network of talent to do brand or technology engagement and also help governments and policymakers on implementing entrepreneurship programs.

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    ‌‌‌‌7. Ideaswatch

    co founder for startup
    Ideaswatch- Growing your business with a Co-Founder.

    Ideaswatch is all about sharing ideas for new products or services that one would love to use if they can be executed. On the websites, they can discuss startup ideas with entrepreneurial minds from all over the world and start a business together. People can get in touch with other people passionate about the same idea and can start a business together.‌‌

    Sharing ideas can be very productive because it will encourage young entrepreneurial minds to start something new and productive in nature. It also, motivate others to share their ideas too, so others can also get inspired.‌‌

    ‌‌8. Code Army

    how to find co founders?
    Code Army- Empowering your business with a Co-Founder

    Code Army is a startup which provides services to other digital startups. If one has an idea for a tech business, then Code Army is the best place which can guide you on how to set it successfully. At, the website, the workers consult, guide and teach others  how to manage a tech business.

    Code Army is one of the best platforms which provides a learning and mentoring program to guide non-tech entrepreneurs, the way of dealing with their IT project. They use a large group of skilled and experienced professionals, coming from all around the world: businessmen, marketers, CTOs, designer, and more, all characterized by a common drive, the dream of starting a startup.‌‌

    ‌‌9. Founders Nation

    finding co founders
    FoundersNation- Build the foundation of your business with a Co-Founder.

    It is a platform for entrepreneurs and founders, built to connect dreamers that wish to make the world a better place through innovation and technology. It provides a variety of ranging founders to choose as a co-founder.‌‌

    ‌‌10. Linkedin

    how to find a co founder?
    Linkedin- Connecting your business with the Perfect Co-Founder.

    The most common and the popular, of all. Linkedin is the source of finding co-founders, employees, and everything, required for a business. It connects the world’s professionals to make them more productive and successful. With more than 450 million members worldwide, including executives from every Fortune 500 company, LinkedIn is the world’s largest professional network on the Internet.‌‌

    Now some ways to find a co-founder are:-‌‌1- Use the existing network, you have and look for people who are as enthusiasts like you and will understand your vision.‌‌2- As mentioned above, look for these co-founder finding websites to find the perfect co-founder, one wants. Here, one can have options and can choose from a lot of capable co-founders, one wants.‌‌

    The 3-Job boards may be the most underrated place to find co-founders but it still can e used to find the co-founder required for the startup. One can write the perfect requirements including the description of the company, the job responsibilities and requirements for being the co-founder of the startup.

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    Conclusion

    ‌‌Finding the ideal co-founder can be a difficult process to find but once found, one can be very successful in the business. Comment below how you found your perfect co-founder or the tips you followed to find the ideal co-founder, for your startups.

    FAQs

    How to choose a co founder for startup?

    When you’re choosing a co–founder, you want to make sure that there are some similarities between you two. You want to make sure that your co–founder is willing to put in the same amount of work that you do, work similar hours, and communicate in a similar style.

    How to find co founders on LinkedIn?

    You can also search for a co–founder on LinkedIn by typing in the role you’re looking to fill within the search bar. Here’s the process: Find the dropdown button on the left criteria pane labelled “People.” “All” may be selected by default.

    How to find a co founder for your startup?

    Try to find some bloggers in your niche and spread your story through their articles. List yourself on co–founder platforms and ask people to read your story before contacting you. Meet a lot of people in startup events like Startup Weekend, In50Hours, Saturday ventures, and TechSparks.

  • Bacardi: Cuba’s legendary Liquor brand and its remarkable growth

    It is near to impossible that someone has not heard about the legendary Bacardi brand. It deals in various other products like Grey Goose vodka, Cazadores tequila, Bombay Sapphire and Martini vermouth and makes the drinker remember the taste when they get to taste the solid potion. Bacardi has got a rich and long history and heritage attached to it since it was founded.

    Bacardi Limited is the largest American, family-owned spirits company in the world. Anciently known for its Bacardi white rum, now has a portfolio of more than 200 brands and labels.

    Here we are discussing about the history of one of the greatest rum distilleries in the world, Bacardi. It’s story begins way back in the early 19th century in Cuba. Initially, it was only limited to the regions of Cuba and its people, now The rum generates volume sales of 17.8 million 9-liter cases worldwide.

    Bacardi, which also makes Bombay Sapphire gin and Grey Goose vodka, is the Third Largest International Company in India. Ranking after Diageo and Pernod Ricard. It reported 22% growth in revenue to Rs 837 crore.

    Bacardi Highlights

    Company Name Bacardi
    Founder Facundo Bacardi
    Founded 4 February, 1862
    Headquarters Hamilton, Bermuda

    History and Establishment of Bacardi

    Back when Cuba was still a Spanish colony, that was exactly when Facundo Bacardi came to Cuba in 1830. He was then just 16 years old tryin to make something for the survival. He was originally from Sitges, a port city in Northeastern Spain.. He landed in Santiago de Cuba, the island’s second largest city, and found work at a local distillery.

    The distillery was owned by John Nunes and it was literally one of the city’s first rum distilleries.

    The Spanish Crown had originally banned the production of rum in its colonies in order to protect its expensive wine industry. The ban had only been reversed in 1796 and John Nunes was one of the first rum producers to get back in on the action. Although, the rum made back then didn’t have the common taste with the rum we drink today. It had been produced the same way since the 16th century and the people of Cuba called it aguardiente, which literally means fiery water in Spanish.

    The history and evolution of Bacardi

    The spirit was made by mixing water with molasses and of refining sugarcane. The resulting mixture would be left to ferment and it would later be boiled off into an alembic and condensed, producing a dark liquid that was 85% alcohol. Aguardiente was so harsh that most Cubans didn’t actually drink it but used it as medicine, soaking it in towels to alleviate headaches and to treat wounds.

    Facundo spent many years producing aguardiente in John’s distillery, but he dreamed of creating a more refined beverage. His first step to fulfill his dream came when he married Amalia Moreau, the daughter of a wealthy plantation owner who had served in Napoleon’s army. Using his wife’s capital, Facundo was able to buy John Nunes’ distillery for $3,500 in 1862. It soon gave birth to the Bacardi distillery.

    The property Facundo bought came along with a colony of bats, which are symbols of good fortune in Cuba and would later come to symbolize the Bacardi brand. To perfect his way of production and make the Rum more favorable, he tried various strains of yeast, different concentrations of molasses and water. The fermentation of molasses produces several different alcohols, each with its own unique chemical composition, taste and boiling point.

    Facundo had no idea about the chemistry behind the thing he was experimenting, after months of trying he finally figured out which liquor he wanted to keep. The end result was rum of exceptionally high quality, the liquid was very light, almost transparent and was free from the foul odors of aguardiente. At first people would come to his distillery to fill up their jugs and barrels, but once Facundo saw just how much demand there was for his drink, he started selling it in bottles instead. The Bacardi rum spread like wildfire, and by 1868 it was sold across all of Cuba. It gave birth to the one of the legendary liquors in the history.

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    The tremendous growth of Bacardi

    Facundo was a humble man and had no plans for international expansion, but after he died in 1886, his son Emilio took over and he had much greater ambitions.

    During his early years, he transformed Bacardi into one of Cuba’s biggest companies, which now owned plantations and distilleries across the island. The Bacardi brand spread internationally in 1910, when Emilio started a bottling facility in Barcelona, near his father’s birthplace. Bacardi’s obvious international target was the US, but in 1919 the States ratified the Prohibition amendment.

    Prohibition wasn’t actually bad for Bacardi. Although the company couldn’t export its drinks to the US, nothing stopped the American drinkers from flying to Cuba to buy them. After the 18th Amendment got repealed, Bacardi sold over 80,000 cases of liquor in the US. They got around America’s expensive import duty by opening a facility in Puerto Rico. The reason behind Bacardi’s biggest hit in the US are- the Daiquiri and the Cuba Libre. These two cocktails were among the first to showcase Bacardi’s excellent use as a mixer, and they are still exceedingly popular to this day.

    In 1959, the Batista regime crumbled under the socialist revolution of Fidel Castro and Che Guevara. Despite losing their assets in Cuban Revolution, Bacardi was recorded to touch heights. In 1964, Bacardi sold 1 million cases of liquor and almost 2 million in 1968. By 1980 it had replaced Smirnoff as the number one liquor brand in the US with annual sales approaching 8 million cases. In 1993, it was wildly successful with Bacardi Breezer too.

    Sales Volume of Bacardi over the years
    Sales Volume of Bacardi over the years

    Currently, Bacardi is the fast growing market for tequila by acquiring Patron Spirits International AG in a deal valuing the company at $5.1 billion.

    “Adding Patron to the Bacardi portfolio creates a enormous opportunity for the brand outside of the United States as Bacardi’s international distribution network will help grow Patron around the world, increasing scale in the global world,” by CEO Mahesh Madhavan.

    In 2019, revenue generated by the Bacardi rum brand in the United States amounted to some 180 million USD.

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    Some of the Bacardi Acquisitions:

    • In 1993, Bacardi merged with Martini & Rossi creating the Bacardi-Martini group.
    • Dewar’s scotch, Royal Brackla and Bombay Sapphire gin from Diageo for $2 billion.
    • Cazadores tequila brand in 2002 and in 2004 purchased Grey Goose, a French-made vodka for $2 billion.
    • In 2006, New Zealand vodka brand 42 Below was purchased.
    • Bacardi also merged with Bourbon: Angel’s Envy.

  • 8 No-Cost Marketing Ideas To Grow Your Business

    Marketing is an essential component of every business and it often turns out to be a huge expense with seemingly insignificant results.  Staffing companies spend exorbitant amounts for marketing activities. Over the past few years, there has been a trend named no-cost marketing.  This new way of raising awareness for a product or brand is designed to enable businesses to earn better returns from their marketing efforts without significant investment.

    As a business manager/owner you should select marketing methods that make the best use of any limited budget available to you. Let us discuss about no-cost marketing ideas. It is the activities that are designed to promote a product, business, or service.  Likewise, the ROI (Return on Investment) of these marketing activities is high compared to others. It provides an opportunity for businesses to promote their business without the risk that a cost will not be regained.

    No-cost marketing has many benefits. We can make it very effective and successful with the right skills and techniques. But, it is important to develop an attitude that your activities do have an associated cost and to justify the time you spent on these activities. These activities are free from external costs, which mean it will be easier to recover expenditure and grow the business.

    No-cost marketing ideas

    Some no-cost marketing ideas to promote your business are given below. These ideas allow you to use your budget and time wisely and to maximize the results of marketing.

    1. Use social media

    Each social media platform helps to reach your brand name, news, services, and advice to a wider audience.  Social media is not considered as a great selling tool, but it is very useful for product research. Research shows that only 1-2% of online purchases are done directly through social media. But 71% are considering the suggestions on social media in their purchasing decisions.

    Social media platform helps to reach your brand name, news, and services to a wider audience

    Some social media sites allow users to leave reviews on business pages. Let your customers leave reviews on your profiles. Then, when other peoples come across your profile, they can see those praises from customers. Also, you can post content that encourages people to buy your products. You can post coupon codes, photos of new products,  and online contests.

    2. Guest blogging

    Guest blogging is another popular way to bring attention to your brand. You will get new audiences by promoting your knowledge to the audience of the host blog. Also, you are able to make relationships with strategic partners. They will refer their customers to your brand. The cost of guest blogging is free and the time you spend is minimal.  Create a good article that attracts the audience of the blog. Guest blogging is not easy to discover and pitch. This is very rewarding because both you and the host are promoting the content. You need to begin with sites like Tweak Your Biz as a guest blog host.

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    3. Marketing to existing customers

    Marketing to existing customers is the best way for improving your business base. If anyone bought your product, you should try to turn them into repeat customers. When people purchase products from you, try to add them to your email list, then send inventory updates, coupons, and news about your business to those peoples.

    You need to send regular emails to maintain your business in the minds of customers and give them plenty of opportunities to buy from you. Also, you can begin a customer referral program. You need to provide incentives to customers for introducing new customers to your business. For example, you can offer free services or products or a discount on the next purchase.

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    4. Business partnerships

    Try to partner with other local businesses. You can promote businesses to each other. Making partnerships with other businesses will provide you access to their customer base. You need to make partnerships with businesses that might complement yours. Don’t make partnerships with competitors in the market. For example, a coffee shop can make partnership with a bakery.  Or a local gym can make partnership with a supplement store.

    5. Networking

    If you run a B2B business, networking groups are a good way to get the news of your products and brand to the mass audience. Most of the networking groups are free, but others have costs. You can utilize apps like Meetup to discover upcoming networking events in your place. Also, you must try to be a member of a business organization such as the Young Entrepreneur’s Council, Business Networking International, the Entrepreneur’s Organization, or SCORE. Look for industry specific organizations that you are able to join.

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    6. Email marketing

    Email marketing is one of the effective techniques to reach and engage new leads. This is a cost-effective and far-reaching method.  Compared to other strategies, the time taken to create the message and design the email content is very less. Most of the email marketing platforms such as  Constant Contact and MailChimp provides a free account. When using MailChimp, you don’t need to pay for the first 2,000 contacts and 10,000 emails per month. Email is very useful because more than 3-quarters of customers prefer to receive promotional content through their email box.

    Email marketing is one of the effective techniques to reach and engage new leads

    7. Press releases

    There are many websites that allow you to submit press releases at no cost. So you need to consider using these resources when sharing some news about your business. Your company’s popularity will increase by submitting a press release.  Also, peoples can know about the new offers from your company. The source named PRLog.org is free of charge.

    8. Blog comments

    Sharing insightful and helpful comments is a good way to be a part of a blog conversation.  It shows that you are an expert in your industry in front of others. Also, it is an effective way to express our knowledge. Try to avoid leaving a quick comment or link to your site.  It is just spam and bad form. You need to ensure that you are providing some value to the community and the conversation when leaving a comment.  People will be interested in knowing about you and they will check out your website.

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    These strategies are not expensive but it will take a considerable amount of time and effort to implement. Also, you need to provide each technique enough attention and time to work well. However, the ideas that are considered as no-cost are still effective and can generate significant returns for your business. You need to make sure that you are using the right techniques to earn the most from your effort and time.

  • 7 Techniques To Motivate Your Sales Team

    The sales department plays a key role in the success of an organization. Also, it has an important role in creating trust between customers and business. Trust is the main reason why a customer selects to recommend your company to family or friends. So, motivation is essential for a sales team to make better performance. Let us discuss about how to motivate your sales team.

    As a director or sales manager, you can influence the performance of your sales team in two dimensions. One thing is improving the skill set of your team. The other thing is motivation. Improving the skill set of your team is an objective process. You are able to determine which areas need improvement and act by analyzing the current performance and comparing them to a successful final condition.

    Motivation is not an easy thing. There are some external factors that influence motivation. Also, every person needs different motivational strategies and different incentives. There are no doubts that motivated sales teams can enjoy their job more. So, they will try to do their job better. It will create more sales. That will lead the company to success.

    How to motivate your sales team

    Your sales team will face rejections from peoples on a daily basis. Those rejections from peoples can affect their productivity and efficiency. Also, the wrong selling time and the market downturn will affect your sales team’s performance badly. If they don’t get the motivation they require, it will result in slow sales. Some techniques to motivate your sales team are given below.

    Motivation will increase the productivity and efficiency of a salesperson

    1. Build trust with the members on your team

    The base of the motivation is trust. If the peoples on your team think that you don’t have their interests at your heart, it is difficult for them to feel motivated by your actions. Also, If you don’t have an open and honest mind to make conversation about their goals and challenges, you can’t motivate them.

    Managers need to build trust and sustain that trust. It can be done by engaging with the team in a nurturing and consistent manner.  To be completely transparent is the best way to make trust with your team. As a manager, you need to work in a business relationship instead of being their boss.

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    2. Provide positive feedback

    You should appreciate your team members, if they completed a work well or if they made a particular strategy to achieve the company’s goal. Try to take two minutes out of your day to give a compliment to a salesperson to let them know how impressed you were by their work.

    The managers should recognize and encourage members of their sales team who are making a small step forward toward a goal. It will boost their positive mood. Also, it will increase their ability to develop constructive ways to face challenges. Some small things that can motivate your sales team are given below.

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    • Make positive conversations with your team
    • Go with your team out for lunch
    • Recognize their anniversaries, birthdays, etc.
    • Send an appreciation email to your team members, if they completed a job well.

    3. Set goals

    You have to give your sales team a goal to achieve. They are not able to know about what constitutes success or what to aspire to, without a goal. Select a goal that is achievable. But, it shouldn’t be an easy task. You need to set daily goals, weekly goals, and monthly goals. Every person is motivated in different ways. Some people are inspired by team-wide sales competitions.

    Some are inspired by quota achievement. Some are motivated by qualitative improvements. Some peoples are inspired by their influence in the organization. Money motivates some peoples. So, you need to work with each member of your team to discover what will work best.

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    4. Give great rewards

    Giving rewards in the form of recognition or monetary incentives will motivate your sales team. You should try to recognize the qualities of your sales representative like positive attitude, being creative, more sales meeting contributions, etc. If your team is recognized beyond the volume of the sales they create, it will more motivate your team to improve the performance. Some types of rewards are given below.

    • Give recognition to individuals at team meetings
    • In each quarter, award the “Most Valuable Player” title to the best performers.
    • Provide cash bonuses and make trips with your team
    • Give them an off day

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    5. Track and share the small successes

    Say your team to carry a paper, and pen to record all the good things that happened, no matter how small. It includes good things such as positive interaction with a customer, a new content handed out from the marketing team, a new prospecting tip they’ve learned, etc. Sharing small successes with someone else can increase morale.

    6. Gamification

    This method is considered as one of the popular motivational techniques. Gamification encourages  coaching, open mentoring, sales team project management, collaborative sales techniques and information sharing. Also, it is good for fostering good morale and friendly competitiveness.

    It is important to keep your salespeople motivated for making better results

    You need to find the right gamification type depending on the preferences and personality types on your team. In most of the motivational sales games, specific numbers are assigned to several areas of the sales process. For example, if you completed a task, you will get 5 points. You can use graphs or digitized scoreboard to keep track of these points.

    7. Team building

    If a sales team is too competitive it will lead to a bad work environment and reduce performance and team spirit. Also on other hand, the lack of competitiveness will lead to individual incompetence and bad performance of the team. It is proven that team building will influence the performance of the team. The team members will get fun and relax by engaging in team building activities. Allow your sales staff to cultivate mutual empathy and bring the team to the forefront.

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    As a sales manager, you should try to find things that will enable your sales team to go the extra mile. The sales team is considered as the direct link between a company and its customers. Salespeople become more valuable for the company by returning the invested time, money, and effort many times over. So, it is important to keep your salespeople motivated for making your business successful.

  • 4 Startup Business Growth Strategies | Dirty Business Tactics

    Nowadays business owner applies hidden methods for business growth strategies to warm their pockets. The usage of secret methods for the business growth and earn more profit, is not a new phenomenon, as malpractice in business industry is a very old trick. The businesses opt for different strategies to attract the customers to buy their product only and make them believe in the benefits of the product. Well, if you are wondering do all companies follow these tactics, then you are right because to survive in the over competitive environment it’s necessary to play hide and seek. That’s what big brands believe in.

    The dirty tactics don’t mean that they are doing something illegal, they are just being smart and finding a fine line between the legal and illegal.

    In simple words, the business owners are applying hidden methods for business growth strategies to earn their profit within the boundary of the legal framework, but which is slightly out of the social ethics. We have also listed few startup business growth strategies but in order to better understand the dirty business tactics of some big famous companies, let’s study some of the methods they use to trick customers into their web of lies. Before diving in, let’s understand what does one mean by dirty business tactics?

    Understanding Dirty Business Tactics

    It is not alike as the term implies. Dirty business tactics doesn’t mean that business is doing something illegal. However, this is the businesses shrewdness which allows them to earn an extra rupee by wittingly representing deceptive or manipulative ads or by alluring the customers with hidden discounts. Companies can design these dirty strategies to win over their competitors.

    And this practice, in today’s era is being followed by every company whether it belongs to any of the sector. Each and every company is tricking their customers by providing misleading information. So, now let’s move on to the ways or strategies through which businesses alluring their customers.

    Startup Business Growth Strategies

    1. Fake Advertisements

    startup business growth strategies
    Fake advertising

    Fake advertising is the use of false, misleading, or unproven information to advertise products to consumers or advertising that does not disclose its source. One of the most commonly used strategies of the businesses to play mind games with the customers. Till today’s date half of the TV commercial are totally presenting the half-truth or thoroughly aggregate facts. As per the image above the burger is mouthwatering however in reality, the taste and presentation differ.

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    2. Hidden Discount Emails

    startup business growth strategies
    Hidden Discount Emails

    At times your mailbox gets flooded with an alert of mysterious discount offers. When you hurry to open up your email and found out that the mysterious discount of 10%-20% is only applicable after a purchase of Rs. 3000 or above. This is one of the business growth strategies normally used by the e-commerce websites and other online service providers.

    Mainly the free service providers send aggravated emails to the customers to make them get the paid subscription. They will send you nonsense alert messages and conditions applied schemes. So, read all the details before making any decision regarding these hidden emails.

    3. Impressive Phone Calls

    startup business growth strategies
    Impressive Phone Calls

    In a day you receive numerous calls from banks, DTH providers, network company etc with the list of new beneficial schemes. Half of these beneficial schemes are strictly designed for the benefit of the company. But still when the operator says, “Sir/Mam this scheme is only for you” this will hook 80% of people with them.

    Then with their honey talk, they force us to order some foolish scheme and truth behind this reveals after the scheme activation. But there are few cases also seen where after talking with the operator you canceled the scheme and still they keep it activate on your account. This is one of the real hidden methods for business growth strategies.

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    4. Reaping Insurance Company & Fake Bankruptcy

    startup business growth strategies
    Reaping Insurance Company & Fake Bankruptcy

    Some famous companies use this tactic to overcome their business losses. They simply take the big insurance policy and after paying two three installments, they intentionally create an accidental fire or any other mishap and claims the full amount of insurance. This is a very old but effective method used by many of the big businesses to grow themselves. Sometimes they make a lot of fake paper drill to defraud the insurance company and keep their pocket warm.

    The rarest and oldest trick followed by companies to avoid paying interests to their shareholders and bank loans. The companies declare themselves bankrupt and insolvent themselves. The poor shareholders get stuck and the bank also has to face large loss in such cases.

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    The list of hidden methods followed by businesses for growth strategies is very long and we normal person face them every day in the form of sales, schemes, offers etc. The businesses are every day planning new tactics to raid your pockets and they have no moral boundaries in doing this.

    So, there is only one trick to overcome all the dirty schemes of all these marketing experts is to get power in your hands. However, one can wisely generate income for straight forwards way for business growth. Although we would recommend you not to fall for the stupid marketing schemes and use your brain whenever you hear word sale or discount. In short, “Jago Grahak Jago“!

  • 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.