We are living today in the age of the “new“, whether it is the innovative ideas, new ventures, or startups that the new-age entrepreneurs are bringing forth. A boom of ideas means an overpopulation of startups, and we are standing amidst a galaxy of startups already in India and abroad. Though these startups may seem many, only some actually manage to stand the test of time and a lot of it depends on the founder of the startup or the entrepreneur whose brainchild the startup is.
An entrepreneur today needs to be alert, updated, know the market, and look into the future demands to mention the basics. Along with them, numerous other tips would help an entrepreneur stand out, and their startup, thrive. So, if you are an entrepreneur and you are eager to get an edge on the others in the space including other experienced entrepreneurs and rivals, then you can keep this StartupTalky article handy. This is because here you will be learning about 8 effective tips that will benefit you as an entrepreneur.
There are many entrepreneurs in our Facebook group (StartupTalky). Some are successful, some are in their strugglingstage and some are just learning before implementing. In the group, we often ask people to give tips they learned about startups. We believe that every person on this planet has something unique to teach us. So, here are some tips from those entrepreneurs and we are sure, you can learn something from them. It’s always huge to hear from successful and experienced people who are in the same field. So, check this article out to discover some of the most valuable tips for entrepreneurs.
This is very unique advice but a very important one for developers. Before launching or even making a product, you should approach people and ask them if they need your product and are they willing to pay for it? Try asking them online if not offline. You can go to Facebook groups and many other forums. Knowledge about your target audience is a very crucial piece of information before launching any product.
People are not attracted by the features of your product at the very first, but the first thing which attracts them is the appearance. So, focus on the looks. Try hiring a freelancer if you are not very creative in designs. Later you will be glad that you made this small investment in hiring a freelancer or professional for this purpose.
Boost Your Focus
Many times when we try to focus on our work, our brain starts thinking things like, will Avengers return? Or your brain just starts playing songs in the subconscious mind. So, to trick your mind and boost your focus and productivity, you can play Binaural beats in the alpha frequencies. They will make you focus more on the task. Or, you can play the video embedded with this point to find it out for yourself.
Track Consumer’s Psycho-graphics
You can study and research the customer’s data. Find out what they like, when do they buy or why do they buy it? This data will help you to make a better decision about your product. This will help you to create an effective and better marketing strategy. To get this data, you can directly ask the consumer or conduct surveys on websites or blogs. Online surveys can also be conducted through common social media platforms such as WhatsApp, Facebook, Twitter or Instagram.
Keep Interacting
There is no substitute for real interaction. You cannot buy anAI system to do that. Real interaction helps you to build trust and goodwill with the customer. It also helps in staying updated about the customer’s choices and preferences. However, you don’t always have to meet your customer to interact, you can be active on Social Media too and stay connected with them through common online platforms. Try going live on your page. Or reply to the comments. Try to answer messages related to any query. This helps build a connection between you and your customer and builds a sense of trust in them.
Stay Charged-up
You don’t always have to work hard and keep working. Some fun between work is also important. You can have some fun with your team. Although too much fun is informal and not good for the company, you have to balance everything. Try going for a short weekend vacation with your team. Or just get them some gifts. Also, don’t forget to wish and motivate them in the morning. Celebrate good performances and results together. Doing all of these massively boosts the motivation of your team, which will ultimately help you in achieving better results.
Rate Values
You must have heard when a legend said: “If you are good at something, never do it for free”. No? Then you are missing one of the most amazing movies in history. Anyway, if you think your product or service is good enough, then never deliver it for free. And it works vice versa. If you want really good service, never expect it for free. Even if you have found a free substitute, then always remember, a substitute is always a substitute.
Whenever you get a chance to collaborate with someone, never miss the chance. Collaborations are a great channel of Marketing. People will check you out if you collaborate with someone. It not only works on YouTube or Blogging or Social Media but on any type of business too. Ever wondered why some company gives free products like “Buy 2 Britannia bread and get a Parle biscuit pack”. This is all just to promote the product. Companies collaborate in this way and make people test the product while making a profit. Try doing it.
Conclusion
These were some tricks which were discussed in the comments of the posts on the page of Startup Talky. You can try these tricks out. These were not from very big entrepreneurs, but from those people who are still on their journey of a startup. That is why they make sense as they are tested by those people. If they don’t benefit you, they will not harm you either.
FAQs
Effective tips to benefit New Entrepreneurs
Find Clients Before Launching Design Matters Boost Your Focus Track Consumer’s Psycho-graphics Keep Interacting Stay Charged-up Rate Values Collaborate
Bill Gate’s advice to New Entrepreneurs
“If you don’t build your dream, someone else will hire you to build theirs.”
Elon Musk’s advice to New Entrepreneurs
“You’ve got to do all sorts of jobs and tasks that you might not wish to do, that are not intrinsically interesting to you, You’ve got to be prepared to do whatever it takes, work whatever hours. No task is too menial. I think that’s the right attitude for the CEO of a startup.”
Surviving and thriving in the business world requires forward-thinking and innovation. Category design is a strategic approach that uses points of view to win customers and increase brand awareness. The traditional method of creating products followed by rigorous marketing doesn’t always guarantee results.
If you’re looking to establish yourself in a certain niche, the category design principle is the way to go. Even in specialized niches, there’s a possibility of crowding. Category design helps create a unique company powered by unique processes and a great brand—ultimately achieving the ‘Category King’ title.
The concept is premised on owning the market and tilting the thought process of your target clients in your favour. The mental shift in the appreciation of your brand is the end goal. In this article, we will talk about how category design helps businesses to achieve success.
Marketing efforts and campaigns may contain different messages making it a trial and error method. The effectiveness of marketing efforts is a big success factor in a business. To dominate markets, a harmonized marketing campaign backed by a solid product can lead to ultimate success.
One of the key marketing originators is your staff. A clear understanding of the Point of View (POV) can be beneficial in a variety of ways. This includes: –
Campaigns in Media– This will create an overall standard angle of blogs, messages in the radio and TV ads, and other assets such as influencer marketers.
Employee Marketing– They’ll have a harmonized way of tackling issues like customer service leading to brand authority.
Brands that command markets use a standard way of doing things. Harmonized marketing messages can help a lot in achieving this.
Discovering and Dominating New Category of Business
Popular brands like Twitter, Coca-Cola, Airbnb, Uber, and Apple have one thing in common. They take time to study the market, develop a product that answers the needs and create a winning and unique marketing campaign.
These companies don’t necessarily create new inventions. For instance, taxi services existed before, but Uber’s business model was created to meet a certain market need. This propelled them to become a global household brand.
Creating a mind shift and new demand is what revolutionizes markets. Airbnb for instance is a unique service that offers cheaper alternative accommodation for guests around the world. Since it was launched in 2008, it has hosted 400 million guests and is present in 191 countries.
The huge success of these unique companies is inspired by daily problems. These companies leverage existing technology, existing industries, and marketing platforms to monopolize these categories.
Creating Dominant Products
In a bid to make money in business, people tend to go with the flow. This leads to continued production of mediocre products, shrinking value to the customers, and, ultimately, poor response from the market.
Listed below are ways in which great and legendary products are created and established: –
Study Competitors– This is an old principle but it’s very important in any business for success. Look at the model of operation to spot areas of improvement. Sealing loopholes in a competitor’s product can be a springboard to a great product.
Customer Pain Points– Words on the street, online reviews, and professional reviewers can help discover product ideas. Category design aims at creating products that offer genuine and niche solutions.
Product Presentation– Packaging products to dominate markets involves branding messages and an overall presentation that seals the existing loopholes.
Using category design, your product can achieve the dominant player status. This is achieved through a thorough product development cycle.
Tapping Into Existing and Working Systems
One of the biggest reasons for creating businesses is making revenues, profits, and generating wealth. To shorten the journey to success, re-inventing an old principle doesn’t always translate into revenue. If a business can use the already existing models and systems, it’s much better.
Let’s look at two businesses that utilized this model to succeed.
Netflix– Netflix and other similar programs made watching movies and other TV programs very affordable. Instead of paying a huge cinema entry fee, Netflix offers a revolutionary service where a nominal monthly subscription can provide access to unlimited movies and programs. The model of business is an agency that sign-ups movie productions and brings them to the masses.
Amazon– This e-commerce company made a $3.3b net income in 2019. Amazon doesn’t manufacture any of the products it sells and doesn’t own the internet or the delivery channels. This is an example of a successful company that brings ideas into an existing ecosystem.
Leveraging existing business models helps eliminate huge capital expenditure. This lets you focus on solving customer pain points and popularizing your unique viewpoints.
Create Loyal and New Customers
Category design doesn’t bring big business to you, but loyal and new audiences do. People and the market get excited by new products, unique innovations, and ground-breaking ideas. This makes them reward you with continuous business and social applause.
Loyal customers give you positive reviews and recommend you to other clients. This, in turn, creates a spiral effect that brings new customers to you. Ultimately, you can use customer support and free endorsement from them to create new and better products.
Impacting the Society Positively
Apart from profits, social impact at the community and the global level is one of the major objectives of a business. Category design can help create products coupled with marketing messages that can drift people’s mindsets.
Apple, for instance, uses the tagline ‘Think differently’. Its products and brands reinforce the message. This makes such a brand have a positive impact on future business leaders and innovators. This has propelled the success of multiple brands such as iPod, iPhone, Apple Store, and iTunes.
Conclusion
Category design is a unique way of improving your business and putting it on the path to success. The idea is founded on creating a highly specialized niche that can help you dominate markets. Forward and revolutionary thinking are the secrets of the success of big and wealthy brands. To fully tap into this strategy in business, investing in your innovation hub should be a top priority. This will help you research, develop, and tilt viewpoints so that your company can thrive.
FAQs
What is Category Design?
Category design is a strategy that helps a business develop its own classification of products and services.
When was Category Design proposed?
Category design was first proposed in a book called Play Bigger.
Who was the writer of Play Bigger?
Play bigger is written by Al Ramadan, Dave Peterson, Kevin Maney and Christopher Lochhead.
What is a Category blueprint?
A category Blueprint is a design of how a product or service will work in the future.
The COVID-19 pandemic has changed every aspect of work and life this outbreak has resulted in many concerns all over the world. The pandemic is having a direct or indirect impact on many sectors such as airline profitability is getting impacted by low seat occupancy, supply chains are getting disrupted globally and retail stores are running out of dry goods and toilet paper in many countries which are eventually leading to an economic slowdown.
The Covid-19 has already resulted in early signs of a shift in how consumers and businesses behave. For instance, pre-coronavirus crisis, only a few people had the experience of working remotely. But Coronavirus spread during the ongoing COVID-19 pandemic led many organizations to recommend their staff to work from home full-time. Some of these changes are direct, short-term responses to the crises which will revert to regular levels once Covid-19 is contained. However, some of these shifts will continue even after the coronavirus is contained such as creating a long-term digital disruption that will shape businesses for decades to come.
History is evident that every economic recession and pandemic that happened in the past has changed the trajectory of governments, economies and businesses’ work culture which resulted in altering the course of history for years to come. The Black Death in the 1300s broke their conventional feudal system in Europe and replaced it with the more modern employment contract. Similarly, the great economic recession kick-started a major innovation drive that radically improved agricultural productivity.
The COVID-19 pandemic has already changed many things in the corporate and business world, it is also going to shape the future of many businesses, startups, and governments in the coming future. Over the last few years, as the coronavirus has swept across the globe, we have all had to adjust our daily lives. The technologies which came into the limelight after the pandemic are taking over many conventional methods. Some of the Coronavirus innovations which are likely to come are discussed below.
COVID-19 is acting as a catalyst for educational institutions worldwide to search for innovative solutions in a relatively short period. Due to the lockdown, closure of many schools, colleges and institutions have started online teaching via interactive apps. The use of online learning platforms has increased massively. Students can take classes at their convenience and it is also helping their teachers to solve their queries, doubts effectively. Students are also making and sending their videos of athletic training and sports to their teachers as homework, making students do things differently.
The interaction among students and teachers has increased. This slow pace of change in academic institutions globally is likely to take over old lecture-based approaches to teaching, conventional institutional classrooms. Currently, various creative solutions are being implemented around the globe. This has led the innovators to find more tools and technology to be used for educational purposes.
With 5G technology becoming more prevalent in countries such as China, US and Japan, we will see learners and solution providers truly embracing the ‘learning anywhere, anytime’ concept of digital education in a range of formats. Thus, E-learning could become a habit that is integrated into daily routines.
Digital Administration will become Mainstream
The Covid-19 breakout has caused government administrators to take action quicker than ever before. South Korea drove rapid testing of over 200,000 of its citizens and used smartphones to tag the movement of the infected — alerting the non-infected of those movements via real-time updates. All of these efforts, as well as transparency of biological impact, could have been improved if there were more smart cities in the world.
As governments learn from the Covid-19 experience, it will shift investment in favour of smart cities as it would be critical to have them in order better manage the pandemic event. Today also, many key players benefiting from this shift in gears would be smart governments, focused companies such as Cisco, Microsoft and Siemens as well as digital city startups across Europe and the US.
It is straightforward to predict that the Covid-19 is going to be an accelerant for remote working as well as online education. This shift will likely impact the efficiency, productivity and mental health of workers throughout the globe and businesses need to prepare for it.
For companies looking to add the human touch digitally to their workplace, the choices are limited today — with Humu, a startup by ex-google HR chief Laszlo Bock. A handful of other tech companies, such as Github and Automattic, which run predominately on a remote collaboration model can also choose to productize their insights and capabilities to help other companies cope. This will create many opportunities to develop such platforms that connect people from remote places and let them work remotely with more efficiency.
In-home Diagnostics
Though the trend of wearables has been growing in popularity over the past 5 years, driven mainly by Fitbit and Apple, there is some limitation in their features. However, new features are emerging as sensor technology continues to advance. The pandemic will potentially change this space forever.
Today neither the Apple Watch nor the Fitbit measure body temperature. However, there is a bigger opportunity, outside of wearables will be the in-home diagnostics market. There will be a bigger shift towards virtual doctor appointments as a result of this.
However, virtual doctor appointments don’t completely replace the need for in-person visits when patients need to take the standard flu test, strep test, or have their vitals read. But surely there will be more research in this field which provides many remedies in house only. The amount of new investment and focus on this space will accelerate the progress.
Grocery E-commerce
Ordering Groceries Online
Before the coronavirus crisis, though there was a good demand for online shopping surprisingly there was a tiny demand for grocery e-commerce. According to sources, only 4% of Americans ordered groceries online before this crisis but in India, this demand is even lesser. But since stay-in-place orders went into effect, shoppers are shifting their grocery shopping online.
This has meant a significant increase in demand for grocery retailers who relied on e-commerce as a small percentage of sales. Suddenly they’re dealing with many times their normal volume. The consumer is learning that ordering online isn’t as challenging as once thought, and the retailer is learning to properly staff and fulfil these orders at scale.
As the reliability of customers on online retailing is speeding up, there is going to be demand for online grocery shopping even after coronavirus is contained. So, this is likely to create opportunities for startups to develop more technologies that help in easing the grocery e-commerce experience. However, if the crisis does last longer, retailers will catch up to demand, the experience will improve, and shopping habits will be altered.
Conclusion
The Covid-19 pandemic has changed our perspective towards many things. This pandemic led people to think out of the box to make their lives easier which led to the discovery of many things. It has created opportunities for people to explore different fields and come up with something new.
Innovation is a part of moving forward. It can be summed up as the process of coming up with something original or updating anything. We have come a long way from drawing on caves to using PowerPoint presentations for the art of storytelling, using CDs and cassettes to just plugging in our earphones into our devices to listen to music. Smartphones serve as yet another good example; you can do anything with them, from watching movies, clicking pictures, to playing games.
Innovation is the only way forward and has long been a part of our society in every aspect, and it is a very crucial part of a business, helping it stand out and attract the right opportunities to thrive.
With innovation, you are always one step ahead of your competition. It gives you the advantage of staying relevant with the times by keeping up with changes and adapting to the environment. It can also help you to keep pace with the ever-changing wants and demands of your consumers and the market.
Disruptive innovation involves creating a concept, product, or service that disrupts an existing market or creates a completely new one. Additionally, you can do this by targeting consumer segments that have been overlooked by established companies for so long.
Radical innovation
Radical innovations open the gates to new markets. With the introduction of new technology, business models, services and more radical innovations are considered rare.
Incremental innovation
As an incremental innovation, existing technology is used to enhance existing offerings by adding novel features such as revamped packaging to existing marketing.
Architectural innovation
The innovative architecture includes tapping into new markets with your domain expertise and skills.
Doblin’s 10 Types of Innovation Framework
There exist so many innovation frameworks that have been introduced and discovered by well-known personalities like McKinsey, W. Chan Kim and Renee Mauborgne, Kelley and company.
These frameworks have evolved from simple linear, sequential models to more complex models today. We have open innovation, blue ocean strategy, ally vs acquire, three horizons, and more. But the innovation frameworks that are widely accepted and commonly used in today’s times are “10 innovation frameworks” that were identified by Doblin.
He observed that all innovations are built upon the foundation of some same basic elements. These ten elements were then grouped into three main areas, which were mainly classified into three categories, Configuration, Offerings, and System.
Configuration
Furthermore, under configuration falls everything that has to do with what transpires inside the business along with the systems that form its foundation.
1. Profit
The profit-making business model is as simple as the word suggests itself. It is about when you wish capital to flow into your business. This model allows organizations to make money continuously. As a company, ask yourself, “How does your company generate income?” or how it can generate additional income.
How can you use it?
Assess what are the core activities that get the money in
Evaluate the existing and latest innovative models that generate revenue for your business
See what you can do differently when you desire to generate more profit
Focus on where you are getting your money from?
Find out what is the product or the line extension can help to give a boost to your sales
Create a value offering for your consumers that no other competitor’s brand can give by creating a unique USP (Unique Selling Point)
Challenge your assumptions and find creative perspectives to look at the way you do things in your company
For example, Chupa Chups leveraged their product by introducing candies with a new package design to fit the occasion of Halloween and practised moment marketing to make additional revenue.
To create value through networking, you must know who and how to deal with it. Maintaining relevance and staying connected is a key component of collaboration. You collaborate with others, work with them, establish a common ground, and aim towards achieving both organizations’ common goals/objectives.
How can you use it?
Consider the internal capabilities of your company, evaluate and see if there are any areas that provide the opportunities for a successful collaboration.
Identify the common aims, objectives, and goals of the other organization that you are collaborating with.
Connect with others to create value.
Find the right networks that will be assets to your company.
Remember when Stranger Things collaborated with Nike, Adidas, Baskin-Robbins, Levis, H&M including 75 more other brands because these brands apparently aligned with the 90s theme of the web series.
Levi’s Stranger Things Collaboration
Ashish Chanchlani’s latest collaboration with Amazon’s mini-TV is yet another stellar example. In the video, there was a staged act in which Ashish Chanchlani’s number was revealed. That led to many people calling on the number to speak to him.
Ashish Chanchlani collaboration with Amazon mini-TV
Almost 3 lakh calls were made on the number, where they were met with a pop-up from True Caller showing Chanchlanis ID and a pre-recorded voicemail that successfully delivered the message of raising awareness for the newly released Amazon mini-TV. This is a perfect example of both channel and customer engagement innovation frameworks.
Structure
This framework has to do with managing companies’ assets, and here assets include both tangible and intangible assets that a company may have.
How can you use it?
Examine your assets, intangible, and tangible, such as companies’ capabilities, incentives, brands, facilities, resources, etc.
Keep an eye on the design and structure of your assets.
Monitor the structure continually to get effective results.
Find ways to align your talent with your assets.
Construct a distinct and sophisticated structure for your business that cannot be copied by your competitors.
Take the example of Google. The 20 percent rule is what made the company famous in 2004. The employees were allowed to spend 20 percent of their time working on side projects. That, they thought, would help Google thrive. This led to the origin of Gmail and Google News. As a result, they were able to train their employees and create value from an intangible asset (their talent).
Process
Process innovation framework aims at optimizing the process of producing the final product. By making changes in the technology and equipment that is used to design, develop and manufacture your products. Which helps you save time and money and provide better customer service.
How can you use it?
Innovate novel processes and techniques.
Try cutting-edge software and equipment in areas like production, delivery, support services etc.
Use process innovation to produce or deliver original or significantly improved products.
Upgrade to the latest and advanced technology and equipment to design, develop and manufacture your products.
For example, boAt does this by manufacturing its products in China. The company’s origins lie in India. In any case, manufacturing the product in China solves a problem that reduces production costs. In addition, it makes the product affordable, helping the brand to remain competitive in the market and meet customer demands.
Offerings
In the category of offerings, innovations are directed towards the firm’s core products and services, or both. What a company can offer to a customer regarding value and experience.
Product Performance
Product performance innovation overall involves product and process innovation. Here, changes are made to a product regarding its features, quality, price, etc. It is necessary to keep the product up to date with the changing demands and wants in the market. Or the product will be considered outdated and soon be forgotten.
How can you use it?
Think of creative or interesting ways to upgrade your product.
Play with the price, quality, feature set, capabilities, or functionality of your products.
Devise packaging that stands out,- e.g., doves packaging.
Have distinguishable functionality and features of your products.
A prime example is the unveiling of BMW’s colour-changing car, using electrophoretic technology to change its shade on the surface in an instant using electronic ink.
BMW Colour Changing Car
Product system
Pen and ink, car and petrol, a smartphone and a SIM card. These are just some examples of complementary products. They are often purchased together or offer added value when used together.
When using the process innovation framework, the primary goal is to combine products, services. Or any other main offering/ the core value proposition of your business. Rather than handling one product or service and more when you group them, this framework allows you to make it easier to manage them together.
How can you use it?
Identify potential opportunities to innovate.
Develop systems that are robust, scalable, and modular.
Try bundling and complementing your products/services.
Ensure that you build ecosystems that satisfy your customers.
Create extensions that work with existing products. Keep in mind that you may not necessarily have to manufacture these extensions.
For example, one of the very well-known brands in the grooming sector that falls under the umbrella of P&G is (Procter and Gamble’s) Gillette employs this framework very well. They cater to two segments of the market, men, and women. Their product systems include complementary products like disposable blades, blade refills that go with their razors.
The experience is more focused on the consumer. All that the consumer experiences interacting with your company’s products, services, or overall, in any way with the company itself.
Service
The way you treat your customers speaks volumes. They rely on you to get what they want. A business-to-customer relationship involves not just a relationship between a buyer and a seller, but also a relationship of trust. So, if a consumer is getting something from your brand, they are trusting you to deliver that value.
How can you use it?
Add value to your service, come up with original and creative ideas on how you can make the How can you stand out from your competitors?
Make the purchasing process easier for your audience.
Keep your landing page simple with an easy-to-navigate design.
Give them all the information that they might need to reach you.
Have a call to action to make their buying process more convenient.
Enhance and support that surrounds your offerings.
Just in the case of Domino’s, their value lies in their very smart and creative service. That is, to deliver their pizzas to their consumers in just half an hour all over India, or to offer it for free if it wasn’t delivered in that time frame.
Another example is Starbucks, which is using technology and experiential methods to innovate its customer service. They have created a whole culture around their product which makes the space so friendly, comfortable and delightful for the customers.
Channel
It is extremely valuable for consumers to know that your brand exists to provide them with the product or service that they are looking for. Channels are a great way to be discovered by consumers, both existing and potential consumers. Thanks to booming technology and the rise of smartphones, brands are now making it a priority to stay relevant with the changing times. And connect with their consumers not only through offline mediums but also online.
How can you use it?
Look at the data of where your audience is and which is the platform that you are comfortable using
Revisit and review your landing page. Does it have a simple user interface? Does it give all the necessary information that your consumer needs to connect with you?
Ask how you are delivering your offerings to customers or users.
Evaluate your audience’s preferences, see if they are okay with using digital platforms, or if they would like or want to visit the store and buy your products.
Have a call to action. Always make your organization easy to reach out to. For example, chatbots are available on many pages to answer questions and more.
For example, Plum recently opened its doors to its first-ever store at the R- City Mall, Mumbai. And it aims to open more than 50 stores by the year 2023. As part of its strategy to create an Omnichannel approach, the brand is seeking to create a platform to connect its consumers not just online but also through retail stores.
Plum First Retail Store
McCafe gave a novel twist to the billboard and used actual smoke to replicate their hot steaming coffee.
Brand
Every brand has its core values. Consider the print ad campaign by Cadbury to thank the people working in the unorganized sector. The print ad itself spoke to what Cadbury as a brand stands for.
Their vision statement also includes caring for both the well-being of the people and their planet. This obviously shows that they value all the people associated with them.
The integrated value into their marketing message and clearly stated that they stand against bullying. And they see and care for the people, even if they work in unorganized sectors’
Likewise, its Purple Heart campaign entailed standing up for your friends who face bullying by trolls. It involved a lot of celebrities fighting hate online with purple hearts under the #heartthehate hashtag. Again, showing how they present themselves as a brand and create a strong position.
Cadbury Purple Heart Campaign
How can you use it?
Revisit your core values and beliefs as a brand.
Integrate your core values, mission, vision with your audience’s values, and beliefs in your marketing strategies.
Focus on how do you present yourself and your offerings?
Customer engagement
Customer engagement enables you to get your hands on one of the things that are valuable to every company: consumers’ data, which can help give you insights through their feedback. Consumer engagement innovation is about how you connect with your target audience (TG), which includes both your existing and potential customers. As a result, your customers become loyal and feel connected to your business.
How can you use it?
Try different marketing tactics.
Understand your audience.
See which marketing strategy suits the situation with your current goals and time.
Keep the strategies relevant and find common ground with your consumers.
Try distinctive ways in which you can foster interaction with your consumers.
Coca-Cola plays with personalized and experiential marketing strategies to get their consumers engaged and have better brand recall and increased brand loyalty, and even drive up their sales.
With their Open Happiness campaign, based on data analytics, they helped migrant workers in the U.A.E. connect with their families. By allowing them to use the bottle caps of Coke bottles as currency to operate the telephone booth set up by the company.
The 10 types of innovation frameworks by Doblin can help increase the overall efficiency of your business. Understanding your company’s needs will allow you to use the correct innovation framework. These innovation frameworks can also be used in combination if required to get the desired results. Innovation is an imperative aspect of a business, and one cannot thrive without innovation in society.
FAQ
What is the Doblin framework?
Doblin framework is a set of structured easy-to-use cards divided into different types of innovations.
What are innovation frameworks?
Innovation framework is a structure designed to help businesses evaluate their strengths and weaknesses, take an informed decisions and build strategies.
What are the types of innovation frameworks?
Profit Model, Network, Structure, Process, Product Performance, Product System, Service, Channel, Brand, and Customer Engagement are types of innovation frameworks.
The Industrial Revolution of the 1800s came with unprecedented levels of production which greatly boosted the GDP per capita income of the economies in American and European nations. While this greatly reduced the need for imports in these Economies, Nations like India merely ended up as suppliers of raw materials and this had an adverse effect on the economy.
From then till now, there has been a lot of technological revolutions but none has come close to the role digitization and mobile broadband play in the growth of the Indian industry. The world is in the midst of yet another revolutionary change with the Information communication and technology industry and its focus on mobile broadband and the imminent rise of 5G technology that is expected to serve as a catalyst in this sector.
5G is a 5th generation technology that offers wireless connectivity across virtually all people and devices including objects and machines. Compared to its predecessors, 5G offers speeds in the range of multi-Gbps and reduced delays while improving reliability to assist with a wide range of critical activities such as remote surgery, self-driving cars, and increased surveillance, by offering lighting speed data with which movies can be downloaded within just seconds.
5G technology is all about the race to the future and whichever countries adopt this technology early in the race stands to gain a competitive edge among their rivals. However many countries are still early in their race to implement 5G networks due to the high cost and infrastructure required to implement the rollout of 5G technology.
Which country is ahead in 5G
South Korea has been one of the successful early adopters of 5G technology. American and European countries are not far too behind and have been heavily implementing 5G technology across their networks. China has also launched its own fully operational 5G network.
The rollout of its predecessors such as 2G, 3G, and 4G had been extremely slow in India with major delays in its implementation and this raises some questions on how India will fare in the race to setup 5G networks.
While the highly anticipated 5G is still in its planning phase, In December 2020, the chairman of Reliance Industries, Mukesh Ambani had revealed that his telecom company, Jio, would launch 5G networks in the second half of 2021 owing to native developed technology, hardware, and network components.
With the rise of mobile usage and increased need for data services, the digital economy in India is expected to reach 1 trillion dollars by 2025. With nearly 1.2 billion mobile users and 560 million internet users, India is the second-largest internet in the world. With a stride of developments, India had taken in the past years to enable digital growth, 5G is expected to add more in empowering a Digital India.
Industries that 5G begins to impact
Agriculture, Healthcare, Education, Automobile, Retail, Banking, Sustainable Energy, Tech Enterprises, Automation, Artificial Intelligence, Logistics Industry, Smart cities & smart homes, Gaming & entertainment Industry and Industry 4.0 are some of the fields being drastically altered by 5G technology. These are just some of the use cases I have provided at this time and 5G is enabling to do much more.
Majority of IoT devices of the future depend on 5G to provide connectivity and transfer massive sums of data to help companies bring more innovation. 5G is a major paradigm shift from 4G in the sense that 4G put the world in our hands and 5G seeks to do away with hands. IHS Economics projects that by the year 2035, 5G will enable around $12.3 trillion of the global economic output which from a business perspective will add a lot more jobs in the future.
Opportunities that 5G will provide to Startup Industry
The key to the successful implementation of 5G networks lies in the telecom partnering together with startups to focus on driving innovation and disrupting the marketplace. The usage of 5G technology is unlike other technologies where you build the block and the uses present themselves rather 5G should be geared towards specific and focused use cases.
Telecom ecosystem has a large responsibility to transition into 5G, they should be able to provide high speeds at zero near latency and should make it sustainable. Telecoms partnered with startup companies will likely lead to more use cases and new ideas being generated. For example, Radisys a company headquartered in the US which builds IoT and 5G product was acquired by Reliance Industries to help strengthen their 5G networks.
Mymo, an Indian based startup that makes chipsets for 5G devices and Signal chip which makes chipsets for a 5G powered modem is taking on Qualcomm a global giant in the 5G chipset segment.
FAQ
When 5G will launch in India?
5G will roll out in India by the end of 2021 or the beginning of 2022.
When will Jio launch 5G?
Jio is planning to roll out 5G in India in the second half of 2021.
Which countries have 5G now?
South Korea is the first country to deploy 5G network.
Conclusion
With all the hype surrounding 5G, it is easy to lose track of all the innovations it has to offer. The technological advances with 5G mean newer business models wherein it possible to decide and allocate resources over shared networks geared towards specific users to enhance their user experience without disturbing the existing users.
PV Vyshnavi
