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  • What is User-Generated Content? | How to Promote Your Brand Using UGC?

    What is the best method of marketing? Probably, when your customers talk and rave about your product. When they sell your product by recommending it on your behalf. Right? I am talking about word of mouth.

    Word of mouth is when your customers love the product/ service so much that they give references and tell people about you. Word of mouth is powerful and can impact your business revenue and brand image.

    User-generated content is today’s social media era’s word of mouth. People share their positive or negative experiences on the internet with their friends and family. But the scope of UGC is beyond social media. So, Let us first understand what exactly is user-generated content.

    What is UGC (User-Generated Content)?
    Why Do Companies Love UGC?
    How to Leverage UGC?

    Tips for Managing UGC

    How to Become a User-Generated Content Creator?

    What is UGC (User-Generated Content)?

    User-generated content (UGC) is the content produced by the end user of the product.

    For instance, if a person buys a phone and posts its review on YouTube, that is UGC. Similarly, if you post a picture of that cute cafe you visited last week on Instagram, that is UGC. In a way, you are marketing those products. You let your circle know about a particular product you liked or disliked.

    UGC is not restricted to Instagram posts, YouTube videos, or visual images/ videos. It includes:

    1. Images
    2. Videos
    3. Social media posts
    4. Testimonials
    5. Product reviews
    6. Blog posts
    7. YouTube content
    8. Live stream

    So, whenever your customer talks about your product on the internet, it becomes user-generated content. Apart from customers, posts by brand loyalists and employees are also part of UGC.

    For instance, your employees could post about the production behind the scenes. Similarly, the brand loyalist could show the product in use.

    But what makes UGC so crucial for a brand? No doubt, it saves money and time for you but is that it? Let us look at some benefits of UGC.

    Why Do Companies Love UGC?

    Forecast for the Global User-Generated Content Platform Market
    Forecast for the Global User-Generated Content Platform Market

    How many times have you ordered something that you saw on someone else’s table because it looked delicious?

    This is how UGC works. People post about your business and create awareness with authenticity. Let us see some benefits of UGC:

    1. UGC gives a better understanding of the target audience. Since UGC comes directly without any filters from the end user, you get their honest feedback and review. It is not necessary to just look at the testimonials. For instance, people tweet about their grievances on social media.
    2. UGC improves site engagement. When users post about your product, people search for it. As a result, site traffic and engagement get a boost. Also, this increases the conversations about and with your brand on a larger scale. This allows brands to connect with their audience and build credibility.
    3. UGC is hard to copy or plagiarise, this gives you a competitive advantage. You build your content library which is authentic and builds authority in the market.
    4. UGC enables brands to build brand loyalty and grow communities simultaneously. You get to connect and communicate with your audience. Also, you do not pay your users to generate content and boost brand promotion. In a way, it becomes more cost-effective than influencer marketing.
    5. UGC covers the top and bottom of the funnel content. It creates brand awareness and provides different use cases for your business. This adds to the social proof and enhances conversions.

    Even though UGC takes away the control and moderation of the media, if your company can leverage it correctly, the benefits are immense. But is there some way to leverage UGC? Well, there is no correct way or playbook but here are 5 ways to extract maximum value out of UGC.

    How to Leverage UGC?

    Often when we as brands create content for the audience, it has gaps such as technical or product-centric content. However, UGC is not only simple but focuses on the product more naturally and authentically. Those brand reviews, press releases, and recommendation articles boost brand awareness and build trust. But, how do we ensure to extract the maximum value? Let us look at 5 ways you can leverage UGC.

    Get Reviews

    Try and get customer feedback at different stages and platforms. Reviews are a great way to gain insights into customer’s pain points and product deal-breaking features.

    What are the features that make the customer switch? What are the features that customers love? Which features are difficult to use?

    You could use these as product development feedback, and push the positive reviews as use cases for better conversions. You could highlight the reviews by popular/ notable entities on your website, landing pages, and in your email sequences.

    Hashtag Contests

    Coca-Cola #ShareaCoke Hashtag Campaign
    Coca-Cola #ShareaCoke Hashtag Campaign

    Run hashtag contests on social media. Pick brand-specific hashtags which are short and catchy. Ask people to post about your product with the hashtag in exchange for gifts, discounts, coupons, or any other incentive. This incentive is crucial to motivate people but should cost you a bit. Alternatively, you could opt for dedicated hashtag campaigns where people post your new product and help in brand awareness.

    For instance, Coca-Cola had a hashtag campaign #ShareACoke to promote its personalized coke labels for gifting options. It collaborated with the actors to reach the masses. Result? Even after the campaign ended, people post and order personalized cans boosting the company’s revenue and customer engagement.

    You might have to motivate the audience with monetary or non-monetary incentives. However, the mass reach, customer engagement, and increased conversions cover the costs faster than ever. Plus, it has a long-lasting effect on people as hashtags don’t die, and you can reuse the strategy/ hashtag multiple times.

    Video Testimonial

    Sugar Cosmetics Video Testimonial Example

    Not every customer can give a video testimonial. However, your brand loyalist and employees would help you cover the gap. Also, in the present-day era of Instagram reels, getting video testimonials is easier. It doesn’t take time and gets done with a few clicks.

    A video testimonial could include product use cases. What problems did the product solve for them? Are product adoption and usage easy? What are the plus points of the product? Why did they choose your product over others in the market? What are their favourite features? You could even try to cover the FAQs or brand queries within the testimonial.

    These testimonials can be added to the website, brand decks, high-value website pages, and email sequences. They are way more credible than any written review. Also, for YouTube video reviews, you could share a portion/ clip of the video. In the case of reels, you could repost them on your stories. Also, in case of poor feedback, you could interact with the post and try to resolve the issue.

    Social Media Shares

    Social media platforms have made extracting UGC easier. People post about the product they love/ hate on social media channels like Twitter and Instagram.

    People post stories, post reels, and put dedicated/ integrated posts, and tweets about your product. These could be general feedback, product recommendation, how-to guide, or generic update.

    You can leverage these by resharing the posts and building credibility. Also, these social media posts bring a lot of traffic and an engaging audience.

    Showcase Customers as Experts

    This tactic is very useful for B2B brands, where your customers create content about your product as a niche expert. It works great for almost all the industries, such as food, electronics, retail, and SaaS.

    Your customer talks about your product as the niche expert. They could mention your product as a recommendation. It is somewhat similar to influencer marketing, except that it can go beyond social media.

    For instance, often, book publishers reach out to professors and give them their books complimentary. This is to reach a larger audience through a credible and authentic source. In the case of B2B companies, your customer could write a review, a product blog, or create a YouTube video to include your product.

    In all these ways, not only do you reach an engaging audience with credibility and authenticity but get an in-depth review from your customers. You could understand what features are most crucial and which ones need modifications. It also assists in mapping customer journeys in a way.

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    Tips for Managing UGC

    UGC will not generate the best results by sitting on your or customers’ feed. You have to take a step further and leverage it efficiently. So, here are 5 tips to manage UGC to extract maximum value and boost conversions.

    1. You should acknowledge and encourage people to talk and post about your product. This could be through a dedicated hashtag, some incentive, or personal product giveaways.
    2. You should request permission before using or sharing the post with the customer. This ensures transparency and a good relationship with them. Also, with this, you could use the content in multiple ways, like website/ email sequences easily. Additionally, it shows the brands’ professionalism.
    3. You should always source back the credit to the original creator. Do not just use the content without mentioning the source. By giving credit, you invite more people to post about your product and enhance brand loyalty.
    4. You should try to reward people for sharing your content. This could be a discount or some offer to motivate customers to post about your brand. It could be as simple as using a hashtag on Twitter to avail yourself of 10-15% discounts.
    5. You should try to find shareable content that can be repurposed in multiple ways. You don’t want a review that lies on your website. You should look for blogs covering your business and other content which could give you SEO benefits, generate traffic and boost conversions.

    These tips will help you to manage the UGC efficiently. You can repurpose them and reach the masses as you build credibility and authority simultaneously.

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    Conclusion

    UGC can assist a lot in scaling when you have a moderate user base and some brand loyalists to talk about your product. You reach more people as a trusted brand. Also, you get insights into the customer product journey, which helps you understand road blockers and map vital product features. So, if you are in the market for some time serving satisfied customers, and wish to scale, look for UGC.

    FAQs

    What is User-Generated Content?

    User-generated content (UGC) is the content produced by the end user of the product.

    What does Word of mouth mean?

    Word of mouth is when your customers love the product/ service so much that they give references and tell people about the product.

    What does UGC generally include?

    Images, Videos, Social media posts, Testimonials, Product Reviews, Blog posts, etc.

  • What Is Tattoo Advertising? | How Do Companies Buy Space on the Body to Advertise?

    The concept is known as Human Billboard Advertising. It includes having advertisements tattooed on the body, wearing advertisements as clothing, or even holding or wearing an advertisement sign. The people who engage in these activities are known as ‘Human Directionals.’

    History of Body Tattoos as Advertisements
    Companies That Have Used Tattoo-Vertising
    Tattoo Advertising and Its Importance for Companies and Brands
    Perks of Tattoo Advertising

    Different Types of Advertising to Use for Marketing 

    History of Body Tattoos as Advertisements

    Global Advertising Spending from 2014 to 2022
    Global Advertising Spending from 2014 to 2022

    The idea first emerged with the magazine ‘Vibe’, which first predicted the use of tattoo advertising by brands in 1999. Early 2001 saw the cheerleaders of Lincoln Lightening’s High Voltage Dance Team wearing temporary tattoos on their bare midriffs advertising local companies. September 2001 saw boxer Bernard Hopkins being paid USD 100,000 by a prominent online casino to wear a temporary tattoo on his back during his championship fight with Felix Trinidad. He was the first athlete to wear a tattoo advertisement during a professional sports event. Six months later, the participants of the show, Celebrity Boxing, were sporting similar tattoo advertisements from the same company.

    The tremendous success that this advertising move generated for the online casino encouraged them to engage in more advertising tattoos in 2003 at the US Open, French Open, and UEFA Cup Final. Andrew Fischer auctioned his forehead space for advertising on eBay in 2005. It drew a final bid of USD 37,375 for thirty days. It was the time when tattoo advertising gained popularity, with big brands and companies using these services. It has earned the name of ‘tattoo-vertising’.

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    Companies That Have Used Tattoo-Vertising

    Toyota Tattoo Advertising for Scion tC
    Toyota Tattoo Advertising for Scion tC

    Toyota is a prime example of tattoo advertising. They hired 40 people to wear temporary tattoos on their foreheads which showed the brand name, car model, and asking price. They were paid USD 11 per hour to wear those tattoos. It was to promote their new car, the Scion tC. This non-traditional form of advertising was used to target customers between the age group of 30 and 40.

    United Kingdom cities of Leeds, London, Glasgow and Cardiff used Forehead tattoo advertising to promote a European television channel.

    The airline company, Air New Zealand hired a woman to display a temporary tattoo advertisement. After this, there were 30 people who joined this campaign, earning various gifts from the company.

    Tattoo Advertising and Its Importance for Companies and Brands

    The world of advertising is continuously evolving and that evolution has happened by leaps and bounds with the advent of the internet. Brands and businesses evolved their marketing strategies to suit the changing world of advertisement. There are many marketing avenues available to companies – television, radio, internet ads, social media, SMS messaging, email campaigns and many others.

    The newest evolution in the world of advertisements is Tattoo branding. Tattoos were once seen as a silent cry of rebellion. However, over time their status has grown more mainstream which has resulted in advertisers using them to market their products and services. Marketers and companies are increasingly leveraging the power of tattoo advertising to establish an emotional connect with their audience and turn them into loyal customers.

    The iconic cultural status of the tattoo is now exploited by marketers to deliver a specific message relating to their brand. Companies like Goodyear Tyre and Rubber Co., and Volvo have used tattoos for advertising and promotion. In fact, Dunlop, which is Goodyear’s tyre unit, had offered a free set of tyres to people tattooing their flying-D logo on their bodies. They got approximately 100 people who took up the offer. Volvo created a unique fictional character whose tattoos revealed an undersea location co-ordinates that had USD 50,000 in gold coins and the keys to a new car. This was an attempt to get people to view the brand differently.

    The popular marketing gimmick has also been utilized by wine sellers like Yellow Tail Brand which sent out 600,000 temporary tattoos with an issue of the New Yorker magazine. Billington Wines, the wine importer named its USD 10 bottle, Big Tattoo Wines.

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    Perks of Tattoo Advertising

    This particular medium of advertising has witnessed tremendous growth, as it offers a few benefits and perks to companies and people alike.

    • Perks for Companies

    For various companies and brands, tattoo advertising is more cost-effective than other media like television or print. They offer cash and various other prizes to people, who wish to tattoo their brand name on their bodies.

    • Perks for People

    There are a few professionals who actually make a living by tattooing logos and slogans of different brands. It is a way to earn money, as companies are willing to pay for it. Sometimes, people also get perks like travelling vouchers or the use of some high-end facility for specific services.

    Conclusion

    Tattoo advertising is a relatively new and emerging concept within the advertising industry. Tattooing has emerged from the shadows to occupy a space within the corporate industry. As an advertising medium, it is here to stay.

    FAQs

    What is tattoo advertising?

    Tattoo advertising is a type of advertising in which a brand pays a person to get a permanent or temporary tattoo to promote its products or services.

    Which companies have used tattoo advertising?

    The companies that have used tattoo advertising are:

    • Toyota
    • Goodyear Tyre and Rubber Co.
    • Volvo
    • Billington Wines
    • Yellow Tail

    How did Toyota use tattoo advertising?

    In 2004, Toyota hired 40 people to wear temporary tattoos on their foreheads that showed the brand name, car model, and asking price. It was to promote their new car, the Scion tC.

  • 7 Best Pop-Up Examples and How You Can Use Them?

    If you’re running a website, there’s a good possibility that you’re using pop-ups. And if not – well, you should be. Pop-ups are one of the most versatile tools that help accelerate the conversion rate on your website. Further, they can be completely customized and help showcase your brand. However, it is challenging to create outstanding pop-ups that grab people’s attention. And so, in this post, we’ve furnished the best pop-up examples of big brands’ websites. We’ve also provided some tips that will help you design pop-ups and come up with fantastic results. Let’s get to it!

    What are Pop-Ups on Websites?
    Best Pop-Up Examples and How to Use Them?

    What are Pop-Ups on Websites?

    Formulated using Javascript, pop-ups are graphical overlays that are displayed to your website’s viewers. They are created by adding a short line of Javascript code or any other type of code. In simple words, pop-ups are small windows that “pop up” on a website. Website owners employ these to gather email addresses. However, they can also be employed to:

    • Generate leads
    • Promote new products
    • Recover abandoned carts
    • Suggest assets
    • Improve demo sign-ups
    • Segment email list
    • Recommend related products
    • Ask users to submit questions

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    Best Pop-Up Examples and How to Use Them?

    Though pop-ups can get a little annoying sometimes, they’re incredibly useful. If you know how to execute them correctly, you can capture the user’s attention instantly. Well-used, relevant popups bestow value to your website viewers. The following are some of the best pop-up examples that you can try on your website:

    Giveaway Pop-ups

    Giveaway Pop-upGiveaway Pop-up Example
    Giveaway Pop-up Example

    One of the most effective popup displays is the on-site giveaway pop-ups. When executed correctly, it can help you acquire email subscribers who are inquisitive about your business or brand. If you don’t want to provide your consumers with discounts on every sign-up, giveaway pop-ups are your ideal capture tool. However, to avoid appealing to freebie-seekers, offer a relevant prize with your pop-up. Let’s say one of your top-selling products or store credit.

    Take care of a few primary elements in this pop-up:

    • A benefit-driven headline: Create a benefit-driven headline that emphasizes your chance to win a bestseller.
    • A product or store credit image to make the prize attractive to the eye.
    • One input field to enhance the chances of more sign-ups.
    • Precise instructions on how to join the giveaway.
    • A countdown timer to state when the competition ends and drive urgency. This allows your consumers to know that they need to sign up before they run out of time.

    Lead Magnet Pop-ups

    Lead Magnet Pop-up Example
    Lead Magnet Pop-up Example

    Oftentimes, brand owners are under the impression that content marketing is irrelevant and time-consuming. On the contrary, it is not. Lead magnet pop-ups make content marketing incredibly easy and efficient. Besides, they are one of the most extensively used pop-ups in the SaaS industry. However, to create these pop-ups, you don’t need to start a YouTube channel or a blog/website. Rather, put together your expertise in a docs file. You can also collaborate with an expert. Next up, use a free, useful resource as a lead magnet and display them on related product pages.

    Discount Pop-ups

    Discount Pop-up Example
    Discount Pop-up Example

    When running a business, discounting can be dangerous. Provide it too much and your consumers will expect it every time. But don’t use an inducement and your sign-ups will go for a toss. Many E-commerce business owners choose to offer an immediate discount code upon signing up. However, that’s not the only way out. If you can’t afford to offer too many discounts or don’t want to discount your products, compile emails with the guarantee of something more unique. For instance, you’re planning to run a summer sale by the end of the month or a winter sale in three months. By using this exclusive sale offer, you can influence your visitors with early access to the sale – or an additional discount.

    The Animated Pop-ups

    Have you ever noticed your eyes naturally being drawn towards movement? The human brain is designed to entertain movement. So, why not implement this science and create an animated pop-up to attract more visitors? Animated pop-ups are either optical or sound cues. If you cannot incorporate animated elements on a pop-up, animate the entire module. Create a fly-in pop-up that’s triggered by a certain event and you’ll achieve insanely valuable results thereafter.

    The Countdown Timer Pop-ups

    Countdown Timer Pop-Up Example
    Countdown Timer Pop-Up Example

    A predominant psychological hack – the “going, going, gone” mentality can be extremely influential. Marketers make use of scarcity to promote products. Scarcity refers to attracting consumers by hinting that the product they’re looking for is available in limited quantities – for a limited amount of time. When a person thinks “What I want right now may not be available tomorrow”, they’re more likely to place the order. Swiss Watch, using the countdown timer pop-up is an effective lead-generation tool.

    The Value-driven Pop-ups

    People always look for value in the product/brand. If your pop-ups do not highlight your brand’s value, you’re sure to lose leads. This is where the value-driven pop-up comes in handy. Marketers should always include a USP (Unique Selling Proposition) to attract more buyers. Further, marketing strategies should be designed to emphasize the “whys” and address the question: What’s in it for the consumer? When creating value-driven pop-ups, clearly state the “why”.

    The Authority Pop-ups

    Another aspect of psychology is to make use of “authority”. When people are not sure of their decision, they seek information. Any brand or business that can offer guidance from authoritative figures, credentials or even an air of confidence can be considered an authority. You can create this pop-up on your website and furnish specialized knowledge to your consumers.

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    Conclusion

    Pop-ups are a great tool to grab viewers’ attention. When you produce it efficiently and use it alongside other professional website presentation elements, it bestows the appearance of a much more sophisticated business or product. However, make sure that your pop-ups are convincing – and not disturbing. Conduct usability testing to ensure your pop-ups aren’t frustrating. To be effective, you need a good offer and a strong copy. Together, they can furnish high-performing campaigns to generate leads and conversions.

    FAQs

    What are Pop-ups?

    Pop-ups are small boxes or windows that appear when you open a site.

    What are Pop-ups used for?

    Pop-ups are mostly used for online advertisement or promotion or lead generation.

    What are the types of Pop-ups?

    Giveaway Pop-ups, Lead Magnet Pop-ups, Discount Pop-ups, Animated Pop-ups, etc.

  • How Amazon Ads Are Killing Facebook Ads?

    Nicole Perrin, Principal Analyst at research firm eMarketer made an observation, “The pandemic zapped us two years into the future on the e-commerce side.” The pandemic and its disastrous effect on the economy in 2020, forced companies to take a long and hard look at their advertising plans and platforms.

    This was proven with the increase in the global digital marketing valuation from USD 290 billion in 2019 to USD 305 billion in 2020. This growth is expected to further expand at a CAGR of 17.6% to reach an estimated valuation of USD 807 billion by 2026.

    The reason for the quick rise of the digital marketing industry is the increasing penetration of the internet, smart devices and the increasing prevalence of social media platforms.

    By 2020, the three giant tech companies, Amazon, Facebook and Google dominated the digital advertising sectors and the pandemic catapulted them into command positions of the entire advertising economy. According to GroupM’s provisional report, they collected the majority of all ad spending in the US in that year. Ad industry veteran, Tim Armstrong said – “These companies that are data-science-driven get stronger and faster with a tailwind of usage—and Covid was a hurricane.”

    Triopoly Comparison – Amazon, Facebook and Google
    Amazon’s Rise in Digital Advertisements
    Reasons Why Amazon Ads Are Better Than Facebook Ads

    Amazon Pay-Per-Click Advertising Tutorial for Beginners

    Triopoly Comparison – Amazon, Facebook and Google

    The pandemic and the restarting of the economy in the year 2020 actually helped interactive advertising. This was visible in the quarterly financial announcements of the three big tech giants.

    Alphabet, Google’s parent company, reported USD 55.3 billion in revenue for the March quarter of 2021, which was a 46% rise from the March quarter of 2020. The revenue of Facebook, almost completely from advertisements, was USD 26.17 billion in 2021, a 48% increase from the same quarter in 2020. Amazon’s much lower profile advertisement business showed maximum and the fastest growth of 77% from the March 2020 quarter. It reported a revenue of USD 6.9 billion in the first quarter of 2021. Amazon’s stunning growth is attributable to its horde of purchasing data, and it is now challenging Facebook’s advertisement revenue.

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    Amazon’s Rise in Digital Advertisements

    Amazon's Share of Digital Advertising Revenue Worldwide (2020-2026)
    Amazon’s Share of Digital Advertising Revenue Worldwide (2020-2026)

    Amazon began its advertisement business by offering display and search advertisements on its site. With time, the company added more ad products, with the result that its offering now resembles more to that of Facebook.

    Brian Olsavsky, Amazon’s CFO, said in an interview that the company’s ad business profited tremendously from an increase in traffic during the pandemic. The company’s technology for delivering relevant ads is attracting attention.

    Compared to Facebook, which understands product interest based on what its users socialize about and the sites they visit, Amazon’s real-time data is based on what people actually buy. This, in itself, is the best predictor of future product interest and is very attractive to advertisers. This is also a big reason for Amazon’s digital advertisement growth, which shows every sign of growing steadily in the coming years.

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    Reasons Why Amazon Ads Are Better Than Facebook Ads

    Products Offered by Amazon Ads
    Products Offered by Amazon Ads 

    By 2019, Facebook had emerged as one of the largest platforms for eCommerce marketing. As time went on, however, and the world of digital advertising advanced further, advertisers realised that Facebook’s audience-targeting metrics lacked focus as many of its users were exposed to advertisements completely irrelevant to their interests. Contrarily, visitors to Amazon had specific needs for which they were shopping.

    There are compelling reasons for advertisers to begin shifting focus from Facebook Ads to Amazon Ads.

    Ready to Buy Audience

    More than 50% of online shoppers begin their product search on Amazon. The likelihood of that search converting to an actual sale is far more possible than on sites like Facebook or Google. Placing advertisements on Amazon is doing more than building brand awareness. It is the strategic time when users are ready to make a purchase, greatly increasing the chance of a sale.

    Improvement in Organic Listings on Amazon

    Sales volume on Amazon plays a significant role in the organic listing of products. The better a product sells, the higher are its chances of a priority listing when a search is initiated for a relevant product. For eCommerce brands, this is essential as, over time, it can have a snowball effect on sales. Comparatively, Facebook advertisements do not deliver this kind of direct benefit or boost when the marketing campaign ends.

    Amazon Ads Enjoy a Higher Trust Factor

    The product reviews that customers leave on Amazon have proven to be extremely influential. Qualtrics data reveals that 93% of customers check for product reviews before making a purchase. Sponsored Product Ads on Amazon are also more popular as they list the product as part of a user’s search result complete with a star rating. Reviews on a Facebook eCommerce advertisement are a part of the ad copy, and consequently, enjoy a lesser trust factor than Amazon’s reviews, which are left by actual customers.

    More Advertisement Variety to Experiment

    A Sponsored Product Advertisement, while very attractive, is not the only option for an Amazon ad. Sponsored Brand Ads, previously known as Headline Ads, usually appear above or below the search results, which advertise the brand or its latest product offering. Clicking on these advertisements takes the user to a custom landing page, gaining greater exposure to the business and its products.

    Another unique option that Amazon Ads offers is Product Display Ads. These ads are usually displayed on the customer review page or as a ‘related product’ suggestion. These ads can generate a high revenue keeping the brand and company one step ahead of the competition. In comparison, Facebook ads are available in fewer formats and do not offer any other value-added services.

    Conclusion

    Amazon Ads offer various advertisement options that help eCommerce businesses and brands with many combinations for increasing sales. Even more importantly, these ads are dependent on keyword metrics rather than audience metrics. Hence, there is a greater possibility that the advertisement appears before relevant users, increasing the chances of an actual sale.

    In a world that is competitive and increasingly digitized, these shifts in the way products are now advertised can have a huge impact on revenues. Amazon seems to have got the combination right. Currently, Amazon Ads are offering a far greater value proposition to advertisers than Facebook.

    FAQs

    What are Amazon ads?

    Amazon ads are based on a pay-per-click model just like ads on Google. The sellers pay when a visitor clicks on the ad, irrespective of whether they make a purchase or not.

    How much does it cost to run ads on Amazon?

    Most of the sponsored products, sponsored brands, and sponsored display are pay-per-click ads. This gives you the flexibility to set your own budget regarding how much you want to pay for a click.

    Why are advertisers shifting focus from Facebook ads to Amazon ads?

    The following are some of the reasons why advertisers are shifting their focus from Facebook ads to Amazon ads:

    • Ready to Buy Audience
    • Improvement in Organic Listings on Amazon
    • Amazon Ads Enjoy a Higher Trust Factor
    • More Advertisement Variety to Experiment

    What are the types of Amazon ads?

    The following are the most popular types of Amazon ads:

    • Sponsored Product Advertisement
    • Sponsored Brand Ads
    • Product Display Ads
    • Audio Ads
    • Video Ads
    • Custom Advertising

    What is the worth of digital advertising spending worldwide?

    According to Statista, digital advertising spending worldwide was calculated to be worth USD 521.02 billion in 2021 and the number is expected to grow to USD 876 billion by 2026.

  • How to Sustain Startup in Funding Winter? | 7 Strategies to Help Startups Survive the Funding Winter Chill

    The pandemic was surprisingly a good time for startups in India, with investments in startups skyrocketing. India produced many unicorns during this time, surprising the first-world nations. Lately, studies indicate that with the funding winter in India, private equity and venture capital investments declined 27% in April 2022 as compared to April 2021. Soaring inflation, interest rate hikes, tightening liquidity, conservative venture capital investments, and rough capital markets are the primary reasons why the flow of investments into startups has reduced over time.

    Another study shows that overall funding in Indian startups has declined by over 40% to $6.8 billion in the second quarter of 2022. The impending funding winter can be a tough time for startups to survive. It will require extremely calculated steps that have to be laid out and executed properly to get through this tough space. This article will look at some of the ways in which entrepreneurs can negotiate through this rough patch in a more nuanced manner.

    What is Funding Winter?
    Strategies to Help Startups Survive the Funding Winter

    Are Indian Startups Bracing for a Tough Future?

    What is Funding Winter?

    Falling Funding in Indian Startups in 2022 as the Funding Winter Deepens
    Falling Funding in Indian Startups in 2022 as the Funding Winter Deepens

    Funding Winter is a situation wherein startups are faced with a lack of funding, which obstructs their growth in such a way that sometimes they will have to completely shut down or sell themselves to bigger establishments. It generally occurs in times of economic slowdown, when the general funding opportunities dry up. It is also seen to be followed by a stretch of tremendous funding opportunities like what was seen during the pandemic.

    As per a report by Traxcn, India is currently under the spell of funding winter across tech startups and it is likely to continue for the next 12-18 months.

    Strategies to Help Startups Survive the Funding Winter

    The rough patch of funding winter is only a temporary affair. However, the duration and impact of this time can never be predicted beforehand. However, there are certain strategies that entrepreneurs can adapt to sustain through the funding crunch.

    Indian Startup Funding Deal Count 2022 (Month Wise)
    Indian Startup Funding Deal Count 2022 (Month Wise)

    Be on the Look for Different Funding Options

    While funding winter is a time of overall financial crunch, startups can always look for alternate funding options, especially debt-backed funding. While it is an excellent idea, entrepreneurs need to take care to maintain a healthy ratio of debt to equity. Companies like SMOOR survived the pandemic in a profitable manner through debt-backed funding.

    Today, the providers of this mode of funding have come up with different kinds of plans suitable for entrepreneurs to scale up their businesses. There are various other options like Supply Chain Financing/Invoice Discounting, Working Capital Financing, Asset Financing, Revenue-Based Financing etc. To prevent the risk of exhausting equity, it is always better to combine flexible debt and revenue to fund the company in times of financial difficulty.

    From Pre-seed to Late Stage Funding – Sources of Every Funding Stage
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    Improving Customer Experience

    The age-old saying that the customer is king never goes out of trend even during a funding winter. In fact, it holds the most value during this time of all the others. Startups can work on increasing the reach of their products amongst customers during this time. A good product and a good customer service system can go a long way. Giving out coupons without undermining the overall health of the startup can help retain efficient customer engagement. Further services like customer support can be revived to ensure a better reputation.

    Maintaining Strategic Partnerships

    There is no doubt in the fact that funding winter is a time to stay low. However, it is not the time to hibernate as well. Instead of wasting money by focusing on big clients, startups can try to leverage partnerships with those clients that can convert customers at a high rate of intent. These partnerships serve as channels to monetise consumers. Going for smaller partnerships also has the additional benefit of lower customer acquisition costs.

    Halting Experiments

    It is true that an important aspect of the growth of any startup is the innovative ideas and practices that it brings to the table. However, during the funding winter, it is best to not experiment with anything new. It is the time to focus on the core business and halt any kind of activity that the company is not sure about. In this way, startups can prevent unnecessary expenses and use the available funds to strengthen and sustain the basics.

    Thrive on Leaner Budgets

    Cost-cutting is one of the most common methods used by startups during funding winter. In some cases, layoffs might be an inevitable choice. Experienced professionals opine that it is better to do one big layoff than to do multiple small layoffs, as it can be financially and psychologically unhealthy for the startup and the employees, respectively. It is also the time when startups can offer shares of the company rather than fat pay cheques to the employees. There has to be a calculated control over increments, appraisals, and allowances. At the same time, startups need to closely watch the expenses of the firm in real-time.

    Altering Business Strategy

    Funding winter is the time when startups cannot afford to make the wrong decisions. During this time, situations may demand a change in business strategy to ensure that the best possible decisions are taken. Startups have to focus on data-driven decisions to prevent unnecessary expenses. Altering business strategy will also include reworking the networks for cash flow based on the situation.

    Maintaining Transparency

    While the overall economic distress that prevails during the funding winter is not a good place to be, hiding this fact can be fatal. Firstly, people, including the employees, will understand that the startup is under pressure even before it is officially announced. So as to maintain a better customer impression and employee loyalty, it is always good to keep accounts and details of the startup transparent. At the same time, it is necessary to keep the investors informed about the financial status of the company as well. All these will additionally help in gaining financial help from hitherto unexplored channels or people.

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    Conclusion

    Funding winter is indeed a rough test to pass. While it is only temporary, its effects can be fatal. It is always important to expect the worst and prepare for the best. Today, several funds and grants from the government are earmarked to be used in situations like these. Staying aware of the political and economic situations in and around the country and in the concerned domain is also an important exercise to be constantly taken care of. As scary as it may sound, funding winter is not an impossible river to cross. With prudential flexibility, clear-cut plans, and proper implementation, startups can sustain the funding winter.

    FAQs

    What is funding winter?

    Funding Winter is a situation wherein startups are faced with a lack of funding, which obstructs their growth in such a way that sometimes they will have to completely shut down or sell themselves to bigger establishments.

    How to sustain startups in funding winter?

    The following are the prominent strategies to follow for sustaining startups in funding winter:

    • Be on the Look for Different Funding Options
    • Improving Customer Experience
    • Maintaining Strategic Partnerships
    • Halting Experiments
    • Altering Business Strategy
    • Thrive on Leaner Budgets
    • Maintaining Transparency

    How long the funding winter will last in India?

    As per a report by Traxcn, India is currently under the spell of funding winter across tech startups and it is likely to continue for the next 12-18 months. It was in Q3 of 2021 when funding for tech startups saw a peak in India. However, since then, funding has been on a decline, as per the report.

  • RBI Guidelines on Digital Lending – Highlights and Implications

    As the digital revolution took over the regular life of people by storm, there are not many areas that remain uninterrupted by it. With the huge impetus given to Digital India by the Government of India, the domain of finance and accounting has also undergone tremendous changes.

    Beginning with online payment with the help of UPI, it has gone to newer avenues, wherein digital platforms offer credits to the user. It is widely called digital lending. Using the technology of credit assessment and authentication, websites and apps these days allow their users to lend money. Today, banks are not far behind in this domain. They have come up with their own digital lending platforms. Their experience in traditional lending further gives them the edge to sustain themselves in the market.

    In India, a large section of the society depends on the unorganized sector for credit which cracks down on poor farmers and micro enterprises with their high rate of interest. In that regard, the popularity of digital lending has, in fact, bought in financial inclusion meeting the hitherto unmet credit requirements of the people. As digital lending got more popular, it became necessary to keep a check on the activities that are taking place in this domain.

    The Reserve Bank of India, in August 2022 released guidelines on digital lending so as to ensure the smooth and safe conduct of transactions through digital platforms. This article will look at important parts and implications of the guidelines issued.

    Applicability of the Guidelines
    What does the Guideline say?
    Payments
    Data Privacy
    Reporting Lending to CICs
    Options to Exit Loans
    Grievance Redressal

    Applicability of the Guidelines

    The Reserve Bank of India has issued these guidelines keeping in mind the lending ecosystem of Regulated Entities (RE) and Lending Service Providers (LSP). They have classified digital lenders into three different groups. Firstly, those entities that are regulated by the Reserve Bank of India for lending business in itself.

    Secondly, those entities authorized to carry out lending are based on the statutes and regulatory provisions of certain other bodies but are not managed by the RBI.

    The third groups include those entities that are outside the purview of any kind of regulatory or statutory provisions.

    All those lending groups that do not come within the discretion of the above-mentioned categories are free to formulate their own rules and regulations alluding to the recommendations of the working group.

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    What does the Guideline say?

    Let’s take a brief look into the highlighting aspects of the guidelines:

    Payments

    The guideline mandates that all digital transactions should be made between the bank accounts of the regulated entity and the borrower. It should not include any third party or pool account. When they say Regulated Entity, it means any banking or non-banking financial company.

    With regard to the payment of fees during the credit intermediation process, the guidelines clarify that the payment is not to be made by the borrower but should be made by the Non-Banking Financial Companies (NBFCs) i.e, the regulated entities.

    If at all there are any penal interest or charges, they are to be disclosed in the key fact statement (KFS) on an annual basis and should be based on the outstanding amount of the loan.

    Data Privacy

    Data Breaches Worldwide
    Data Breaches Worldwide

    Data privacy is one of the most concerning thoughts in today’s digital world. The guidelines carefully address this issue by delineating that the usage of user information should be need-based. The digital lending platforms are barred from accessing the user’s files, contact lists, call logs, media, and other telephonic functions.

    However, they can have one-time access to their camera and microphone to complete their KYC procedures. This will be possible only after the explicit consent of the customer. Additionally, the guideline also states that the user has the option to deny access to certain data, restrict disclosure of certain information to any third party and deny data retention. The user can also revoke the consent given later if they feel so. They can also delete the application and forget the data when it is being uninstalled or deleted.

    While signing up, the digital lending platform needs to disclose the credit limit information related to product features and the related costs. It includes the disclosure of the all-inclusive costs of digital loans in the form of Annual Percentage Rates (APRs). The guidelines also prohibit these platforms from increasing the credit limit without the consent of the borrower.

    Reporting Lending to CICs

    Any form of lending carried out through Digital Lending Applications (DLAs) of RE or LSPs is to be reported to the Credit Information Companies (CICs) irrespective of their tenure or nature.

    The guidelines extend these requirements even to those lending carried out through Buy Now Pay Later model. This is with regard to the provisions of the Credit Information Companies (CIC) Regulation Act, 2005, issued by the Reserve Bank of India at regular intervals.

    Options to Exit Loans

    The RBI guidelines give the user an option to exit the availed digital loan by paying only the principal and proportionate APR without paying any fine within a stipulated time called the cooling-off period or look-up period. The cooling-off time is determined by the boards of the respective regulating entities. Such a time period should not be less than three days for loans having a tenure of seven days or more and one day for loans having a tenure of fewer than seven days. For those borrowers, who continue even after this period, the provisions of pre-payment will be continued based on the extant RBI guidelines.

    Grievance Redressal

    Every Regulated Entity (RE) and Lending Service Provider is required to appoint a grievance redressal officer. They are supposed to address the FinTech and Digital lending-related complaints issues, faced by the customers.

    Apart from that, the issues related to one’s own Digital Lending Applications are also to be addressed by the officer. Apart from facilitating the option to lodge complaints, the contact details of the respective nodal grievance redressal officer have to be visibly displayed on the website of the regulated entity.

    To further foolproof the grievance redressal system, RBI allows the user to file complaints through the Complaint Management System (CMS) portal under the Reserve Bank-Integrated Ombudsman Scheme (RB-IOS) in case the complaint is not resolved within 30 days of filing.

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    Conclusion

    The development of technology services has tremendously contributed to the mushrooming of Digital Lending Services, which gained quick popularity among the young and middle-aged population alike. While such schemes have been helpful to a lot of people, it has also resulted in many unethical and fraudulent practices, wherein users get scammed.

    Apart from that, various platforms also use this service as a way to charge exorbitant interest rates from users. It is in such a context that the guidelines released by the RBI become all the more relevant. There was a need to manage and control the proliferation of this budding service. These guidelines will ensure that lending through digital platforms happens responsibly wherein both the parties benefit from the advancement of fintech facilities.

    FAQs

    When and where was RBI established?

    The Reserve Bank of India was established on 1st April 1935, in Kolkata.

    Where is the central office of RBI?

    RBI headquarters is currently located in Mumbai after it was shifted from Kolkata in 1937.

    Who is the current governor of RBI?

    Shaktikanta Das is the present governor of RBI.

    When did RBI release Guidelines for Digital Lending?

    RBI released the Guidelines for Digital Lending in August 2022.

  • 5 Reasons That Make Customers Less Loyal

    The content of the article was contributed by Dhruv Verma, founder of Thriwe and hence contain quotes from him.

    In business, the term ‘loyalty’ carries a lot of weight. Customer loyalty, on the other hand, is of major concern now for many businesses.

    Consumers that are loyal to a company or product will pick it again and again because of previous favourable experiences. Now, this is the kind of loyalty businesses are always seeking to retain their status as market leaders. For a business, customer loyalty plays a massive role in upscaling its brand to greater heights.

    Some studies show the chance of selling to an existing client by a brand is between 60% and 70%, whereas to sell a new customer is between 5% and 20% only.

    Off-late with the rising competition and innovation among businesses and organisations, businesspeople are finding it challenging to keep up with their customers’ loyalty for a longer period.

    Here is what Dhruv Verma of Thriwe says about customer loyalty, “loyalty must be pinned back with the “Esteem needs” from Maslow’s hierarchy of needs theory. As long as the esteem needs are getting nurtured and fulfilled, loyalty remains intact for every customer.“

    Indeed, the needs of customers these days do not depend upon the service that they were using before, it is all about going for the latest trends no matter which brand is offering them.

    He further adds, “The paradigm shift in customer loyalty has ushered from the perspective that there is a constant evolution of esteem needs.“

    As per Forbes reports, 68% of consumers worldwide are more devoted to firms and organisations that make it quick and convenient to interact with them.

    Reasons That Can Make Customers Less Loyal

    How to Retain Customers?

    Reasons That Can Make Customers Less Loyal

    We now know for a fact, how customer loyalty is so important, let us understand some points that can impact a customer’s relationship with their brand.

    Loyalty Management Market Size Worldwide (2020-2029)
    Loyalty Management Market Size Worldwide (2020-2029)

    Failing to Keep Up With Customer Expectations

    A lot of brands aren’t able to keep up with customers’ expectations. The reason is customers expect a firm to be always in pace with customer service in the constantly changing ecosystem and lifestyle needs. If a brand fails to do so, then it exposes the organisation to the risk of diminishing consumer loyalty.

    With the constantly evolving ecosystem, customers want a company to be at par with customer service, but failing to do so, brands do feel the heat of declining customer loyalty – Dhruv Verma, Founder of Thriwe

    Lack of Unique Relevance to Customers

    Sometimes, customers do not show any emotional attachment to the particular brand if they don’t find it relevant to their needs. In this process of keeping a consumer engaged, firms provide repetitive rewards and perks, while the other brands also provide the same giveaway. As a result, the rewards do not stand apart from the competitor’s reward. This tends to render the agenda obsolete and of little importance.

    To keep a customer engaged, companies give rewards and benefits that are redundant in nature, the competitor brands are also giving the same giveaway that you as a brand are giving to customers. Hence, when the rewards are not well thought of, it tends to make it a redundant program with little relevance – Dhruv Verma, Founder of Thriwe

    Failing to Appreciate Customers

    Customers are the lifeblood of every business. Every business must care for and appreciate its customers. Customers expect their brand to treat them well and receive outstanding treatment and services. It is mandatory for businesses to really meet their customer’s expectations. If customers feel that they are not acknowledged during their interactions with the company, the firm will surely fail, even if they have the slightest chance to retain customer loyalty.

    Every business runs because of customers if the customers are not appreciated during their course of interaction with the business, customer loyalty is definitive to decline  – Dhruv Verma, Founder of Thriwe

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    Easy Replicability of the Product or Service

    Consumers look for uniqueness in every product or service they use. If a firm’s product lacks a unique selling point, it simply means it is copied and accessible at a lower price, and then the company will almost certainly lose a price-sensitive consumer to a competitor. As a result, customer loyalty will decline. Businesses really need to offer some unique value to differentiate their products from competitors. In order to survive the competition, companies have to work more efficiently to attract the attention of potential buyers in the market.

    If the company’s product doesn’t hold a USP of its own, it tends to get replicated easily and is available at a lesser value then a business is sure to lose a price-sensitive customer to a competition. Hence the reason for the decline in customer loyalty – Dhruv Verma, Founder of Thriwe

    Lack of Consistency

    Consistency means building trust. In life also, everyone wants consistency, because without it, there’s no balance, and you cannot rely on a certain thing. In business as well, customers look for a brand in which they can put their trust and not worry about it. Inconsistency in branding can lead to poor brand awareness and push away all the loyal customers for good. For brands, it is imperative to stick to a particular brand voice or quality they have been providing since the beginning.

    Customer loyalty, stickiness, and engagement with the brands depend on a whole lot of things and businesses should keep a close eye on the ever-evolving nuances of customer loyalty – Dhruv Verma, Founder of Thriwe

    Conclusion

    No doubt, organisations today are neck-to-neck with each other to remain at the top of the list of their potential customers. The solution not only lies in the above-mentioned points or just fancy marketing campaigns, but it is way beyond all of these. Companies need to have a clear vision and well-thought-out plans and strategies to make their customers always feel special.

    FAQs

    What makes consumers feel more devoted to brands?

    As per Forbes reports, 68% of consumers worldwide are more devoted to firms and organisations that make it quick and convenient to interact with them.

    What makes customers less loyal?

    Major reasons that make customers less loyal are:

    • Failing to Keep Up With Customer Expectations
    • Lack of Unique Relevance to Customers
    • Failing to Appreciate Customers
    • Easy Replicability of the Product or Service
    • Lack of Consistency

    What is the probability of selling to existing customers?

    Some studies show the chance of selling to an existing client by a brand is between 60% and 70%, whereas to sell a new customer is between 5% and 20% only.

  • How to Create an Interactive Exit Intent Popup for Your Website?

    Does your Google Analytics data show that 10,000 people visited your site, but only 30 purchased? Most people will spend around a minute or less on your website and leave without much action. Sometimes, it’s just the sporadic nature of surfing the internet. Other times, it could be because the product was too expensive or your content doesn’t meet their requirements. There are several reasons why people leave your website without purchasing: they didn’t find what they needed, they were simply window shopping, and so on.

    The good news is you can generate more leads by employing an exit-intent popup. With this popup, you can enlist the visitors’ relevant contact details and direct them to another page. This gives you access to their inbox for future advertising. But what does an exit-intent popup look like and how can you create one of your own? In this post, you’ll find all the essential information. From a step-to-step guide to bonus exit-intent popup examples and tips, we’ve included it all.

    What is an Exit-intent Popup?
    How to Create a Website Exit-intent Popup?

    Why Should I Set up an Exit-intent Popup?
    5 Best Practices to Create Exit-intent Popups

    What is an Exit-intent Popup?

    An Exit-intent popup is a graphical display that appears as soon as a visitor leaves a website. When they exit the browser’s main viewport, the exit-intent popup is displayed. It is a part of a business’s marketing strategy that keeps visitors from leaving the website. With the implementation of the exit-intent popup, marketers can capture the users’ contact details. Thus, they get access to their inbox for future retargeting. As a result, new visitors can be converted into leads, subscribers, and even customers.

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    How to Create a Website Exit-intent Popup?

    Creating an exit-intent popup for your website is effortless if you’ve already registered an account. Next up, simply connect Getsitecontrol to your website. Here’s a quick 4-step guide that you can follow:

    Step 1: Select a Template

    Before creating the popup, consider what type of CTA (Call To Action) you want to display on your website. Once you select a template that caters to your expectations, follow the prompts on the right-hand side. Add it straight to the Getsitecontrol dashboard.

    Step 2. Adjust the Text of Your Offer

    On the Getsitecontrol dashboard, you can exit your offer and CTA. Select the text you want to change. Then, start typing your copy. However, remember to keep the CTA crisp and precise. Also, if you’re offering free shipping or discount coupons, keep the terms clear.

    Step 3. Decide What Happens When Visitors Sign Up

    When the visitor is done filling out the form, show up a submission success statement. For instance, if you’re proposing a free shipping coupon code in exchange for an email, you have two alternatives. You can either display the code through the popup or send it via email. In case you want to send an automated email, use the Autoresponder feature. You do not need to install email marketing software to send an automated response.

    Step 4. Set up the Exit-intent Popup

    Now that you’ve set up the copy and design, it’s time to create the exit-intent popup. First of all, get a field named Start which you want to display the popup. Then, neglect/remove the default ‘at once’ tab. After that, hit + Add condition. Select ‘Exit Intent. Once you’ve saved and activated the popup, the visitors will see it while leaving your website. You always have the last decision, you may also choose whether or not you want to display the popup on all the pages or some of them from the site.

    Why Should I Set up an Exit-intent Popup?

    Exit-intent popups are currently one of the most widely used marketing tools on the globe. They enable you to recover more than 50 percent of the visitors that want to exit your website. Consequently, you can generate more leads and boost conversion rates. The most popular exit-intent trigger is a subscription popup followed by a lead magnet. This allows the user to add their email addresses in exchange for something lucrative (such as discounts, entertaining content, free ebooks, and so on). As a result, marketers gain access to their email handles, which they can later use for future advertising.

    5 Best Practices to Create Exit-intent Popups

    Exit-intent Popup

    Here are the top 5 actionable tips that will help you create the best exit-intent popups:

    Make it Mobile-friendly

    More than 45 percent of users browse sites on their mobile phones. If your exit-intent popup isn’t mobile-friendly, it will be displayed incorrectly. As a result, you will lose leads due to poor user experience.

    Use A/B testing

    With the A/B technique, you can figure out what copy, images, and CTAs work for your exit-intent popup.

    Track Conversions

    Tracking conversions enable you to comprehend on which pages exit-intent triggers are bringing in the most responses. Bear in mind that your pop-ups need to have reasonable goals. Let’s say “transfer your 30 percent of visitors into your genuine subscribers,” otherwise tracking conversions won’t help you much.

    Provide an Easy Way to Close it

    When creating a popup, it’s essential to provide an easy way to close it. Sometimes, these pop-ups get frustrating. If the visitor isn’t interested in your offer, they should be able to close the popup effortlessly. Thus, it’s recommended you provide your visitors with a well-visible X to close the exit-intent popup. Also, do not camouflage or hide the “no” reply. Keep the text visible.

    Keep the Message Simple

    Keep the message in your exit-intent popup simple. Never overwhelm your visitors with loads of text your pop-up contains, try to make it as simple as your can. Nobody’s going to read that anyway. Hence, keep your message short and simple.

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    Conclusion

    While surfing the web, nobody likes being interrupted. But what if they were to receive a lucrative offer that’s relevant and well-implemented? Exit-intent popups are the best way to generate leads and boost conversions. They help you keep a lot of potential customers from leaving your website. If you want to upscale your business, consider these practices. Create the best and most effective exit-intent popups that pique interest and capture new users.

    FAQs

    What is a Pop-up?

    Pop-ups are online advertisements we see when we open any website.

    What is a Exit-intent popup?

    An Exit-intent popup is a graphical display that appears as soon as a visitor leaves a website.

    What is CTA button?

    CTA button stands for Call To Action.

  • What Is Aspire Scheme | How Startups Can Benefit From It?

    We all aspire to do something huge. Regardless of whether we are a student, a business professional, a startup founder, or an entrepreneur to be, our aspiration is what propelled us to greatness.

    The Indian government also realized the importance of our aspirations and has launched the “ASPIRE” scheme. The naming of the scheme is also entirely significant, which refers to “A Scheme for Promotion of Innovation, Rural Industries and Entrepreneurship” when the acronym is expanded.

    Coming under the Ministry of Micro, Small and Medium Enterprises, Government of India, the ASPIRE scheme was launched in 2015, and is aimed to help foster entrepreneurship. Like other innovative Government of India schemes that the Modi-led government has launched, the ASPIRE scheme also has a huge potential to improve the industrial sectors and bring in a period of growth for the country. Much like the growth of Indian startups and unicorn companies of India, which make interesting reads, the schemes of India, which strive to gear up for the new age, Atmanirbhar Bharat, shall also be known thoroughly. This is why StartupTalky has come up with this article that is solely dedicated to the ASPIRE scheme of the Indian government.

    What is the ASPIRE Scheme?
    Objectives of the ASPIRE Scheme
    Eligibility for the ASPIRE Scheme
    The Goal of ASPIRE | What did the GOI Decide via ASPIRE Scheme?
    How can Startups Reap the Benefits of the ASPIRE Scheme?

    What is the ASPIRE Scheme?

    The ASPIRE scheme is designed to set up a network of technology centers and incubation centers, with which the Indian government wants to accelerate entrepreneurship and also promote startups in India for innovation in the agro-industry.

    Furthermore, the scheme is also aimed to provide financial support to set up Livelihood Business Incubators (LBI) or Technology Business Incubators (TBI). The 3 main components of the ASPIRE scheme can be summed up:

    • LBI, or Livelihood Business Incubation – Under this, the ASPIRE scheme will help create jobs at the local level and reduce unemployment there, by building a favorable ecosystem for the entrepreneurial development of the country. The Livelihood Business Incubators would help business incubation, offer skill development to the youth, help them stand as entrepreneurs, and extend adequate funding to the entrepreneurs to set up their enterprises.
    • TBI, or Technology Business Incubation – In this category, the ASPIRE scheme will help the incubators of technology tap into the potential technology-related ideas and innovations by utilizing the existing infrastructure and expertise that are available already with the incubators. TBI would encourage the growth of enterprises through the application of technology and innovation. Besides, it will also support economic development strategies for small business development. Also, the TBI incubators would foster growth in local economies and extend mechanisms for technology transfer.
    • Promotion of Startups via SIDBI referred to as the Small Industries Development Bank of India – SIDBI would usher in creative scalable ideas/innovations and strive to convert them into commercially viable enterprises. A fund of funds is also created under SIDBI, which it can utilize to invest in startups and other early enterprises, thereby converting such ideas/innovations. These investments would only be in the startups that belong to the rural/agro-based industries. There will be no investment for the companies that run on the basis of technology.

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    Objectives of the ASPIRE Scheme

    The objectives of the Government of India’s ASPIRE scheme can be summed up as:

    • It aims to build new jobs and reduce unemployment
    • The ASPIRE scheme would encourage the entrepreneurship culture in India
    • It aims to further grassroots economic development at the district level
    • It helps facilitate innovative business ideas and solutions for social needs that are unaided or unfulfilled
    • The ASPIRE scheme promotes innovation to further strengthen the competitiveness of the MSME sector
    • It strives to provide monetary aid, which can be utilized to buy plants and machinery other than land and infrastructure, or an amount of INR 100 lakhs, whichever is less.
    • It also aims to provide practical business experiences to the budding entrepreneurs

    Eligibility for the ASPIRE Scheme

    If you are wondering about “who are eligible for the ASPIRE government of India scheme?” then all the startups and the traditional enterprises are all in luck because are eligible to reap the benefit of the ASPIRE Yojana.

    In the union budget of 2019 that was presented by Finance Minister Nirmala Sitharaman, the government of India stated that around 80 livelihood businesses and up to 20 technology business incubators will be generating close to 75,000 skilled entrepreneurs in the agro-rural industry industries under the ASPIRE Scheme.

    As soon as a company fills out an application for the ASPIRE scheme, it is sent to the committee of the ASPIRE Scheme that deals with such applications under the Ministry of MSME, which is entitled to provide support to any companies/startups who want to learn about the scheme.

    Now, after a specific company/startup fulfills all the eligibility criteria for the ASPIRE scheme, the Ministry of the government of India which deals with these schemes proceeds with the general processes and offers all the benefits to the beneficiaries under the scheme.

    The Goal of ASPIRE | What did the GOI Decide via ASPIRE Scheme?

    Funding Allocation of ASPIRE
    Funding Allocation of ASPIRE

    Under the ASPIRE scheme, the Government of India wanted to build 80 Livelihood business incubators via NSIC, KVIC or Coir Board, or any other institution/agency of the Central or State government on their own or via any of the agency or scheme. This is to be done with the sole aim of promoting innovation, and entrepreneurship and boosting the growth of the agro-industry.

    How can Startups Reap the Benefits of the ASPIRE Scheme?

    Both traditional enterprises and startups are eligible for the benefits under the ASPIRE scheme. Now, if you are also associated with enterprises and startups that are eligible for ASPIRE, then you should urge the company to send an application to the ASPIRE Scheme steering committee, which works under the Ministry of MSME. This committee will extend support in the overall policy, coordination, management, and more. It will first deal with the general process and would then percolate the benefits to the enterprises that fulfill the eligibility criteria.

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    Conclusion

    Looking at the growth of startups and an increasing sense of passion among entrepreneurs, the Indian Government is trying to make as many efforts as possible to support them. Therefore, the ASPIRE Scheme is yet another initiative by the government of India to promote entrepreneurship and innovative startups in the agro-industry. The above article will help you understand the goals and objectives of the scheme, its eligibility criteria, and how startups can take advantage of it.

    FAQs

    When was ASPIRE Scheme launched and Why?

    The ASPIRE scheme was launched in 2015 and is aimed to help foster entrepreneurship.

    What does ASPIRE stand for?

    ASPIRE stands for A Scheme for Promotion of Innovation, Rural Industries, and Entrepreneurship.

    Which Government body controls ASPIRE scheme?

    ASPIRE scheme falls under the Ministry of Micro, Small and Medium Enterprises, Government of India.

  • Why Do Companies Invest So Much in Sports Advertisements?

    Over the last few decades, sports marketing has firmly established itself as an integral part of marketing. There is no existing definition for sports marketing. However, it is explained as a specific application of marketing principles and processes to advertise sports and non-sports products through an association with sports. It can also be described as a service through which either a physical product or a brand name is endorsed.

    The design and concept of sports marketing is to meet the needs and desires of the consumers through an exchange process. The traditional four ‘P’s of marketing – Product, Price, Promotion, and Place are employed along with the four extra elements of the sports marketing mix – Planning, Packaging, Positioning and Perception. These types of sports promotions involve a variety of sectors of the sports industry like broadcasting, advertising, social media, digital platforms, ticket sales and community relationships.

    Sports Advertisement Popularity in Numbers
    Reasons to Invest Heavily in Sports Marketing
    What Do Companies Require From Sports Advertising?

    Sports Marketing Strategies for Small Businesses

    Sports Advertisement Popularity in Numbers

    Size of Sports Sponsorship Market Worldwide in 2021 and 2030
    Size of Sports Sponsorship Market Worldwide in 2021 and 2030

    In 2021, the Indian Sports Industry spends surpassed INR 9500 crores. It was an echoing comeback for sports sponsorships and media deals, which had dropped severely during the covid struck year of 2020. Sports celebrity endorsement spends grew by 11% with a total of 444 brand endorsement deals in 2021. It was also the year of the Olympics which increased the Emerging Sports Athletes’ endorsements by 79%.

    Prashanth Kumar, CEO of GroupM South Asia observed – “2021 was a year of a major comeback for the sports industry. Not only in sports but we saw growth in sponsorships, endorsements, and media expenses in 2021. This year will also be a good re-start point for brands to invest in sports properties since sports will see a rise and will in-turn deliver ROI to brands. Apart from this, we even saw esports gaining significant traction and there was a major rise in the number of gamers in the country. Properties like PKL, ISL, etc. are also seeing a major rise in followers which goes to show that India is heavily invested in overall sports from an interest and inquisitiveness standpoint. As for cricket, we are seeing a growing interest by Foreign private equity giants investing in Indian cricket which is proving that Cricket will continue seeing a huge surge in India and with 2021 getting cricket back on track, we are seeing 2022 racing ahead, aiming to cross INR 10,000 Cr mark.”

    2021 saw heavy media spends in sports as broadcasters played a central role to bring consumers and brands closer. Household penetration of television and technology has been crucial in the growth of sports appreciation by the masses. This has resulted in television becoming the largest medium for viewers culminating in an overall ad expenditure of INR 5051 crores – a growth of over 59% from 2020. The digital ad expenditure grew to touch INR 965 crores.

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    Reasons to Invest Heavily in Sports Marketing

    Sports marketing is about using the content of sports to assist the marketing efforts. Apart from professional sports, sports marketing is a large part of college athletics, minor leagues and alternative sports. It can take many different forms as sports is watched on a variety of platforms. Television networks sell airtime during sports events, teams sell advertising space inside the stadiums to marketers wanting to purchase billboards and other print advertisements, and famous athletes sign contracts as celebrity endorsers and lend their image to brands.

    One of the main reasons for brands to invest heavily in sports marketing is to piggyback on the popularity of athletes and the loyalty of their fans. It gives brands and companies a captive and ready audience to advertise their products.

    Sports also add value to a brand by creating a unique position in the mind of the consumer. This is especially advantageous in a market that is rife with stiff competition. Smaller companies benefit immensely from improved awareness at local or regional levels.

    At its highest levels, sports involve medals, world records and global awareness. This is a ready stage for global brands that want to associate themselves with excellence and ubiquity.

    What Do Companies Require From Sports Advertising?

    BYJU'S Sports Marketing Example
    BYJU’S Sports Marketing Example

    Sports advertisements and sponsorships are used by companies and brands for a variety of reasons and objectives.

    Brand / Corporate Awareness

    This is to expose the name in front of the consumer so that he or she will recall it favourably when exposed to other focused marketing messages.

    Brand / Corporate Image

    This type of sponsorship is focused on creating a particular style or niche for the brand or the company. It allows the brand to distinguish itself in the market and paves the way for premium pricing.

    Customer Relations

    Anyone in marketing understands the importance of building good customer relationships. Sports sponsorships are an excellent avenue to open a dialogue with other companies as well as showcasing their worthiness as a global player and a trustworthy business associate.

    Employee Relations

    Sports sponsorships foster pride and loyalty within the employees. This helps to retain and attract staff.

    Community Relations

    This is the philanthropic side of the company that can be showcased through sports sponsorships. It highlights the company’s readiness and willingness to invest in society’s future and well-being.

    Different companies have different needs from sports sponsorships.  However, the commonality exists in the quantifiable contribution to the brand. It also allows for media coverage and exposure, by creating opportunities for newspaper photographs and television images, showing logos or banners.

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    Conclusion

    Companies and brands use sports to reach a certain segment of the population. However, the only real qualification for using sports advertising is a product that has mass appeal. Hence, it is extremely important for any marketer to understand the relevance of the product that is being marketed to the audience.

    As a marketing tool, sports advertising is highly effective. It is dependent on the company or the brand to utilize this tool to its maximum advantage.

    FAQs

    What is sports marketing?

    Sports marketing is a type of marketing that uses sports for advertising. This kind of marketing simply focuses on promoting products and services by taking advantage of sports events and teams to reach the audience.

    Why do companies invest in sports marketing?

    Companies invest in sports marketing for many reasons. These include:

    • Brand Awareness
    • Brand Image
    • Stronger Customer Relations
    • Better Employee Relations
    • Community Relations

    What are the key areas of sports marketing?

    The key areas of sports marketing include sponsorships and endorsements. In sponsorships, the brands offer funds to sports events and teams for the brand’s promotion and in endorsements, the brands approach sports celebrities to act as their spokesperson.