When you are starting a business, one of the most important things to do is to build up the brand of that business. Your brand is your identity, through this, your customer distinguishes you from other similar businesses out there.
Now building up the brand name is much more than just giving a cool name or a logo, it is all about building your business reputation and for that, you need to give 110%, maybe much more than that.
Reputation can be built through different ways, by providing great service, great products and attending the customer’s needs are some of the main ones and it takes a lot of time and hard work.
Now sometimes there can be some problems, which can arise at any time and tarnish the image of your brand that you have taken so much time to build. It can be a bad product, an action of your business that doesn’t seem right or anything. Nonetheless, we can’t just sit around and ponder about it; we need to do the deed to get our business back on its feet.
The most important thing while building a brand name is that you need to be preparing for any worst-case scenario and at any time. The brand name can come spiralling down because of a simple mistake and with social media on its top form; it won’t take even a minute to become breaking news, thus spreading like a wildfire.
In this article, we will give you an insight into powerful marketing moves that can fix your tarnished brand name. Some of the techniques that can fix your brand names are,
A brand for a company is like a reputation for a person. You earn a reputation by trying to do hard things well. -Jeff Bezos
This is a prime time to collaborate with different charities and follow the particular set of values that your company stands for. Start Corporate Social Responsibility (CSR) if you haven’t already because the actions speak louder than voice.
So, if by any chance a crisis arises and bad word of mouth goes out, if you stick to your values, your customers will understand that it’s just a wrong way of presenting a situation as your reputation is already a hit with the help of your marketing.
Share the Outcome of CSR
When your business is partaking in CSR, it is important to share it with your customers; this will show them that you and your business are responsible to society and its surroundings.
Sharing does not mean bragging, sharing the results through social media, and letting people know about the achievements of CSR in a humble way.
Create a Campaign for Honest Feedback
Your customers are your biggest asset, if they are not happy with your services; your business is bound to get doomed. After the crisis, start creating a campaign that will ask for honest feedback from your customers. This will make them realize that your business is trying its level best to build trust again. The campaign can be held digitally or physically as well. Although digitally, you’ll be able to interact with more people.
Be Responsive to the Problem
Don’t try to be defensive and hide the problem, it will only fuel the fire, once it gets revealed because it will. When the problem arises, acknowledge it, be transparent to your customers, and clearly state your response to the world. If you’re wrong, don’t shy away from apologizing.
Be Active on Social Media
We are living in a time, where everything is transparent thanks to social media. Be it your products or customer services, if people don’t find it good, they often convey their concerns on social media and present their dissatisfaction.
Keep an eye on the hashtag of your brand and use social listening tools to understand what truly is cooking. If there is a negative comment, you can easily handle it by responding to it and solving the problem, before it gets out into the front for everyone to judge. Try to control all the conversation that is about your brand.
Communicate Carefully
Remember that communication is the key. Social media helps you in engaging your customers with your brand, so when a crisis arises, be careful while responding. The way you convey the message talks a lot about your brand.
Take your time, if you think there is a need, and then respond but not too much. Your brand name depends on it, one single response can eventually make or break your business.
Connect with the People
One thing about humans is that we are bound to make mistakes, what sets us apart is our way to acknowledge it and own up to it. When a mistake took place, apologies properly, and get ready to solve it, instead of being arrogant.
Express yourself and try to connect with people and understand what they are feeling, communicate with empathy and show your customers that the brand cares about them and not just focusing on making money.
It takes years to build a brand but it takes only minutes to have it crumble down. A business will somehow face a crisis at any point of its lifetime. One needs to be prepared for that and to bring it back to its feet, they need to use the above techniques properly so that the brand can get back its glory once again.
FAQ
How do you fix a tarnished brand?
Communicate carefully, Be active on social media, Acknowledge the problem, and try to connect with the people.
How do you strengthen a brand name?
Build a loyal customer base, Build a brand that stands out from the competition, Keep your brand name simple and easy to remember, and monitor your competitors.
How do you maintain a brand reputation?
Improve customer satisfaction, Reply positively to negative comments, Focus on providing excellent customer support, and increase employee satisfaction.
This article is contributed by Mr. Abdul Nasir Shaikh, CEO, Lexicon Group of Institutes & Multifit.
Networking is one of the most important things one needs to do to further their career. It gives out opportunities that one cannot find on their own. Through the help of proper networking, one gets to explore other fields and get noticed by the people that will benefit them.
Today, the notion of branding can indeed be implemented on an individualistic level. You can create a picture that will help you stand out online and reach a wider audience.
Every time we talk about personal branding, LinkedIn pops up in our minds. It emerges over the course of our daily discussions about brand management and novel media advertising. In fact, whenever someone is asked to help individuals and startups with personal branding, LinkedIn is bound to be brought up. In this article, we will talk about how we can use LinkedIn for personal branding. So let’s get started.
LinkedIn is one of the most effective business networking tools out there, if not the most. LinkedIn is definitely the best place to increase your network whether it’s for your business or as an individual.
Everything and anything that propels your personal branding and ascension lives and thrives on the network. It’s the digital meeting place for meeting people, accumulating knowledge, and forming and growing business connections.
Steps to Leverage LinkedIn for Personal Branding
LinkedIn can be your ticket to accelerate your career to a whole different level for that you need to follow some important steps and they are down below:
Make your Profile Stand Out
If you sprint through the process of making a profile, you’ll be shooting yourself in the foot. Your profile will be observed and analysed more often than on other social media platforms. Since personal branding is so important in the LinkedIn environment, you’re given a massive and dynamic canvas to portray a picture of yourself on. Delve deeper, put hard work as well as creativity into jamming your public profile from head to toe.
Think of LinkedIn as a Live Profile
Keep your profile updated. Whenever you make any career move, take a new course, learn anything new or publish a new article, everything should go on there. You cannot afford to set your profile and then forget about it. Treat it as a live resume, describing you in a professional as well as in a personal way.
Publish Articles for LinkedIn
There is more than one way of writing for LinkedIn. You can, of course, write exclusively for the platform and reach several people in doing so. You can also publish an excerpt of an article on your own blog and move your LinkedIn audience to read more on your site, creating traffic for your page. The benefit of publishing your work on LinkedIn is that every time you post, your connections get notified, generating a bigger audience.
Strategically Choose your Skills
You can mention up to 50 skills on your profile, be sure to use relevant skills to target your potential clients or employers. Strategize and add skills that work for you in creating a good impression. Remember to stay authentic!
Engage Meaningfully
Take the time to interact with posts on your feed by liking, sharing, and commenting frequently. You must build a relationship with your connections over time so if you want to work with someone in the future, they recognise you as someone they have interacted with, giving you a real presence online.
Optimize your Profile
As said earlier, LinkedIn is a search engine of sorts along with being a social networking site. The words you use matter a great deal. Use keywords for your headline, job descriptions, summary, etc. The right words can go a long way.
Build your Knowledge
Learning should never stop. Keep taking up new things, learning new skills, embarking on adventures of your own, to not only make your profile look better but also to help you grow into a richer human being.
There is another thing that can be discovered over the years, which is individuals on LinkedIn either recognize what they really want to accomplish through the platform or don’t understand what they want to accomplish at all.
While it may appear that those who understand what they want to accomplish will be more successful on LinkedIn, it’s not always the case. As a result, they operate with the wrong mindset, focusing on how many direct leads or sales they can generate.
However, LinkedIn is not really a place for people who would like to constantly hear sales pitches. It is a place for people to collaborate with other people who provide the relevant content or whose stories strike a chord with them.
LinkedIn is one of the easiest platforms to use and has more than 500 million users worldwide! While until recently, your LinkedIn profile was simply for job purposes, many professionals are now starting to emerge as leaders in their sectors and are using LinkedIn as part of that strategy.
Embrace how LinkedIn can be used to build your personal brand beyond just a place to keep up with who has employed you. Start by developing yourself, get better and stronger with personal branding and you will have the best chances of having a successful career.
In this platform, the more one will reveal about themselves, the more people will gravitate towards them.
FAQ
How should you use LinkedIn to promote your brand?
Invite your connection to follow your company page, promote your company using emails and blog posts, and optimize your page search.
Do you think personal branding is important in landing your dream job?
Yes, personal branding is really important for landing a dream job as it will help you to get in front of employers.
How do you market on LinkedIn 2022?
Publish articles on LinkedIn, Make your profile stand out, Optimize your profile, and mention your skills.
The time we are living in, startups are making the loudest noise all over the world. People are being brave and are keen on transforming their ideas into reality. Almost every country is experiencing a rise of startups across industries; young entrepreneurs are striving hard to fulfill their vision without any fear. This is not only about the growth of an individual but it is also contributing to the growth of the countries.
Just like all other countries, India is also experiencing the same rise. Not only that, it has become the biggest hub of Startups in the world. In this article, we will talk about how the initiative by the Government of India to create an ecosystem where Startups can flourish and how in the last six years, this initiative has been able to help young entrepreneurs and their startups. So, without any further ado, let’s get started.
“What do you need to start a business? Three simple things: know your product better than anyone. Know your customer, and have a burning desire to succeed.”
Startup India is an initiative taken by the Indian Government; it was first announced in the year 2015 by the Prime Minister of India, Narendra Modi. The campaign was launched on January 16th of 2016.
Basically, the main aim of this campaign is to provide an ecosystem where the Government will empower all the new Startup ventures and of course to encourage the innovation culture. Overall, this initiative is also in a role to stimulate entrepreneurship, economic growth, technological growth, innovation growth, and the employment of the country.
What is a Startup as per DIPP?
Though most of us more or less know what a startup is, mainly because today we are almost surrounded by startups, the Department for Promotion of Industry and Internal Trade (DIPP) has defined the startup companies, as per the government of India. By the term “startup”, DIPP has mentioned the companies that are within 10 years from the date when they were incorporated/registered. Furthermore, the turnover of the company shall not be exceeding the 100 crore mark for any of the financial years since its incorporation/registration. Besides, it is obvious that the startup should have its headquarters in India to be recognized as an Indian startup. Along with that, DIPP also recognizes the startups that are registered with either of the following legal frameworks:
The registration of the company should be under the Companies Act of 2013; or,
Section 59 of the Partnership Act of 1932, as a partnership firm; or,
Limited Liability Partnership Act, 2002, as a limited liability partnership.
Benefits Provided by Startup India
Some of the benefits that Startup India provides to the young entrepreneurs of the country are:
One has to register through a mobile app or a website for their startup. It is quite easy and anyone who is interested can fill up a form and the whole process is online.
While filing the patents, startups will get an 80% reduction on that cost. Plus, the Government will deal with the facilitator fees and the startup will only pay the statutory fees.
The Government of India as per the initiative has created a ₹10,000 Crore fund and it will be invested in the startups as their venture capitals.
Startups will be free from paying three years of income tax if they get a certificate from Inter-Ministerial Board.
Research parks to be set up and it will give out several facilities in the R&D sector.
A number of compliances are provided to the Startups that will ensure saving of time and money.
People who are investing in startups will receive an exemption from tax, this will help in attracting more investors for the startups in the country.
The startups can choose from the investors, who want to get funds for their business.
One can close their startup within 90 days from the date of application of closing it up.
Every year nationally and internationally the Government has decided to host two fests where the startups will be able to interact with each other.
Current Startup Scenario in India
In the last few years, hundreds of Startups have been founded in the country and it is just increasing with time. Some of them have already made it to the list of Unicorns in India. For those who are not aware of what Unicorn is, basically, the term means a startup that has a valuation of $1 billion.
Top Indian Startup Unicorns in 2021
Right now, the country has over 83 Unicorns and has become the third-largest Unicorn hub in the world. The industries with the most numbers of Unicorns in the country are Fintech, SaaS, and e-commerce.
Bengaluru has emerged to be the city with the most number of Unicorns. Not only that, India has four Decacorns as well. Decacorns are those startups that have a value of $10 billion and above.
Startup India: The Innovation Week
The year 2022 is even bigger than the last year for startups in terms of the rising number of startups and unicorns. The day before the 6thanniversary of Startup India, on the ongoing celebration of innovation week, the Prime Minister of India, Narendra Modi has interacted with over 150 startups from different sectors through video conferencing. He announced that the 16th of January will be observed as the National Startup Day in the country.
Start-ups are going to be the backbone of new India. When India completes 100 years of independence, start-ups will have an important role. Country's innovators are making the country proud globally: PM Modi pic.twitter.com/aggRwUZs0X
The PM also said that the Startups are going to be the backbone of the country. He firmly advised the youth to indulge in the world of startup and “innovate for India and from India” and to also focus on the semi-urban and rural part of the country with their startups. Apart from that, he firmly believes that when India will complete its 100 years of independence, Startups will be playing a major role in the country.
Conclusion
It has been over 6 years since the StartupIndia initiative was launched many have benefited from it and it will continue encouraging the startup world of India. Young entrepreneurs have started dreaming fearlessly and are continuously striving to make those dreams a reality. An initiative like Startup India is just focusing on pushing those dreams to the peak of success.
FAQ
Who are eligible for Startup India?
Any business that has a turnover of not more than ₹100 Crore is eligible for Startup India.
What are the top 10 startups in India?
Unacademy, Udaan, CRED, upGrad, Razorpay, Meesho, Skyroot Aerospace, boAt, Urban Company, AgniKul Cosmos are top startups of India.
What is the main aim of startup India?
Startup India is a flagship initiative of the Government of India, intended to catalyze startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India.
Being a Marketer is not easy. You need to deal with many things at a time. Irrespective of the work needed by a marketer to perform, their sole aim is to increase the sale and increase the number of customers.
There are ample techniques available in the market one can look for. But have you ever heard of the word Lead Magnet? Lead Magnet is found to be highly effective when created with proper tools and proper knowledge. But what a lead magnet is and how to create a lead magnet like a pro will be explained further.
Let us start with the easiest example you all might have seen. The subscribe option we get in between the article or our favourite author e-book chapters, prompts us to enter our information such as names, phone numbers, and email addresses for further access. Well, that is also a type of lead magnet.
A lead magnet is any free service being provided to customers at the cost of gaining their contact information such as email address to create a new bond with them. The pdf form of any available text, free template available to download after subscribing, are all examples of lead magnets.
There are many types of lead magnets available for one to select from. A lead magnet can be in the type of video, image, pdf, checklist, and many more. However, our concern needs to be directed towards the selection of methods and things to include.
WIDGET: leadform | CAMPAIGN: Link Building
What Should a Lead Magnet Contain?
Let’s look at a few things that every lead magnet should contain.
Call To Action (CTA)
This is the place from where visitors will be directed to the actual lead magnet. The button will be linked with a lead magnet.
Landing page
This is the main page responsible for the collection of their contact details. Once the visitor clicks on CTA, they will be directed to the landing page. Here they will be needed to fill up the information to access the content.
Thank You Page
Once the visitor has successfully entered the information and submitted the form. They will be directed to the thank you page along with the needed information of the promised resource. Once on this page, their mailing address will be saved to the list.
Alerting Email
After the completion of the whole process, customers now can get the notification of a new email having all the inputted information from the form along with the link to the resource they need.
How to Create a Lead Magnet in 3 Simple Steps
Making an effective lead magnet is not that difficult. A poor lead magnet will not attract customers nor is it a good option for any business. Hence clearly considering points to add and the options to select is mandatory.
Know about your audience and their needed resources
The first and most basic step in every strategy is to find out who your target audience is. Once done with that, go through multiple platforms they visit to find out their needs. A lead magnet is a type of resource which gives out immediate solutions. So look for a way to replicate the same.
Create your lead magnet
You should be now clear about the audience you want to target and the resources they need. For example, if your targeted audience is travellers, you can choose to create a checklist for them. This can help them with the easy planning of the trips or you can provide them with free e-books.
Once done with considerations, selecting a method of lead magnet needs to be followed. With the selection, the next thing needed is to include contents and the naming part should be completed.
While creating a lead magnet, always remember to use related services as its part. For a chef, it is more convenient to provide the recipe pdf as a lead magnet rather than giving sample chapters of a book.
Work On Your Conversion Path
Select a platform where the CTA will be displayed. Along with the platform, its design and associated links should be decided. With all these considerations, one can easily create an effective lead magnet. And the most important thing to remember is to keep the lead magnet updating from time to time for better results.
Tools You Can Use to Create a Lead Magnet
It is not always necessary to make things in a traditional way. One can always look out at the outsourcing platforms for easy and fast work rather than relying on others. Some of the best tools one can use to create lead magnets of different types are given below:
Canva (E-books, Pdf, Graphic designs, Checklist)
Canva Homepage
Canva is one of the well-known platforms used for creating multiple types of lead magnets such as PDFs, worksheets, checklists, e-books, templates, and many more as per the convenience of the user. Canva allows its users to work as an individual or as a part of respected teams. It is a one-stop solution for many types of lead magnet preparation.
It is best used to convert videos and podcasts into the marketing content. It is a great platform allowing both limited free and paid services for their customers. One can use this platform to create content from the videos or even create videos.
Piktochart (Infographics, Reports, Presentations)
Piktochart is a great platform enabling its users with the option of creating infographics, charts, reports, presentations, posters, and many more similar services. It allows its user to create content for both online as well as offline audiences. Piktochart has a great service available for its customers in the form of free as well as paid access.
Pixabay (Images, Videos)
Pixabay Homepage
It is not possible to create new content each time. There can be times when using an already existing image or video can attract much traffic rather than creating one. Only if the plagiarism part is covered well. Pixabay is a great platform for downloading images and videos from a large group of images and videos. Pixabay is made free for commercial uses along with high-quality images.
Wishpond (Marketing Tool)
Wishpond Homepage
When we talk about tools needed for lead magnets, not only creating lead magnet tools are required. Some marketing tools are also essential for the lead magnet to work. Wishpond is a simple tool used for lead generation and marketing automation. Wishpond has its pricing plans for different customers with different needs.
Conclusion
Lead magnet works as an attractive force for driving the contact information of clients towards the business. It allows the change of trials to the fixed customers only if the lead magnet is made properly. Some of the related information has been discussed in the above article.
FAQ
What makes a great lead magnet?
Solve the problem of your customers, keep it simple, giveaway free guides or ebooks and provide valuable information to your customers.
How long does it take to create a lead magnet?
Creating a lead magnet should take upto 5hrs to 10hrs.
What is a lead magnet?
A lead magnet is a free service provided by marketers to attract customers at the cost of gaining their contact information.
This article is contributed by Ms. Deepti Sehgal, Founder, Svarasya.
When you start the journey of entrepreneurship, apart from having all the knowledge related to business, one also needs some other things as well, mental peace is amongst one of them, through which difficult decision can be made. One needs to have that while embarking on this journey. To understand and achieve that one needs to learn about spirituality.
Steve Jobs, a visionary and the co-founder and CEO of Apple Inc. is seen as an ideal in the entrepreneurial world. However, more than Steve’s entrepreneurial journey, his love, and the quest for spirituality seek a bigger share of attention. The world knows how deeply he was inspired by the ‘Autobiography of a Yogi’ by Paramahansa Yogananda, so much so, that his last message for the world stated ‘Actualize Yourself‘!’ Steve Jobs is a perfect example of bringing in the power of spirituality and intuition in the business for indomitable success. In this article, we will learn about how spirituality can help in your entrepreneurial journey. So, let’s get started.
Spirituality & Entrepreneurship
Most often behind a successful business, there is a vision so great and powerful, to manifest the non-existent and unseen in the physical world. The vision and courage of a visionary to build a successful business is often a journey of manifestation of one’s own beliefs and unshakable trust in something that has the power to manifest.
The subtle energy or that spiritual angle in a successful business is often overlooked in the midst of tangible parameters that define the success of a business. However, spirituality makes its presence felt in form of a fabric of intuition or a strong belief or a vision or a strong value system of the visionary knitted in a successful business model, which is an inherently deep-rooted aspect of one’s spiritual connection. Thus, spirituality and entrepreneurship often are two sides of the same coin with entrepreneurship leading the game and spirituality backing it with a subtle force to manifest.
On the material front, entrepreneurship can be a turbulent journey of success and failure, learnings and experiences and of personal growth, teaching bigger lessons of life. While sailing through the journey of entrepreneurship, the visionary must possess certain virtues to sustain the unpredictable and turbulent twists and turns of entrepreneurship. During critical times, taking mindful decisions while looking at the bigger picture need certain virtues that need to be developed. which reflects the inner strength of the visionary. Having a spiritual mindset and developing virtues like keeping calm, being patient, believing in self, going by intuition, listening to the heart, visualizing the outcomes of permutations and combinations of different scenarios, are a few traits that have, time and again proven true for many businesses during those times of critical decision making that may have the power to change the course of how a business manifests to its highest potential.
Thus, the journey of entrepreneurship is also a journey of getting to know oneself, one’s own strength, to be able to lean back on inner resources and to make the most of that subtle energy that each one of us possesses. For a mindful entrepreneur, most of such virtues are developed along the entrepreneurial journey, yet having some tools for inner transformation may completely redefine the entrepreneurial experience of a visionary.
Spiritual Traits to Apply in a Business
As already mentioned above, both spiritualism and business are two sides of the same coin. It is needed to build up the business of your dream. So, some of the spiritual traits one can apply are:
Trusting Intuition
The courage to build an empire may be driven at the back by the inherent power of intuition and belief in something that has the power to manifest. Those who have the potential, but lack the courage to manifest may have a dormant intuition and may fear taking chances. However, to progress, it is important to get out of the comfort zone, and trust in one’s own abilities and some confidence. Success, be it personal or on the business front, is always a phenomenon driven from a space of inner vision, thus trusting intuition can be a strong guiding force behind the growth of a successful business.
Having an Intention
The power of intuition can be mapped with a practical approach to manifestation by setting a clear intention. The intention could be synonymous with goal-setting in most cases. Small steps lead to greater results, small intentions, and achieving the goal-oriented milestones are a sure-shot way to keep progressing in any business. When an intention is fuelled with an un-doubtful trust factor, mystically things fall in place when the efforts put in are just right to manifest an intention into a tangible result.
Having Compassion and Empathy
A successful business is nothing more than the collective energy of a group of people coming together and having a role in manifesting the unseen. Thus, at the back of any business is tremendous human power that grows with a sense of compassion and empathy towards each other. Like the undisrupted and one-directional flow of droplets of water in a flowing river, the collective positive energies flowing in one direction do manifest into something phenomenal, that’s the universal law. Virtues of compassion and empathy knitted as value systems of any business model, create a web of positive energy that shows in the success of a business.
Observing One’s Thoughts
The mind can create a hell out of heaven, or a heaven out of hell. Observing the flow of thoughts and incorporating certain mind-managing tools that provide an outlet of unwanted thoughts can keep the mind free of unwanted fluctuations. Everyone knows how critical those times of decision-making can be, and the right frame of mind is all that one may need in the spur of the moment to change the course of how a business operates. It is now being proven in research, how spiritual tools such as journaling, meditation, sense of gratitude have the power to bring a shift in, how the neuroscience of an individual operates. Thoughts are energy, and wherever the attention goes the energy flows. Thus, working on letting the energy flow in the right direction may demand mindfully using mind tools to manage thoughts.
Observing the Clues
Most conscious and aware entrepreneurs are driven by the clues that the universe may be projecting in its own small ways in a particular situation. This subtle trait of trusting and believing in universal messages can sometimes be just the right thing one needs to do. Believing in the bigger power operating to make things work is still an unexplained yet much-existing mystic phenomenon that many entrepreneurs abide by, and this connection is only felt when one is deeply connected with one’s inner potential.
Conclusion
All these spiritual values and ethics will help in increasing your interest, profit, and even productivity of your business. It is not just about wanting to follow it, because it brings out profit for the business but it also provides mental peace at the end of the day.
FAQ
Is Spirituality in Workplace Appropriate for Business?
It is one of the most effective tools to handle any kind of stress-related issues and any problems faced by the business.
What is A Spiritual Entrepreneur?
Spiritual entrepreneurs are those who want to serve and uplift others while doing their own job.
How can Spirituality Help an Entrepreneur Succeed?
Spirituality helps the entrepreneur to achieve great leadership qualities and become a better leader.
The food delivery startups have seen a boom in popularity like Zomato, Swiggy by serving customer-preferred foods from their chosen restaurants. But not all the apps excel in the food customer journey with the same delightful customer experience. Any UI design service should give special attention to the relevance of delivery as per the user preferences to make the food delivery experience best for them. So, here are some food delivery customer experience aspects that any food delivery startup should adopt.
Here are the few tips and techniques you can use to give your first customer a memorable experience to make the food delivery experience best for them:
This might sound a little unconventional but delivery by promoters or founders can make the delivery experience memorable for customers. Sometimes, this might not be possible for founders but if possible, delivering personally in the initial days and letting customers know that they are among the first customers of the business after delivery can make the customer feel special. One popular example of this is, In the U.S. the UberEats CEO, Dara Khosrowshahi delivered the food personally to the customers.
UberEats CEO Tweet
Spent a few hours delivering for @UberEats. 1. SF is an absolutely beautiful town. 2. Restaurant workers were incredibly nice, every time. 3. It was busy!! – 3:24 delivering out of 3:30 online. 4. I'm hungry – time to order some 🍔🍟🍺 pic.twitter.com/cXS1sVtGhS
Maintaining a good quality of food is obviously the most important aspect of food delivery customer experience. In order to do so, the delivery guy must be instructed to maintain the food parcel with utmost care. Take feedback from customers & work on them to improve. You can also add sample packets of other food products so that customers can order next time if they want.
3. Timely Delivery
Tasty food on time is what the customer wants. Delivering food on time is another most important aspect of delivering food. For this, customers must be given an estimated delivery time beforehand. At the same time, the location tracking feature can be provided so that customer gets the real-time estimation of delivery.
4. Treat Every Customer as a Unique Customer
An AI model must be used to personalize the experience of customers which gives the feeling of being someone special. The startup must use intelligence into categorizing food on the basis of which it offers recommendations around dishes and restaurants that serve similar food.
For enhancing the search experience, Swiggy has built a custom AI model Sumo Logic that ranks all the restaurants uniquely for every single customer. The list of restaurants is unique for each customer, matching his preference.
Sumo Logic is a secure, cloud-native, machine data analytics service, delivering real-time, continuous intelligence from structured, semi-structured, and unstructured data across the entire application lifecycle and stack.
5. Personalized Food
Allowing menu-based browsing and restaurant listing based on user preferences, the listing should come with a clean listing of the food prices. In the initial days, after the customer placed the order, call them to confirm their taste preference. For example, whether they want it to be spicy or sugar-free. It will be the icing on the cake if you can personalize the food and if the chef could write a personal note as well.
6. A Personal Thanking Note
A nicely written personalized note from the founder thanking customers can delight their hearts. You can also give them free food for the next two orders or you can also give free Mouthfreshner/Chocolates/Sweets. It would signify that you want to share the happiness of starting your new business along with them. Also, it can be extended to all customers ordering from you on the first day, rather than just the first customer.
7. Surprise Discount on Food – Who Doesn’t Like It
One of the best tricks is to surprise customers with a discount on the delivery amount. Giving a discount as a surprise would make the customer remember the online food portal forever.
8. Take a Pic – Save It Forever
You could take a picture of the customer accepting the food delivery and frame it using a beautiful frame with your company logo and gift it to them with coupons/ discounts for further usage or if you want to do more you can make an entire video journey of how much love and care has gone into the process and have a full meal delivered with a full staff team and everything to pamper the client. Document it all, just to show that this is what your company does. It delivers customers great food at the comfort of dining at their home
If you know of any other hack to delight the first customer please let us know in the comments.
Conclusion
The first delivery is always a memorable experience for a food delivery startup. However, for customers, a startup is not the first. Probably they have already tried different websites before coming to yours. The only thing which will make them come back to your website again is the experience that you provide. If you plan to launch a food delivery startup you always wanted your first customer to be very delighted by your service. Delivery experience is like the first impression for food delivery startups. If you excel in providing a great experience to your customers then you have already earned a potential customer.
FAQ
What makes a good food delivery experience?
A great key is to create a great online food startup’s delivery experience for your customers is checking on their food quality. It’s your way of saying thank you to your customers. Also, make sure that the food is sealed well and all the needed condiments are also included in the packaging. Don’t compromise quality over speed.
What aspects of the customer experience make a food delivery service stand out?
Personal Delivery by Founders/Team, Deliver Good Quality Food, Treat Every Customer as a Unique Customer, and A Personal Thanking Note will make your customer experience make a food delivery service stand out.
How can I promote my food delivery?
Invest in paid advertising, send emails, partner up with local influencers, and do local SEO.
Online tutoringand courses are the new norms in education. This post will tell you how to become a private tutor. The useful tips explained in this post will help you become a successful tutor from home and whether to pursue the profession part-time or full-time.
In India, the onlinetuition business is growing at a rapid pace. The emergence of platforms like Unacademy, online offerings by Time, Career Launcher, etc. shows how lucrative and profitable the online education segment is. Private tutors who have established their private tutor business and reputation can easily charge anything between Rs 1,000 and Rs 5,000 per hour, some even going higher than this. Then, there are complete courses on offer which can start from Rs 5,000 to even a lakh rupees!
To start an online tuition business, you need to choose a subject in which you have deep knowledge. A subject where you don’t rely on rote-learning but know the concepts inside-out. It’s not necessary to have a graduation degree and depends on the country you live in.
Educational qualification is highly valued in India. So if you plan to teach Physics to Indian students but don’t have a degree in the subject, students won’t enrol in your course. Having a degree from a prominent institute strengthens your reputation as a tutor.
Attracting students also becomes easy then. It’s not difficult to find subject experts who can’t teach the concepts and theory to students in simple language. You may have all the theoretical knowledge in the world but if you don’t know how to convey it, tutoring is not meant for you.
Next check the demand for lessons in your subject. For example, if you are teaching Maths, English, piano, or guitar, it helps to know how trending the subject is in terms of online tutoring. Teaching something specialized is a major factor that allows you to charge lucrative fees. Also, there is a need for regular lessons on the subject. Having a one-off lesson with a student and ending it there won’t make up for a good tutoring course. Regular delivery of content is essential to becoming a private tutor.
You want to teach one subject or several, that’s up to you. It’s suggested to start out with one subject and then branch out further gradually.
A business plan is needed for every business and the same goes with tutoring as well. Having a tutoring business plan is important and is overlooked by too many tutors. When they finally realize the importance of having a business plan, it’s too late. Why a business plan? Partly because it gives you a set of concrete goals to work towards. What do you want to achieve in six months? In a year? What are your target students and what do they require from a tutor? A business plan ensures you have an answer to these questions.
People also want lessons for different reasons. A parent might want their son to learn Maths to get into university while someone else may want to learn the subject for acing an Olympiad.
You need to think about your market carefully. Think about how much you’re going to earn in one or two years. Write down the topics to give yourself tangible goals. The business plan also provides motivation because the first year of setting up the tutoring business can be tricky and draining.
3. Marketing And Competition
Marketing your Tutor Business
Identify how other tutoring businesses and individual tutors are marketing themselves. Do you see flyers in shops or in your locality? What about business cards, online advertising, Google AdWords, Facebook ads? You need to analyze both online and offline mediums to identify marketing techniques.
You can then find other ways to market your business that are unique. Promotion is the hardest part of the online tutoring business. Unless people don’t know you exist, there’s no chance to build a tutoring career with a bright future. Advertising is highly effective if you know how to do it.
One point often overlooked by people wanting to become a private tutor is insurance, specifically public liability insurance. Private tutor insurance is mandatory in this business. You need to protect yourself in unforeseen circumstances; there’s that one troublesome student who can disrupt your tuition business.
If a student gets injured while he or she is at your home? What if the student trips over something and comes down crashing on your glass table? Though it’s a rare occurrence you can’t disregard it. Liability insurance for tutoring businesses is important to protect yourself just in case there are accidents or negative incidents with students at your home.
5. Teaching Environment
You need to have a neat and tidy workplace conducive to effective learning. There should not be too many distractions. It is important to dress appropriately and give the impression that you are a serious tutor.
In case you live in shared accommodation, tell the other housemates or occupants living with you to not disturb while you teach. Setting up a disciplined teaching environment is important for your tutoring business to be successful.
You should first offer a trial or a free first lesson to start. But in that trial lesson, make the payment mechanism clear. Otherwise, if you try and be too nice and relaxed about payment, people won’t hesitate to take advantage of you and create difficulties and cancellations.
You are self-employed, so be serious and lay out your payment guidelines. You can offer discounts which will encourage people to enrol in your lessons. Defining the modes of payment accepted and the payment policies are important to establish a solid tutoring business.
7. Cancellation Policy
You need to have a detailed cancellation policy to avoid problems and awkward situations. Inform this policy to students before you start teaching them. It also protects your income. Say, if someone cancels the lessons 24 hours in advance and if they have paid for a block of lessons, your policy can include the clause, ” You don’t need to pay for next week’s lessons.”
Conclusion
This post is about how to start online tutoring in India and it also details the basic considerations and points you need to follow to set up your tutoring business. Tutoring is a low-cost, high-income business that’s gaining popularity in India. Choose the subject of your expertise and get your business started. All the best!
Coworking spaces as the name suggests is a place where people come and work on projects together. It can be used by a small company with fewer employees or just a solo freelancer looking for a place to sit and work.
For India, coworking is a fairly new concept that is getting extremely popular day by day. The advent of coworking space has ushered in a change, a significant one to be precise. The boom in the realty sector speaks volumes about this trend, entrepreneurs and their ventures have not shied away from expressing their conformation.
A 2018 report by Small Business Labs forecasts strong growth in the shared working space segment, with as many as 189 coworking spaces opening around the world.
A big number of startups emerging every day need space to work and getting a normal office space in a metro city may cost a bomb that a startup can’t afford. Also, there are many freelancers and solo workers that are increasing with the rise of the gig economy. But is coworking good for your company? Before one decides to work, it is more than an obligation to detail out the benefits of coworking spaces and their drawbacks to assist with the decision-making. It’s time to make note of some observations!
When you are in the midst of various like-minded individuals seeking to disrupt the conventional setup, the chance of building a strong network increases multi-folds.
In these coworking spaces, there will be people with similar mindsets and interests that would allow user interactions that benefit the business. One might also get to meet people that are working on the same thing as them and might learn a few new things. One could even find potential business partners or investors in these places to build the business.
Interacting with people will not only bring knowledge but will also open new paths to success. Ask any businessman or top-level executive out there about what constitutes success in the industry in the long run and you’d hear one common ingredient—connections. That is why it is said your network is your net worth. To reap the benefits of a well-connected network by shifting to a coworking space.
2. Flexibility in leasing options
No need to end up on a five-year contract. To accommodate, the diverse wants that startups and organizations tend to ask for, coworking spaces providers offer a multitude of leasing plans. Pay on a monthly basis, daily basis, or why not maybe, on an hourly basis! Moreover, you always have an option to change if you didn’t like it or are bored.
3. Amenities
Gamin in Coworking Space
Foosball tables, billiards, gaming consoles form a small part of the perks associated with leasing a shared space. Lounge, chill-out areas are some attractions that entice startups into shifting their base to such a setup. If you were to set a relaxation room at your own cost, then the realization of receiving free perks would kick you hard!
4. Mentoring sessions
Mentoring Sessions in Coworking Space
While this facility may not be available at all coworking places, a few which offer the same enable you to take advantage of mentoring sessions by industry veterans organized occasionally. Then there are the frequent training and development programs held at coworking spaces to further enhance knowledge about the art of pitching, securing funding, etc. And how can we forget about restaurants and cafes in close proximity?
5. Source of Creativity and Motivation
Homo Sapiens tend to be influenced by peers, either for the wrong or right reason. Coworking spaces give rise to the latter. In an office setting where everyone is working on out-of-the-box solutions, it’s in the pipeline to be impacted, in a positive way though. Others’ creativity and innovation ought to ignite the ingenuity lying dormant within oneself. This isn’t assured but there’s a strong possibility.
6. Flexible working hours
Most people do not want to work in an office because they have to work at a particular time. And they would like to work on their own time. Different people feel productive at different times of the day. Coworking spaces give you the freedom to choose work time. One can work and set schedules according to their will and comfort. This makes working more fun and builds productivity with the benefits of a coworking space.
7. Saves Money
For startups with a small team, Coworking spaces are fairly cheaper than a proper office space. One can pay less than half the rent that would usually be required to rent a full-fledged office. The best part is that space is already furnished, with all amenities; hence there won’t be a burden about getting the furniture and other equipment for setting up office space. This saves loads of money and becomes the key benefit of a coworking space.
Once established, the organization/startup can no longer function with coworking spaces for an office. A full-fledged headquarter is needed in this case and in no way can a shared working area meet this requirement. As a matter of fact, the larger the corporate brand value, the larger the official premise.
2. Renovation restriction
The ambience may seem comforting initially, but gradually the eye would want to see something different. The extent of renovation permissible to members of such working areas is limited. And it’s well known that the ambience of a place is decisive in maintaining comfort level along with a good mood. Well then you know it’s time to change the space and move to another one.
3. Privacy
Privacy in Coworking Spaces
Do I need to actually elaborate on this? Working in a cluttered workspace with all kinds of commotion means productivity is sure to go down. Even a private cabin won’t do much good unless it is fitted with sound-absorbing walls. Sensitive information is also bound to be compromised in this setting, which means confidentiality and integrity are at high risk of being violated. Apart from privacy, Coworking spaces can become noisy and cause distractions.
4. Expensive per square foot
A 2015 Bloomberg report put forth the observation that per tenant, coworking spaces are more expensive than renting a single desk through some other means. Thus for an extremely small team, other cost-effective options need to be figured out. It is to be noted that coworking spaces are gradually bringing down this cost.
5. ‘Close’ Competition
Competition in Coworking Spaces
Rivals under the same roof, and that in turn evokes a state of intense hostility. With various ventures in the same coworking space, there are chances that competitors previously unknown to each other, would end up in not so cordial rivalry. This could further trigger a chain of unwanted events accompanied by nothing but undesirable outcomes.
Mutual understanding among individuals is one of the most important thing to overcome the cons/drawbacks, thereby making coworking the path to the future of work.
In whatever country one resides, there are numerous workspaces that let one work at minimal pricing. So many of these can be selected according to your suitability and comfort. Having delineated the pros and cons of a coworking setting, it’s quite clear that such a way of functioning is a double-edged sword. Jump into the bandwagon keeping in mind the possible consequences that need not necessarily bring good news at all times.
Coworking spaces can be a blessing in disguise if you play your cards wisely and smartly. It all depends on your needs and requirements. The best option is to have an office set up in a coworking space if you have a small team.
Working from a coworking space can open many doors. It can help you save more money, use resources from coworking space, and help you network and connect with professionals in the same field as yours. As compared to having an own office space, coworking space is the wiser and better choice. Before proceeding glance at the benefits of coworking spaces and their drawbacks, analyze and evaluate your needs and then make a decision accordingly.
FAQs
How does a coworking space work?
Coworking spaces are essentially shared workspaces. They offer affordable office space for those looking to escape the isolation of a home office or coffee shop. These shared workspaces offer a suite of office-like amenities such as hot desks, private meeting rooms, kitchens, coffee, and more.
Is a coworking space worth it?
Lower-cost memberships may also limit your access. If you can’t use the space when you need to work, it doesn’t make sense to pay for it. And if you travel a lot for your work, joining a coworking space might not be worth the money either. Privacy and storage concerns.
Why do coworking spaces work?
Having a shared space and creating a sense of community is another reason why people chose coworking spaces. Office in a coworking environment lets you surround yourself with goal-oriented and high-achieving professionals. Having so many professionals in one room means your networking opportunities are endless.
What makes a great coworking space?
A truly great coworking space, one that gets people talking, will provide its members with features that will enable their productivity and growth, make utilizing the space fast and seamless, and the community building effortless and enjoyable for everyone.
How do coworking spaces make money?
Coworking spaces earn the majority of their revenue, unsurprisingly, by renting out desks (61%). One in ten spaces earns all of their money from desk rental. The average space earns ten percent of its revenue from renting out meeting rooms and event spaces (10% each).
IPO is a term that many of us are hearing nowadays. The ones who know about businesses and share markets are familiar with it. But few still don’t know what IPO is.
It is simply a process that makes a private company become public. Investing in IPOs can be a lucrative option to earn great financials in the future.
IPO investing does seem a good idea to almost everyone. However, it might not always be successful. It is important that you are a well-informed investor who knows about this world.
IPO has a way of working in India. The entire process gets monitored by SEBI (The Securities and Exchange Board of India).
IPO stands for Initial Public Offerings. As the name suggests it is a process that makes a company available to the public so that they can buy a share of it.
Any company with any type of business, size, or time of existence can get itself listed for being public. IPO simply helps a company to earn funding through public.
The company shares gets available to the public after initial public offerings. Investment banks help the company with the IPO process. The money raised through IPO enables a business to grow further. This in turn helps the shareholders to gain profits.
About IPO Process
How IPO works in India?
When a private company needs huge capital which is way beyond its reach to raise, it resorts to other measures. One of the best and lucrative options is to ask the public for investment through IPO.
A company can sell the shares itself, but this makes the process highly taxing. So, companies tend to hire investment banks to take care of the entire process.
The process of IPO in India involves the following steps:
Step 1
At first, the company creates an agreement with the investment bank. This includes the aimed amount to be raised, security issues, and other details about the process.
Step 2
Then they register a statement to the Securities and Exchange Board of India. The statement is then approved by SEBI after proper examination.
Step 3
After the approval, the company finalizes the shares to be sold to the public. It also finalizes the price for it.
IPOs are available in two issues. These are fixed price and book building. In the former, the company creates a fixed price for each share to be sold. In book building, the company provides a range of prices. The people then place their bids within the range to get a share.
Step 4
After the price fixations, the shares are available for the public. The interested people then submit their applications for the shares. Then after scrutinizing the applications, the company’s share allotment begins.
Step 5
The final step is the listing in the stock market. When the public investors receive their share, they are then listed in the secondary market.
How Does IPO Price is Decided in India?
In simple words, it is decided by dividing the entire value of the company by the number of shares in the listing.
The total number of orders received for shares and maximization of the trades to be executed at the time of stock exchange launch makes for the listing price.
Top IPO Listings and Funding India 2021
Zomato
The online food delivery company, Zomato gained huge popularity with its IPO listing. The date of listing was 23RD July 2021. The issue price was Rs.73. The current BSE and NSE prices are Rs.132.70 and Rs.133.70.
Public offerings helped Zomato raise Rs. 9,375 crores. Its debut in the share market turned various heads around.
Nykaa
Another popular IPO listing of the year 2021 is Nykaa. The beauty and wellness e-commerce company was listed on 10th November 2021. The issue price was Rs. 1,125. The current BSE and NSE prices are Rs. 2,063 and Rs. 2,018.
The company raised funding of Rs. 5,352 crores through the public offerings.
Paytm
The Indian digital payments and technology platform’s IPO listing date was 18th November 2021. The issue price was Rs. 2,150. The BSE and NSE prices are Rs. 1,955 and Rs. 1950.
Paytm raised Rs. 8,300 crores through initial public offerings.
MTAR Technologies Limited
MTAR Technologies, the engineering solutions company’s listing date was the 15th of March 2021. The issue price for the share was Rs.575. The current price at BSE (Bombay Stock Exchange) stands at Rs. 2236.95 and NSE (National Stock Exchange) current price is Rs. 2237.95.
After the sales of shares, the company gained Rs. 179 Crores through IPO.
Easy Trip Planners Limited
Easy Trip Planners or EasyMyTrip is the online Indian travel company found in the year 2008. EaseMyTrip got listed on 19th of March 2021. The issue price of the share was Rs.187. The current BSE price stands at Rs. 520.25 and NSE price is Rs. 593.85.
The company got the funding of Rs. 229 Crores after selling the shares to the public.
Paras Defence and Space Technologies Limited
Paras Defence and Space Technologies Limited deals in engineering products and solutions. The listing date for the company was 1st October 2021. The issue price was Rs. 175. The current BSE and NSE price stands at Rs. 732.4 and Rs. 732.9 respectively.
The company earned funding of Rs. 51 crores through IPO.
NURECA, the health and wellness products company’s listing date was 25TH February 2021. The issue price was Rs.400. The BSE and NSE current prices stand at Rs. 1390 and Rs. 1390.4.
The company received funding of Rs. 44.55 Crores through initial public offerings.
Clean Science and Technology Limited
The company uses the latest technologies to manufacture specific chemicals. The listing date for the company was 19th July 2021. The issue price was Rs. 900. The BSE current price is Rs. 2481.65 and NSE current price is Rs. 2476.15.
Through IPO the company collected a capital of Rs. 464 Crores.
Latent View Company helps with the processes related to digital consumers. It got listed on 23rd November 2021. The issue price was Rs. 197. The current BSE and NSE price of the company is Rs. 491.55 and Rs. 491.3.
The company received the funding of Rs. 267 Crores through IPO.
Laxmi Organic Industries Limited
Laxmi Organic Industries Ltd. is the chemical manufacturing company. The company was listed on 25th March 2021. The issue price was Rs. 130. The BSE current price is Rs. 396.45 and the current NSE price is Rs. 396.5.
IPO listing helped the company to raise funding of Rs.180 Crores.
Conclusion
The IPO market in the year 2021 has seen a great amount of growth. Many startups like Zomato, Nykaa, Paytm have entered the unicorn club through IPO this year.
IPO investing has two sides. It can be super flourishing but also a doorway to loss. So, it is necessary to do proper research about the company and the market before investing. IPO is a lucrative way that makes for company growth by making it available to the public.
FAQs
How many IPO are there in 2021 in India?
As per data by BSE, a total of 63 Indian companies went for IPO in 2021.
Which IPO is the biggest IPO in India?
The listing of LIC is considered to be India’s biggest ever IPO.
What are the top IPO funding in 2021?
Some of the top IPO Listings and Funding in India in 2021 are:
Subscription box businesses have taken the world by storm, and we don’t need to tell you that. It’s difficult to overlook the business potential offered in this expanding market, with more than 2,000 subscription box firms cropping up in recent years. Subscription boxes are hands down, one of the best ways to shop. They provide consumers with one-of-a-kind experiences centred on products and ideas and introduce new businesses.
Subscription commerce provides a reliable business model based on recurring monthly revenue tailored to practically any niche, from puzzles to cosmetics to pets. If an online community exists around a product or genre, there’s a chance one can create a subscription box brand. However, creating a successful subscription box requires much more than a solid idea and a love for the things you’ll be shipping, and that’s why we break it down for you in this article with the help of a step-by-step guide.
Here’s the step-by-step guide on how to start a Subscription Box Business.
When it comes to subscription box businesses’ success, a good idea is its backbone. Specificity distinguishes decent ideas from fantastic ones, how your concept would fill a gap in an overly crowded market. Your box must stand out, but how do you intend to accomplish this? Some of the important questions for detailed analysis are market research, competition, and customer base.
Market Research
Conduct market research before launching your subscription box to ensure a business possibility in the sector you’re enthusiastic about. Try to get specific and break down your ideas to find a perfect product. The more specialized your box is, the easier it is to pick products for a certain audience, allowing you to increase client retention and provide a positive experience.
Competition
There are two types of competition for you: direct and indirect. Identity both Big names of your sector, as well as those who have failed, and ask yourself where the success and failure stem from in both cases. You’ll want to be prepared to answer queries like, “How many boxes are you competing with?” during your study. What do they have to give, and at what cost? How can you set your box apart from theirs? Answering these questions will assist you in developing a viable and appealing business.
Customer Base
Spend time researching your potential customer. What is the age of your customer? What stores do they frequently visit? What is their degree of income? Which social media channel do they prefer? Trends and customer purchasing habits in the subscription box industry and the things you intend to send, whether they be cosmetics, food, etc.
2. Create a Prototype for Your Subscription Box
When you launch the subscription box, one of the most common misconceptions is that you have to get your first shipment ready for launch before you begin marketing. This isn’t accurate, and relying on it could slow you down in the process of preparing your launch. The idea behind the prototype box is to introduce potential customers to the kinds of items they’ll receive month in and month out.
Here are the steps you’ll need to create a prototype for your subscription box:
Choose the Products
Sips by Subscription Box
Make sure you round up only 5-7 items representing the types of items your customers could anticipate receiving once they sign up. The most important thing is to avoid misleading people by using a prototype box. People are likely to decide to cancel their subscription if they believe your advertising efforts have deceived them.
Choose the Box
Depending on where you are in the process depending on your progress, you might or might not have your box finished. It’s probably the most important aspect of unboxing, and it’s worth the time to understand. The good thing is once you’ve worked out the dimensions and layout, it’s not necessary to purchase 2,000 boxes to begin.
The most important things to take into consideration are branding as well as the design and size. Your box is the face of your company, regardless of how high quality the items are inside. A box that is not up to scratch can negatively impact the user experience.
Choosing Packaging Supplier and Materials
It could be crinkle paper, tissue paper, or even wrapping your product. To help with marketing, we suggest starting with crinkle paper since it won’t block out or cover your products from being taken.
Among the most crucial decisions to make is which firm will provide your packing. Sure, you want to send a low-cost box. However, you’d like to send a package that makes receiving and opening it each month an adventure. Many organizations can design your packaging, so shop around until you find one that provides the ideal balance of quality and cost.
3. Find a Fulfillment Service for Your Subscription Box Business
If you’re starting, you’ll probably be able to manage all of the fulfilment on your own. If you want to create a subscription box that can take on the big companies, you’ll need to employ a fulfilment company to handle the logistics of sending your boxes each month. Look into fulfilment in the same way you looked at packaging. Numerous organizations can assist you in saving hundreds of hours per month.
4. Create a Budget for Your Business
You’ll need a clear and well-defined budget to fully assess things like return on marketing expenditure and overall profitability.
How much do you think your customers would be willing to pay for the items you’ll be sending them?
How much can you anticipate paying each month for the products you ship? What about packaging and fulfilment costs?
Average LTV (lifetime value) of your niche’s customers?
What is the maximum amount of money you can spend on marketing to get each customer?
Consider all of the costs associated with production, fulfilment, client acquisition, and customer retention to get a clear image of what you’ll need to spend/charge to be profitable and successful in the long run.
5. Set the Right Price for Your Subscription Box
One of the most costly mistakes an owner of a subscription box will make is pricing their subscription box. Suppose you’re pricing your subscription too low to remain competitive or charging too much to make a substantial income margin. In that case, each side of the spectrum can affect the viability of your business.
If you’ve come up with an amount, but you feel there’s something wrong with it, don’t hesitate to send out questionnaires or other deals to your customers. Find out the details to determine which price points seem to be most popular with your target audience? If you’re diligent about pricing, you’ll create the foundation to ensure a steady, reliable stream of income.
Aspects to be considered when determining the price of your box
Cost of the product: The items included in your package.
The cost of the box: Your box and accessories for your box (stickers and stamps).
Materials for packing cost: Filler paper bubble wrap, filler paper, or inserts.
Postage and shipping cost: Mailing labels packing tape, mailing labels, etc.
Fulfilment cost: Physically packing your box.
Transactions and platform fees: Charges from your payment processor as well as your e-commerce platform per transaction.
Fixed monthly cost: Gmail fees, prices for accounting software, etc.
The acquisition costs: Advertising & marketing to attract new customers.
6. Build a Brand For Your Subscription Box Business
Branding is a very important part of growing a successful subscription service. It helps people notice, share, and remember your service long after exposure to it. If your branding is compelling, people will understand your brand at first sight. People are more likely to share your box if they are impressed by the packaging and the contents, giving you free advertising you did not have to pay for.
Name
Effective branding entails more than just a clever name. It should inform customers about the type of business you’re in (subscription box) and the things they’ll receive if they place an order with you.
Logo
Consider a logo as a company name that you don’t have to read to recognize. People will likely know the shape of your logo before they read it, even if it is a script that reads out your box name. Overly intricate logos should be avoided. Keep your design minimal while remaining unique. People will be far better able to identify with your brand if they can comprehend it right away.
Slogan
Some companies are noted for their catchphrases, which clearly state the advantages of doing business with them. While it isn’t necessary for branding, creating a memorable slogan is a fantastic way to help your consumers and future buyers remember what the company is all about. For example, when we hear Have a Break, our mind instantly reminds us of Kitkat.
7. Build a Website for Your Subscription Box Business
Your website is more than just a place to sell products; it’s also your marketing tool. The foundation of any successful subscription box business and public face for what you stand for.
Use a Template Site: Depending on your starting capital, a template site from an e-commerce platform like Shopify may be the most cost-effective way to get up and running. They’re simple to make, cheap, and come with a plug-and-play interface that allows you to set up a website in a matter of hours.
Template sites have drawbacks, but they’re a smart place to start if you’re on a budget and don’t have the technical know-how to develop a conversion-optimized, custom e-commerce website.
Any eCommerce firm can outgrow the capabilities of template sites; therefore, if you’re starting with a good budget, a conversion-optimized, custom e-commerce site should be preferred. The opportunity to fully personalize every design aspect and functionality to maximize the customer experience and generate more conversions is one of the advantages of this type of site.
Expert marketers create conversion-optimized websites after conducting comprehensive research into your target buyers, rivals, and user behaviour on your website. The process entails more than just creating a nice-looking website that showcases your stuff.
8. How to Market the Subscription Box to Reach Maximum Customers?
Make a website that is all about conversions
To begin selling, you’ll need a website that is optimized for conversions. It would be best if you comprehended your ideal buyer’s journey as well as the types of content they will require at each stage of their relationship with your firm. You’ll need to know what kinds of material your target subscription buyer enjoys so you can create content offers for them at each point of their journey and capture their information so you can groom them to buy.
Content offers
It’s all about purchasing and repurchasing in subscription boxes. Begin creating more “deals” for your visitors and continue to nurture them with great material until they are subscribers.
Create Tutorials to use your products
Creating instructions on how to utilize the products you send your members every month, whether your box focuses on beauty, crafts, nutrition, or even men’s grooming, is a terrific way to serve your audience. It’s a tried-and-true way to show that you genuinely care about what you’re offering and that you’re there to assist them.
Develop Referral Program
Once it comes to subscription box marketing, referral programs are extremely important. When starting a referral program, there are a few things to consider.
How is it going to work?
What does the individual who makes the reference stand to gain?
How will you persuade them to act?
What system will you use to keep track of referrals?
How will you ensure that the system is not abused?
Create Ads
Your goal and marketing plan will determine the type of ad you launch and provide your audience. If you want increased sales right away, a “purchase now” offer is the way to go. If you’re going to grow your subscriber base and nurture them into making purchases via email (which is typically more cost-effective), you’ll need to use a different technique. Before you run any advertising, make sure you fully grasp your aim and approach, as well as how you’ll track campaign success or failure.
Many recurring subscription businesses are overly focused on customer generation and stop investing in keeping their current customers happy. The goal is to keep growing your company. One of the most efficient methods to keep your clients pleased is to provide excellent customer service. It’s unavoidable that problems develop. This is particularly true for startup companies. The way you address them will determine your success.
Rather than attempting to push difficulties under the rug, devote resources to resolving the issue for your consumer as soon as possible. Then, regardless of the problem, work to over-deliver and ensure their customer service interaction is happy.
Social media channels such as Facebook and Twitter are ideal places to operate your customer support business. You could want to create a separate Facebook page or Twitter account solely for customer issues and questions.
Many entrepreneurs have been drawn to the subscription box sector because of its potential. However, it would be best to ask yourself how to start a subscription box business from a solid foundation that is poised to produce predictable growth and long-term success, not how to create a subscription box business.
The suggestions in this article may help you get a head start on developing and launching your subscription box business.
FAQs
Are Subscription Boxes Profitable in 2021?
Yes, Subscription boxes are, in fact, more popular than ever.
Is a Subscription Box business worth it?
According to research, subscription models are more than 200% profitable for organizations than one-time payment methods.
How much do subscription box businesses make?
Subscription Box businesses have a 40% to 50% profit margin.
Anamika Mahapatra
