Why data plays an important role in startup success?

According to data, 20 per cent of startups fail in their first year, and only 50 per cent survive through their fifth year.

·        Data Work as a sixth sense for prospecting sales

·        Evaluate where your company stands compared to competitors

·        Data helps you make better decisions

·        Data helps you to  understand markets and customers

Startup businesses are a risky proposition. In order to stay competitive in the dynamic business world, Sustained growth is the only way to ensure the survival of your startup. This means that if things aren’t done in the most effective way possible, businesses will never make it past the first year.

One of the common mistakes owners make, while crafting a business plan, is skip over big data. But the use of big data can be very influential to the success of the company, as it offers a lot of opportunities and challenges to the businesses and can be very influential to the success of the company.

Big data can give numbers backed by bits of knowledge on consumer behaviour and can play a critical role in helping new businesses in regions like marketing, advertising, operations, inventory management, customer service, etc.

Big data and its influence on startups

Big data can help new businesses in recognizing and reaching out to the correct target market for launching product(s) and giving better profit for marketing investments. Additionally, it can also help in understanding the client's needs and utilizing their requirements for structuring or updating offerings.

Why data is important for startups..?

1- Base for target marketing

Due to a limited budget for marketing, startups need to have an unconventional wisdom of marketing to achieve a high consumer conversion rate. Advertising and marketing without data-based insight are similar to attempting to hit an objective in an unfamiliar dark room with only 2 to 3 bullets in your gun.

While Big Data science is evolving and is not fully precise, but it provides you with the direction in which to shoot so that your probability of hitting the target is maximum. So with the staggering help of big data, one can without much of a stretch adjust to the market conditions and accomplish a higher return on investment with increased sales.

2-Help in Tracking Potential Customers

Developing a customer base is essential for any kind of business success. In order to achieve success in the business world, it is essential to completely understand the market and customers. Being able to predict, fulfil and surpass the customer’s expectations, this is exactly the thing that helps startups succeed and scale.

Big data analytics is one of the strongest tools available to help manage a growing market share. Definite data and bits of knowledge help create personalized consumer engagement strategies. Such methods can be helpful in finding the areas for growth and product improvement, indicate trends and buying habits of the customers or detect the currently underserved market niches.

3-Data help to know your competitors

Your competitors offer their products and services and highlight their features, their customers leave feedback and highlight the flaws, there are discussions and suggestions on various forums and online networking with respect to the direction such products and services should evolve.

Analyzing this goldmine of data will help you identify the room for improvement, underserved niches and various trends, avoid the mistakes of your competitors and provide exactly the features and services with the target audience wants.

4-Increase Productivity

Most startups carry out their businesses with a limited budget and are very eager to earn maximum value out of it. Data allow users to run the ‘Experiment-Fail-Learn-Repeat’ cycle pretty economically

It does not just help new businesses in reducing their marketing or advertising expenses, yet in addition, gives an additional enterprise-grade experiences like anywhere accessibility and unlimited adaptability supported by the highly reliable infrastructure.

This makes organizations more agile and enables them to understand and react to the changing market requirements more dynamically.

Summary

In the quest for growth, it is important to know the possibilities and go after very small tangible benefits. Startups can execute different big data solutions over various areas.  It can be beneficial when challenges are clearly defined and applied to different tasks.

A full set of data also provides integration of the startup into the purchasing company and it can help sway the interests of the potential buyers because it provides the necessary data around the business’s success.

So Looking at the numbers can help greatly mitigate against business risks, and ensure it will provide some ROI and not bring down the company.

About Prakash Bhosale:- 

Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur  & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over  1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides   PhD fellows, business plans, DPR preparation.

Address: Unit No.450, Mastermind One - IT Park, Royal Palms, Aarey Colony, Goregaon(E), Mumbai, Maharashtra 400065

Phone: 08355979232, 09867806399

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Well-crafted business plan! A key to success for startups!!

"A good plan is a success half-done whereas a bad plan is a possible failure in progress."

• Companies with business plans experiences  higher growth rates
• A formal business plan increases your chances of success by 16%.
• Business plan provides you a better chance of raising capital for your startup company

Does a business strategy make startup success assured? Not at all. But great planning often makes the difference between success and failure. Anyone can have a great idea. But turning an idea into a viable business is a different ballgame.

For a startup company the business plan is the blueprint for its formation, its operation, and its success. A business plan reveals the company's strengths and weaknesses. It uncovers ways to capitalize on the strengths and minimize the weaknesses, reveals every fact of the business that can be developed, and points to the best method for that development.

Why it is important

Many business plans are fantasies. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.

That's a huge mistake.

First and foremost, your business plan should convince you that your idea makes sense, because your time, your money, and your effort are on the line.

So a solid business plan should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, &convince a lender or investor to jump on board.

With the well-prepared business plan you will enter the business world prepared, ready to run your business and ready to compete. It will improve your chances of success, and diminish your risks of failure.

 According to Harvard Business Review “the real key to succeeding in business is being flexible and responsive to opportunities.

A typical business plan must consist of the following elements:

Executive summary:- A snapshot of the company's purpose and goals. It includes a description of products and services.

Company description:- Description of what you do, what makes your business unique.

Market analysis:- Research on your industry, purchasing habits, buying cycles, market and competitors.

Competitive Advantage:- It describes a detailed analysis of both your current competition and potential competitors.

Organization and management:- Your business and management structure, it describes skills, experiences, of management team.

Product & services:- The products or services you’re offering.

Marketing and sales- How you’ll market your business and your sales strategy like advertising, public relations, promotional literature, etc.

Funding request:- It is a projection about how much the money you’ll need for the next 3 to 5 years.

Financial Analysis:- Financial projections and estimates. It includes supply information like balance sheets, cash flow statements, etc.

Appendix:- it includes résumés and permits.

Whom it can convince?

Firstly, your business plan should convince you that the idea you have for a business is not just a dream but it can be a viable reality.

1. Potential sources of financing 

If you need seed money for startup and operating capital to get off the ground from a bank or friends and relatives, your business plan can help you make a great case.  Lending naturally involves risk and a great business plan can assist lenders to understand the quantity of risk, eventually increasing your chances for approval.

2.  To attract potential partners and investors.

In case of other investors--including angel investors or venture capitalists--generally require a business plan in order to evaluate your business& convince them for investment.

3. Skilled employees. 

When you need to attract talent, you need something to show prospective employees since you're still in the startup phase, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those goals.

4. Potential joint ventures. 

As a new company, you will likely be an unknown quantity in your market. A joint venture with an established company could have a significant effect in getting your business off the ground.

Summary

Launching a startup company is exciting. It’s easy to get so caught up in the moment that you rush into things. If you want to achieve success, you need to take a step back and plan things out.

Going through the process of writing a formal business plan will increase your chances of securing an investment and also improve your potential growth rate.An accurate,well-organized,&easy-to-read, business plan conveys professionalism and credibility.

Never forget that the goal of your business plan is to convince you that your idea makes sense. Because ultimately, it's your time, your money, and your effort on the line.

About Prakash Bhosale:- 

Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur  & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over  1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides   PhD fellows, business plans, DPR preparation.

Phone: 08355979232, 09867806399

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Whatsapp Me:- 8355979232

Why do you need right advisor for successful in business?

• What is a business advisor?
• How to choose the right advisor
• Benefits of having a right Advisor
• How Can I Make The Most of My Advisors?

As a small business owner, sole trader or contractor, you no doubt have expertise in one or possibly more jobs.  However, being an organizational leader across multiple channels is something quite different. But just like Behind every successful athlete is a great coach, and success in business is no different.

No matter how experienced you and your employees are, you cannot expect to have all the skills and knowledge your business needs, particularly as requirements change as your business grows.

Sometimes you want to put a good business plan in place to meet your targets, but don’t know where to start or you’re looking for new strategies to grow the business.  At that time you need the right advisor to help you out.

If you examine the top business around the world and you’ll find they have one thing in common: their success is a collaborative effort that relies on getting the best advice and guidance in key areas of their operation. There is no disgrace in seeking out help to take you and your business to the next level.

What is a business advisor?

A business advisor is anyone who can help you solve business problems or bridge a gap in your knowledge and skills.

There are many different types of advisors in all areas of business. Some advisors are generalists with a wide range of knowledge and expertise. Others are specialists in a specific area, e.g. marketing gurus or leadership coaches.

Choosing the right advisor

The best business advisors are not cheerleaders on the sideline, nor drill sergeants who bark orders, they challenge you, take a hands-on approach and proactively work to build your skills.

You should look for a business advisor who suits your particular working style and has the gusto and experience to make a real difference.

It’s essential to check that the advisor suits your particular circumstances. Ideally, you want an advisor who:

1-      Understands your industry

2-      Has worked with businesses your size

3-      Has experience of any particular issues you want to deal with

  

Benefits of having a right Advisor:

Get the right guidance

You need guidance to get from where you are to where you want to be, and again once you get there. This is where the value of an advisor lies. A good business coach will not only challenge you, they’ll also act as a role model because of the experience they bring to the table. Approaching your business from the outside, rather than inside, they can offer unique insights. With the right guidance by your side, you’ll have the tools and support you need to navigate your way to success.

Uncover your strengths

A great sports coach understands how to channel potential in the right way so effectiveness soars, and a great business advisor is the same. Through evaluating and understanding your business, they can help you discover your strengths and the areas you need to work on. Recognizing these is one thing, but getting results also requires hard work. Your coach will push you past your comfort zone and keep you constantly moving forward.

Accountability

One of the most important tasks of a business coach is holding you accountable for your actions. In business, you make decisions based on your situation and the things you can control. If you make a bad decision, you’re to blame. A good coach will ensure you follow a considered process rather than just one part and take accountability when things go wrong, so you can learn from mistakes and move on.

Summary

The bottom line is, you cannot and should not, go it alone. To hit your stride and become a success, you need the right advisor by your side. A business advisor can help you develop the skills and resources you need to be a success. By benefitting from their experience and expertise, you’ll learn more about yourself and your business, while gaining that much-desired competitive edge.

Getting a business advisor to help in grey areas will save you time, resources and energy in the long run. Your business is also much more likely to grow and succeed.

About Prakash Bhosale:- 

Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur  & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over  1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides   PhD fellows, business plans, DPR preparation.

Phone: 08355979232, 09867806399

Follow us on Facebook  (Click Here)

Whatsapp Me:- 8355979232

How to Generate New Customers via Prospect Marketing?

 

Just like you can’t plan a party without a guest list and, likewise, you can't start or run a business without making a list of potential customers or clients.

     Many successful small business owners are continuously looking to expand their customer base and grow their businesses. Business growth can be a difficult and long-term process, though. One of the foundational elements of growing a business is having access to a steady stream of sales leads.

        A sales lead is a person, or business if you have a company that sells to other businesses (B2B) that has an interest in the products or services you are selling.

Selling is by no means the same as it was 20 years ago where things were a lot more laboured and paper-heavy. The wonders of technology have allowed salespeople to work at a faster rate, which also quickens the selling process. One of the processes is prospect marketing.

What is prospecting?

     Prospecting is the process of identifying potential prospects for your business. It’s all about building a list of people who are potentially interested in your products and services and then reaching out to them.

      When you reach out and get a response you qualify them. Those who show interest to move toward the next stages of the sales pipeline are your prospects. These are the people who will hopefully buy from you and become your customers! After all, the end goal of prospecting is to turn as many prospects as possible into paying customers.

What is a sales prospect?

     A sales prospect is a potential customer, someone that is likely to buy what you’re offering. They have been qualified so you know there is a good chance they’ll buy your product or service.

Leads – generate a list of potential customers for your business

Prospect – qualify those leads

Sales – convert prospects into sales

Indirectly you need to build prospects to build sales!

How do you build prospect list for sales?

      Your prospects list is one of the most valuable assets you’ll build as it is the foundation of successful sales outreach.

1 - Define your target market

      This is a crucial step in the outreach process. If you’re reaching out to the wrong audience it won’t matter how good your marketing efforts are. You just won’t get the results you’re after. So invest some time into figuring out who your ideal customers are. For businesses, identify the locations, industries, sizes, and business models for your best customers. For individuals, look at specific demographic information, including age, income, location, and other information.

      A more efficient and effective method of marketing is to first, define the most likely buyer of your product or service.  Take the time to understand who your target the market is so you don’t waste your time or money finding and selling to the wrong customers and clients.

a) Research your existing customers to work out the ideal profile

b) Identify their business type, business size, the role of the person that purchased your product, etc.

c) Find out why they made a decision to buy

d) Build a sample list, do some outreach to see if you get results, and then ramp up.

2- Build a Potential Customer and Client List

     Listing people you know is a good place to start as you can make a quick sale and get referrals. But there are other sources from which to start your potential customer list. Here are just a few:

•      Existing customers: If you've already made a few sales, call upon your existing customers to see if they need more of your product or service. Selling to an existing happy customer is easier than generating a new one.
•     Internet Research: This is ideal for business-to-business (B2B) businesses. If you know the ideal customer or client, you can go online and search for them, and then reach out to them directly. While you can do this online for all businesses, it works particularly well for doing local searches of businesses you want to work with. Social media is another great way to connect with potential businesses you'd like to work with, especially LinkedIn.
•    Trades Shows or Craft Fairs: Events are a great way to network with other businesses that may fit your market (in B2B) or generate new customers and prospects through an exhibit if you sell to the end consumer (B2C). Even if you don't make a sale, events can allow you to build your contact list.
•     Speaking: The easiest way to show off your expertise is speaking, either at a conference or by setting up your own workshops. If you're nervous about speaking, consider joining a panel at an event.
•     Community Networking Events: If your the business focuses on B2B sales, consider joining your local Chamber of Commerce. Where you can network with other local businesses, attend workshops and more. Another option is to join groups involving your target market.
•       Social Media: Many service-based businesses find social media one of the best places to connect and build a relationship with potential clients and customers. Do you have social media followers on Twitter, Facebook or LinkedIn? While you don't want to annoy them with constant sales messages, you can interact and converse with them, increasing their awareness of you as well as building a relationship.
•      Purchase a Lead List: While this can be expensive and often achieves low results, if you're in a bind, you can purchase mailing or contact lists of prospects that fit your target market (demographics, location etc). Do a Google search for "mailing lists" and you will find dozens of companies. In most cases, businesses use this list for direct mail marketing, but you can also call or email if those form of contact information is provided. 

3-      Make Contact 

Over The Phone or mail: Once you have a list of potential clients, it's time to reach out. Cold calling scares many people, but if you lead by asking what they need and then present your product or service as a solution, you'll have better results. Asking questions and presenting your product or services benefits turns the focus of the call onto them instead of you. Finally, if an individual says they are not interested, ask them if they know of someone who might be and get a referral.

      4-      Follow-Up and then Follow-Up Again

     The fortune is in the follow-up. You're going to hear “no” a lot. For some people, that “no” is firm. But for others, the “no” is only “no” for now. Many business owners hear “no” and give up. But 80% of sales are not made on the first, second, or even a third contact! It can take five or more contacts to achieve a sale.

Keep track of your communication with various leads and prospects by using some sort of free CRM database. Create calendar reminders to follow-up in the future with those who said no.

Summary

       The system for getting clients and customer is straight forward. You need a way to entice them to learn about you through your marketing efforts, then you need to build a relationship with them that will hopefully, lead to a sale.

If you spend the time identifying the right audience you can get great results from your sales outreach. But if you don’t have a relevant list of prospects and an efficient process to get this data, even the best marketing efforts will fail to deliver results.

Address: Unit No.450, Mastermind One - IT Park, Royal Palms, Aarey Colony, Goregaon(E), Mumbai, Maharashtra, India- 400065

About Prakash Bhosale:- 

Prof. Prakash Bhosale is the entrepreneurship consultant for startups. He is a serial IT, Media entrepreneur  & leading business consultant He has Over 15 years of experience in education, corporate, IT, e-Marketing, Consulting domain. He is a columnist on business & entrepreneurship with newspaper, magazines, portals, published over  1100 articles. He is the writer of the 4 books on business, entrepreneurship, business ideas. He also guides   PhD fellows, business plans, DPR preparation.

Phone: 08355979232, 09867806399

Follow us on Facebook  (Click Here)

Whatsapp Me:- 8355979232