The marketing skills are divided into 3 different segments namely product marketing, demand generation, and brand marketing. Each kind of marketer possesses critical skills that are imperial to the company. However, marketing hires frequently fail in a startup because they do not hire marketors with the right skill set at the right time, which leads to the question of who should be hired first? In the past decade hiring a product marketer at start has fetched consistent success to Startups, the reason behind that is the fact that by laying down a firm foundation for the company in terms of the target audience and what should be conveyed to the audience, further marketing is made more efficient by having campaigns that are well-directed and are more relatable. This paves way for the demand generators and brand marketors to reap benefits from the already existing framework of the company and the company to thrive better because they have a better understanding of their customers. Read More>>
Roese, a professor of marketing at the Kellogg School who studies the psychology of judgment and decision-making claims that as a company develops its branding they make a transition from purely functional aspects of the product and service to the psychological side, that is critical for the creation of a long sustaining brand. Roese suggests 3 methods that the entrepreneurs can adapt in order to include early-stage branding into their startup plans.
- Define the personality of your brand i.e how it would behave if it was a person and this helps the company to have a vision and set up the guidelines for future growth.
- Develop a brand design Plan, Entrepreneurs will have to find the right balance between specificity and abstraction while defining their branding elements, so that there will be room for improvement keeping the same general theme.
- Having a well-defined brand, This makes the brand easily identifiable and ensures that the customers are familiar with your company even as you scale into new markets. Read More>>
Large Organisations that have put design at the centre of the enterprise are undergoing major shift with respect to design, The shift is not with respect to the aesthetics but rather on the application of design principles to the approach employes take to solve a problem. This modified approach comes as a response to the complexity faced by industries in integrating the software to the hardware and also in trying to make the users experience a simple and comfortable one. Design Thinking basically emphasizes on these factors;
- Focusing on the emotional experience of the user.
- Creating alternate models to examine the complicated problems.
- Using prototyping to obtain other potential solutions.
- Leveraging failure as learning and as a cost for innovation.
- Show thoughtful self-control.Read More>>
This is a marketing strategy or mentality adopted by tech-savvy companies like Amazon, Uber, Netflix and also by companies such as Nike in order to provide their customers with a personalised service experience on multiple platforms. This method also involves reducing the response time involved in replying to a customers request or grievance call, not only does this help the companies stay relevant to their customers but also fosters new business opportunities. Read More>>
DFI helps the organisations to identify potential distant threats and also helps them devise a plan of action when the need arises. It was created in response to the question, How A few businesses detect and respond to future threats and also capitalise on vague opportunities while the others fail? another important question is why are the business leaders unprepared? the answer is that the tools or frameworks that are used mainly focus on the immediate environment of the industry such as war games, strategic planning, market trends, etc. also in many industries, the incentives are based on short term goals thus the leaders are biased towards encouraging activities that strengthen the existing domains rather than exploring new ones. thus without a reliable and structured framework such as DFI recognising and implementing distant innovation will always be a risk to the organisation. Read More>>
Derek Rucker, a professor of marketing at the Kellogg School, and PhD student Rebecca Krause were intrigued by the fact narratives that help as a powerful tool for persuasion sometimes backfire to a great extent, they further studied the link between narratives and persuasion and understood that in many cases the reliability of the facts being used in telling a story is the deciding factor , If the facts are very strong it is better to convey them directly in the form of lists rather than narrating them. However, the advantage of the story is that it can hinder the listener’s ability to process facts and you could get away with flimsy facts. Read More>>
The pitchbook data says US-based startups have raised $66 billion in venture funding in the first quarter of 2019 putting the market on track to surpass the $100billion mark by the end of 2019. However, there has been a considerable decline in the VC acquisition in Angel and seed-stage rounds, thus raising the question for all startups as to what is the right time to get investors and how to pick the right investors or partners. here are some perspectives shared by some leading early-stage venture capitalists that will help you have a better insight about VCs.Read More>>
Since the very onset of business it has been common knowledge that people are the key to a business’s success. What is less talked about is how pivotal the timing in which you hire these key people is. Philip Mundy of OpenView.com talks about hard-learned lessons regarding talent acquisition. This element of his business made the difference between the slow growth and necessary restructuring of his first venture versus the boom of his second. What are the benefits of hiring the senior level talent of your business early on and how can this timing make or break your venture? Read More>>
Acquiring a small business can in many cases be a lot different from starting a business from scratch. However, the personal reasons for starting or acquiring a business stay consistent; the ability to impact an outcome, your own personal development, confidence and faith in yourself, or financial reward. Although acquiring a business usually is a faster and easier route to take, it does offer unique challenges that many entrepreneurs are not prepared for. One major challenge is establishing credibility in an organization that is already developed. Convincing your employees to trust in your vision and goals can help to create a strong organizational culture, which will, in turn, lead to a more successful- profit bearing company. Read More>>
Autocratic or authoritarian leadership is an approach many successful companies have taken, like Apple and Harley Davidson. However, this leadership ultimately kills organizational morale and in the long-run can deteriorate the success of a company. Brené Brown author of, Dare to Lead, explains how being a vulnerable leader ultimately breeds more success than being an autocratic leader. Having the courage to be vulnerable and let your employers in, can build stronger workplace relationships and ultimately build a stronger overall organization. When leaders allow themselves to be vulnerable it encourages their employers to share their thoughts and feelings towards a situation. Knowing what your employers feel and what they want allows them to feel cared about and valued, which can help lead to less turnover. Read More>>