When everyone is working on likes, fans, followers and engagement metrics; there are a lot of renowned brands like Apple, Zara etc. who don’t even have a Facebook Page or Twitter account. Wish to develop an understanding on how such brands are still ruling their respective industries after breaking so called social media rules? Have a complete understanding on the same through our 50th Special Webinar led by Mahesh Murthy, Founder & CEO of Pinstorm.
Q&A During Webinar with Mahesh Murthy
Q- What are the guidelines in case of circumstances which arise when even after scaling up, evaluating, spending ample amount of money behind advertising, the word of mouth doesn’t spread?
A- Advertising is a good way out but best way in this case is to appeal the product and not scaling. There should be certain objectives like more webinars should be conducted, scheduling and decision about content for international customers should be made in an effective way. Constant upgrading and tweaking is necessary. For example, Gmail was in Beta for 11-years with 400 million customers before it could come out and declare itself as a Beta product, it became a market leader and a dominant market holder for email and finally declared itself as a Non- Beta product. Hence, looking at one’s own respective entity is necessary rather than only advertising and trying to figure out the solution.
Q- Is it true that as startups, selling to enterprises like Workday, Slenders and Aclesia are less on sales and marketing?
A- Yes, looking at sales, Workday is a large form of Buyer to Buyer Company. It is essential to look at and understand whether it is a B to B or B to C (Buyer to Customer) Company. It’s important to spot a product which is offering extra remark worthiness, once spotted, recommendations needs to be asked out of an entire 100 will recommend all half. Then choosing the customers accordingly and delighting the hell out of that customer individually and enquiring them regarding their usage of tools- LinkedIn, Facebook,Zing, etc. Towards the end a fake word of mouth can’t be created but these tools can be of help for shapeless conversation coming towards an owner and build its business.
Q- In case of Expense Management Companies and LMS companies, which are the places that they tend to bother about the attraction?
A- For instance, a person having an Expense Management Company resides in the United States Of America. Over there people are interested in CFO/CBO as their designation. In these kind of activities thoughts and focused actions are of utmost importance. For example, need to acquire and win big companies like Google, Facebook,which young generation accesses and lays on? One needs to go on and reveal the success instead of creating just a fake word of mouth.
Q- Generic business like Consulting business is able to deliver kickass products to create that splendid word of mouth?
A- If a Company like Mc Kinsey, world’s most splendid product is considered. It has no advertising cost included, it has got amazing word of mouth. It has got a very good people strategy and topic strategy. A company has to be known for its remark worthiness, positive thoughtfulness and uniqueness. Conducting of webinars and report publishing is very important in such cases. It is very necessary to portray oneself as a thought leader. It’s not so difficult. The main thing that one needs to be is “Newsworthy”.
Q- “Professional investors are offering huge discounts to grab the market,as a result valuation is rising up creating a barrier for a startup who are unable to increase their subscriber base by offering more discount to get higher valuation and get adequate strategy from the company”- In such cases, how do a startup survive amidst this trouble?
A- Sanity is yet to arrive. Investing in marketing via E-commerce shall erase . Bubble shall burst. Only advertising alone shall not help. Brand name can’t be made out of a product by spending crores behind behind advertising alone. Focus should be put solely on sustainable defensible competitive advantage. The current scenario reveals the picture of businessmen selling themselves rather than their products. Sensibility is yet to come. Customer satisfaction is necessary. Entire focus should be put on customers instead of worrying about the competition.
Q- In case of a Data Management- B to B Company, “customers are fine with the product during the demo provided but come back wanting to go through the reference or the procurement cycle before buying the subscription.” How to tackle the situation in this case where the company has a niche still it has to show competition?
A- On the website, two products should be put up which are more expensive with three vendors. Random product should be found and put up. Then the procurement target should be met and should be surpassed to go high up. Troubles will arise in such cases. One has to compete with the superior. Product should be made competitive enough to compete in an international platform. Hence, anything inside the best bracket is the worst bracket.
Q- In a fashion business, how to make customers believe that celebrities are wearing their respective Company’s clothes, especially how to reach the non-fan of a particular celebrity wear the celebrity’s clothes without asking for a proof or without advertising it much?
A- Putting up pictures of celebrities wearing clothes of that particular fashion business brand on Twitter, Facebook and celeb’s respective fan clubs can be easily done. There will arise no question of denying. Using of new pictures, Facebook advertising strategy should be well known. Pictures should be put up in an interesting way so that it compels a non-fan to come up with a desire to buy the clothes. Uniqueness and remarkworthiness pays off here. Facebook shares will be of great help. Company should be unique and stand out from the crowd in what they sell. Advertising is a good way out but best way in this case is to appeal the product and not scaling. There should be certain objectives like more webinars should be conducted, scheduling and decision about content for international customers should be made in an effective way. Constant upgrading and tweaking is necessary. For example, Gmail was in Beta for 11-years with 400 million customers before it could come out and declare itself as a Beta product, it became a market leader and a dominant market holder for email and finally declared itself as a Non- Beta product. Hence, looking at one’s own respective entity is necessary rather than only advertising and trying to figure out the solution.
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amazing & so very true and we often blame Digital Media for tractions!