Entrepreneurship

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http://tech.co/startups-start-branding-asap-2016-07

Minimum Viable Product, Maximum Viable Brand Story Naturally, you want to establish startup branding early, so that you can build a consistent image. But some people don't realize how essential it is.

http://qz.com/704813/snapdeal-may-die-a-slow-and-painful-death-unless-it-gets-its-act-together/

Snapdeal may die a slow and painful death, unless it gets its act together Snapdeal may fade away from India's e-commerce scene despite big investors backing it.

Micromax is leading smartphone and mobile phone manufacturers in India and the growth of Micromax has been phenomenal. The SWOT analysis of Micromax proves that the brand is here to stay and that it will give tough competition to the likes of Samsung and even Apple due to its price competitiveness as well as sourcing genius. Here is the Micromax SWOT analysis.

STRENGTHS in the SWOT analysis of Micromax

Economical Handset provider: After starting its operations in 2008, within 3 years of time it became the 3rd largest Handset manufacturer in India. Initially it focused on rural market but over the period of time it became leader in economical (Value for money) handsets in smartphones also.
Local market knowledge: After successfully excelling in rural markets continuously for three years, Micromax has gained enough experience to focus completely towards the urban market in their current and future strategies. Due to this change in focus and the increased customer base, Micromax has seen success in the last 2 years.
Word Of mouth: Micromax understood that if they have to be in the game then they have to target the rural market which consists of 60% of the India’s population, & due to this strategy they created word of mouth which later on was capitalized when they introduced their breakthrough model “Canvas”.
Celebrity endorsement: Micromax has sponsored many events like that of cricket & football. Also its celebrity’s endorsements got bigger when it signed Hollywood actor Hugh Jackman as its brand ambassador. Akshay kumar & Twinkle Khanna (Micromax Bling) were the company’s brand ambassador. The reason for the change was that during research they found out that Micromax has been perceived as a brand falling between High end smartphone & feature phone. Thus, In July 2013, Chitrangada Singh posed for Canvas 4 smartphone in New Delhi. However, Micromax has used brand ambassadors scarcely, continuing with its Value for money strategy by avoiding over expenses.
Extensive distribution: Micromax made its products available through distributors & resellers far and wide across the country and also exported it to many countries. The advantage was that it gained many customers due to its strong distribution channel. It also tied up with E-commerce companies as exclusive partners.
First mover advantage – Micromax was one of the first phones in the market to concentrate on penetrating the smartphone market. Samsung was the clear leader when Micromax entered and Micromax penetrated the market with superb phones are very low cost. Thus, later on when other mobile brands with the same strategy entered, Micromax was a brand by that time

WEAKNESS in the SWOT analysis of Micromax:

Limited global presence: Micromax have operation only in SAARC countries which is restricting their growth. Recently they have planned to enter European Union.
Not preferred by Tech-Savvy people: Although Micromax is successful in emerging as 3rd largest handset player but they are not able to create trust among the tech-savvy users about the handset quality.
Low price means low quality – The price vs quality debate is always on in the mind of the customer when purchasing electronic products. Because of its low price, Micromax is several times considered as low in quality.

OPPORTUNITIES in the SWOT analysis of Micromax

Market Expansion: Entering in developed nations like US & European nations will be the future strategy of Micromax which will bring advanced capabilities to even home nations & this will help Micromax in creating trust among its users.
Penetrating the Urban market: Further pe*******on in the urban market just like they have done in rural market will help in the growth of the company.
Improving the brand perception: Working on changing the brand positioning will help the company in changing its brand image in the urban markets where it is perceived as a low quality mobile.

THREATS in the SWOT analysis of Micromax

Competition from national & global players: Handset market is going through intense transformation & all the national & international players are leaving no stone unturned to increase their market share. Price wars & eating up each other market share is a common scenario.
Dynamic tech environment: Continuously changing technological environment can be serious threat to the Micromax. Since already established players like Samsung, LG etc. can cope with this, it will difficult for Micromax to handle this challenge.
Replication of business model: The strategy used by Micromax is itself commendable but lots of other Local & Chinese handset mobile makers like Geonee, Lava etc. can imitate their business models which will have adverse effect on existing players and Micromax will not be an exception in such a scenario.

Insight into business and revenue model of AIRBNB , a Company in Billion dollar club with funding of 3.89 billion from 31 investors raised between 2008-15 and company valuation more than 25.5 billion .

What is Airbnb?

Airbnb is an online marketplace connecting travelers with local hosts. On one side the platform enables people to list their available space and earn extra income in the form of rent. On the other, Airbnb enables travelers to book unique home stays from local hosts, saving them money and giving them a chance to interact with locals. Catering to the on-demand travel industry, Airbnb is present in over 190 countries across the world.

Revenue model: How Airbnb makes money?

Airbnb offers free listings to property owners and let’s travellers browse the listed spaces and select the one which best suits their needs on the platform. The business model of Airbnb is such that the booking and monetary transactions are done on Airbnb’s platform. This is from where the company earns its share of revenue from 2 different sources which have been explained below:

Commission from Property Owners (Hosts)
Airbnb charges flat 10% commission from hosts upon every booking done through the platform.

Transaction fee from Travellers (Guests)
Airbnb charges 3% of the booking amount as transaction charges from travellers upon every confirmed booking.

How Airbnb finds customers?

A customer for Airbnb is the one who adds up to the company’s revenue. He can be a host who offers his space for rent and lists it on the platform or he can be a traveller who books a space. So, from where does Airbnb find hosts and travellers? Well, Airbnb was founded in year 208 and its first customers came through a simple website built by the owners. Since then Airbnb has grown into 1.2 Million listings on the platform. The major sources to accumulate hosts and travellers include:

Social Media
Word of Mouth
Digital Marketing including Internet ads.
Promotional offers
Affiliate Model / Refer and earn offers

What You should know before you build a Global Brand :

For Building a global brand , first and foremost you must start with an analysis of your competition -
Where are they strong ?
Where are they weak ?
You avoid strength and exploit weakness.
Generally , after a point of difference upon which you can tell you can tell your story.Without that point of difference , you are usually reduced to using price as a strtergy which is not a very profitable way to go as your competitors have pencils which they can use to reduce their prices .

Lets study and undertsand important take aways from Uber Business Model :

Go for less ownership model. Uber does not own any cab but still provides over 1 million rides a day through its partner network.

Choose an industry. Think about the most common problem it has. Find a solution and disrupt the existing model through technological infrastructure. That is what Uber did in the cab industry.

Treat your initial users as kings. They are really important for the growth of your business.

Expand step by step. Do not add everything in your business model in the first go. Uber started with cabs but now even has boats, helicopters, bikes and other means.

Opportunity won’t come to you. You have to look for them. Uber created an opportunity by offering discounted rides for particular events / party venues and hence got its first customers.

Treat your workforce an important part of your business. Uber calls its drivers as partners and gives them a decent 80% of the total fare.

6 Ps of Business :

Whenever you want to start a new business always have a clear picture in your mind about 6 Ps of the business you are about to venture into ,what are these 6Ps -
1.Product -

What is distinct in your Product than the products available in the market ,If its a service what is the key differentiator of the service you offer from the services already present in the market .It should answer the question why should we chose you ?

2.Price -

How is your product /service priced ,is it priced higher than average market price of similar other products ( premium), is it priced competitively with other similar products ( popular) or is it priced lower than similar products in market ( economy). It should answer the question why such a pricing and why should we pay it?

3.Place -

Where is your product available . As we know if the product is available only to local public its reach is limited .so always look for options to increase reach of the product ,is it available online ? Can it be exported outside ? does it have reach with city ,state ,country or global ?Advisedly some part of your business should be online to have sufficient reach to get the desired scale . not that it is possible in all businesses though .

Other 3Ps will be covered in next part .......
Feel free to wwrite to me at surabhi293882gmail.com for more details .