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How To Grow In New And International Markets

Ramya GovindRaj

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Global and international markets offer a wide variety of opportunities for startups to grow and expand. Especially at a time when the Indian startup ecosystem is booming, startups should start looking at international markets to sell their goods, products, and services. For all those growth minded business owners, learn how to navigate the turbulent international waters with these hacks.

1. Market Analysis
Before you make the move to a new bigger market, analyze the situation in the multiple international markets and across various industries before deciding to expand. Identify the motives behind your decision to explore entering the international marketplace and choose the market that best suits your intentions. Perform a gap analysis to make sure there’s enough space and demand for your products and services. It also helps to perform a SWOT analysis to see how your products compare to other options already available. Study and perform a full audit of your current capabilities and of the opportunities offered by the specific market you’re planning to expand to.

2. Growth Strategy
Work on a strategy that will help take your company to the next level. A growth strategy plan includes introduction of customized products for the market, special launch offers and services for segmented groups drawn from your overall target audience. The introduction of Uber Autos is a classic example of customized products. Create a unique identity for your company in the new markets by giving people what they need by conducting thorough research and targeting niche markets.

3. History and local laws
The importance of history cannot be emphasized enough. The country’s currency value fluctuation and import and export timelines are crucial. The economic environment of a country will directly influence your company. Take a close look at how other international companies have faired in the nation and what are the benefits and pitfalls. At the same time, have local representation if possible, someone who can help you navigate any unforeseen obstacles and explain all contract provisions and terminology. Read and understand the laws and regulations of the jurisdiction that governs your contract before it becomes legally binding.

4. Focus Groups
Before a full scale launch, conduct smaller focus group based launches or launch a beta version to improve the product and remove all the kinks. Observe the focus groups to better understand the culture, the people and the type of resources they require. Focus Groups will give you a rough idea regarding the viability of the product in that country and set up a proper marketing strategy.

5. Prepare a Local Team
Have a local team ready to go to work with the local authorities, prepare customised marketing and advertising strategies and get the right approvals. A trained team who is constantly in touch with the chief executives in the headquarters is the fastest way to enter a new market. The local team is responsible for finding local partners for the company to provide everything from translation and localization services to efficient distribution of your products in the new market.

So there you have it. 5 simple yet effective tips to expand your company in international markets! Let us know of any tips or hacks that have helped you grow your company in the comments sections!

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Five Ways To Build An Effective Startup Team

Smruthi Kishore

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No matter how strong your idea is, the ultimate fate of your startup lies in the strength of your final team. It takes only one weak member to topple all your hard work and in order to avoid that, it is extremely important to make sure you have crossed all your T’s and dotted all your I’s. Here are a few tips you could follow to get the perfect team for a startup which could change the world.

1. Identify The Positions 

Before you start the hiring process, identify the positions you need for your startup. Be sure to prioritize. Figure out which position to fill first and balance out the hiring. It does not make sense to hire five project managers and not a single programmer. Be sure to have enough money or customers to pay for staffers before you start hiring them.

2. Envision The Bigger Picture 

When you go out to hire people for your startup, let your vision drive you. Why were great thinkers like Steve Jobs or Verghese Kurien so successful? Because they had a dream and they let the world know their dream. The people they hired believed in their passion and because of that, their companies are still rock solid.

3. Adopt A Game Management Approach 

Great cricket, football and basketball coaches always talk about watching films and studying the competition. As a new startup founder, you should do the same thing. Identify the competition. Understand where their strengths and weaknesses are. This helps get a clearer picture of where you are as a potential game changer. Just like our favourite coaches and quarterbacks, having a head start always helps increase your chances of winning!

4. Get A Consultant 

Every movie has the main guy and the Right Hand Guy to help with the more serious work. A consultant is also just like that. They will tell you things you do not want to hear and they will get the job done for you whether you like it or not. Get one! Play the game safe and play it right.

5. Post Hire 

Once the entire process has been finalised, it is important to do a background check on the people you are hiring. What if they look really good on paper but have serious flaws within? To avoid issues like hiring an employee with a police case or a fraud case on them, do a background case and avoid all the hassle.

Your company is as good as the people you hire. Hire the right kind of people and who knows, you could become the next Microsoft or Swiggy!

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Relationship Between Manager And Employee

Smruthi Kishore

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Relationship Between Manager And Employee,Startup Stories,2018 Best Motivational Stories,Inspirational Stories 2018,Boss and Employee Relationships,Employee Relationship at Workplace,Manager Employee Relationship,Superior Employee Relationship,Employee Relationship Management

The relationship between a manager and employee is extremely vital to the entire mood of the office. A poor relationship brings down the entire moral and effects the productivity of not one but every employee. On the other hand, a good relationship breeds positivity and fosters a functional work environment.

According to multiple studies, more than half the employees were unhappy with their direct supervisors. This friction between management and staff not only manifests itself in poor attitudes and work culture, but it can also have a deleterious effect on a company’s productivity and revenue. What employees lack in the workplace is one simple thing, cooperation.

Managers are successful only if they keep reinforcing the fact that performance at work is not always about competition. While healthy competition is always encouraged, it goes against the overall work atmosphere of the company if the competition becomes too negative too soon. Performance is about coming together to serve a common purpose: that of delivering a brilliant product at the end of the day. As a manager/employee, once you convey this message to your team and tell them you actually mean it, the work flow makes more sense.

As a manager/superior, you can create a positive work life by simply charting out certain details. Delegate specific responsibilities to certain employees and make sure each responsibility is linked with the next in a ceaseless effort to provide exceptional products. Find ways to bring your team together. Hold workshops, have constant feedback meetings and create goals for each team with a reward incentive at the end of a successful task.

Workers without a career advancement or a near goal in mind are usually demotivated. Develop and guide talent to ensure you have a loyal and stable workforce that can fill the needs of the present and future. In short, do not, at any point, make your employees dread coming to work. Get the pay cheques rolled out on time, ensure you have enough number of holidays planned for the year and make sure you and your employees always have a strong connection.

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5 Ways To Use Social Media To Build Your Business!

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Social media has played a key role in marketing and marketing strategies in the recent past. Once upon a time, social media was considered to be a passing fad, something the kids were using but businesses could never use for their benefit. But, over the time, all the doubts about social media have been proved wrong. Today, there are over 4 billion internet users and over 2.5 billion of them have active social media accounts.
In fact, popular social media platforms like Facebook, Twitter, Linkedin, Pinterest and Instagram have helped 82% of small business owners to grow their businesses. If you are still standing on the social media sidelines, there’s never been a better time to get started.
Here are 5 reasons why to use social media build your business.
Gain valuable customer insights
Social media marketing helps you to generate a huge amount of data about your customers in real time. Every day there are over 500 million tweets on Twitter, 5 billion likes on Facebook and 95 million photos and videos uploaded to Instagram. Behind these huge numbers, there is a treasure trove of information about your customers, including who they are and what they like.
Through daily active engagement and social listening, you can gather relevant customer data and use that information to make smarter business decisions. Find the conversations happening around your brand and manage real time reports.
Need To Increase Brand Awareness
When you have a presence on social media, you make it easier for your customers to find you and connect with you. Connecting with your customer on social platforms is likely to increase customer retention and increase your brand loyalty.  
Targeted ads with real time results
Social ads are cost effective to promote your business and distribute your content. They also offer powerful targeting options so that you can reach the right audience. For example, if you are running a Facebook advertisement, you can target your audience based on location, demographics, interests, connections and behaviors. If you run an advertisement campaign on LinkedIn, you can segment market based on sections like location, company, job title and gender among others. You can track and measure the performance of your social ads in real time.
Generate higher converting leads
Social media can immensely increase sales and customer retention through regular interaction and timely customer service. In a 2015 Sales Best Practices study by the research institute MHI Global, world class companies rated social media as the most effective way to identify key decision makers and new business opportunities. In another study, nearly 75% of companies that engaged in selling on social media reported an increase in sales in 12 months.
Increase website traffic and search ranking
The biggest benefit of social media for business is using it to increase your website traffic. Social media can help you direct people to your website, the more social media shares, the higher the ranking. For example, if every person who follows your company on Twitter retweets a post, it is more likely to rank higher in Google search engine for variations of social media for business.
Social Media provides a very easy to use platform to not just spread the word but to boost sales as well. All one needs to keep in mind is to use these services effectively and efficiently.

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