Susan Wojcicki, ranking among the top ten CEOs of the world and with a personal valuation of $ 300 million, is a powerful woman, to say the least. With a treasure trove of experience and armed with the zeal to constantly learn new things, Susan did not just reach the top of YouTube’s corporate ladder, but worked to earn a place at the table. Here’s looking at some truly inspiring life lessons from the woman who has it all!
1. Always be willing to grab new opportunities
At the young age of 11, Susan realised there was a certain kind of liberation which came with being a part of a self started business. Her first ever foray into the world of business and as an entrepreneur was when she started selling homemade spice roads. Growing up, one of the things that set her apart was the fact she took the road less traveled, a feat which led to her becoming the CEO of YouTube!
2. Fight for the rights of those who cannot
Back when maternity leave was not considered an option for the women employees of Google, Susan Wojcicki broke the mold by being the first person to do the unimaginable. When she returned after her break, she created a new change in the way people treated pregnant women at work. Pushing superiors to start giving women the leaves they need during pregnancy, Susan was instrumental in starting a new wave of acceptance in the workplace.
3. Give your peers a chance
Apart from being one of the first women to introduce the concept of maternity leave for working women, Susan has been known for advocating equality in the workplace. The moment she realised there was a huge disparity in the number of women employed at YouTube as opposed to the number of men, Susan hired as many women as she could in order to bridge the gap. Instead of just being a bystander to this issue, Susan struck when the iron was hot and worked to hire women across different divisions.
4. Do not be afraid to use your personal experience at work
Susan learnt this when she returned to work after the birth of her first child. As a new mother, her insights into how people worked changed and she realised she could use her break as an advantage and not as a barrier. Susan learnt the importance of compassion and prioritizing, thanks to her pregnancy and over the course of her four pregnancies, Susan realised she could use this fact to her advantage. This was one of the reasons she became the CEO of YouTube and stayed there for so long.
5. Ensure you have a strong work life balance
However efficient and organised you are, there is always the chance of not being able to balance your work life and personal life. Susan learnt early on that the more you rise on the ladder of success, the more you have to prioritize your goals in life. Give yourself a direction and make sure that everything you do is aligned with what you want.
When women work towards reaching the top of the ladder, there are always compromises one has to make. Learning through the different things Susan Wojcicki taught the world, it is worthwhile to see how one grows despite multiple adversities and biases. If you think we missed out on any other inspiring lessons from the lady who changed the world, comment and let us know!
How Do IPL Franchises Make Money
If there is one thing that every Indian and every cricket fan waits for all year, it is the Indian Premier League, which is the world’s biggest cricketing league. Professional cricket players from all over the world vie to get selected by one of the eight franchises which compete in the league. The entire league is a star studded affair and Indians manage to forget their differences and band together for all the time the league is aired. Each franchise boasts of a loyal fan following who have supported their teams through thick and thin ever since IPL was inaugurated in 2008. While the entire league is a melting pot of entertainment and competition, have you ever wondered how the franchises make money in IPL? In this article we will decode the business models behind the IPL teams and how they earn money.
Franchises need to bid for players every year before the start of the IPL season in an auction. Each franchise has a maximum spend limit of Rs. 80 crores to buy players in the auction. Apart from buying players each franchise also needs to bear the cost of travel, support staff and logistics. The following are the different avenues from which franchises earn money.
Franchises earn a major chunk of their revenue from sponsorships, but they do not get the money from sponsorships directly. The IPL governing council gets money from sponsors and in the case of this year it is from Dream 11, which is the title sponsor while VIVO was the title sponsor last year. All the money which is earned from sponsorships is divided into a ratio of 60:40 with the Board of Control for Cricket in India (BCCI) retaining 40% of the sponsorships. The remaining 60% is distributed among the ten franchises. BCCI owns and operates the IPL in India. The ratio of distribution might change in the coming years depending on the decisions taken by the BCCI.
2) Media rights
Broadcasting companies bid for the media rights and the winning bid will get to air the IPL on their channel. Star India bagged the media rights for IPL with a bid of Rs. 16,345 crores for five years (2018-2022.) The money from media rights are also distributed in the 60:40 ratio with BCCI keeping 40% and the franchises getting an equal distribution from the remaining 60%.
3) Franchise sponsors
Each franchise has its own dedicated sponsors which pay a huge amount of money to the franchise. The logos and names of the companies which you can see on the sporting attire of every IPL team are actually the dedicated sponsors of their respective franchises. The profit from dedicated sponsors depends on the deal the franchise has made with their sponsor. The income generated from dedicated sponsors might differ from team to team.
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4) Sale of tickets
Each franchise can choose a home ground from the available venues in the BCCI roster like Sunrisers Hyderabad, choosing Hyderabad and Kolkata Knight Riders choosing Kolkata. Only the home franchise can fix the price of tickets for the matches happening in their home ground. Bigger stadiums with large seating capacity earn the most from ticket sales. Kolkata Knight Riders home ground Eden Gardens has the highest seating capacity in India and therefore KKR earns the most from ticket sales.
Each franchise makes some money by selling official jerseys, caps, wrist watches, souvenirs etcetera. The merchandise is sold through the official franchise websites.
6) Prize money
Franchises battle it out in a long season to become the winner of the IPL season. The winning team also wins a hefty prize money which is an additional source of revenue. In 2019, the winning franchise won Rs. 15 crores while the runner up won Rs. 10 crores.
IPL is a big stage for franchise owners to earn their revenues as well as the perfect opportunity for players to make their mark and win big auctions. This is how franchises earn their revenues from the IPL. As this year’s edition is off to a flying start, IPL has been a blessing in disguise for millions of Indians in the gloomy times we currently are experiencing.
How To Generate More Sales On Social Media
If you are a frequent Instagram user, there is a high likelihood of stumbling upon a business ad which interests you. There are also high chances of you making a purchase from a business whose ad you might have seen on Instagram. As the social media penetration into our daily routine gets deeper each day, businesses are realising the opportunity to sell their products on social media platforms like Instagram, Facebook, Twitter and Snapchat to name a few. In the current day and age social media is one of the top avenues to generate solid sales and also gives a good return on investment. However, figuring out a good approach for a business does not come easy and requires some time and effort to figure out how a social media platform works. In this article, we explain some simple techniques to generate more sales on social media. A good organisation which has a proven track record in this arena is Whacked Out Media based out of Hyderabad.
1) Understand where the target audience is:
It is very important to understand what social media platform your target audience uses. If your target audience prefers to use Instagram over Facebook, then it makes sense your ads should be running on Instagram. The easiest way to find out where your target audience is is by identifying the right hashtags which are relevant to your product or business and find out where it is being used. Once a business understands where their target audience is, it will be much easier to drive online sales. Online streaming platforms like Netflix and Amazon prime Video are known to promote their content on platforms like Instagram and Facebook in order to gain new subscriptions.
2) Working with influencers
Influencer marketing is a form of social media marketing involving endorsements and product placement from influencers, people and organizations who have a purported expert level of knowledge or social influence in their field. Influencers have a very high chance of generating sales on social media for your business. Having an influencer tell a unique story about your brand or product, having influencers give honest reviews about your product or something as simple as an influencer promoting a unique discount code can drive sales effectively. Noted South Indian actress Samantha Akkineni is known to partner with organic food businesses to promote their products.
3) Turn customers into brand advocates
When you make a sale on social media, it is ideal to request the customer to post reviews of your product or service should they like their purchase. This will turn your customers into brand ambassadors and at the same time generate more organic sales. It will be helpful if you can provide relevant hashtags to be used so as to accurately identify leads. Take the case of mobile phone manufacturer OnePlus, which regularly posts or shares their customer photos and product reviews on their social media platforms. OnePlus believes in storytelling through customer testimonials and customer content. #NeverSettle is the hashtag which is most commonly used by the OnePlus brand to identify content relevant to them.
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4) Share customer generated content
More often than not, if a customer is satisfied with their purchase they will post it on their social media accounts. For a business, identifying these posts and sharing the customer generated content on their own social media accounts will improve the authenticity of their products. Prospective customers visiting your social media page can see honest customer reviews which will in turn bolster chances of a sale. This is also an easy way to increase loyalty with your existing customers, and to add credibility to your brand whenever potential customers visit your social media profiles.
5) Creating content around products/inventory
It is highly recommended to create content around the products which are being sold on social media accounts. For example, if you are a clothing brand, it will be helpful for customers/leads if they see content on how to mix and match various dresses, or what dresses can be worn in spring or summer. This establishes a broader context for your brand and will also boost engagement with prospective customers. This kind of content will also provide a reason for customers to buy your products.
There is no hard and fast way to figure out social media sales and each business should take the plunge themselves to figure out the best approach for themselves. However, the above mentioned tips will definitely help the chances of success in getting sales. Alternatively there are plenty of organizations which provide consulting services to businesses in order to help them with digital marketing and sales.
4 Tips To Convert Leads Into Sales
Many startups, product companies and organisations spend a lot of money on their marketing in order to generate leads which would help their business. However, generating a ton of leads is not going to help anyone if they are not being realised into sales. In an ideal world, all the leads get converted into sales but that is however a very remote possibility in today’s world. However, there are ways to amplify your leads into sales by following some time tested tips.
1) Do not make leads wait
Most organizations make the mistake of getting to the leads in twenty four hours but the problem with leads is that they go cold in as soon as an hour. The most likely reason for a cold lead is the lead might have moved on to a competitor. Therefore, leads need to be handled by a team which can immediately get on to working on them. Having a Google Business account will make it easier to respond to queries immediately and another alternative can be automating query replies by having a bot show relevant information for the queries asked.
2) Build good testimonials and reviews.
The key to clinching a sale is most often a good review or a testimonial for a product. Having reviews which detail the ins and outs of the product will offer a much needed perspective to a lead. This in turn will nudge the lead into making a quicker decision to make a purchase. While there is a risk of having negative reviews, make sure those reviews are taken into consideration and the mistakes rectified. Good reviews also indicate your organisation is an authority on the subject/product.
ALSO READ: 4 Tips For A Business To Increase Sales
3) Offer an incentive
A potential customer is browsing your catalogue but is unsure about making a purchase, an incentive would most likely be able to clinch the deal. Offering a free gift with a purchase or a time sensitive discount will increase the likelihood of a sale happening. Another incentive is to offer a discount in the form of a cashback if the lead is able to bring another prospective customer. This means you not only have a sale but also another prospective lead.
4) Asking for the sale
A business has to ask the lead for a sale in order to push the lead into making a decision. However, the process of asking should not be overt so as to scare away the lead but should instead be put forward in a way that it benefits both the buyer and the seller. Adding call to action items like a ‘buy now’ button or an ‘add to cart’ will act as an invitation for the customer to convert on your online page. Asking for a sale on a telephone can be done in such a way by letting the lead know about the product they have shown interest in during their buying process. The lead can be convinced of the legitimacy of the sale by letting them know of what problem the purchased product can solve for them.
As the technology advances and with information available to customers at the touch of a button, it is more than important to convert a lead into a sale. Businesses must go through countless iterations of sales pitch modifications to understand what works for their product or service. While there is no perfect road map for converting a lead into a sale, following the above mentioned tips can definitely help in realising a sale.
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