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Azim Premji Life Lessons

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Azim Premji Life Lessons,Startup Stories,10 Important Life Lessons by Azim Premji,Life learnings and advice from Wipro founder Azim Premji,10 Entrepreneurship lessons to learn from Azim Premji,#AzimPremji,5 life lessons from Azim Premji that will help you succeed


Azim Premji, a business tycoon who is known for changing the face of Wipro, retired last week, leaving the reigns of his massive empire to son Rishad.  When Wipro began manufacturing vegetable and refined oils in Amalner, a district in Maharashtra, little did people think it would today become the front of 70 plus companies!  Before the tides of wind changes, here is taking a look at some life lessons from the man who gave India the Wipro of today.

Azim Premji Life Lessons:

1. Know your strengths

While it is important to know your weaknesses, in order to make a mark in today’s competitive world, it is important to know and play to your strengths.  If Premji hadn’t followed this principle, he wouldn’t have turned around a $ 2 million vegetable and refined oil manufacturing company into a $ 7 billion company with a presence in more than 60 countries! According to Premji, the only way to correct your weakness is by playing to your strengths!

2. Stay honest, persevere and work hard

According to Premji, while innovation is all well and good, in order to grow, you must stay honest, persevere and work hard toward your goal.  The more you rely on self help books and on the intuitions of those around you than your own, you forget where you started. Think of the bigger picture and make sure even if it takes time, you don’t lose sight of the three rules of success.  When Wipro was started by Azim Premji’s father, it worked only with a certain type of product.  However, when Premji took over, he realised the amount of potential the Company had and by putting in a lot of hard work, he made Wipro the conglomerate it is today!

3. Take charge

Unless you take charge and show the world what you can do, you can’t make an impact. Despite leaving college for a while when his father passed away, Azim Premji pushed himself to do better than when it was run by his father. When Premji stepped into the Wipro factory at the age of 21, he did so against the advice of more than just one well wisher. People told him he should have applied to a soft and cushy job at an established place.  However, it was because Premji took charge, he changed the way Wipro was perceived!

4. Stick to your values

According to Premji, the core value of any business is your values.  Stand by what you believe in and once you do, you can escape whatever tricky situation you face.  Don’t compromise on your beliefs and while success may not instantly come, the reward you get will be far greater at the end of the day!  Premji always believes in standing for your values because when things go back, your values are the only ones which give you direction. Even though he had so many challenges throughout his career, Premji followed Mahatma Gandhi’s philosophy and made sure, throughout his tenure as the CEO of Wipro, he never did anything his conscience wouldn’t allow.

5. Always look for opportunities

More often than not, people don’t realise change is a constant factor.  Furthermore, what people don’t also realise is managing change has a lot to do with the way you perceive the situation.  To break the pattern and to feel better about your situation, focus on what you can learn from the tough path in life. You need to understand, with change come fear and insecurities.  However, if you let the insecurities take over, you can’t get ahead. Creativity and innovation need inspiration. If Azim Premji hadn’t grasped all he could learn at Wipro, he would never make it to the top.

6. Always give back

One of the best things people remember about Premji is his philanthropic side.  Shortly after taking over as CEO of Wipro, Premji started donating his funds to organizations and people about whom he cared.  Apart from being the first Indian to give away 25 % of his wealth as a part of the Global Giving Pledge, Premji also set up a non profit organisation, Azim Premji Foundation, aimed at improving primary education in India.  The trust helped set up a university in Bangalore and works with the goal of improving the quality of education in India in a holistic way, rather than only through financial support. Despite being the third richest man in India as of 2018, Premji still believes in giving back, thereby making sure everyone is given an opportunity to make full use of their potential.

If you think we missed out on any other life lessons from Azim Premji, comment and let us know!

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How To Generate More Sales On Social Media

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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.

ALSO READ: How To Increase Online Sales Of A Business

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.  

 

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4 Tips To Convert Leads Into Sales

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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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How Does WhatsApp Generate Revenue

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How Does WhatsApp Generate Revenue

If you own a smartphone, there is a very high chance that you are a WhatsApp user.  The simple and lightweight online messaging application has embedded itself into our lives and has become indispensable.  Family groups, friend groups, office groups, play groups and many other groups like these see millions of conversations happening on a daily basis.  But have you ever wondered how this leading online messaging application makes its money?  There are no ads on WhatsApp and if that is the case from where does Whatsapp generate its revenue?

The answer to the question goes back to the beginning of WhatsApp which was founded by Brain Acton and Jan Koum, both of whom were ex- Yahoo employees.  When Whatsapp was first developed and deployed for public use it became an instant hit with users but the founders quickly realised they required data centers to handle the huge volumes of data from the user conversations to keep WhatsApp running.  So, they set a price of $1 for some countries and for some other countries it was free for the first year but charged $1 for renewal from the second year onwards.  In short this was a subscription model and Whatsapp had 700 million users at the peak of this model which meant it was generating 700 million dollars in revenue.

Facebook ended up purchasing WhatsApp in 2014 for $ 19 billion but one of the founders Jan Koum decided to leave WhatsApp because of a disagreement with Facebook over its use of user data and its desire to allow advertisements on WhatsApp.  Both the founders were vocal supporters of user data privacy.  As of 2020, WhatsApp has over 2 billion users, the second largest user database after Facebook.

ALSO READ: 4 Useful And New WhatsApp Features That Released During The COVID-19 Lockdown 

But How is Whatsapp generating its revenue now since there are still no ads on display in the mobile app.  In a 2016 blogpost WhatsApp said “Starting this year, we will test tools that allow you to use WhatsApp to communicate with businesses and organizations that you want to hear from.  The goal is to have people communicate directly with their banks, airlines, etc. over the app, while the businesses pick up the bill previously paid through subscriptions.”  Facebook also uses the data from the user messages in WhatsApp to increase the reach of its ads on Facebook.  However, a user has the ability to turn off the settings which allow Whatsapp to share the data with Facebook.  According to a Forbes estimate, WhatsApp is generating a revenue of $ 5 billion at an average revenue of $4 per user.

Facebook is benefiting from Whatsapp by generating a huge wealth of consumer behavior data which inturn is being used to improve the ads on Facebook.  WhatsApp has a growing revenue stream because of the new users it keeps adding to its database and still has a lot of room to grow.

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