Tips for launching new business and services in a market like India
Any new idea only becomes a business when immense amount of time, effort and resources are being put into it.
It might sound very simple and generic when someone says that he/she wants to start a new venture. It needs a lot of research, analysis, investment, and much more especially for industries which have a cluster of brands operating in the sector with massive competition.
Starting a new business comes with a lot of responsibilities and crucial areas that need attention. Let’s discuss a few tips in detail to understand the basics to launch a new business and services in a market like India:
Research on the competition
The first step towards research on the competition is a SWOT analysis (Strength, Weakness, Opportunities, and Threats). It helps an individual to differentiate the features and USPs that are new and not introduced in the market yet to fill the need gap.
It helps you in doing a comparison of your brand with the other players to upgrade your services. Post the analysis, evaluation and comparison with other brands is important to know the pros and cons of your business and services.
It is important to know the audience you are targeting before starting any new venture. All your business strategies and plans would revolve around the idea of creating a recall value for your brand/services amongst the target consumer.
A satisfied and a happy customer will also help in word of the mouth publicity in their community and among the close groups. To ensure the same, it is the responsibility of the brand to deliver products/services with world-class features to meet the expectations of the consumer.
Know your operational needs
Understanding the operational needs an assurance while working on your plans and strategies for the new business. These needs include things like channel for selling/promoting the product/service, delivery partners in case of products, payment gateway, departmental needs like resources for finance/accounts, marketing and sales team, etc.
Promotion strategy and procedures
A plan for promoting the business and services across the desired platforms is an important step in establishing your brand in any market. It helps in creating awareness and increasing visibility for the brand. It is important to choose a medium to send your key message via traditional and online media depending on the requirements as per the strategic plan. Therefore, assign a budget to be spent on the promotion to get the desired response that helps in creating hype for the brand in the market.
Key messaging is an important factor that defines the credibility and authenticity of the brand. The messaging should be appropriate, crisp, concise and clear to be understood by the target audience. A key messaging document should be created internally and responses should be analysed. If everyone is able to decode the message easily, then is it good to be rolled out in the market.
Influencer marketing and digital media
Since a lot of audience is consuming news from the new-age and social media channels, Influencer marketing for the brand is one of the most effective tools to get desired traction in today's time. Influencers help in creating content that develop the interests of the customers in a particular product.
Digital media is an effective way to generate queries for the brand as it helps in targeted ads to reach the right consumer keeping their preferences, age group and demography in perspective. Since the pandemic hit the world, digital media marketing has taken the centre stage in the world of communication and has helped the business grow by leaps and bounds.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)