The Business Algorithm

Today, we are a part of the world where innovations and entrepreneurs lead the world. Everyone aspires to be an entrepreneur, but the successful ones have a different story. So what’s so different about their story. Analysis proves that a proper strategic business approach is key to the success of any entrepreneur. How does marketing help them and why is branding so important. What is the process of implementation and how slowly does it go? Entrepreneurs often do face different questions regarding their product and its outreach while they blueprint their plan. So what is the key to getting a successful response and outreach? What all should be a part of your product blupeprint when it comes to outreach. This blog will help you with your product’s outreach and business plan and hope to become a successful entrepreneur.

1) THE THREE ‘S’ RULE.

A product is always pre-planned by the entrepreneur setting its target audience. But it is completely on the audience for their response. A product should always be built and strategized in a way that it draws public attention in a maximum range it can. The basic rule of targeting the maximum crowd is that your product should keep in mind the three S always, they are Sale, Satisfactory, Sustainability. The product should be planned in a way that graph of sale increases in a positive way, which will happen when the product is cost-effective to the local crowd as they are the main targets of most of the entrepreneurs. The second S clearly says that the benchmark of any product should be at least satisfactory, it should satisfy the target crowd’s need in every possible way. Only then people will choose to have a look and buy it. The third S being the most important one, it should be sustainable, only then it will survive in this fast-growing market. Quality assurance should always be given the highest priority. These three S may help you to target and draw a huge crowd’s attention.

20200404_202418_0000

2) Magnificent Media and Creatives

Creatives have always helped us in a very positive way in all sectors of development.Creatives are the backbone of any product, any start-up. When one says every small thing matters, it matters a lot when it comes to the Creatives. Taking care of the ultimate designing of the product and making sure it is eye-catching at first glance is mandatory. For example, when Apple releases an edition of any of its products, it gives an identity to each one of them with a crisp effort towards all things related. The teaser video, the website designing for the product, the logo, the designing of the product itself, each one of it contributes the most in outreach and promotion to that extent that each one of us targets to buy it even if it isn’t cost-efficient. Thus Creatives play a key role in setting up the product to the audience. Media is a medium to promote your creatives of the product just like the “Medium”. Be it the Television advertising, Print media or the most useful, The Social Media where things get hit overnight. All of them are way too important to get outreach to your product. Promotion in the right method is always beneficial.

3)THE TREND

As mentioned above, social media is the largest and a free platform to explore, express and share anything. It is the key to promote any product in the best way possible. And how do we do that? Be a trend? No, that is very temporary and it won’t give you your own identity. Instead, make a trend. A trend that passes from you helps the audience to identify you and your promotional product. Again, this is completely crowd dependent, but it has only profit and no loss. If the trend goes on, we are benefited, we have driven traffic for our product and that benefits the sale of the product. Hence, making use of social media to its best is very beneficial for the product as well as the entrepreneur. Apart from social media, people observe people which in a way influences them for the product. So more the people are invested in the product, more the outreach it gets.

4) Business-Make the most out of the source

A product needs to survive in the market. We have all known the BCG Matrix that clearly explains each situation of a product’s survival. If there are possibilities that a product survival or even sale might fail, as an entrepreneur we have to look ahead to see, ‘What next?’ and even if the product survives and the sale goes down the same question repeats. The basic strategy to implement is to modify the source product and turn it into an advance version of the product that sets again a new aura of the product and it leads to increasing demand for the same. For example, the iPhone series, Red-Bull’s different flavored drinks, Nike’s shoe collection, etc. They all have implemented the same business algorithm in the market and entered the Billionaire Club. According to the analysis, these companies in their line of competition are at the top. Why? They made the most out of their basic source. Even a single change in feature seems alluring and attracts the entire market. This is the key to business growth.

5) Branding and Recognition

First, let us understand the difference between Branding and Marketing. Branding is who you are and marketing is how you build awareness. We do Marketing for Branding. Branding is our strategy where else Marketing is our tactic plan to accomplish those strategies. They are interrelated. Branding is a slow process. First and most, Branding depends on the success of the product. The audience always demands good quality in the right quantity. Branding is when the brand can grab the trust of your target audience in your brand and that’s when you hit the bullseye. Branding gives you recognition, and that recognition leads to development both financially and economically. Hence, the Branding factor is considered very important.

Thus, a well-strategized long term goal plan with proper implementation is the base to the tower of success for an entrepreneur.

Written by-

Rtr. Nandita Mishra

RAC SRM Kattankulathur 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s