7 Tips to Generate the Perfect Business Idea

IDEA

Coming up with a solid idea was the hardest part of starting my business. The National Science Foundation estimated that our mind produces as many as 12,000 to 60,000 thoughts in a single day. It’s hard to even know where to begin. You may be one of those people that have tons of ideas or perhaps none so here are few tips that may help to expedite your journey as an entrepreneur.

1)     Know what you want       

As Thomas Edison once said, “I never worked a day in my life.” I highly recommend to quit your day job if its not something you really, truly and utterly feel passionate about. If you are scared to make a change because you do not know what you want, try to focus on what makes you happy. This may seem very general but it does the trick every time. When I had ideas about quitting my banking job I started off with a list of goals. I would keep a journal next to my bed and write in it every evening. Eventually my business ideas began to take shape as I wrote more about the things in life I cared about. When writing down your ideas, make sure that you are thinking 100% about you! I used to think being a banker made my family proud but actually it had nothing to do with my personal goals. This practice totally defeats the purpose of making your passion your profession.

“Your vision becomes clear when you look inside your heart. Who looks outside dreams. Who looks inside awakens.”

2)     Focus    

Now you may have a lot of ideas. This is also a problem as rarely do we excel in a particular area when we try to do too many things at the same time. Try talking to your spouse during a cricket game or texting while walking. I like to use this analogy. Imagine going into the forest to cut down a tree, instead you greedily take a whack at every tree in the forest a few times but none fall down. Exhausted and frustrated you leave the forest without any lumber. Had you focused on one tree you would have wood. Ideas involve attention and lack of focus leads to lack of progress. Choose one idea and stick with it.

“The more choices we have, the greater the need for focus.”

3)     Research    

If you have a single idea that you feel is viable you must conduct thorough market research. As Warren Buffet says, never invest in anything you do not understand. For example, my product is exclusive to the India market thus I have spend years researching, traveling and immersing myself in local culture. You can never research too much. I had conduced countless focus groups, surveys and tastings. I have read tons of books, trade magazines and articles before feeling confident to pursue my idea. However, the most important part for me was simply talking to people. Often times you will find more of a benefit to sharing your idea than to keep it to yourself. Talking about your idea will only help to shape your future business and perhaps you will even find some business partners along the way.

“Google is not a synonym for ‘research’.”

4)     Listen  

The famous Actor Amitabh Bacchan once said in an interview, “Life inspires me”. Pay attention to what people are talking about. Social media is a great place to start. Find out what’s the latest buzz, who is tweeting about what, who is unhappy with a particular product or service? Business is about making progress, being innovative, inspiring, unprecedented and creative. None of this can come is we are not listening. Travel and learn about other cultures. This is a great way to uncover business ideas as we live in a global world. Listen and find out what’s missing in one market and could be resourceful in another.

“First seek to understand, then to be understood.”

5)     Perseverance  

Stand by your ideas and don’t be afraid of what others think. After all, look at Mark Zuckerberg ( Facebook), Jan Koum (Whatsapp),  Stev jobs (Apple) &  Sunil Bharti Mittal ( Airtel),  none would be around if they did not have faith in their ideas. My business idea too was rejected many times but today I have a solid team, investors and a beautiful product.

“The brick walls are there for a reason. The brick walls are not there to keep us out. The brick walls are there to give us a chance to show how badly we want something.”

6)     Positivity  

Wall( Hurdle)  exist because we put them there. Often times people may tell themselves: I have no time, my kids keep me busy, my job is secure so why bother, I don’t have a degree in this industry, if only I had enough savings. The truth is you CAN. Before starting my business I literally read every self-help book in print. I am living proof that positive thinking does work. I highly suggest picking up a few and trying some of the techniques, it can’t hurt. Here are a few of my favorites: The Aladdin Factor by Jack Canfield, Think and Grow Rich by Napoleon Hill, The Power of Your Subconscious Mind by Dr. Joseph Murphy, The Last Lecture by Randy Pausch, The Art of Happiness by the Dalai Lama, The Alchemist by Paulo Coelho and As a Man Thinketh by James Allen. 

“You are today where your thoughts have brought you; you will be tomorrow where your thoughts take you.”

7)     Patience.  

Remember setting up a business is a process and there will be setbacks. When I had raised the first round of funding for my business it took almost three months before the check came. My staff had been working for free for months and stress was mounting. Every CEO has the pressure of producing immediate results but its how we deal with this pressure that is reflected to our employees. If they see that we are calm and cool it will show that we are confident in our decisions and the business overall.

“All human power is a compound of time and patience.”

TVS captures joy of togetherness.

TVS Capture " Saat Phere" 

TVS Motor Company has launched an ad film for its scooter targeted at young urban couples, Wego. The film has been conceptualised by Dentsu Communications. The film went on air on 23 May.

Starting off with a young couple taking wedding vows around the holy fire, the film is interspersed with shots of them enjoying moments of togetherness with their Wego. Through voice overs, they underline their commitment to stay together. In a natural sequence of events, the film also captures both of them riding the Wego, underlining that it’s a bike for both men and women. After showcasing features, the film ends with the lines, “Kyunki na mera na tera. Yeh waqt humara hai” (Because this moment is neither yours nor mine, but ours).  

A note from the agency said that the brief was to showcase features of the new Wego targeted at young urban couples, offering the proposition of quality time together.

Credits

Creative Agency: Dentsu Communications
Production: QED Films

Pond's Focus on Men Grooming Market

Pond's has been traditionally viewed as a feminine brand. More so because of the products that the brand endorses. Starting with the cold cream, the brand has moved to various skincare segments. In a recent move , HUL has decided to launch Pond's skincare products aimed at men. 

Ponds 

The first product to be launched was the men's face wash. The variant or rather the brand-extension was launched with the upcoming actor Varun Dhawan as the brand ambassador.
Watch the ad here : Pond's men's facewash 

The ad is predictable and compares the brand to a battery charger for the face. Pond's men's facewash has the tagline " Face ka charger" and touts coffee bean's extract as the USP.

According to AC Nielsen, the male grooming market is estimated to be Rs 4000 crore and skincare is the biggest growing category with around Rs 443 crores ( Source). Hence the launch from HUL make sense.

Whats puzzling is why HUL decides to launch a predominantly feminine brand like Pond's for this opportunity.

Ideally (IMHO) HUL should have launched a brand exclusively for men's category instead of extending a Rs 1000 crore brand from a feminine category . Ofcourse Nivea is doing the same thing but doesn't mean that HUL which has the capacity to launch new brands should not launch a new brand. 

My argument is that Pond's will not be able to bring in lot of masculinity into Pond's without hurting the parent brand's persona and will always be constrained by the parent brand's perception. Since the market in question is so huge, HUL has wasted an opportunity to launch a powerful brand exclusively for men. It already have brands like Denim, Aramusk etc which could have been used for this opportunity. Why Ponds ?

Source - (Economic times & Marketing Practice )

7 p's of Marketing for Service Mix of CCD

                                                     OF Marketing

      We are taking the example of The most Youth loving Brand 'CCD'

Sit down TVC AD of CCD 

1. Product: In case of services, the ‘product’ is intangible, heterogeneous and perishable. Moreover, its

   

   CCD Product 

   production and consumption are inseparable. Hence, there is scope for customizing the offering as per customer requirements and the actual customer encounter therefore assumes particular significance. However, too much customization would compromise the standard delivery of the service and adversely affect its quality. Hence particular care has to be taken in designing the service offering. CCD more focus on Youth liking product and CCD is also known as  'Best Time pass place'                                                                                                                                                                                                                                                                                               
2. Pricing: 
   
   Pricing of services is tougher than pricing of goods. While the latter can be priced easily by taking into account the raw material costs, in case of services attendant costs - such as labor and overhead costs - also need to be factored in. Thus a restaurant not only has to charge for the cost of the food served but also has to calculate a price for the ambiance provided. The final price for the service is then arrived at by including a mark up for an adequate profit margin. CCD also keep in mind About pricing because their target segment is Youth & Students                                                                                                                                                                                                                                                                                                                                         3. Place: Since service delivery is concurrent

   

   CCD Place 

   with its production and cannot be stored or transported, the location of the service product assumes importance. Service providers have to give special thought to where the service would be provided. Thus, a fine dine restaurant is better located in a busy, upscale market as against on the outskirts of a city. Similarly, a holiday resort is better situated in the countryside away from the rush and noise of a city.     CCD  Always focus on near to college and Student hangout place .                                                                                                                                                                                                                                                                                                                                                                                                                                                  4. Promotions  

Promotion 

Since a service offering can be easily replicated promotion becomes crucial in differentiating a service offering in the mind of the consumer. Thus, service providers offering identical services such as airlines or banks and insurance companies invest heavily in advertising their services. This is crucial in attracting customers in a segment where the services providers have nearly identical offerings. CCD came very late in heavy promotion and in TVC ad but Now they are doing in full fledge. They also introduce various combo deals. Sit down Campaign for proving them self as a best hangout place.



     We now look at the 3 new elements of the services marketing mix - people, process and physical evidence - which are unique to the marketing of services.

5. People: 
   
   People are a defining factor in a service delivery process, since a service is inseparable from the person providing it. Thus, a CCD is known as much for its Coffee &  food as for the service provided by its staff. The same is true of banks and department stores. Consequently, customer service training for staff has become a top priority for many organizations today.                                        People are the real assets of any organization, even the good thing about CCD you can sit 2 HR. 3 HR. they will say you for vacant the place.
6. Process:The process of service delivery is crucial since it ensures that the same standard of

   

   Process 

   service is repeatedly delivered to the customers. Therefore, most companies have a service blue print which provides the details of the service delivery process, often going down to even defining the service script and the greeting phrases to be used by the service staff.                               Process is most essential part of Service ind. It start from Greeting to customer and end till customer goes out. Greeting > Place order > Billing > Serve order > till customer goes out        from store                                                                                                                                                                                                                                                                                                                                                                                                                                             7.   Physical Evidence:

Physical evidence

 Since services are intangible in nature most service providers strive to incorporate certain tangible elements into their offering to enhance customer experience. Thus, there are hair salons that have well designed waiting areas often with magazines and plush sofas for patrons to read and relax while they await their turn. Similarly, restaurants invest heavily in their interior design and decorations to offer a tangible and unique experience to their guests. In CCD ambiance you will feel light and cozy and like hangout place . 

Thank you for Reading

Loyalty of Brand

Why Customers Become More Loyal After Flirting With Other Brands

I have used Old Park High Endurance deodorant for more than 7 years now, with only one brief bout of infidelity.

Park Avenue

I can’t remember why, but last summer I decided to branch out and try AXE, Gravity, Nevia  or Dove Men or some other non-Park brand. I applied it to my underarms, per the directions. And I have to say, I haven’t sweated like that since I was given the word “surreptitious” on stage at the 1993 Kane County Spelling Bee.

I quickly returned to Park and don’t intend to stray again. And as it turns out, some researchers  have studied that very effect: How flirting with other brands actually builds loyalty to consumers’ favored products. Behavioral scientist Francesca Gino writes in 

When consumers who are in committed brand relationships flirt with other brands, they become even more attached to their primary brand. They are then willing to spend more money to purchase that brand’s products, and more frequently.

Conventional thinking in marketing is to position your brand’s key differentiators against your competitors, thus attracting people to want to try your brand, like it, and become a raving fan. What that might really be doing is strengthening the attachment fans of your competitors’ products feel.

Gino’s research would suggest that a Pepsi shouldn’t be trying to lure Coke fans away. It should be prodding its own fans drink a Coca-Cola.

So, why is this? Gino explains:

Research on interpersonal relationships reveals that flirting with a person to whom one is uncommitted elicits excitement and other positive feelings, as it is often playful, pleasant, and arousing. In the context of brand relationships, flirting can similarly elicit excitement, as using or admiring a brand other than one’s favorite may be a fresh and arousing experience. This arousal can be transferred to the favored brand, resulting in greater affiliation with the brand and a greater desire to consume it.

Cadbury Dairy Milk’s Silk: How a sub-brand moved up the value chain

Cadbury Dairy milk silk TVC

A few weeks ago, the 2.3 million strong Facebook page of Cadbury Dairy Milk's (CDM) sub-brand Silk was swamped with saddened and shocked reactions from 'silkaholics' across the country. The furore was in the wake of an announcement of the brand's imminent departure. The messages kept pouring in from heartbroken fans, till it was eventually revealed that this was part of the teaser campaign for the chocolate brand's revamp. The renovation process started about a year ago and was completed recently. Shares Chandramouli Venkatesan , director - India snacking and Asia Pacific and developing markets - chocolate lead, "This process includes a massive change in the formulation, the process, the packaging, and the integrated marketing communications strategy."

The product is smoother and silkier now and the currently on-air campaign seeks to amplify that makeover through digital, outdoor, retail and shopper activation. Chandramouli prefers to call it renovation and not relaunch since the latter, in his view, occasionally connotes a problem that is being solved, whereas here "we decided to make the best chocolate even better and we were not solving a problem in that sense." Many marketing experts would agree that the best time to reinvent for a brand is when the going is still good. No brand can afford to assume it's created the definitive product, more so in the FMCG world.

With a market share of 7.5% of the total chocolate market and 52% of the total premium market in India (according to Nielsen figures for 2012) it has been a highspeed passage for the Mondelez International owned CDM Silk sub-brand. The premium chocolate itself constitutes about 12% and the market for the premium chocolates has witnessed a sharp growth trajectory in the last few years.

Elaborating on this paradigm, Adrian Terron, executive director, retailer & shopper, Nielsen India says, "The growing footprint of more upmarket stores, a greater willingness of shoppers visiting these outlets and more importantly, an increasing tendency to create the right 'in-store' theatre around new launches and during big event weeks are helping shoppers migrate to more premium offerings in urban markets." The success of Silk in a way reiterates the changing landscape of the country with increasing disposable incomes and higher propensity for indulgence.

According to Kawal Shoor, head of planning, Ogilvy India, "When we started work on Silk, we trawled the marketing and socio-cultural worlds to understand how mainstream brands can give birth to strong sub-brands that hit above them. And there aren't too many such examples." In such a scenario to create a sub-brand of CDM that sells at 11 times the CDM price, was an onerous task. Fortunately premiumisation gathering steam over the last few years with more affluent shoppers helped its case. In a lot of ways the legacy of the successful parent brand has been a double-edged sword, according to market experts.

For instance in brand consultant Harish Bijoor's view, "Silk, the way it has been positioned, has the ability to stand alone today, basically due to the very different product delivery it offers. While Silk is smooth and 'melty' CDM is hard and chunky. However, at the same time, CDM and its base equity remains." However, a major challenge that such a sub-brand of an existing successful brand has to tackle is how not to alienate lovers of the base product, who have a palate memory that is as old as their childhood.

Or how not to vacate a very large and precious space occupied currently by Cadbury Dairy Milk. Agrees Tanuka Ghoshal, assistant professor - marketing, ISB Hyderabad, "CDM extended chocolate consumption to firstly, the adult segment, and secondly, to all the different occasions for which meetha (sweets) used to be consumed in the Indian context, in a sense "repositioning" chocolate in the mind of the consumer." With such a successful core brand, it is indeed a challenge to sufficiently differentiate an extension in the same category, price it at a premium point, and make it a success.

That challenge to some extent has been made easier by the communication strategy deployed. For instance, the core positioning of the brand, which is "like silk to touch and taste," has been made the attention-grabbing factor with chocolate smeared faces used in the advertising. In addition, adds Ghoshal, the brand has been able to extend this campaign very successfully to the digital domain, the mainstay of the youth today, by having people upload videos of their chocolate-stained experiences of enjoying Silk. The 2.3 million strong Facebook presence makes it one of the largest FMCG brands on the medium.

Anil Nair, CEO and managing partner, Law & Kenneth likes the communication for Silk and finds most of the creatives; be it the dancer in the greenroom or the boy and girl on the staircase or the couple on a honeymoon, spot on but with a caveat. For him while the imagery does create a desire to have a chocolate but not necessarily Silk, since the focus has been on the indulgence aspect and so far at least, the difference between the sub-brand and the umbrella brand has not been brought to the vanguard sharply enough for him.

HOW TO BUILD BRANDS THROUGH SOCIAL MEDIA .. ??

Social media can help building brands like no other thing. All you need to know is the right approach.

There should be absolutely no doubt in anyone’s mind that social media is one of the most effective marketing tools the marketers are using today. If you are looking for brand building, social media is the answer to all your problems.

Do you have any idea how powerful the social media can prove to be .. ??
50% of the daily INTERNET traffic consists of online social media usage.

I can tell you so many stories about how people used social media to complain about a product or service and received a response or follow up from the company.

BRAND

Here are some mantras which will help you in building a brand through social media .. !!

1. SET YOUR GOALS

Your objectives should be very clear in order to proceed with your brand building. Start up by asking yourself what am I trying to accomplish by the use of social media .. ??
Maybe you want to create an online presence in the social media.
Maybe you want to develop brand awareness.
Or maybe you wish to register an increase in your revenue which is one of the most common objectives. 
After you clearly know what your goals are, here comes the next step.

2. MANAGING YOUR CONTENT

You need to figure out that who is going to manage your content on the social networking sites. You need to have someone who can serve as the online face of your business. If you think you can handle this on your own, then that is great but if not, then you need to find someone who can handle your online work and someone who can write well.

3. KNOW YOUR MARKET

Now this is really very important. You need to know about your market.
What do they like and dislike talking about .. ??
What are there tastes and preferences .. ??
What kind of product or service will delight them .. ??

4. PROVIDE VALUE

Always keep in mind people are out there on social networking sites to connect with their friends and family, they are not there to listen to any kind of advertisements or promotional offers. So you cannot just keep giving them your marketing message because that would not help you to connect with a large no. of people.So what you can do here is to proving them with some kind of valuable information at regular intervals. But you have to remember that this information should be valuable to target markets/audience. By valuable i mean that this information should be interesting and useful to them. This will make them connect with you in no time.

5. ENGAGE

You need to engage. Start with sharing your status. Even don’t hesitate to comment on other people’s blogs, ask random questions on some current ongoing topics and wait for there replies. This will help you to communicate with your target audience. Remember social media is about two sided conversations.

6. LET AUDIENCE CONTROL

You must let your audience take control of the online conversation and make it their own so they develop an emotional attachment to you, your brand, and your business. You being a single person cannot be as active as your audience on web and regular updates and comments are very important. Remember, on the social web, invisibility is a bigger problem than negativity.

7. EVALUATE

After you have done all that was needed now its time for you to evaluate your performance. Track the no. of likes and comment you get on your posts. Doing this weekly will help you getting a rough idea about your growing popularity. U can even try to google your page or brand, which can again give you an idea for the same.