6 Entrepreneurs Share Hacks to Expand Business Online
Six entrepreneurs share their struggle and success in growing the business. Especially, with such strong growth potential in online business, you can't afford to go unnoticed.
When we get any information on a person or product, our first instinct is to check it online. With the boom of internet, integration of online marketing has become the new normal for us. Six entrepreneurs share their struggle and success in growing the business. Especially, with such strong growth potential in online business, you can't afford to go unnoticed.
1. BIG DATA ANALYTICS IS YOUR NEW FRIEND
"Back when we started Instamojo, the acceptance of digital payments was low. When demonetization took place in 2016, we were already low on cash and one of our investors had backed out. We worked to increase debit card use over credit card by 15-20 per cent because we get to make three times as much money on debit card transactions. Big data analytics sets us apart from other players in market," shares, Sampad Swain, Co-founder and CEO, Instamojo.
2. SET THE VIRAL FEVER WITH YOUR PRODUCT
"The first challenge was raising money in an ecosystem that was focused on B2B companies or tech start-ups. During our initial days, finding the right people – from great designers to tech ninjas – was a challenge. We use every channel possible, including social media, our e-portal, customer service, offline channels, to strengthen the core message of the brand, which is to allow women to express themselves through jewellery," shares, Shuchi Pandya, Co-Founder & CEO, Pipabella.
3. WHERE IS YOUR ONLINE NICHE?
"I started a blog which helped working professionals with PMP certification. Within a few months, I realized that my blog had trained more than 3,000 professionals. Our hybrid online learning model is a blend of online self-learning and instructor-led live classroom sessions which are accessible as per the convenience of the learner. All course content is designed by domain leaders keeping in mind industry requirements," shares, Krishna Kumar, Founder & CEO, Simplilearn.
4. RETAIN YOUR CUSTOMERS
"As an entrepreneur, you are expected to have a long-term vision and when competition poses a challenge whether with a good product or better price, you are expected to have a better game plan. Focus on the user, not the buyer. Customers' success and strong inclination towards user behaviour kept us ahead of all competitors and made us the leader in the Indian market," shares Ravi Taneja, Co-founder & COO, AxisRooms.
5. LEVERAGE SOCIAL MEDIA TO DRIVE TRAFFIC
"Establishing an online store is simple. You need a website and a hosting platform. GoDaddy, Shopify are two recommendables. Once you are live, you need a marketing channel to bring you traffic. It can be as simple as starting a business social media page or driving organic traffic through referrals. Your product has to be compatible such that it can be used globally and locally (Glo-cal) as online market has capacity to tap globally," shares, Prem Suganth VT Associate Director, Voonik.
6. INVEST WHERE IT IS WORTH
"After the investor kept delaying the project, I decided to back myself fully and started the RevFin. I raised a seed investment through the support of a few individuals. We were able to execute our plan within the timelines. This was due to the support extended by those around me, regulators and partners. We have also created a big cost advantage compared to our competitors. This is due to the organic distribution network we have built," shares, Sameer Aggarwal, Founder & CEO, RevFin.
(This article was first published in the July 2019 issue of Entrepreneur Magazine. To subscribe, click here)