India is experiencing this phenomena called startups, which has taken us by a surprise. India ranks third globally with over 4,600 startups and it’s a huge number for a developing country, such as ours. Over $9 billion was invested in new ventures in the year 2015, which has also seen Modi government launching a number of initiatives providing assistance to them. With everyone going gaga over this whole new experience the real question is, ‘Is the youth ready for this fast growing change?’
The youth of our country has become restless and want success at the earliest possible stage. Everyone wants to join the bandwagon. Given that we can draw a lot of positives from this, there are some aspects that cannot be neglected. We are coming up with brilliant ideas but lacking in the right execution. The ratio of startups shutting down each day is much higher than startups taking birth, so there is an urgent need to introspect.
A major reason why companies are failing, is the lack of awareness and buzz created for their product. They are ignoring the importance of branding and marketing in its true essence. Agreed that they operate on a tight budget and are often cash strapped, but that cannot be the excuse. It’s about understanding your customer, not just burning money in letting them hear you!
Every penny that is rightly invested in marketing can give us a threefold return. A person can have the best idea in the world but it needs the strategy to gain momentum. Most ideas can be replicated but what sets an organization apart and help to penetrate the market is their approach. We need marketing to interact and expose your product to customers, which ultimately leads to the desired goals. There is a fine line between spamming and marketing so a fine campaign can turn things overnight. You need to be on the same board as of the customer. Heavy investment in marketing will bear no fruits if it has not reached the right ears.
What should be kept in mind is that if you’ve got a business, then you have got a brand. Every business is a brand no matter how small or big it is. A mindset ‘I have built it, they’ll come’ is absurd and a thing of the past. As money attracts money, marketing and branding also attracts money. An investment in these two areas with the right approach can never go wrong.
Think wisely, Act wisely.
-Team Brand Catapult