16 TYPES OF ECOM CUSTOMERS, AND INSIGHT TO CONVERT THEM 

Customer acquisition cost, conversion percentage, organic ( repeat) business are and have been the governing metrices of the ecom business.

As that became clear to us (the founding team of abof.com )in 2015, Significant experiments were conducted around types of customer and how to deal with them, lead by the CEO Prashant Gupta, CMO Ashim etc. My interest in consumer psychology kept me experimenting further even in the B2B world.

As per the Inmoment’s US Retail CX Trends Report , about half of the customers leave you for better experiences with competition. In the world where acquiring customer is a large cost, this indeed is a massive no.

Solve, different type of customer has to be dealt in different ways !

People come with different belief systems, which determines their buying Behavior. Anthropology a stream of design thinking clearly establishes the impact of cultures, linguist, Human biology, age, gender, upbringing in guiding their need from shopping. 

1/3rd of the customers leave the Brand/ site after one bad experience, and today they have options, which is available to them on a click.

There are three broad classification and 16 detailed classification, which seems to attract different marketing, product, discounts, delivery strategies.

Source : Revechat.com

Evaluating Customers :

So your focus for such customers should primarily be to make them aware of your services, win their trust, and lead them towards their first purchase with you.

1. The Lookers 

Lookers are the customers who are just browsing through your services and probably looking through your competitors as well. They’ve shown some interest, but they are yet to decide on anything.

How to deal with them?

• Make your website look attractive and engaging. More-so for lifestyle categories.  Make sure that you drive the onlooker’s attention to the right places by planning the right website engagement strategies, Like new season launch, Top 10, visually attractive stuff.
• Remove any obstacles or objections on this initial stage and focus on good customer experience. Even small elements such as intrusive pop-ups, disturbing ads, difficulty navigating, or lack of quick customer support can turn them away.

2. Discount Customers

Discount customers are interested in your product only because you are offering it at a discounted price !! There’s no way that discount customers are going to buy it at the usual price.... They get delight in shopping at discount. % plays larger role for them, rather the landed price. Notion of money saved is large on them.

How to deal with them?

• Make them understand the value you are adding even at the discounted price. This will make the customer feel that they did get a good deal. Thus they will value your product more and will stick around for longer. Like coupons, freebees, free quick delivery etc.
• Tele-callers , bots, notifications can help retain these customers, by offering them great discounts, and then cross selling them.

3. Researchers 

These types of customers have done their research, compared you with your competitors, and are looking for the best possible option. For researchers, just attractive websites or good discounts won’t work. Features comparison, establishing your offering as better would entice them. Best is if recommendation engine is third party. They trust it more.

How to deal with them?

• You can change researchers’ decisions by adding social proof like testimonials, ratings, reviews, influencer comments, repeat buys count, gold status etc. They will look into every detail. So it is best to go all out and provide details as extensive as possible.
• Add wireframes, white papers, and feature comparisons to your website to help them understand your services better.
• Focus on your value proposition. Make them realize that you’re offering something that no else is going to provide them, product content, benefits, branding around it, like stretch, Supima cottons, Merino wools etc.

4. Impulse Customers

Impulse customers have not really planned on purchasing your products, or any products for that matter. They make purchase decisions at the spur of the moment.

How to deal with them?

• Provide them with a seamless experience throughout the funnel. Remove even the slightest obstacles and make the whole purchase journey a slippery slide eg, site glitch, speed of loading, undue deviation, Auto answering the questions. Copy should be crisp.
• Time-sensitive offers work best with these kinds of customers. So offer them time-bound deals that create urgency.

5. Unsure Customers 

These types of customers are similar to lookers but are more confused and unsure about which direction to move forward.

How to deal with them?

• Make all your contact channels such as Bot, live chat, telecallers, Sales representative ( FOS) etc options easily available. This step can turn their decision in your favor.
• Focus heavily on your USP and value proposition in the navigation path or the MLPs being shared to them on whatsapp. Propose unique solutions,  and guide them through every step.Once they make up their mind, they are likely to stay with you longer.

6. Looking-to-Switch Customers 

The looking-to-switch customers who have subscribed to a similar product or service from competition, but are unsatisfied with them. This is why they are looking at you as an alternative. The good news is that these customers are ready to spend. All you got to do it to nudge them in your direction.

How to deal with them?

• The first thing is you must do is research your competitors. Find out what they are missing or where they are lagging. Try to cover these gaps with your services. Eg, speed of delivery, Easy return process, Single day delivery of Multiple orders, Target linked schemes, Secondary sales push inside the retail store( B2B), Redemption of credits/ gold coins etc.
• Speak to customers and find their anguish or objections, and offer instant solution to them, even if its costly to you. Once again, focus on your USP and value proposition. Let them know what makes you a better choice. 

Experiencing, Onboarded Customer:

The next category of customers you need to look for is the customers who are already on board and are new acquaintances to your brand. They have already made the purchase, so now you have to focus on retaining them by adding the utmost value to them.

7. New Customers 

New customers have just made their first purchase. They are still trying to understand your product and need guidance. This is the stage where you make a lasting first impression.

How to deal with them?

• Have a smooth, onboarding process. Guide them through each step and provide them with comprehensive guidance. Through the brief popups, navigation guidance, good visuals, minimum text, thumb friendly, highlight of the benefits like delivery in 2 hours, highest discount etc.
• Did you know that the #1 reason customers switch to your competitors is that they feel unappreciated? Hence, you should try and make the extra effort by providing options such as live chat, video chat, and co browsing.

8. Active Customers 

Active customers are the ones who are actively using your products or services. But they’re not your loyal customers yet. This means, if offered a better deal by your competitors, active customers are likely to switch. 

How to deal with them?

• Delivering best in class customer service is the key here. Continuous engagement and interactions will let your new customers attach to your brand more. If you guide such new customers throughout their journey, through help of feet on street, chats, notifications with links etc. 
• High quality supply. Lots of MP companies lack the focus on supplies in pursuit of the demand. However quality supply which can landup quickly is highly valued over the period of time and by the sticky customer. High quality supply should be top priority for sustaining repeat business.

9. Lapsed Customers 

Things went wrong, and these customers have left you already. But don’t lose hope yet. There’s still time to fix things and earn your lapsed customers back. Again, being quick and proactive is the key here. You need to identify these lapsed customers as soon as possible. If grievance of these customers are addressed, they shift to loyal category. Also, remember that you have an advantage over your competitors here. Your lapsed customers are familiar with you. And switching would mean that they need to go through the onboarding process all over again. This is why you must proactively take steps to convince them to purchase from you again.

How to deal with them?

• After segmenting these lapsed customers, your first step should be to find out why they left you. Did they have any customer service complaints? Did they get any better deals with your customers? Credit issues, return issues, poor quality, delayed delivery, delayed querry response, fit issues, usage issues, setting up issue etc....
• Next, fix these issues ASAP. Then let your lapsed customers know that you’ve fixed them. Reach out to them, apologize, and let them know that you’ve resolved all their pain points. By doing this, you have a fair chance of getting them back.

10. Unhappy Customers 

Unhappy clients are the most delicate ones to handle. Such customers have made purchases from you but are unsatisfied with your brand or your services. You can find them through different signals like customer service complaints, stopping auto-renewals for subscriptions, downgrading their plans, or negative reviews/comments on social media. They are not yet gone. Not tending to unhappy customers at the right time can lead to increased churn rates or even negative backlash and bad publicity. 

How to deal with them?

• Monitor your customer service channels and social media for complaints or negative comments. Using this, you can identify unhappy customers before it is too late.
• Then you can actively follow up with your customers. You can follow up through different support channels like live chat, asking for feedback, outward calling agents. By doing this, you’re nipping the problem in the bud and stopping some mildly unhappy customers from turning into outright angry customers.
• Once you’ve identified these customers, talk to them, understand their complaints and objections. Then start fixing them ASAP. This step can turn your unhappy customers into loyal customers. And reduce more unhappy customers and also improve on product or service.

11. At-Risk Customers 

At-risk customers are similar to unhappy customers, but unlike them, they are not unhappy. Rather, at-risk customers may have stopped using your services because they lost interest, opted for your competitors, or got busy with something else. In Indian ecom, this is a large issue as competition is trying to woo away your customer by better price or costly service. Lack of continuous improvement of services and product are highly essential to hold customer who can move away at a click.You can identify these customers again through specific signals. For example, if it’s been a long time since they logged in or used your services indicates that they are going to churn. 

How to deal with them?

• You should try to get in touch with these customers personally to check why they haven’t been using your services lately. But you should ensure that you’re not bothering them this way.
• Some customers may have already made up their minds, but a few might change their decision based on your interaction with them. So this is definitely worth a try. Again, understand their pain points and go out of your way to fix them. 
• Smaller companies do this well. And Bigger companies get stuck with the complicated process and arrogance. This should be watched.

12. Referral Customers 

Referral customers are those who have been referred to your brand by one of your loyal customers. So it’s highly likely that they know very little about your services. Also, your loyal customers have convinced these customers to go with you. So their hopes may be really high with you. It’s also possible that they are completely lost and clueless about which direction to move towards. This happens more in B2B space, which is deeply driven by word of mouth between retailers. And retailers are prompt to experiment to increase their sales / profit.

How to deal with them?

• Referral customers may be here because they are interested in some specific products or services like lower credit, price advantage, running promotion like free shipping, referral coupon schemes etc. that your loyal customer told them about. So, it’s best to interact with such customers and figure out their expectations from you.

Loyal, Promoting customers

There are some other kinds of customer personalities that you might have to segment and handle differently.

 13. Loyal Customers 

Loyal customers are the best kind of customers to have for your business. Repeat customers types keep coming back to you for different products and services and they seem to be impressed with your brand. In Indian context, this is THE LARGEST lever to potentially make profit. By no Consumer acquision cost and higher value of purchase, low default, low returns etc. Apart from keeping them with you for a longer time, you should understand what factors made them loyal in the first place.

How to deal with them?

• Feature your loyal customers on your case studies or get their testimonials. This will make them feel more valuable, and you get more social proof to add to your website.
• Connect with them and understand their success story. Understand what they like about your brand/ site and what made them your loyal customers in the first place. Use their experiences and try to replicate the same for all your other customers. At abof.com there were about more than 1/3rd of customer who became organic soon and became the lever to improve financials.

14. Lifetime Customers 

Lifetime customers are your loyal customers, but even better! They have opted for the lifetime subscription of your product or service. While this is a rrare species in online world.

How to deal with them?

• Since they are already your lifetime customers, it’s easy to forget about them and focus on other customers. But remember that these customers types are going to bring you tons of new customers and good PR. Hence, creating value for them and making them a part of your community will make your lifetime customers feel special.
• Another good thing to do is educate your lifetime customers about your referral programs and provide them with some incentives for referring you to other people.

15. Referring Customers 

Referring customers are the types of customers who are happy with your products or services and are willing to refer you to new customers.

How to deal with them?

• Referring customers types are rarely going to refer new customers themselves. This is why you should take the first step by identifying all the willing-to-refer customers. You can do that by asking for feedback from your active customers. If you receive any glowing positive feedback, ask them if they would be willing to refer your services to other people.
• You can also provide referring customers with some incentives for referring to some new customers to you. This will again motivate them to refer more people to your brand.

16. Advocate Customers 

Advocates are the types of customers who are, by far, the most profitable clients of yours. Apart from being loyal or lifetime customers, they are also your brand’s loyal advocates. Belief is that multi touch point org would have more advocate customers. Like super apps etc. They talk about your company and your services at every chance they get. And they’ve already referred a bunch of customers to you. They cross buys themselves.

How to deal with them?

• Put your advocate customers on the limelight at every chance possible. Use them for your case studies, put up their testimonials on your home page. This will encourage them to advocate for your brand even more.
• Make sure that you never disappoint your advocate customers with any bugs or customer service issues. Always be there for them throughout their journey. And strive to lead them towards customer success.

SUMMARY :

Every customer needs to be treated differently, here is the summary in one sheet.

Customer in ecommerce space would keep on changing. And it would be interesting to see as what customer servicing models emerge in times to come.

MICRO TEAMS

 MAKING MICRO TEAMS SUCCEED

Micro teams has been an established concept in the IT sector for a different purpose. It was fun to get goodness of this concept to the Apparel / ecommerce sector. Probably for the first time.

2020, Covid times provided an opportunity to experiment with the newer models, which can quickly adopt to the rapidly changing environment.

Why Micro teams ?

A startup is a typical Micro team, which has its own advantages of speed, innovation, ownership, high accountability, agility etc. And they are quite effective in problem solving. Micro teams creates hypothesis, experiment, learns from it, and course correct. Which makes them effective in unknown or new businesses.

This feat confirmed that Micro teams can produce unimaginable results.

What lead to the success of Micro teams in this environment ?

Focus on Problem : 

Titles are not important. Nor privileges. What is important in new age organisations is the relentless pursuit of problem solving. Such environments move focus from structure to outcomes. And I was amazed to see that members of teams were not asking if it was their job... but getting after a problem. Team was new, and they were new to the processes. Processes were not created for the buy and sell business model, hence they were more difficult and convoluted. Yet micro teams found their own way rather quickly.

Trust: 

Such construts can succed in org. which fundamentally resides on trust. Which takes the responsibility of decision making to where it belongs. Trust around decision making, access to data, making their own mistakes etc. No presentations, no complex approval processes, no memos just quick action by the Micro teams. Teams like menswear, womenswear, kids wear etc.

Transparency : 

Trust enables transparency. No hidden agendas. Nothing to be suspicious of. Enabling teams to work better within themselves and also with other teams. 

Partying Together :

Teams found ways to come together beside offices. Parties, Coffees, travel together etc. This helped in breaking ice and also generate sense of comradery.

Clarity of goals :

Getting clarity of goals is difficult thing to have in the startup environments, as its a moving goalpost. However, once these goals are broken down into smaller timeframes, they provide high degree of direction and speed.

I was not aware of the term micro teams, till much after the new life style team was formed. A friend who teaches strategy in the Management institutes told me that what we have created is a model of the micro teams. And that it can come with its own challenges. 

Challenges of Micro teams ?

Process buildup and adherence:

Smaller teams develops their own model of working. Review systems, reports etc and hence their recognition of the process is quite low. They run the risk of missing on processes and hence missing on the ability to scale without lapses. Best way is prevent this is to have common control systems which provides common frameworks and instructions for teams to operate in. This task was very well done by the Business finance teams / controller teams/ HR teams etc, who held the micro teams together.

Lack of learning from each other:

In their own pursuit and need for speed, teams ignore the opportunity to learn from one another. While its burdensome to create mandate around it. I think it best done by creating opportunities and events where people come together and have free flowing conversation around work and learnings.

These structures would evolve over the period of time. And it would be lovely to see how people and structures evolve with the changing times. 

BODY LANGUAGE A TOOL TO LEADERSHIP

WITH NOTHING LOST IN TRANSLATION, 

POSITIVE BODY LANGUAGE IS 

THE LEADER’S HACK TO SUCCESSFUL COMMUNICATION

~With our body doing the talking, the manner in which emotions dictate the way leaders behave is how the world perceives them to be~

In the world of letters and numbers, we sometimes forget that it can be action that can speak louder and more powerfully than words. Body language, despite being in the subconscious mind, is a very potent tool in making the other person realize if there is a disparity between what you are saying and thinking. As we strive to make relationships work in personal as well as corporate settings, it is important to come across and present one’s self as credible and convincing. After all, the manner in which you use your personal space, physical gestures, posture, facial expressions and eye contact can be all the difference in you being perceived as either a leader or a follower.

It is probably when we shift the context to the corporate world, do we realize the true importance of body language. After all, the remotest signs of poor body language can see deals not go through as well as the company suffering losses. What a manager can do here, in order to become a good leader is display good body language. For that will not only help them motivate and bond with their employees, but deliver ideas with credibility, thus projecting charisma in a way never seen before. At the end of the day, this is a useful skill set to have.

And as we come to the bond between trust and body language, we see that the two go absolutely hand-in-hand. After all, one is only able to establish trust where there is a perfect sync between what is said and the way our body reacts to it. Should that not be the case, you run the risk of being seen with a lot of uncertainty and being scrutinized.

RULING THE WORKPLACE

One cannot help but notice that it’s never the smartest or the intelligent ones who are the most powerful in a group or company. So then why are they perceived to have any sort of leadership qualities? The answer is in the details should we look closely. It’s the body language that acts like a magnet drawing people and good vibes to them.

While the list is endless as to how positive body language effects the work environment for the better, from the perspective of a leader and their skills, we must speak about their impeccable knack to read their surroundings and respond accordingly. And if the sky is the limit and you want to move up the corporate ladder, you need to not only understand how your body language impacts perception, you also need to be consciously aware of your emotions and use body to maneuver them.

YOUR BODY TAKES OWNERSHIP WHILE MAKING A DECISION

When you go from one body type/posture to another – your mind has no choice but to respond to it- mandatorily. Without fail. And if they are used in sync, they can create immediate changes. Research around the world has proven that even before we can make a decision, its outcome can be predicted from mental activity in the brain. Internal bodily signals can be deeply informative, which is why sensing them can provide an extra channel of information to influence decision making. Not only does the body tell us about the way we feel, it helps us to empathize with the joy, pain and sorrow of others as well. With time, we are slowly realizing just how much the way we think and feel is shaped by this dynamic interaction between body and brain.

In this context, we could also seek inspiration from Guru Gorakhnath who advocated the school of thought, that every person has a spiritual center. While we may not be aware of its existence, Guru Gorakhnath says that it is within the control of a person to perceive this energy and then choose to work on awakening this dormant self and channeling this positivity towards an optimistic mind and energy.

YOUR BODY DEFINES THE WAY YOU EMOTE

Our emotions have a direct connection to our body that lets them have a big impact not only on our mental self but also on our bodily state. If we consider our feelings when they bother us, we can not only help ourselves but also bring harmony to our mental and physical states.

The impact of emotions on our health cannot be underestimated. Emotions play a vital role and have a huge impact on how we feel, on our zest for life, and in creating internal situations that can lead to health or disease. The health of the mind and the body are inextricably interlinked with one affecting the other and vice versa.

THE BODY REMEMBERS

All that happens within the body and mind is stored by the very tissues of the body, whether or not you consciously remember a particular trigger, event, emotion, etc. Emotions such as fear, anger and sorrow produce a contraction within the body on many levels – physically, emotionally, mentally, energetically, and this contraction is also manifested by a restriction of the breath.  Our resistance to feeling these negative emotions maintains the energetic contraction and builds up within the body producing scars which we can carry for a lifetime. Unless one consciously undertakes to release these stored-up emotions, they remain trapped within the tissues.

YOUR POSTURE TOO, DOES THE TALKING

Our posture affects not just how we we perceive ourselves, but how others do too. There exist “power poses” that when displayed, show immense confidence and affect your decision making in a positive way. On the other hand, if you have a tendency to slouch, one might judge you to be less capable. Institutions around the world have been studying the bond between posture and the mind for years. Improving the way you sit improves not only the way your brain functions, but your mood and memory levels as well. This isn’t just restricted to the way you sit, it also pertains to walking. In a host of interconnected ways, good posture equals a happier brain which leads to better relationships, health, work and other positive effects in your life.

BE IN THE RIGHT FRAME OF MIND WITH SOMATICS

One of the best ways to improve your confidence and be more self-aware and mindful of 

what you say and how you present yourself when it comes to body language is Somatics.

As mentioned earlier, the mind, body, spirit and emotions are all related and connected to each other. By developing an awareness of this connection, somatics helps one release the negative vibes and emotions from certain experiences from the past. The primary aim here being to free you from the stress and pain that is stopping you from performing to your fullest potential. Since all of us have unconscious actions and thoughts that we are not aware of, somatics helps us learn about our actions and increases awareness. By being aware of your body, you can see these changes and be aware of your emotions. Practicing this on a frequent basis opens up a host of possibilities, offers utmost transparency, builds optimism and leadership skills like never before.

In today’s world where deadlines and results mean everything, leadership that is more commanding and controlling may not be the best approach. Leaders who offer their vision, and add meaning and empathy to the conversation can motivate everyone to perform to the best of their abilities.

My Learning with the Statup Mentoring

TOP 10 CONSIDERATIONS FOR STARTUPS IN STAGE 1

By Vipul mathur

Being part of an Startup journey is very enriching. It certainly makes one richer, sometimes financially and lots of time experientially. I am later.

As a founder member and CXO of abof.com, a part successful entrepreneur and now a mentor to startups, I had interesting learnings pertaining to Startups and the stages they go through in their lifecycle.

Having  lead large and  mid sized organization as CXO/ CEO, I also deeply appreciate the difference in the levers which brings success in startups, mid-sized and large organizational systems.

Despite only one of the ten startups succeeding, still the most common conversation over coffee or beer in Bangalore is building and nurturing dreams called startups.

I wonder. Is it the thrill of creating something which would make world a better place tomorrow, or it’s a lure of large moneys which follows? Is it the entrepreneurial creativity which wants to express itself before the age catches up or the confidence of putting the earned skillset to the test in the mid age ? Whatever it is, it the hottest topic in Coffeeshops and now in Boardrooms.

India has 3.6 lac registered startups. Of which only 8% are registered with DIIT. Which is also the proportion which succeed.

Large Conglomerates are incubating the startups in lieu of their research or innovation departments. As the speed and output of startups at far lower resources is unmatched. As it’s fueled by passion more than money or appraisals. There are now structured way to invite, nurture, harness and reward the startups working for conglomerates. P&G Global marketing officer Jim stengel’s book – Unleashing the Innovators establishes the Fortune 500 companies reigniting their entrepreneurial DNA through           startup incubation.

Any organization goes through broadly 3 main stages.

Startup phase 1 . Seed or angel funded. Experimentation phase. Trying to experiment with a good business idea before its known as one. Largely operate in 10-20 cr of revenue.

Startup phase 2. Venture capitalist / strategic investor funded. Rapid Expansion phase. Valuation focused. Creating larger teams and acquiring market. Largely between 20-100 cr of revenue.

Startup phase 3. Seed B/C funding. Meaningful expansion. Profit focused. Long term capability building. Largely between 100-500 cr of revenue.

Each of the phases goes through their woes.

Lets look at the 10 most critical things which Stage 1 startups should consider.

• 1.       Right partner
• 2.       Right need and solution
• 3.       Start Mentorship from Day one
• 4.       Long term
• 5.       Clarity of idea and thought
• 6.       Road map and focus
• 7.       Faster to market
• 8.       Right team
• 9.       Establish your expertise.
• 10.   Networking

Right Partner.

This is first yet most critical and important step. It’s like Marriage. Choosing the co-founder who thinks alike. Is equally passionate about the solution and the possibilities. Someone who compliments you. And is willing to go through the roller coaster ride. Understands that the outcome in couple of years could be anything, but the learning and joy on the ride would be worth the time and effort.

If there is doubt about the longevity of partnership, might as well take calls right upfront.

Right need and Solution

There is risk of getting trapped in confirmation Bias. Where One looks at evidences to confirm an existing belief. This may lead to wrong estimation of the real need. And hence the size of the opportunity. In one of my mentoring, I invited the Promotors to run a low cost, written survey to ascertain the pain which people feel in absence of the product, and how much are they willing to pay more to get the offered services. Results were disturbing, and lead to the strategy shift right at the initial stage.

Mentorship from Day one

Most of the startups are fueled with idea, energy and hope. But seldom with the experience and

networking. This is one of the easiest and most recommended tip. Get mentor(s) ! There is no time or resources to commit the same mistakes which somebody else has done. Identify the right mentor. And be open to listen to the critique. This can make the journey a fairly straight path with lesser convulsions. Mentors have innate capability to bring to light the perspectives which are not visible to promotors. And can prevents potential losses.

Long term

Creating a successful enterprise, usually turns out to be longer than expected. I heard a promotor saying this to me… “first 3 years were very difficult, next 3 were difficult…..”. Account for 5-8 years for business to be in place where it can self-propel. It’s certainly a long term game, and real results starts to appear normally after 3 years. There are no shortcuts to any place worth going! My recommendation would be to create a realistic road map and then add 50% more time and money to the same, with no logic. It may turn out to be closer to the reality.

Clarity of Idea and thought

Almost always, Investors give much more weightage to the clarity of idea, rather than quality of idea. Clear idea can be executed easily and hence executed well. My invitation to the startups has been to use mentors as the sounding boards to distill the idea, and make it short and clear.

Morris chang mentioned that Without strategy execution is aimless and without execution strategy is useless. Idea is only a starting point, execution is what shows the light of the day.

Road map and Focus

Road is likely to be full of bumps and lures. When a new opportunity emerges, it would be interesting for promotors to ask a question. Why I started, what I started ? Can I handle more than one opportunity ?

In my experience startups are bunch of enthusiastic people, hopeful and confident people, and runs a huge risk of over estimating one’s band width and underestimate the real challenges of market. Best is to make one success much larger, by focusing on the agreed roadmap. A good question to ask would be “Am I country’s or world’s best in what I do”. If not, there is lots yet to be done.

Faster to Market

Competition is always catching up and times are changing much too fast. There is much merit in getting to market as fast as possible. Testing the hypothesis. Learning and making amendments and then going again with a Bang. And get to scale and mind of stakeholders before competition responds.

Right Team

Organisations can run as fast as its people. This is often ignored. And needs significant investment of time and money to get and hold onto right people. Check if team is willing to learn and enthused about the possibilities. Teams at inception should have mindset of entrepreneur rather than employee.

Establish your expertise

Promotors should establish their expertise with investors. Without being shy. It’s their responsibility, duty and prerogative which should be fully exploited.

Networking

Most of the startups do not succeed because they run out of money 

or they get limited on

their expansion. And for both, networking is immensely helpful. Networking takes persistence and patience. And promotors should build this up as an important activity in their calendar. Sometimes Mentors or so called board of directors can he helpful through their connect.

The life changes as the organization starts to become larger. The challenges and insights are different. I would elaborate on them in my subsequent series.

I IN MY WAY OF FINANCIAL FREEDOM

I IN MY WAY OF FINANCIAL FREEDOM

I went to Jaipur for my school’s Silver jubilee reunion. Old friends came together. We met and interacted with each other like school boys. Shared our journeys and our success.

One thing was obvious that some of these 40 plus have created far more wealth than others. I know my class mates very well, wealthier ones are not special/ extra intelligent. They were rather on the lower grades in school.

I was stuck with a question, what makes some of them Wealthier? Far wealthier than I am…

Some of them are wealthy enough, that they do not have to work for money anymore now. I found them working for community and Rotary clubs, traveling and learning new things. And also still going energetically into new ventures etc.

Burdened with the question, when will i have enough money to be able to do things of my choice. And not work for banks and EMIs? Why are some of them wealthier than I am? I was seeking answers!

Incidentally I attended a program called Millionaire mind intensive ( MMI - http://mmiin.com/) couple of years back, on recommendation of a neighbor. And it challenged my 40 year old belief system about money and wealth. Dangerous program 😉

That program shook me! As program claimed that each one of us get to the desired level of wealth!

 We do not create more wealth than what we have, because we do not wish to. ( What… r u kidding ?)

It went on saying that we kill the developing wealth if it falls outside of our permissible wealth limit. Who would not want wealth? In short program suggested that ones who are wealthy are so because they choose to become that wealthy…

The program challenged lots of my beliefs which were restrictive in wealth creation.

I am examining them even today and they seems more like myths now. What is your view on them? I am keen to explore your views on this.

1)      Money brings stress and responsibility. It reduces the freedom.

Big time limiting belief for me! On reflection and now with experience I know that Money brings freedom to do what we wish to do. It enables what we and our family wish to do... Clothes / classes/ vacations/ cars etc.

Money creates assurance and security and hence actually reduces stress. It creates freedom of learning, experimenting, time and hence joy! Money reduces stress was a new finding for me.

I looked at our religion and mythology. India has acknowledged and respected wealth so much that it has created a Goddess of wealth. Lakshmi! She is wife of Vishnu, the sustainer of the world.  In pitures God Vishnu is depicted to be at peace, relaxing with Lakshmi serving her at his feet. Brilliant analogy. Biggest Indian festival is dedicated to the goddess of wealth, Dipawali.

I think contrary to belief, Joy and energy fetches and generates wealth. Huge energy is required for huge wealth.

2)      Rich people are mean. They get rich by unfair means. They are snob and unapproachable.

Another misconception. I now know lots of rich people closely. They are rather very generous and friendly. They are confident and progressive. Richness in most cases is created by being at the right place at right time. Richness is outcome of creating value for others and hence self. Rich are philanthropic, they are caring, religious etc. Rich people donate and sometimes without others knowing about it. Quite prevalent in India in Sikh community etc.

3)      It’s hard to earn Money. Earning money takes time, which is needed for self, family, health etc.

What is your view? Is this correct? My learning is that, in the hierarchy of financial status lowest rung seems to be working hardest ( eg. Rikshaw puller) and wealthy folks the least (eg industrialist). Its rather strangely reverse. Hard work does not seems to have direct correlation with wealth. Woof ! Then what ?

Most people don’t get what they want because they don’t know what they want- said T Harveker. Making money is actually easy, if there is belief that one can make money.

 It’s said in the book – secrets of Millionaire mind that money is directly proportional the one area of comfort. Wider is the comfort zone, more money can be created. Hence one should be willing to go out of the comfort zone and believe. For wealth when one need to believe to see! ( Paradoxical to one need to see to believe)

4)      Money is finite. One gets at the cost of other. When others do not have to eat, how can I be greedy.

In my view, its again a reverse belief. Money is transitory. If we create velocity in money, it benefits all. Richer people create opportunities of growth and earning for others. Like rich nations. Money is infinite and in abundance. Money earned is in direct proportion of the Value generated.

5)      This is not the right time to earn more. I am too old now. Opportunities are exhausted already !

This was my last argument! However you and I know that Its always right time to start to create wealth. It may take time. But its never to early or late. Having challenged my own beliefs, I am now more open for the abundance. Which is waiting to happen in my and each of our lives.

Thankfully I went to the reunion and it changed my perception of correlation of capability/ hardwork and wealth.

Please write to be if you agree or disagree to this controversial matter. It may help in collective belief refinement.

May desired wealth flow in our lives! Amen!

BRAND WITH A PURPOSE

Who needs more brands in Apparel ? And what could be the new brand making opportunities in these times ?

There is constant addition of the brands in each of the possible categories, possibly every week. 

Brands starts to look like other, creating Clutter.

 Especially in apparels, there is an oversupply as entry barriers are low. And brands are being created for every possible reason. Brand reason distribution looks like this.

·         International pedigree brands ( Levis, Louis Phillippe, Pepe, wrangler, UCB, Jack and Jones,.etc)

·         Indian brands appearing as international brands ( Peter England, AND, Hidesign etc)

·         Occasion serving brands ( Manywar, Biba, Woodlands, wildcraft, Black berry, jockey, …etc)

o   Denim brands ( Spykar, Killer, Mufti etc)

o   Formal brands ( Raymond, Park Avenue, Arrow etc)

o   Marriage ( Manyavr, Mohey, Biba, Taniera, etc )

o   Office wear brands ( W, Allen solly etc)

o   Party wear ( Zod, Vdot,

·         Cost effective brands of Deptt stores ( Rangmanch, Stop, Code ..etc)

·         Fashion lead international stores ( Zara, HNM, splash, Now Uniqlo ..etc)

·         Indian ethos brands ( Indian terrain, Fab India..etc)

·         Seasonal brands ( Monte Carlo,

·         Extended brands ( Royal enfield, Wills life style, )

·         Sports lead ( US polo, LP sport etc)

·         Fiber lead brands ( Liva, Linen club etc, )

·         Ecomm brands ( Roadster, Anouk, abof…)

·         Celebrity lead brands ( HRX, Imara, Mstaken, Nush, rheason,Ecko..etc)

What do you think, does India need more brands with a beautiful looking model, wearing nice set of garments ? Bull ! And that is what is being harped about today...How paradoxical.

Does Indian consumer already gets more than he is asking for ?... You are best judge by yourself.

Brands have been created in all possible reason! Interestingly.... For the same pocket share.

Leaving consumer with a feeling that brands have only one objective, which is to lure and fleece !

And consumer has started to move away from branded world to the world of economic fashion.

Then WHAT could be the possible reason of new brands emergence?

In my view, BRANDS WITH PURPOSE is the rapidly emerging possibility. Each brand should evoke an emotion in consumer when used. Deeper the emotion, deeper is the association with the brand. 

With the increasing consciousness in masses, brand with the Context could gain mind share very quickly.

Patanjali has proved it without doubt.

Being Human is a very successful brand in apparel in India with celebrity and purpose.\

Pawsitive in Srilanka for stray dogs, Fashion project of Boston on charity, Satya Jewelry for orphans, Warby Parker glasses for chidren etc.  

Brands with Purpose, appeals to both Heart and Mind. Simon Kemp wrote a beautiful blog on the same in 2015. ( https://wearesocial.com/uk/blog/2015/01/building-purposeful-brand). Suggesting that we cannot keep on making better things... we need to make things better!

Hence purpose could be anything, India, Philanthropy, Girl child, Stray animals, Drugs..etc.

Consumer also just do not want to only look good, they also want to come across like a concerned and contributing citizens. Both to themselves and others. ( who would not ?!)

However, I think that none of the apparel brands is clear and big enough in consumers mind for its purpose as Patanjali is. While some brands talk about it, but its in timid voice.

And THAT IS THE OPPORTUNTY! And a very large opportunity!!!

I believe that a right brand with apt product launched with the clear purpose can gain very quick love and commerce. Would help in making the world a better place for us and generations to come.

Brands enhance consumerism, consumption, and hence extracting from this planet. It’s time to give back, to consumer, to people and to planet. Brand has an opportunity to leverage the underlying tacit emotion of the country. And create commercial and ecological success.

Such brands and businesses would gather lots of free support, resources, publicity etc. from large celebrities, leaders and influencers

. If rally for river can have 12 crore people giving a missed call, we surely are living in a different India today.

I hope and pray that the fashion also looks at making this world a better place. Lots of money has been transacted from hundreds of years, for one to look good outwardly. Now probably is the time to wear clothing which also helps one look good internally to himself.